Dogecoin: Why is it rising? Will it fall?
Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer who decided to create an instant, fun, and free of banking fees payment system. It is also Elon Musk’s favorite cryptocurrency and tweeted that way.
How Is Dogecoin Going?
The cryptocurrency market has now turned into a Dogecoin (DOGE). DogeCoin is famous for unexpected spikes at unexpected moments.
Elon Musk and social media have a big share in this. Elon Musk’s favorite cryptocurrency Dogecoin has been on the rise in recent days. DOGE fell sharply after raising its all-time record to $ 0.58. Now, DOGE appears to have surged as high as $ 0.58 in 24 hours. DOGE literally broke its own record.
Dogecoin literally broke the record for all time. According to experts, with only a 100% increase in the $ 1 target that many investors expect, DOGE will continue to experience drastic moves.
Why Is The Dogecoin Rising So Much?
Behind the current increase in DOGE price are Elon Musk’s expectation for the May 8th exam and the DOGE step of Oakland Athletics, one of the leading baseball league teams in the USA. Oakland Athletics has launched ticket sales with DOGE and now fans can actively purchase tickets using DOGE. The program that Elon Musk will attend on May 8 could have a much greater explosive effect for DOGE.
Dogecoin Rise, well known by DOGE Investors, emphasized that a $ 1 increase is expected in a published statement on the subject. Although DOGE Investors expect this to happen in the long term, this will not be possible in the short term. If DOGE reaches $ 1, the total market value could rise to over $ 120 billion and even take 3rd place by beating BNB. DOGE fell suddenly after such a sharp rise a few minutes ago.
While it seemed reasonable that the coin, which received the support of Elon Musk, would increase a little no one could predict it would reach these levels.
However, those who foresaw this potential with a very good rate of profitability joined the millionaires. Glauber Contessoto who works for a music company in Los Angeles, is one of them.
Contessoto is not someone who has seen and invested in Dogecoin long ago. When Dogecoin was still at $ 0.045 on February 5th, the investor sees it on a Reddit post and decides to Invest $ 180,000.
Contessoto told 3 main reasons for this decision.
- First, I liked the DOGE hospital on Reddit.
- Second,I liked the “Shiba Inu” figure
- Thirdly, I followed Elon Musk’s DOGE advocacy. “
Contessoto said in the interview that he sold Tesla and Uber shares, along with all his savings, because he has no disposable income to buy DOGE.
When he bought DOGE and how much was it? Later, Contessoto posted on Reddit, said;
“I bought about 5 million dogecoins at about 4 cents on February 5, 2021, and became a millionaire 69 days later on April 15, 2021.
Contessoto does not intend to sell Dogecoins in a short time.
“I think these things will continue to grow. I’ll sell 10% when my plan reaches $ 10 million. ”
Warning about Constessoto’s strategy
Although Contessoto was lucky, experts do not favor this strategy and state that cryptocurrencies are very risky by nature. Experts say that unconscious investments in this area with all your assets may be punishable by heavy penalties.
This news does not constitute any investment or financial advice. Cryptocurrencies are very risky assets. Remember that you will have a higher risk of losing in your investments.
In addition to all these, we can say that we expect an increase due to SNL in the coming days. SNL, which will take place on May 8, is probably announcing a new record high for DOGE.