COIN - Dogecoin Rips to 2-Year High Then Slips Today. Here's What to Make of This Recent Move
2024-04-01 15:48:00 ET
Meme coin mania certainly doesn't appear to be over quite yet, with the world's largest dog-inspired crypto Dogecoin (CRYPTO: DOGE) making two-year highs in yesterday's session. Dogecoin surged above the $0.22 level before giving up most of yesterday's rally in today's session, with the meme token down 1.7% over the past 24 hours after this volatile price action, as of 12:15 p.m. ET.
Dogecoin has seen significant momentum in recent trading sessions due in part to enthusiasm over potential integrations with X Payments, as per previous comments from X CEO Elon Musk. Additionally, investors are gearing up for a new Dogecoin-related initial-exchange offering, with Dogecoin20 set to hit exchanges on so-called "Doge Day," which is affectionately (and humorously) set for April 20.
Finally, Dogecoin's significant weekly move appears to be also tied to anticipation around Dogecoin futures products set to be launched on Coinbase (NASDAQ: COIN) in short order, which should improve the token's liquidity in the market and the ability for investors to speculate on future price movements.
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Dogecoin Rips to 2-Year High Then Slips Today. Here's What to Make of This Recent Move