The wave of speculation is now ebbing, and more than one trader is sorry for the trip
After a rash that highlighted the power of crowd obsession and the magic of the meme, Dogecoin slid nearly 40%, down from Friday’s high of $ 0.06, down to $ 0.033 this morning.
For the influencers and Wall Street Bates refugees who have joined the rally – many of whom have been taking their first round on what’s known as a choppy chart – the price action reversal was especially shocking.
Just yesterday, Dogecoin made history by arriving in the list of the top 10 cryptocurrencies by market value for the first time since 2015. The coin, named after the dog meme, which started as a joke, has been pushed to high altitudes on the back of rising social media volumes, crashing numbers, according to analyzes provided by The Tay.
While some have linked rapid price hikes to Elon Musk’s memes and the inevitable collective thinking of momentum-based cryptocurrency markets more often, the Dogecoin pair’s success against the dollar may also be rooted in the anti-establishment sentiment spreading across the crowd of retail investors after the popular trading app Robin Hood Disable ‘purchase’ requests for specific assets.
The action from Robinhoud and other brokers sparked furious accusations of hypocrisy and speculation that hedge funds were favored by small investors – and what better way to highlight a disrupted system than a joke-based currency payment to a multi-billion dollar valuation?
However, after reports of withdrawal issues on several central exchanges, Dogecoin experienced a violent reversal overnight, prompting many buyers to use social media to express their regret. Just a few hours after it was posted that she “finally gave up and bought the coin based on the dog meme,” podcast presenter and media personality Mia Khalifa noted buyers’ remorse:
Khalifa was not alone in feeling the pain. Many owners of live broadcasting channels and influencers on social media participated in the wave, and last night’s broadcast followers witnessed some questioning whether “nuclear weapons” had exploded:
However, seeing the value of DOGE cut nearly in half doesn’t seem to have pushed many investors into more substantial projects. #DogeToADollar is currently a popular topic on Twitter, and a steady stream of users claims to double their number.