Dogecoin makes quite a rebound after falling to record low

Despite a horror week for the crypto market, dogecoin, while it suffered heavily, showed its strength in coming back from Tuesday’s low of $0.16 by recording a 50% gain to trade at $0.22

In mid-April, courtesy of all the Elon Musk-energy FUD (fear, uncertainty and doubt) that haunted the whole crypto space, the $0.16 zone was established as a strong support area for the controversial meme token. This week alone, the joke cryptocurrency bounced back from this level on three occasions, proving the price range is where buyers step up.

While the crypto market is making the most of the current bullish momentum, dogecoin leads the top 10 in terms of the biggest percentage gains today.

The $1 price target remains a fantasy

Despite the milestones that the 2013 dog-themed coin achieved this year and the comebacks it made after every fall it experienced, the narrative that it has already topped up persists.

With a number of analysts re-echoing this sentiment, experts and even supporters are left to wonder if the much-fabled $1 price target will become a reality or will remain a fantasy.

If so, then it’s too bad, as dogecoin’s performance for 2021 has been spectacular, peaking in early May to reach its all-time high of $0.75, inches away from the $1 target. That milestone gave the crypto a year-to-date performance of +15,000%.

Dogecoin proved doubters wrong

What the meme crypto accomplished, despite its down runs, was more than enough to make it aligned with the so-called “legit” cryptocurrencies.

Even more, this also proved the idea that defined use cases and sound tokenomics, both of which are said to be lacking with dogecoin, don’t necessarily translate into out-performing the competition.

And while dogecoin lost a sizeable percentage of its value after reaching its peak back in May, it still is the 6th largest cryptocurrency with a market capitalization of almost $30 billion.

 

Image courtesy of Cointelegraph News/YouTube

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