What happened
The price of Dogecoin (CRYPTO:DOGE) is sinking in Sunday’s trading. The cryptocurrency was down 5.7% over the previous 24-hour period as of 11:45 a.m. ET.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
With Bitcoin and Ethereum roughly flat over the previous day of trading and the broader cryptocurrency market looking uncharacteristically stable, Dogecoin’s sell-off likely stems from investors taking profits after recent gains. The token began climbing early in the week and posted even bigger gains after Tesla CEO Elon Musk announced that his electric-vehicle company would accept DOGE as payment for its merchandise. Now, the popular meme cryptocurrency seems to be taking a breather.
Image source: Getty Images.
So what
Over the last year, Elon Musk has been a Dogecoin holder’s best friend. The famous executive has hinted at, and directly expressed, support for the token through Twitter messages and other channels, and his comments have frequently powered impressive gains for the meme-powered cryptocurrency. Even with the recent pullback, Dogecoin is still up roughly 19% over the last seven days.
After Musk published a Tweet on Jan. 14 announcing that Dogecoin could be used to purchase Tesla merch, the token’s price quickly spiked 25%. While there doesn’t appear to be any coin-specific news behind the cryptocurrency’s pullback on Sunday, it’s not surprising to see Dogecoin give up some ground on the heels of the recent pop.
Now what
Dogecoin trades down roughly 75% from the lifetime high that it hit last May. Yet, even after recent volatility in the broader cryptocurrency space and substantial draw downs for its token price, the cryptocurrency is still up roughly 1,900% over the last year.
Dogecoin Price data by YCharts
Dogecoin was started as a campy, dog-themed clone of Bitcoin, but the token went on to deliver seriously impressive returns for investors who got in before its massive pricing surge. The token currently has a market…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
