After a pump highlighting the power of crowd mania and meme magic, Dogecoin is down nearly 40% in a $ 0.06 Friday highs retreat, dropping to $ 0.033 this morning.
For the influencers and Wall Street Bets refugees joining the rise – many of whom took their first ride on what is known as a notoriously volatile graph – the price action reversal is particularly harrowing.
Doge does what it does best, welcoming people to crypto with a huge punch in the face. https://t.co/0GpiKe4B8U
– RyanJK (@RJ_Kunz) January 30, 2021
Yesterday, Dogecoin prescribed history cracking the top 10 cryptoassets by marketcap for the first time since 2015. The coin, named after a dog memo that started as a joke, was propelled to such lofty heights on the back of likewise record-breaking social media volume, according to analyzes provided by The tie.
While some consider the rapid price increase Elon Musk memes and the inevitable groupthink Of crypto’s often momentum-based markets, $ DOGE’s success may also be rooted in anti-establishment sentiments running through the retail industry following the popular trading app Robinhood disables ‘Buy’ orders for certain assets.
The move of Robinhood and other brokers sparked furious allegations of hypocrisy and speculation that hedge funds were being preferred over smaller investors – and what better way to spotlight a broken system than pumping a joke to a multi-billion dollar valuation?
– WSB Chairman (@AltsStreetsBets) January 28, 2021
However, following reports of withdrawal issues on multiple centralized exchangesDogecoin has undergone a violent reversal overnight, leading many buyers to take to social media to voice their regrets. Just hours after she posted that she had “ finally caved and bought the dog stock, ” podcast host and media personality Mia Khalifa expressed some buyer’s regret:
This is the first time I’ve ever hated a dog.
– Mia K. (@miakhalifa) January 30, 2021
Khalifa wasn’t alone in feeling the pain. Multiple streamers and social media influencers were present during the ride, and stream viewers witnessed some last night wondering if a “nuke” had gone off:
– Crypto Whale (@CryptoWhale) January 30, 2021
Seeing DOGE’s value cut nearly in half, however, doesn’t seem to have pushed too many investors toward more fundamentally sound projects. #DogeToADollar is a trending topic on Twitter right now and a steady stream of users are claiming to double.