It will not be an exaggeration to say that 2021 will be remembered with the rise of Dogecoin. But now there is a different approach to DOGE
A new hypothesis about Dogecoin
John Hempton, founder and co-owner of hedge fund Bronte Capital, has proposed a hypothesis on social media that the price of Bitcoin, the flagship of cryptocurrencies, will bottom out after Dogecoin (DOGE) drops below $0.01. In a tweet, Hempton highlights that as long as the meme-inspired cryptocurrency still has great value, the cryptocurrency market is in a speculative frenzy. According to him, the price of top cryptocurrencies, including BTC, will continue to fall until DOGE loses most of its value.
Hempton is known for his investments, particularly against companies such as Wirecard and Valieant Pharmaceuticals, and has become a famous critic of the meme-inspired cryptocurrency.Cryptocoin. com, in May, Hempton compared stock buying to DOGE. Hempton stressed that the results are far from each other.
The rise of DOGE
Dogecoin was created as a joke in 2013, inspired by the dog theme Shiba Inu. The project is well known as the cryptocurrency community promotes philanthropic projects, including helping charities. More recently, celebrities such as Musk, Kiss singer Gene Simmons, billionaire Mark Cuban, Snoop Dogg have increased interest in DOGE, openly endorsed it, and have helped its community grow by posting about it many times on social media.
The price of Dogecoin hit an all-time high of $0.74 earlier this year, but then plummeted with the cryptocurrency market. It’s still up over 4,000% this year, as Musk has been closely watching a cryptocurrency upgrade that will reduce the number of transaction fees. According to Musk, this is an important development. Looking at DOGE’s price chart, a cryptocurrency analyst and bitcoin bull predicts that Dogecoin’s price is “programmed” to drop to $0.05 and even Tesla CEO Elon Musk won’t be able to save it. It is based on a predictive head and shoulder chart model.
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