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13 May 2021

DOGE out of control? Social media and whales sway Dogecoin price action

DOGE out of control? Social media and whales sway Dogecoin price action

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Social media and whales sway Dogecoin price action.

The next spike in price came on April 14, with the value of a single token doubling within a single day to break the $0.10 mark.

This led Musk to again turn his attention toward the coin, tweeting a picture of the famous painting by Spanish artist Joan Miró, saying “Doge barking at the moon.” This tweet, along with the rising social sentiment, pushed the price to a high of $0.45 on April 16.

Dogecoin fans celebrated April 20 as Doge Day with a symbolic push of the coin’s price to $0.420.

This entails that investors can now stack DOGE one coin at a time.

He also stated that the sports team will not be selling any of its accumulated Dogecoin from the sales and will be hodling it for the long term.

DOGE is a hugely inflationary coin by design without a decided maximum supply, which entails that there are 5 billion new coins entering the circulating supply each year.

On the possibilities of this being another instance of a pump-and-dump scenario, Frank further stated that the rally has been controlled by a single entity that has accumulated at least “$1.3 billion worth of Dogecoin and abused the futures market by baiting shorts into creating a negative funding cycle that led to a derivatives blowout in excess of $760 million of liquidations.”

Although the price of Dogecoin is currently in a decline in what could be seen as a market-wide correction, it’s becoming clear that the token has found a use beyond the meme-coin status and is now seeing real growth within the cryptocurrency ecosystem

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