As Cointelegraph (*8*)reported, DOGE/USD has continued to climb this week, reversing earlier losses to take out its earlier sky-high peak of $0.47. 12 months-to-date, the pair is up 7,000%.
With main proponent Elon Musk due to make his promised look on Saturday Night time Stay as “The Dogefather” on Saturday, nonetheless, that date is shortly turning into a line within the sand for the meme-based altcoin’s fortunes.
Musk, who has made headlines all year long for his alleged adoration of Dogecoin, has likewise fuelled acceptance of its features as being based mostly not on advantage however on the viral impact of memes.
Why tf does @elonmusk happening Saturday Night time Stay create the state of affairs to push DogeCoin to $1.00. Anyone please assist me perceive this logic?
— Jason A. Williams “Parabolic Guy” (@GoingParabolic) May 5, 2021
Ought to the tide flip, nonetheless, bagholders may face the form of losses paying homage to people who adopted the top of the 2018 “alt season.”
For pseudonymous cryptocurrency dealer Lowstrife, indicators of apocalypse are already seen on the spot market.
“Each of Doge’s major rallies this year has been smaller and less aggressive. What took 18 hours at first has been ongoing for 2 days now,” Lowstrife commented.
“I suspect this is the final push before it’s all over for good. May 8th is the day to watch.”DOGE/USD 1-day candle chart (Bittrex). Supply: TradingView
Echoes of XRP’s longstanding all-time highs
The most recent part of the DOGE miracle is conspicuously comparable to the ultimate push by XRP in 2018 earlier than XRP/USD hit its still-valid all-time excessive of $3.20. Subsequently, the pair slowly light to a low of $0.14 — a lack of 95.6%.
XRP/USD 1-week candle chart (Bitstamp). Supply: TradingView
The present state of affairs is all too acquainted for newer market individuals, too. The GameStop debacle, wherein particular person merchants pushed the worth of the inventory to crush quick hedge funds, offered fertile floor for a copycat transfer in cryptocurrency.
Not like shares, there are not any methods for regulators to exert strain on merchants or prohibit entry to the asset itself, aside from by forcing buying and selling platforms to do the work for them.
Explaining the phenomenon, Adam Again, CEO of Blockstream, mentioned that the DOGE bullrun was an instance of a casino-like market.
“Like a GME short-squeeze. Not because the market agrees it has value, but actually opposite because it’s rightly shorted as being devoid of value,” he argued on Twitter.
“The more of a joke, easier to pump, whatever people will rally around a group pump and dump casino rug-pull.”