DOGE – How the Meme Token Became the Rocket Token
What In The World Is Doge Coin?
by Bog& Giulvezan
Over the last 24 hours, the crypto space has been taken over by DogeCoin and its meteoric rise… and fall. Within the duet of unmatched day, DOGE unconnected to a greater extent than 1,000%, reaching highs of about 0.087 against the USDT along Binance charts. The coin has since retraced and is now trading around 0.042 against Leash, on the same Binance charts.
Most of the climb was triggered aside Reddit users and specifically by the "Chairman" of a group called Surround Street Bets, who asked on Chitter "Has Doge ever been to a dollar?" The group's main goal was to buy GameStop stock, betting against the massive Fence Street hedge funds who have been shorting it.
GameStop's value skyrocketed to record highs (up to 600% rise), which prompted Robinhood app (and few others) to restrict trading on it. However, trading remained open for hedge funds. This quickly triggered a response from Bitcoin and crypto advocates, saying that the crypto securities industry is the only extraordinary that cannot make up restricted. Even Elon Musk confiscate Robinhood's decision to ban retailers from buying GME (selling noneffervescent allowed), spell hedge funds are allowed to buy and deal at their ain public convenience.
DOGE/USDT Chart Analysis
After break the past shrill at 0.0140, the dog-faced coin exploded to a overflowing at 0.0875, but it quickly retraced back into 0.0500 – 0.0400 area. The pair is still trading manner above its previous ATH (all-time high) but as we derriere see from the 4-hour graph below, it has erased more half the gains.
This type of vertical motility is usually followed by a pullback (as was the suit here) but given the amplitude of the initial spike out and the factors that generated IT, the next direction is semihard to anticipate. It is possible to see the gains totally erased and price returned into the 0.0140 area but on the strange hand, other ATH is not unimaginable.
Let's not forget that complete this crazy trend was triggered by the twinge "Has Doge ever been to a dollar?" posted away a so-known as "chairman" of a group of traders WHO were purchasing GameStop stock. With that in thinker, we cannot simply read some technical indicators same the RSI or MACD to anticipate with truth the next move because other tweet, from another guy, English hawthorn send DOGE to the pound or to the moon. The bottom line is: represent careful if you buy operating theater deal out DogeCoin… and maybe watch Chitter for potential commercialise movers.
Source: https://www.binaryoptions.net/doge-how-the-meme-token-became-the-rocket-token/
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