DOGE – How the Meme Token Became the Rocket Token

January 29, 2021

What In The Humankind Is Doge Coin?

aside Bog& Giulvezan

Over the end 24 hours, the crypto infinite has been taken ended aside DogeCoin and its meteoric rise… and fall. Within the yoke of one day, DOGE exploded more than 1,000%, reaching highs of about 0.087 against the USDT on Binance charts. The strike has since retraced and is at once trading around 0.042 against Lead, on the same Binance charts.

Most of the raise was triggered aside Reddit users and specifically by the "Chairman" of a group named Wall Street Bets, who asked on Chirrup "Has Doge always been to a dollar mark?" The group's main goal was to buy in GameStop caudex, indulgent against the massive Wall Street hedge funds who give been shorting IT.

GameStop's prize skyrocketed to record highs (up to 600% rise), which prompted Robinhood app (and few others) to restrict trading on information technology. Notwithstandin, trading remained open for hedge funds. This cursorily triggered a response from Bitcoin and crypto advocates, saying that the crypto food market is the only one that cannot be restricted. Still Elon Musk condemned Robinhood's decision to banning retailers from purchasing GME (selling standing allowed), while hedge funds are allowed to buy and sell at their own widget.

DOGE/USDT Chart Psychoanalysis

After breaking the preceding high at 0.0140, the domestic dog-faced coin exploded to a high at 0.0875, just it quickly retraced back into 0.0500 – 0.0400 area. The dyad is unruffled trading elbow room above its late ATH (all-time high) but as we stern see from the 4-hour graph infra, it has erased to a greater extent than half the gains.

This typecast of upended apparent movement is usually followed by a tieback (as was the case here) but tending the amplitude of the first transfix and the factors that generated it, the next direction is hard to anticipate. IT is imaginable to reckon the gains totally erased and price returned into the 0.0140 field but but then, another ATH is not tabu of the question.

Let's not forget that all this crazy movement was triggered past the tweet "Has Doge ever been to a dollar mark?" posted by a so-called "chairman" of a group of traders WHO were buying GameStop stock. With that in mind, we cannot plainly read some technical indicators care the RSI or MACD to predict with truth the incoming move because another tweet, from another ridicule, may send DOGE to the dog Egyptian pound or to the moon. The bottom line is: be careful if you buy or sell DogeCoin… and maybe find out Twitter for potential food market movers.