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Dogecoin, the popular altcoin based on a Shiba Inu meme, crossed 0.40 USD for the 1st time on 19th April, fetching weekly advances of approximately four hundred percent.
The spectacular surge by DOGE throughout this year has wowed pundits and left former bagholders weeping. Now, it looks as if even a flash bear market can’t halt its moonshot.
While this certainly beats the escalations in BTC, ETH and others, the query now is what will transpire next and whether a similarly remarkable reversal is on the cards.
At press time, DOGE changed hands at 0.36 USD, significantly below its all-time high of 0.445 USD.
Amidst the enthusiasm, nevertheless, stood some voices of reason. Among them was trader Scott Melker, who told United States traders looking to book proceeds to be watchful of legal consequences.
He cautioned,
“If you believe that $DOGE (or another coin) is the future of money, please remember that the government views it as property and every single time you spend it it’s a taxable sale of the coin.” He added, “This is important. Buy something with crypto in the US = selling crypto.”
In the meantime, Bitcoin might only yap at Doge’s heels, down 0.7 percent on the day to stay near the fifty five thousand dollar mark.
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