Billy Markus, who created Dogecoin back in 2013 with Jackson Palmer has taken to Twitter (where he dwells as “Shibetoshi Nakamoto”) to share his take on the recent Dogecoin rally.
According to him, the Dogecoin market is hugely driven by emotion and sentiment. The price of DOGE in the market is moved by people’s decisions, made for their own personal reasons.
What is Moving the Price of Dogecoin in the Market? Co-founder Answered
Billy Markus developed the meme-coin DOGE back in 2013 as an imitation of Bitcoin back. The Dogecoin that was changing hands as low as $0.0026 last month is now sitting at $0.61. According to the statistics, DOGE is the fourth digital asset of the market.
Why does $DOGE fall?
Same reason as why $DOGE rises.
Buying and selling. That's it.
The crypto space is ruled by emotion and sentiment. People buy and sell for their own reasons, and those decisions move the price. It's a roller coaster. Always has been.
Markets gonna market. pic.twitter.com/tWyD805AEi
— Shibetoshi Nakamoto (@BillyM2k) May 7, 2021
In his recent interviews with Bloomberg the founder and CEO of Galaxy Digital, Mike Novogratz, stated that,
“Dogecoin may be favored by millennials and generation Z since buying it is similar to showing the middle finger to the system. This is reminiscent of the craze over Gamestop shares.”
However, he cautioned against Dogecoin, stating that
“There are no development upgrades for this coin, nor is there any money from financial institutions going into it.”
DOGE Wave Take Further Rise This Year
DOGE has always been seen as Elon Musk’s favorite. A significant price surge can be seen due to Elon Musk Tweets.
The “DOGE influencer” was the first one to call it the “people’s currency,” then promised to put “literal DOGE on the literal Moon” via SpaceX.
From the latest, Musk is preparing to make an appearance on “Saturday Night Live,” i.e. Today this weekend.
According to reporter Kate Rooney,
“The newest DOGE investors particularly see Musk’s tweets as the main price pumper of the meme-coin. DOGE is making its way into online gambling markets as people are making bets about what Musk will talk about on SNL and whether it will be his favorite Shiba-Inu cryptocurrency.”