5 Reasons Why Dogecoin is Trading on the Hype
When Dogecoin hit the market, the meme cryptocurrency was seen as a joke. While some people saw it as the problem of crypto trading, others saw it as their ticket to wealth.
Dogecoin was designed like the popular Shiba Inu, and is now among the top ten coins in the crypto market today. In the crypto market, Dogecoin once experienced a dip followed by a dramatic surge, around Tuesday, to give an all time high of $0.60.This result caused the crypto to accumulate numerous buyers over the years.
There have been numerous questions arising as to the spike in the price of Dogecoin. This had led many investors to invest in the coin.
In this article, we will be sharing some of the top reasons why Dogecoin is trading on the hype.
1. More Crypto Investor
The spike in the price of Dogecoin has been tremendous as the price surge has been high. The current price according to CoinList is 0.60. The surge has been attributed to the news that two big crypto exchangers, eToro and Gemini, ventured into the Dogecoin market.
During the week, Monday precisely, eToro declares that they will be opening doors for their 20 million users to start trading Dogecoin. Gemini also said on Tuesday that they will support the Dogecoin trading for its 13 million active users.
These two heavy investors must have pumped the dogecoin price. Not only have their news caused a surge in the market, they also legitimized their claims.
The CoinMarketCap also placed dogecoin as the fourth largest cryptocurrency in the world following its $74 billion market capitalization.
2. Elon Musk’s Saturday Night Live
Elon Musk may be another reason why the meme coin has experienced a hike in price. Recently, the billionaire and dogecoin coin father, newly declares that he will be hosting the Saturday Night Live this week and leveraging Dogecoin to promote it.
Musks is certain to use the meme coin on Saturday. Following how he has promoted the coin before with his tweets, this has led to the increase in the demand of Dogecoin.
Edward Moya’s words on Tuesday also confirmed our speculation. The senior market analyst said tha dogecoin is surging as many crypto traders are buying. This is because they do not want to miss out on the benefits that will result from the Elon Musk hosting of the Saturday Night Live.
Also, the spike followed by Musk’s tuesday spike has given Dogecoin a gain of over 11,000 percent.
Meaning, according to Zacks Guzman, anyone who bought a 1000 dollar doge at the beginning of the year will have over 100,000 worth by Tuesday.
3. Celebrity Tweets
Dogecoin is supported by some of the most influential users on the internet. If you are following CoinList, you will realize that everytime celebrities such as Snoop Dogg, and Elon Musk tweet about Dogecoin, there seems to be a push in the price of the coin.
Snoop Dogg has even changed his name to Snoop Doge. However, the jumps we have experienced in recent times have taken a whole new twist because of these tweets.
For instance, the Dogecoin Reddit group has over 1.3 members. So you can imagine the number of people who hurry to buy Dogecoin when they get these tweets from Reddit. Not forgetting people who get to read these celebrities’ tweets on other social media platforms like Facebook, etc. and decide to buy the coin. Meaning there will always be an uprise in the price.
4. Easily Accessible
The truth of the matter is that cryptocurrency can be intimidating, especially if you do not understand the blockchain techniques.
However, Dogecoin has been made to be easily accessible and cheap. Dogecoin is also known as the ‘People’s Crypto’. This is because it is dedicated to a community of people who have zero idea on crypto investment or who have never invested into crypto before.
5. It is a Lottery Ticket
Ever since dogecoin has been stated as being a lottery ticket, people just felt like buying some of the coin for keeps.
For example, Mark Cuban in his tweet stated that he bought Dogecoin for his son. His reason being that the coin is better than the lottery.
In his words, “if I had to choose between buying a lottery ticket and Dogecoin, I would buy Dogecoin”.
Crypto currency trading has provided a better way to grow your wealth. Although there has been a great hype in Dogecoin, there have also been some bearish moves.
So, it is advisable that you do a proper study of the market before buying.