Crypto pundits have urged caution after another Elon Musk-fuelled dogecoin (DOGE) rally sent the token up to the verge of the top five coins per market capitalization.
DOGE is now testing the waters beneath the USD 0.33 mark, with 24-hour growth of just over 20% at the time of writing (UTC 10:38). It’s up by 504% in a month and 13,661% in a year.
DOGE price chart today:
And once again, it appears to be the usual suspects – or rather their Twitter activity – that has spurred the growth: namely the Tesla CEO Elon Musk and the Shark Tank star and Dallas Mavericks supremo Mark Cuban.
Cuban got the ball rolling with an appearance on a TV show hosted by TV personality Ellen DeGeneres, where he called DOGE “a whole lot better” of an investment option than buying a lottery ticket.
The Mavericks boss has previously talked up DOGE after announcing that he would accept the coin as a means of payment for merchandise and tickets. He also stoked the Twitter flames a day prior with a reply to a post where he added a criticism of the trading app Robinhood as an aside, and claimed,
“By all means play if you want, but you should be aware of, and willing to absorb the risk you are buying into. Particularly newcomers.”
Messari researcher Mira Christanto went a step further, claiming that DOGE “not about crypto.” Rather, she opined, “It’s a bet on social media and the populist movement.”
And Eric Meltzer, the Founding Partner of Primitive Ventures, a cryptoasset fund, wrote that Musk’s “DOGE thing” was “low-key” making him sad.
He opined:
trends.embed.renderExploreWidget("TIMESERIES", {"comparisonItem":[{"keyword":"dogecoin","geo":","time":"2021-03-28 2021-04-28"}],"category":0,"property":"}, {"exploreQuery":"date=today%201-m&q=dogecoin","guestPath":"https://trends.google.com:443/trends/embed/"});Meanwhile, bitcoin (BTC) is almost unchanged in a day, trading at USD 54,353, while ethereum (ETH) advanced by 3%, to USD 2,622.
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Learn more:
– Bitcoin Dominance In Payments Drops Amid Dogecoin, Altcoins Surge – BitPay
– Who Let the DOGE Clones out? Dogecoin Knockoffs Dominate DEX Trading
– Dogecoin’s Surge a Result of a Elon Musk-DogeDay-Crypto Popularity Mix
– Novogratz Brands Dogecoin a ‘Joke,’ Tells Mark Cuban to Steer Clear
– DOGE’s Rally Has Revived Dogecoin Development, But For How Long?