The post High-School Investor Turns $335 Into $51K With Dogecoin – Next Big Bet on DTX Exchange appeared on BitcoinEthereumNews.com.

On November 23, 2024, Dogecoin reached a three-year high of $0.48 due to mounting rumors about Elon Musk’s X platform. The price spike coincided with speculation that Dogecoin may be crucial to Musk’s proposed “X Payments” system, which attracted a lot of interest from investors. Dogecoin became the third most traded cryptocurrency after its price surged 169% in the last month and its trading volume topped $15.4 billion in a single day. Recently, a high-school student turned his little $335 investment into $51,000 with the Dogecoin surge. The boost in Dogecoin’s value came following a steady increase that started before the election in November 2024 and intensified in the days that followed. Technical indicators like the 50-day Exponential Moving Average (EMA) and Relative Strength Index (RSI) were cited by analysts, including Javon Marks, as evidence that the price would rise further. According to Marks, the price of Dogecoin may range between $0.65 to $1.25, contingent on the state of the market. By the end of Q1 2025, Dogecoin may even reach $1, according to another expert Tardigrade, who also said that it might reach long-term goals of $2.90 to $3.60. All Memecoins Are Declining with the Bitcoin Dump As the larger cryptocurrency market calmed, Dogecoin swiftly fell back to about $0.41. After hitting a record high of $99,645 on Friday, Bitcoin also saw a decline, dropping to $91k. Following its own spike earlier in the week, XRP fell 8%, and other meme currencies also experienced substantial losses. The majority of meme currencies have seen volatility, with several seeing drops of more than 10% in the last day. Coins like BRETT, BONK, POPCAT, WIF, PEPE, and FLOKI have also been impacted by the market decline in addition to Dogecoin. These variations draw attention to the dangers associated with meme coins, which…

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Filed under: News - @ November 28, 2024 3:07 am