Dogecoin rollercoaster ride continues as it tumbles from an all-time high of $0.69 to $0.59 in under 24 hours
Yesterday, Dogecoin briefly surged to an all-time high of $0.69 Wednesday morning, capping a roller-coaster run for the cryptocurrency that started as a joke in December 2013 based on the popular “doge” meme.
Dogecoin has gone up by 12,000% since January of this year. So if you had bought a $1,000 dogecoin at the beginning of the year, your return on investment would be worth $121,052 at Wednesday’s high of $0.69.
However, before you jump in and buy dogecoin in hopes of making some quick bucks, it’s important to remember that, unlike Bitcoin and Ether which have some inherent values, the surge in the price of Dogecoin is partly boosted by celebrities like Elon Musk and Mark Cuban. Both have expressed their support for the so-called “People’s coin.”
Today, Dogecoin lost more than 10% of its value in just under one day, according to data from CoinDesk. In recent weeks, Dogecoin has had a wild ride going from $0.38 on April 16 to $0.20 on April 23 before climbing back up to $0.69 yesterday.
Dogecoin’s market capital has topped $129 billion, making it bigger than Ford or Marriott. Even with all the good news about the sudden rise in the price of Dogecoin, SEC Commissioner Hester Peirce is warning people about what they are investing in.
Meanwhile, SEC Commissioner warned Dogecoin traders back in April saying “Don’t come complaining to the government if you lose money.”