Earlier this month, a Dopecoin price rise took investors on a wild into the upper echelons of the market cap charts. However, the past week has brought a dramatic price decrease to Dopecoin. Is the marijuana-themed coin just on a bad trip, or is this a symptom of a larger trend?
On October 14, the Dopecoin price got high–fast–, spiking from 14 to 301 satoshis. But this rapid Dopecoin price increase was unsustainable. By the next day, the Dopecoin price had crashed back to 114 satoshis. But Dopecoin’s rise was not over. Throughout the next several days, the Dopecoin price continued to burn bright. Although crashes always followed increases, the Dopecoin price rose higher and higher–peaking at 482 satoshis on October 17.
After reaching 482 satoshis, the Dopecoin price burned out. Investors tried to reignite the flame, but this batch of Dopecoin took them on a bad trip. By October 19, the Dopecoin price had decreased 63% to 178 satoshis. On October 20, the Dopecoin price crawled back to 192 satoshis, but it could not muster the strength for another bull run.
On October 21, the Dopecoin price fell to ~75 satoshis. It remained there until October 24, when the Dopecoin price plummeted another 38% to its current mark of 48 satoshis.
The current altcoin landscape is characterized by greed, uncertainty, and sudden changes of fortune. The recent Dopecoin price volatility exhibits each of these qualities. Altcoins offer the potential for rapid profits, but they also come with incredible risk. But investors should know this already.
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Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
Images from Dopecoin and Shutterstock.