Is Dogecoin a Dog on a Swing?

Shiba Inu on a swing


Shiba Inu on a swing

Murray NEB.-Last Saturday, Dogecoin (Doge) had quite the turnaround. Moments before Elon Musk, (CEO of Tesla and SpaceX) hosted SNL, Dogecoin soared to 73 cents. Many crypto enthusiasts had high hopes for Doge to perform well during SNL. However the quite opposite happened. As of Sunday, Dogecoin was down 44%.

This drastic decrease led me to ponder why I invested into Dogecoin, and more importantly, what will I do to make up for the loss? It’s safe to say this isn’t the end for Dogecoin, and I told myself I’ll hold until Dogecoin spikes again. As I told myself this, I was in the depths of Dogecoin twitter and came across many interesting tweets regarding it. I came upon an interesting theory known as the swing theory. This tweet suggested that Dogecoin has a swing pattern in its prices. First it’s at a high price then drops and drops. Then momentum takes it to new heights.

This theory proves itself if you look back on April 18 through May 2. Dogecoin was extremely popular before April 20. April 20 was deemed Dogecoin Day and many people thought it was going to take Dogecoin to new heights. However, it did quite the opposite and caused anarchy among the Doge community. The big key takeaway is that Doge came back and surpassed its price from April 18. The swing started at an all time high then dropped while gaining momentum to reach a new alltime high.

If you invested into Dogecoin before SNL like I did, my advice to you is to hold on tight and let the momentum of the swing take you to new heights.