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DOGE Becomes Top Performer In Q1 This Year With More Gains To Come

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Stefan

DOGE becomes top performer in the first quarter of the year but it seems like there are more gains on the horizon. That’s why are looking into it some more in today’s DOGEcoin news.

According to recent reports, DOGE becomes the top performer in the first quarter of the year with the first three months being quite eventful for the crypto industry. While the central banks’ money printers worked non-stop, the trust eroded in the financial system and the exodus of retail and financial investors from the market flooded the crypto space as many looked to get protection against inflation.

Source: IntoTheBlock

One of the cryptocurrencies that benefited the most from the economic turmoil is DOGE. According to the analyst firm Messari, market participants were really inspired by the r/WallStreetBets drama and created a new subreddit dubbed SatoshiStreetBets to pump DOGE. The goal was for the altcoin to mimic the GME price action and provide another opportunity for crypto enthusiasts to profit massively. The report read:

“DOGE was swept into the r/WallStreetBets drama, in which retail investors coordinated a DOGE pump, aided by the meme coins outsized social media presence.”

The spike in buying pressure behind Dogecoin was fueled by multiple celebrities who endorsed the cryptocurrency like Snoop Dogg, Elon Musk, and Gene Simmons. As a result, the market value surged by 1800% in the past 29 days of the year. DOGE reached a new ATH which recorded a spike in profit-taking that saw the token enter the consolidation phase where it dropped about 39% of the gains incurred. The meme coin closed the trading session in March at a low of $0.054 which provided a return of 1050%.

skew
Source: CRYPTO SUBREDDIT BY SKEW

Even though many leaders interpreted DOGE’s price action in the first quarter of 2021, as a pump and dump scheme, and could have even more room to go up. The number of DOGE transactions with a bigger value than $100,000 has been rising in the past few weeks showing that the whales are present on the network where more than 840 large transactions were recorded at the end of March but now more than 1600 large transactions are happening.

q1 messari
TOP-PERFORMING CRYPTOS IN Q1 2021 BY MESSARI

Whales have a disproportionate impact on prices because of the holdings and the chances to coordinate buying and selling activity. When the number of large transactions increases, DOGE usually follows.

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