• Dogecoin has been gaining popularity in the cryptocurrency space due to its low price and potential for massive gains.
• Recently, a popular crypto trader predicted that Dogecoin could move up by 50% in the near future, causing some investors to wonder if now is the time to buy Dogecoin or not.
• The crypto market has been quite bullish recently, with numerous cryptos such as Dogecoin benefiting from the surge in optimism.
Dogecoin Gains Popularity
Dogecoin (DOGE) has seen a surge in its value and is now trading at $0.098. Yesterday, it reached an all-time high of $0.099 but failed to sustain that level, although it remains bullish and is still flashing green at the moment. The increased interest in this cryptocurrency can be attributed to its low price point and potential for huge gains. Recently, a popular crypto trader predicted that Dogecoin could move up by 50% in the near future, causing some investors to wonder if now is the time to buy Dogecoin or not.
Crypto Market On A Bullish Trend
The crypto market has been quite bullish recently, with numerous cryptos such as Dogecoin benefiting from the surge in optimism. This could be one of the reasons why Dogecoin has seen such a huge increase in value. Cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have grown in value considerably, with each of them surpassing the $23,000 and $1,600 marks respectively. There has also been tremendous growth in Non-Fungible Token (NFT) trading which skyrocketed to over $945 million during January 2021’s recovery of the Crypto market.
US Federal Reserve Reduces Interest Rate
The US Federal Reserve reducing interest rates by 25 basis points has also played an integral role in spurring investor confidence and creating positive sentiments towards cryptocurrencies like Dogecoin. This reduction has resulted in a surge of buyers entering into the crypto markets which created a positive environment for digital assets like DOGE to grow exponentially more valuable than before.
Big Whales Actively Trading On Binance Smart Chain
Noteworthy is that Dogecoin presently having the highest market capitalization among meme tokens is among 10 most actively traded cryptocurrencies by big whales on Binance Smart Chain – showing that large investors see upside potential for DOGE even today despite it being an old coin compared to others like Cardano (ADA).
Time To Buy?
With multiple factors pointing towards an uptrend for cryptocurrencies and especially for meme coins like DOGE this could be considered as an opportune time for investors who are looking at long term gains from their investments given its relatively low price point currently making it affordable even for smaller sized investments .