Author: @carlir, Image taken from the official pixabay.com, modified using Adobe Photoshop CC6 tool.
Cryptocurrencies always give something to talk about, the good thing is that it is always something positive, this time the cryptocurrency that is in the orbit for its huge increase in a week is the Dogecoin, this crypto emerged from a joke has slipped into the top 5 cryptocurrencies for its high value in the market.
The Dogcoin, designed under the meme of a shiba inu dog, is experiencing a huge growth of 600% in one week and 200% in the last 24 hours, according to data provided by CoinMarketCap. The Dogcoin on Friday, April 16 reached a value of $ 0.43 per unit, increasing its capitalization by more than $ 40 billion and reached $ 55 billion, this situation allowed it to be placed in the top 5 for its value in the market.
This cryptocurrency was launched in 2013 as a joke to make fun of other cryptocurrencies since then it has been revalued by more than 8,000% so far this year, many users have stated that the possible rise of Dogecoin is due to the recent statements published on twitter by the billionaire and CEO of Telsa, Elon Musk, who this Thursday, April 15, published a mysterious message "Doge barking at the moon". According to crypto enthusiasts this message is used to manifest bullish sentiments about one or several cryptocurrencies, because when this situation is happening they mention "up to the moon".
Elon Musk and his company Telsa invested 1.5 billion dollars in the Bitcoin, he also stated that his electric car company would accept this cryptocurrency as a means of payment, Musk in his twitter account listed the Dogecoin as his favorite currency, however many cryptocurrency users say that such statements should not be taken with the seriousness that should be merited. There are those who describe Dogecoin as a speculative transport and warn that many retail cryptoinvestors will lose a lot of money because of this cryptocurrency.
The analysts of the British platform Freetrade, state that the Dogecoin is the classic example of the theory of the greater fool, as they consider that users are not buying this cryptocurrency for its significant value but rather to wait for others to join in the purchase of Dogecoin and increase its value and then they take advantage and sell to make money faster. That is why investors should wait more time and see how this cryptocurrency behaves in the coming weeks to be able to make the decision to invest or not.
