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After pumping up and rising by 115% in a week, the dogecoin cryptocurrency is declining. Mem-coin lost 8% per day. Investors take profits.
Joke cryptocurrency Dogecoin (DOGE) was one of the last week’s winners. In 7 days, she managed to add 115%. The reason was the actions of the most influential dog fan – billionaire Elon Musk. Elon successfully completed the $44 billion acquisition of Twitter. And one of the solutions he plans is to integrate DOGE with the social network.
But on October 31 (at the time of publication), the Dogecoin rate fell by 8% to $ 0.11. The local maximum for the coin remains $0.14.
Part of the DOGE correction can be explained by the general downward movement in the crypto market. However, dogecoin in the fall is significantly ahead of other assets. This may indicate cashing in profits by those who previously invested in Dogecoin.
In addition, investors probably do not see other positive news in the short term that can push the coin up.
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