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Friday, December 1, 2023

DOGE out of control: 80 percent price growth in 24 hours

Doge Coin (DOGE) shoots from one high to the next. But with each passing day, the chance that the bubble will burst increases.

Who let the DOGE out? The rise of the DOGE meme coin is unprecedented, even for the already rapidly growing crypto space.

In the last 24 hours alone, the coin, whose mascot is a slightly moronic Shiba dog, was able to gain 80 percent in value (we had to correct this value upwards several times while writing). The coin, which has now reached the top 10 of the largest cryptocurrencies with a market capitalization of 16 billion US dollars, is currently trading at 0.129 US dollars (USD).

In the annual chart, DOGE performs even better: the cryptocurrency has already gained a whopping 2,450 percent since the beginning of the year.

With this, DOGE is far ahead of all other competitors within the top 10. Even top performer Binance Coin (BNB) looks old against the newcomer in the top 10. After all, BNB “only” increased around 1,400 percent in 2021 .

The reasons for the dream returns that DOGE investors were able to generate are quickly identified. For some time now, there has been support from prominent investors from the USA. Most famous example: Elon Musk. The wealthiest person in the world repeatedly shares semi-ironic DOGE content on his Twitter profile. His son is also said to be a proud DOGE owner .

Most recently, however, Mark Cuban also gave the meme coin a growth spurt. The billionaire and owner of the US basketball team Dallas Mavericks relies fully on the top 10 coin – but more for entertainment reasons.

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Speaking to Forbes, Cuban said:

You can buy it for $ 1 or $ 10 and it’s just fun to watch the price move. I bought a few dollars’ worth of DOGE for my son and we’ve been discussing why what price movements are happening ever since. But I’m not saying that the coin has intrinsic value, it doesn’t have that. So what? The investment promises a higher chance of winning than a lottery ticket.

A gigantic hype

This is how the investor hits the nail on the head. Because DOGE does not have a real use case. In the wild world of financial investments, that’s not a problem. Because if more people ask for DOGE than sell, the price rises. This has obviously been the case for some time and could well go on for a while.

Speculative bubbles like these can, however, quickly turn into their opposite. Because DOGE neither has an upper limit of supply like Bitcoin (BTC), nor is the coin to some extent decentralized, so that such a limit could not be controlled anyway. If you want to ride the wave for a while, you can look forward to further prizes. There can be no doubt that the meme coin has built up an enormous bubble even by crypto standards.

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