The Retail Phenomenon of Dogecoin Explosion Driven by Powell
Wall Street is stunned by the current explosion in the price of Dogecoin. Although not as popular as Bitcoin, Dogecoin managed to shoot through the roof by exceeding 400% in the previous week. Indeed, the price of Dogecoin has hit an unbelievably high market cap of $50 billion right before pulling back from the all-time high price that the cryptocurrency achieved last Tuesday.
The skyrocketing surge in the price of Dogecoin commenced with the epic meme-stock trading rally driven by hundreds of Reddit users. This trading rally was fueled by an extensive discussion on Reddit about labeling Dogecoin as the GameStop equivalent (GME) of the cryptocurrency universe. The price of Dogecoin is expected to soar as well as experts are jumping the bandwagon to endorse its profitability in trading and investment.
What do experts think of the Dogecoin price rally?
Celebrities across the world are pretty excited about the price boom of Dogecoin. Expert celebs like Mark Cuban, the investor of Shark Tank, and many more like Elon Musk, the CEO of Tesla, and Guy Fiere, the world-renowned chef, are encouraging traders to invest in Dogecoin but with necessary caution. The CEO of Galaxy Digital, Mike Novogratz, is asking everyone to proceed with caution as he thinks that the price explosion is a retail phenomenon being driven by the donations of Jay Powell, the Chairman of the Federal Reserve.
Will the Dogecoin rally survive long-term?
Novogratz thinks that the Dogecoin price rally may not last long as it is somewhat similar to the GameStop trend wherein an investor base of new and young investors built the momentum of investment that fizzled out in the end. The Dogecoin price surge may not last long as no strategic buyers and institutions are endorsing the price rally of the meme cryptocurrency. However, if Elon Musk keeps tweeting about Dogecoin, there is a chance that the price rally may continue for some more time.