Dogecoin jumps 88% in a single day to $0.13, reviving Ponzi fears


Dogecoin (DOGE) surged by 88% today to over $0.13, setting a new all-time high and gaining a $16 billion valuation, data from multiple sources shows.

The currency is intrinsically valueless and is intended to have absolutely no use, save the memes and jokes.

The day DOGE jumped

As the below image shows, DOGE has shot up like a rocket in the past two days without any real fundamental development. It has been trading above its 34-period exponential moving average since last week and broke through all ‘resistance’ levels to its way to the ATH.

How To Get Free Crypto  

Dogecoin or a rocket? Image: TradingView

DOGE reached as high as $0.14 in the early hours before retracing all the way to $0.11. It has since regained and trades at $0.13 at press time.

The move seemed to catch the eyes of many around the world. On social media app Twitter, the term “Dogecoin” found its way to the global trending charts with over 265,000 mentions since its price move.

Even Elon Musk, the CEO of electric carmaker Tesla, seemed to tweet about the DOGE surge. He has previously posted pictures of Dogecoin going to the moon, and claims to have accumulated some DOGE for his youngest child.

Some remain critical

While the memecoin seems to have the world’s attention, some critics remain skeptical about how high DOGE can surge before tumbling back down. 

Coinbase Banner  

David Kimberley, an analyst at investing app Freetrade, said that people were buying the cryptocurrency because of the hope that others eventually join in, push the price up, and the early “investors” sell their holdings at a high profit.

But the pain comes afterward. “When everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time,” Kimberley said.

Last year, there were reports of a large percentage of Dogecoin’s supply (nearly 27%) being in the hands of one investor, raising concerns about the way the currency was distributed and the potential impact on prices.

Those concerns have since disappeared. Because who complains if the music never seems to stop anyway?

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Shaurya Malwa

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.