This week, the price of Dogecoin ($DOGE ) climbed to its highest point in nearly 100 days, reaching $0.147 as market speculation heated up. This once again proves the market’s ability to hype Dogecoin, especially when influential figures such as Musk publicly support it, its influence is obvious.

Looking back, the last significant rise in Dogecoin was due to Tesla’s announcement to accept Dogecoin as a payment method, which caused a huge market reaction at the time. However, as the fever faded, so did the price of Dogecoin.

Nonetheless, I remain optimistic about Dogecoin’s long-term potential and believe it has the ability to reach new price highs in the future. In the short term, I plan to reduce my spot positions and consider short-term short positions with a price target of around $1.30. Of course, specific operations will depend on the subsequent development of market conditions.

I have acted accordingly and taken advantage of this market volatility. For other investors, whether they can seize such an opportunity will depend on their understanding of market dynamics and how quickly they can react. In the cryptocurrency market, timing is as important as strategy, and Dogecoin, as a highly volatile asset, provides investors with abundant trading opportunities. However, investors should fully consider their personal risk tolerance and market conditions when making trading decisions.