The Dogecoin army’s attempt to push cryptocurrency

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On Wednesday, it was either a dollar or a bust for such a dogecoin community, and it appears that dogecoin fans have been faced with the bust. A failed attempt to stage an epic rally in doge, on the other hand, does not appear to behave deflated the spoof coin’s most ardent fans.

According to doubters, a social-media campaign to push dogecoin to the $1 threshold for the first time finished the way is most likely to.

Dogecoin DOGEUSD, +0.55 percent was the last trading at about 31 cents on CoinDesk on Wednesday, down 15% on the day and down more than 30% from a high of 45.05 cents on April 16.

The market action on Wednesday comes after Tuesday’s campaign fell around 70 cents short of its lofty objective. Using the hashtags #DogeDay & #Doge420, Dogecoin followers on Reddit and Discord attempted to advertise the day as “Doge Day,” to help catapult the rising crypto into the stratosphere, adding to an asset’s already amazing gains in 2021.

See: Dogecoin, a cryptocurrency that originated as a joke, is now worth more than Ford.

Owners of the so-called meme asset, which was created in 2013 as a playful parody on the bitcoin BTCUSD, -0.23 percent phenomena, have seen a parabolic rise in so meme asset. So far this year, it has increased by about 6,500 percent. Gold futures GC00, +0.31% are down 5.5 percent in 2021, whereas the Dow Jones Industrial DJIA, -0.20% and the S&P 500 SPX, -0.39% are both up approximately 11 percent.

In other words, based on MarketWatch’s computation of a beginning price of 0.005405 cents and a current trading price of around 31 cents, $1,000 invested in dogecoin just at the start of the year is worth almost $57,000.

Despite this, supporters of dogecoin have rejected detractors’ warnings about the risks of investing in a cryptocurrency that lacks the utility or “store of value” ideas associated with bitcoin and Ethereum’s Ether ETHUSD, +2.56%.

On Reddit, a user going by the username EthereumDream stated why Dogecoin isn’t in the same category as Ether or bitcoin:

Bitcoin’s supply is limited. Because no more than 21 million coins may be added, it is regarded as a good financial asset. Dogecoin, unlike Bitcoin, is inflationary and therefore has no limit on quantity. 10,000 Doge are added to the network every minute. Miners are producing more than 5 billion coins each year at the current rate.

Bullish investors continued to flaunt the fact that the cryptocurrency was selling at 30 cents, compared to less than a penny just at the start of 2021, on Reddit’s r/dogecoin conversation thread.

Others pointed out that dogecoin supporters had been seeking to boost the cryptocurrency’s value to $1 well before the so-called Doge Day:

One dogecoin holder appeared to be only pointing to the rewards of his dogecoin investments:

The trigger for dogecoin’s gain is difficult to pinpoint, but it has coincided with Tesla Inc.’s TSLA, -1.23 percent CEO Elon Musk publicly pushing the price of doge upward on Twitter, garnering criticism from certain Wall Street investors.

Dogecoin has also been championed by billionaire Mark Cuban, who already takes doge as pay for tickets to his NBA team’s games.

Despite the obvious dangers of going bankrupt, bitcoin advocates believe that dogecoin’s march to $1 is a matter of when not if.

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