As Cointelegraph reported, DOGE/USD has continued to climb this week, reversing earlier losses to take out its earlier sky-high peak of $0.47. Yr-to-date, the pair is up 7,000%.
With main proponent Elon Musk because of make his promised appearance on Saturday Night time Stay as “The Dogefather” on Saturday, nevertheless, that date is rapidly changing 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 positive aspects 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 situation to push DogeCoin to $1.00. Anyone please assist me perceive this logic?
— Jason A. Williams “Parabolic Man” (@GoingParabolic) May 5, 2021
Ought to the tide flip, nevertheless, bagholders may face the type of losses paying homage to those who adopted the tip of the 2018 “alt season.”
For pseudonymous cryptocurrency dealer Lowstrife, indicators of apocalypse are already seen on the spot market.
“Every of Doge’s main rallies this yr has been smaller and fewer aggressive. What took 18 hours at first has been ongoing for two days now,” Lowstrife commented.
“I think that is the ultimate push earlier than it’s throughout for good. Might eighth is the day to observe.”
Echoes of XRP’s longstanding all-time highs
The most recent section of the DOGE miracle is conspicuously just like 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%.
The present state of affairs is all too acquainted for newer market individuals, too. The GameStop debacle, wherein particular person merchants pushed the value of the inventory to crush quick hedge funds, offered fertile floor for a copycat move in cryptocurrency.
In contrast to shares, there aren’t any methods for regulators to exert strain on merchants or limit entry to the asset itself, apart from by forcing buying and selling platforms to do the work for them.
Explaining the phenomenon, Adam Again, CEO of Blockstream, stated that the DOGE bullrun was an instance of a casino-like market.
“Like a GME short-squeeze. Not as a result of the market agrees it has worth, however really reverse as a result of it’s rightly shorted as being devoid of worth,” he argued on Twitter.
“The extra of a joke, simpler to pump, no matter individuals will rally round a gaggle pump and dump on line casino rug-pull.”