Here’s how Dogecoin defies the norm with a remarkable surge in its price
Dogecoin has experienced a price surge of almost 11% over the past few days, marking the cryptocurrency’s highest jump since 21 February. This increase has defied the movements of other cryptocurrencies, but the reason behind it remains uncertain. The increase in price has led to a strong bullish trend, as evident in the Relative Strength Index and the Moving Average Convergence Divergence. Additionally, whales have been accumulating billions of Dogecoins, which could lead to a dump in the future. At the time of writing, the Market Value to Realized Value ratio suggests that DOGE is overvalued and a correction could be imminent. In other news, Elon Musk has requested the dismissal of the $250 billion lawsuit filed against him and Tesla by Dogecoin investors who claim he operated a pyramid scheme to support the cryptocurrency. Finally, a message claiming to be from Satoshi Nakamoto, the creator of Bitcoin, apologizing for his prolonged absence and claiming to have worked on Dogecoin was revealed to be an April Fool’s joke.