Reasons Why People Are Still Determined To Buy Dogecoin
Dogecoin price fell by about four percent to nineteen point three cents, the lowest level in three months. DOGE seems to be trapped in a slump that began after a high of 38 cents on October 28th with buyers unable to consolidate momentum.
Currently prices are in free decline, which might mean a chance for buyers to enter the market. Technical indicators indicate that Dogecoin has been in the downturn for more than a month but it may also be seen as a chance for buyers to enter the market and make a turnaround.
Dogecoin is often mentioned in the WallStreetBets
While it’s not officially supported by the WallStreetBets community, Dogecoin is often mentioned there. Dogecoin is grown by over 12K percent since it first caught the attention of the WallStreetBets audience back in May 2021.
WallStreetBets is much more than a group of people looking to earn money. It’s all about making a point to the system. These are those who feel the financial system is rigged. Throughout the process, they’ve taken random assets and brought them up.
GameStop is one of the stocks that has profited greatly from WallStreetBets because of its poor market prospects. Institutional investors significantly shorted GameStop. WallStreetBets was able to squeeze out the shorts and spark a rally that saw GameStop touch highs of over $350 by aggressively purchasing.
Also Dogecoin is comparable to GameStop. While there were no shorts on Dogecoin, it was dismissed as a joke currency for a long time. Dogecoin, on the other hand is not just inflationary but millions of Dogecoin our mind every few minutes. This indicates that the supply is almost limitless.
It’s also worth noting that its creators saw it as a joke currency from the outset. What better currency to be the face of a rogue investor movement? The WallStreetBets community, like GameStop has been purchasing and holding DOGE and the outcome of this rapid demand has been a spike in its price.
Dogecoin has benefited greatly from diamond hands come through Robinhood
The finest illustration of diamond hands at work was when Robinhood, a crypto exchange popular among WallStreetBets users, chose to prohibit purchases on GameStop. As a result, anybody seeking to trade in their GameStop could only sell.
Dogecoin has also benefited greatly from diamond hands. The majority of the funds entering Dogecoin have come through Robinhood. As a result of the purchase option had been blocked. The price of Dogecoin would have plummeted. However, with hodlers remaining strong the price remained stable and then burst once the system was streamlined.
The involvement of Elon Musk
Another important reason why many people are still determined to buy Dogecoin is because of the involvement of Elon Musk. Retail traders love Elon Musk, his anti-establishment and he’s got the money to prove it. He’s among those who supported WallStreetBets when Robinhood blocked purchase orders for certain equities.
Musk is also pro crypto and has been a prominent supporter of Dogecoin. Since Elon Musk backed it up and the WallStreetBets crowd embraced it, the number of businesses that take Dogecoin as payment has increased dramatically as more of them embrace it and investors hodl. The price will probably rise more and so it makes sense to acquire today and get the benefits of long term price gain.