News

Another Attempt to Push DOGE Price Towards $1 – A Worthy Investment or a Mere Bubble?

news-image

After the popular tik-tok dogecoin challenge, the DOGE price slipped down towards its previous levels. It maintained the same levels till the end of 2020 and the price yet again pumped with the beginning 0f 2021.

Advertisement

The initial pump surged the price by more than 50% and the average volume was however below the billion’s mark. But by the end of January 2021, a monster rally thrilled the entire crypto space with a surge of more than 800% in no time. 

The DOGE price just flew from $0.007 to more than $0.08 in just a couple of hours. However, the rally appeared to be short-lived and plunged below within no time. The plunge was not so drastic which squeezed out all the profits but yes, the DOGE price shredded some of its gains accumulated during the bull run.

But What Happened With the Price? Why It Could Not Sustain?

Well, any normal price surge which jumps steadily could sustain any slight corrections. But as per the outspread rumors, the Reddit group WallStreetBets are behind the surge. The group was also responsible to hike the share price of GameStop and AMC previously. 

Tesla CEO and interpreted Dogecoin CEO, Elon Musk had tweeted to his millions of followers about the manipulation. After which, one of the hedge funds closed all its short positions on GME. Hence resulting in a huge spike. 

Hours later, the admin of the WallStreetGroup also tweeted on Dogecoin which rallied the price to some extent. The major twist was when the Wall street entered the crypto space and targeted DOGE price. This led to a huge spike of more than 800% and hence, it appeared to be well-planned, many closed their positions extracting the profits. 

The price yet again initiated with a plunge which pulled down the price close to $0.0347 but gladly, the price yet again surged and gained more than 100% which it had lost earlier. 

Tags
Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button
Close
Close