Dogecoin has surged anew in recent days, reaching a peak of $0.272 on Sunday over a 24-hour period.
Two days after, however, it fell 2.8 percent to $0.254, Coindesk data revealed.
Currently, Dogecoin is pegged at $0.259 as of this time of writing over the last 24 hours. It jumped by 1.58 percent.
What does these figures show? The meme cryptocurrency's inherent characteristic: volatility, which it proved time and again over the year with highs of $0.71 to lows of $0.17.
Despite such radical price changes without any warning, making investments riskier, DOGE fans continue to show their support. Several people are unwilling to sell their favorite coin for the long term, owing to their deepest loyalty, dedication and faith to the "next currency of the Earth."
Apart from having a "Dogefather" like Tesla and SpaceX CEO Elon Musk, Dogecoin is also supported by big name investors such as Dallas Mavericks owner and Shark Tank judge Mark Cuban. Celebrities such as Snoop Dogg and Gene Simmons are also big backers of the cryptocurrency. This gives the community added leverage in keeping their faith in the meme coin despite its rollercoaster price behavior, and in their belief that it could reach the heights of leading cryptocurrencies such as Bitcoin and Ethereum.
Dogecoin Shows Hint of Stability Amid Wide Volatility
But as experts note in a Daily Express Online report, it's more than just blind faith. In spite of obvious signs of volatility, Dogecoin has actually shown a measure of stability. According to University of Canada West lecturer Dr. Pooja Lekhi, Dogecoin is "retaining its value and is stable at around $0.20, even with a crushing blow such as China's ban on cryptocurrency mining."
The biggest boost to Dogecoin, Lekhi said, is its abundant supply, offering a much bigger value than Bitcoin--which is designed for limited availability. This showed its advantage over Bitcoin, having "10,000 coins mined every minute with no maximum supply."
It has also led to wider acceptance of the meme cryptocurrency, Lekhi added. Despite its wild ride this year, the once joke coin is a legit digital asset set for even more breakouts in the coming months. For the expert, Dogecoin is "no longer a joke and could be one of the leading cryptos in the upcoming years."
But of course, not all experts share the same view.
Dogecoin, due to this wild volatility, has made many observers think twice about giving the meme coin serious consideration.
Dogecoin Has 'No Real World Value Other Than Speculation'
Nebeus chief operating officer Michael Stroev emphasized that he does not see DOGE "heralding a shift in the cryptocurrency world or becoming a long-term and leading cryptocurrency." Stroev belittled Dogecoin, saying it has "no real world value other than speculation."
Dogecoin, Stroev added, should be treated as "a high-risk crypto option" and advised against investing in DOGE without accepting or understanding that "its value is precariously balanced."
The Motley Fool also underscored key flaws of Dogecoin, notably having lesser use cases, a lack of fundamental catalysts, limited development, and the disadvantage of its unlimited supply, which could lead a dilution of holdings.
