Dogecoin ‘is pure speculation and will end badly’ says Yusko
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Dogecoin prices are surging on Tuesday after the crypto token broke through the £0.29 ($0.40) barrier on Monday. DOGE traders are now looking to hit a price point of £0.36 ($0.50) and the target is looking tantalisingly close. The latest Coindesk data at 10.06am BST shows DOGE trading for £0.351175 ($0.486996) – a 26 percent spike on the last 24 hours.
DOGE holders, online memesters and long-time crypto adopters believe Dogecoin has the potential to hit £0.72 ($1) before the year is out.
Starting in February this year, a concentrated effort to put DOGE in the spotlight has led to meteoric gains and record-high prices.
The unprecedented bull run was fuelled to a great extent by public endorsements from the likes of SpaceX chief and South African Billionaire Elon Musk.
The token, which features a smiling Shiba Inu dog, is now up by more than 10,000 percent on last year.
DOGE prices have also hit a new, all-time high of £0.357263 ($0.495439) this week.
And with a staggering market cap of £44.72billion ($62.01billion), DOGE has become more valuable than companies like Honda and Twitter.
According to Qiao Wang, a partner at DeFi Alliance, if DOGE was listed on the S&P500 index, it would rank higher than 366 companies.
This is all the more astounding, considering Dogecoin was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer.
Mr Wang tweeted on Tuesday: “People ridicule Dogecoin. But the reality is every market in the world is based on the memes.
Bizarre teaser for Bitcoin parody Dogecoin
“Boomers’ meme is stuff like P/E. Millennial and Gen Z’s meme is funny stories they can talk about with their friends online.”
Social media and forums like Reddit have been flooded with memesters driving DOGE’s price up.
One Twitter user said: “#DOGE is getting mental! Who’d have thought a meme would now be making ACTUAL money.”
Another person said: “#Dogecoin to the Moon. #Today we await $0.5: keep watching #KeepWatching”
But there is also a lot of concern for DOGE’s future, with many investors fearing a correction is overdue.
With Dogecoin prices being inflated by mania and hype, there may not be enough momentum to sustain the gains in the long run.
One detractor tweeted said: “Yes, it’s a $60billion joke. I don’t get the need to rationalise this.
“DOGE is a mania. Musical chairs. That’s it. It will pump until it crashes.”
Earlier last month, experts told Express.co.uk the DOGE “gold rush” is bound to end in tears.
All things considered if you have thought about investing your money into Dogecoin there a few rules to remember.
First of all, you should never invest money you are not willing to lose.
And second of all, the crypto markets are very speculative and there is no guarantee profits are waiting to be made.
The official position of the Financial Conduct Authority (FCA) here in the UK is that “if you invest in cryptoassets, you should be prepared to lose all your money”.
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