How DOGE Could Bring Doom To Crypto Rally
After an impressive overnight rally, Dogecoin (DOGE) crossed the $0.50 and smashed every resistance towards new all-time highs. The so-called meme cryptocurrency has surpassed the market cap of giant corporations in traditional finance, some have begun to question the existence of “the people’s coin”.
Trader MeanHash, a Dogecoin holder, believes the cryptocurrency has the potential to ruin the crypto industry. This idea has divided the crypto space into two sides, those that defend what Dogecoin represents and the others, that most view it as a speculative asset and have called for its ban. MeanHash said:
DOGE might actually ruin crypto. Wouldn’t that be a fitting end to all of this? The meme coin destroys trust in the entire ecosystem. The higher it goes the more concerned I am about it all falling apart.
In the other corner is Tyler Winklevoss, founder of Gemini exchange. He claims Dogecoin’s money supply is more transparent, “hard” and predictable than the U.S. dollar.
However, Chief Financial Officer for the Oslo Freedom Forum and the Human Rights Foundation, Alex Gladstein, has highlighted some of Dogecoin’s flaws. Gladstein pointed towards the cryptocurrency centralized supply, over 80% of Dogecoin is controlled by the top 100 addresses. Gladstein said:
Remember: Dogecoin has had several insane pumps like this before, only to later fall in value by 90%+. In sum: Please do not listen to anyone who says Dogecoin is better than, no different than, or even remotely similar to Bitcoin.
Others, like trader Pentoshi, are much more optimistic:
It’s 2023. The $doge money will flow into the rest of the market you tell yourself again. Dogecoin is now trading at $589. It’s the worlds only payment method after the collapse of the dollar.
DOGE-Day, Elon Musk To Present The Dogefather
The Shiba Inu coin could go parabolic in the short term. D-Day has been set for May 8th, 20201. Elon Musk, Tesla’s Technoking and CEO, one of Dogecoin’s stronger supporters will make an appearance in Saturday Night Live, the popular American comedy show. Musk will apparently “test” how “live” the program is.
The entrepreneur’s statements on the cryptocurrency have been major price drivers, during the past year. In fact, some have argued that Musk brought this cryptocurrency back from the dead zone at $0.05.
At the time of writing, Dogecoin trades at $0.61 with a 9.2% rally in the daily chart and a 143.1% in the weekly chart. The Shiba Inu coin has a price target of $1 for D-Day.