DOGE is the best example of the FOMO effect. (Analysis)

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3 years ago

The Dogecoin market had been stable and flat in recent months, with a market capitalization ranging from $ 250-300 million.

Dogecoin has suddenly come to life this week with a 130% rebound, with its price rising from $ 0.0023 to $ 0.0053 in less than two days. This corresponds to a staggering $ 380 million increase in market capitalization, from $ 290 million to $ 670 million. In addition, the price of Dogecoin in relation to Bitcoin recovered by 88%, going from 25 satoshis to 57 satoshis.

The price of cryptocurrency "prank" Dogecoin has soared 108% in two days after a viral TikTok challenge that encouraged users to increase its price.

 

As a result, the trading volumes for the semi-popular fork of Bitcoin increased nearly 700%. Dogecoin is trending all over Twitter.

Dogecoin has seen the biggest rally at the moment. Also, Bitcoin was up just 0.4% on the last day, and Dogecoin was up over 100 times more than that.


The Dogecoin rally was so fast that it was invested a bit, but as of this writing on the morning of July 8, Dogecoin still holds most of its earnings with a price of USDT 0.0039 and a market capitalization close to USD 500 millions.

 

 


Dogecoin is still a 'shit coin'It is an inflationary cryptocurrency with few of Bitcoin's strengths. His current pump is basically an informal Ponzi scheme, with high-earning instigators and newcomers very prone to throwing money down the toilet. In fact, many crypto experts would probably have said that Dogecoin is just a fad that has long been dead.

Some TikTok users even suggest that people should buy Dogecoin until it reaches $ 1, which is practically impossible in the current market, but if it did, Dogecoin would have a market cap that would rival Bitcoin. The most popular Dogecoin videos on TikTok in this campaign got over 100,000 likes, and all the videos on 'DogecoinTikTokChallenge' collectively received several million likes. With the hashtag #Dogecoin trending on Twitter, speculative mania and FOMO are getting people's best judgment.

 


It is not just TikTok that is responsible for pumping Dogecoin. The popular millennial trading app Robinhood, which allows people to exchange cryptocurrency, is also to blame.

Dogecoin's two-day bomb doesn't change the fact that it's fundamentally useless. It also doesn't change the fact that it's heading for a hard crash.

Furthermore the only good and salient point is that, the sudden manifestation of Dogecoin, along with Cardano, VeChain, Chainlink and Cosmos, seems to indicate that the entire crypto space is coming to life after a long period of relative calm after the block's downsizing. Bitcoin in half, and perhaps this altcoin optimism is a precursor to A Big Bitcoin Rally. In fact, big Bitcoin rallies in the past have often been preceded by an increase in altcoin activity as the market is seeing this week.


However ceasing to be optimistic despite this connection to Bitcoin, Dogecoin offers some of its strengths. It has no supply limit, making it an inflationary cryptocurrency. In 2014, founder Jackson Palmer announced an annual inflation of 5 billion DOGE.

Dogecoin has risen 108% in just over two days, after a viral TikTok challenge urged people to buy the cryptocurrency. Its volume has also skyrocketed, led by FOMO and speculative mania.
But the bomb will inevitably end up in a landfill, with Dogecoin as an inflationary cryptocurrency.

As a result, the trading volumes for the semi-popular fork of Bitcoin increased nearly 700%. Dogecoin is trending all over Twitter.

About five days ago, the #DogecoinTiktokChallange started trending on TikTok. The videos urged TikTok users to go out and buy Dogeoin.

 


The cryptocurrency was (and still is) very cheap, so a concerted effort by TikTok users was supposed to pump it to $ 1.


¡Let's all get rich! Dogecoin is practically useless. There are 800 million TikTok users. Invest just $ 25. Once the stock hits $ 1, you will have $ 10,000. Tell everyone you know.

Its price started moving three days ago. At 7:00 PM EST on Sunday, a single DOGE was worth around $ 0.0023. It rose to around $ 0.0026 at 7:00 PM on Monday, reaching $ 0.0029 at 2:30 AM. At 11:00 PM yesterday, it hit $ 0.0048.

This is an increase of approximately 108.7% in two days.

Dogecoin's 24-hour volume has also skyrocketed. According to CoinMarketCap, it reached just over $ 800 million early this morning. Having been just $ 100 million on Monday, this is a 700% jump.

As expected, this dizzying rise has drawn more than a few heads online.

 


Guardian Circle Co-Founder / CEO Mark Jeffrey reacts with bewilderment to Dogecoin's miraculous rise. The | Source: Twitter
With the hashtag #Dogecoin trending on Twitter, speculative mania and FOMO are getting people's best judgment.



 Kristopher London a YouTuber is carried away by the excitement of Dogecoin. 
It is not just TikTok that is responsible for pumping Dogecoin. The popular millennial trading app Robinhood, which allows people to exchange cryptocurrency, is also to blame. An anonymous Twitter user creates some Dogecoin mania. Prepare to be abandoned Dogecoin's two-day bomb doesn't change the fact that it's fundamentally useless. It also doesn't change the fact that it's heading for a hard crash.

Launched in 2013, Dogecoin is an open source Luckycoin fork. Luckycoin is a Litecoin holder, which is itself a Bitcoin holder.

 

Despite this connection to Bitcoin, Dogecoin offers some of its strengths. It has no supply limit, making it an inflationary cryptocurrency. In 2014, founder Jackson Palmer announced an annual inflation of 5 billion DOGE.
Its value, therefore, will decrease over time, undermining any notion that it could serve as a store of value. So what is it for? Payments? Not

Its price is already dropping from its maximum of $ 0.0048. At time of writing, it is located at $ 0.0039, which represents a loss of 18.7%.

The pump is already running out. Dogecoin will soon return to its pre-pump value.

This is inevitable. #DogecoinTikTokChallenge is based solely on the premise of "get rich" quickly. It is not based on the premise of maintaining dogecoins in the long term because they are inherently useful or valuable. People only buy dogecoins so they can sell them later and make money easily.

 

Thanks for reading have a great day or a great night whatever 🤗


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