I suppose that all of you already knows what Dogecoin is and how does it work but there is one question that still need answer, “Why is Dogecoin Rising??” And I am here to give you the answer.
As you all know, Dogecoin and Ethereum hit all time highs on May 4. Dogecoin soared as price of bitcoin dropped on tuesday. This “Meme Currency” attracted a lot of serious investors, but this digital currency is still risky.
Dogecoin just touched the mark of 43 cents and possible reason may be the announcement from popular trading platform #eToro. eToro just announced that it will offer digital coin to its customers. This news helped Dogecoin to rise.
Many customers were unhappy as eToro was not offering Dogecoin but this current announcement has been attributed to eToro now allowing users to buy and sell Dogecoin. You also need to know that Coinbase and revolut doesn’t offer Dogecoin but if they allow Dogecoin in the future then maybe Dogecoin will see new all time highs.
Paypal is also planning to rollout acceptance of crypto, however #Dogecoin is not on the list.
Its biggest supporter is hosting “SNL”
Elon musk the “#Dogefather” will host “Saturday Night Live” which has already drawn attention of #technologist. He is the most #prominent and vocal supporter of doge and some say that he might do something on SNL to promote Dogecoin( maybe he will wear a T-shirt or something to promote Dogecoin).
Fear of missing out(#FOMO) can also be the reason behind the surge of Dogecoin. Some say that it appeals more to the general public because it costs so little. $60,000 for a single #bitcoin may be intimidating to some. In a way, #doge then is more like a #USD but in a digital form
“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live,’” wrote Edward Moya, senior market analyst at Oanda, in a daily note.
Will Dogecoin Keep On Rising??
I can’t guarantee anything. Dogecoin saw a lot of these surges in past couple of months mainly because of Elon’s tweets.
Longevity can’t be guaranteed as crypto market is highly volatile but Moya wrote that the #doge #bubble should have “popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher.”
Many experts are also skeptical so I think that you should make money and go out but if you trust Elon then I think you should HODL.