The Dogecoin bull frenzy seems to be fuelling interests in the top cryptocurrency. Recently, the Dogecoin price is seen amid controversies that continue to create an uproar among analysts and crypto enthusiasts.
One point of view is the question of whether Dogecoin has joined the caucus of investment-worthy cryptocurrencies, or rather that its current bull run is just a bubble and “based on thin air” in President Donald Trump words on Bitcoin?
Dogecoin Gains 85% In Few Days (How Much Is Dogecoin Worth?)
The only certain thing now is that Dogecoin has performed more brilliantly than any other cryptocurrency within the last 7 days. Although Dogecoin might have single-handedly spurred a general price gain as others like Ripple’s XRP, Bitcoin, Ethereum, Chainlink, and Tezos are seen nurturing the common touch.
In a span of one week, Dogecoin remains the top-performing crypto, gaining as much as 80%. Dogecoin price spiked briskly from the $0.0025 region to around $0.005. This is a confirmation of a promised priced pump which was first observed among Tiktok users. In reaction to a collective action resulting in a price pump, Dogecoin continues to rise and future price actions remain undecided.
What Caused A Dogecoin Bull Run?
A relentless effort began on Tiktok, where users initiated a challenge to pump the Dogecoin price to $1. In the challenge with the hashtag “let’s all get rich“, community members are seen uploading viral videos that have collectively caused an increase in interest in the cryptocurrency.
These group of people are encouraging Tiktok’s $800 million users to buy Dogecoin with just $25. The result, as evidently seen, has been impressive. However, this only begs the question, “Is Dogecoin a good investment or not?”
Answers On Whether Dogecoin Is A Worthy Investment?
According to Anil Lulla, a former analyst at Bloomberg and currently at Delphi Digital, a crypto research firm;
“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still purely speculation,”
This doesn’t sound promotional to any potential investor. In a nutshell, contributions like this would mean that cryptos in general, particularly Dogecoin is nothing to want to consider as a long-term investment.
According to the Twitter user; ” The Crypto Dog“, the young generation has taken the baton, while also voicing support for the Dogecoin prediction.
Further agreements to this tweet by respondents believe that the future of any crypto lies in the hands of social media influences.
Dogecoin Has No Recent Development
Apart from this present Dogecoin bull frenzy, Dogecoin development team appears generally inactive. There has been no obvious development for several months and no recent updates. This is not a good sign of a potentially successful program.
Dogecoin CEO, Elon Musk’s Reaction To The Development
The CEO of Dogecoin, Elon Musk has generally remained silent following the development. Due to his indifference to the situation, it is however, unknown whether or not he is associated with the ongoing Dogecoin $1 challenge.
However, the Dogecoin official twitter page discourages potential investors from considering investments based on pump schemes and the fear of missing out (FOMO).