Yerevan (CoinChapter.com) — As some experts believe Dogecoin (DOGE) might cease to exist sooner rather than later, Twitterverse celebrates 4.20 as DogeDay and wants the price to reach $0.420 to commemorate the special occasion.
Is Dogecoin in Trouble?
Some experts see cryptocurrencies in general — and altcoins (digital assets other than Bitcoin), particularly — a bubble that could burst at any given moment. Eddie Ghabour, the co-founder of the financial advisory company Key Advisors Group, voiced his opinion in a recent interview with Yahoo Finance on Monday.
“So I look at Dogecoin as more of a speculative play that when this bubble bursts, it will probably cease to exist,” the expert stated. Ha also added, “In regards to crypto, Ethereum and Bitcoin are the two that I think will last even through the bubble. We are absolutely in a bubble. That’s why you see asset prices inflate the way they are. And crypto is the most speculative of all these risk assets”.
Ghabour also stated that he sees a few more months of bullish tendency on the crypto market. Then the bubble might burst, and altcoins will be the first to go.
But the cheery Doge is not worried yet, seeing as the price grew exponentially during the past week, stabilizing around $0.40 on Tuesday.
Will DOGE reach $0.420 for the DogeDay? Source: TradingView.com
Why is Dogecoin Still Rising?
Many refer to this meme-cryptocurrency phenomenon as a joke, which is understandable, given how it started. But today, DOGE has a considerable market cap of $52 billion. It now sits among the top five cryptocurrencies, which possibly makes it a smart short-term investment for risk-oriented speculators.
DOGE’s rapid 473% growth during the past week is partially due to the hype on social media. Supporters of Dogecoin actively tweet about it, including Tesla CEO Elon Musk and the owner of NBA’s Dallas Mavericks, Mark Cuban. DOGE is maintaining its bullish rally despite Mr. Ghabour’s bearish predictions.
Meanwhile, Twitter is more than happy to celebrate DogeDay. The generated attention expects to most likely push the price even further, as more people are encouraged to join in.
Given the high volatility of Dogecoin, it is a risky investment. But as it’s firmly on the rise, many investors fear missing out on the opportunity. As Key Advisor’s co-founder stated, “Day trading is not something that’s going to work in the long run for most investors.”
Doge is still going strong, but the crisis could hit if the predictions of crypto-demise pan out.
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
YEREVAN (CoinChapter.com) – Stablecoin issuance protocol Terra made headlines in the previous days after its governance token LUNA crashed...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.