Cryptocurrency Dogecoin has broken record after record in recent days. However, it seems that there is a critical hurdle before the price reaches $1.. Let’s see how investors explain this important factor that suppresses the price.
What is stopping Dogecoin from rising to $1?
Dogecoin rises and records new all-time highs (ATH). However, according to the new theory voiced by investors, a single investor, called a whale, is suppressing the price.
Dogecoin climbed as high as $ 0.70 yesterday.. Thus, this crypto money, which emerged from an internet joke and called “meme coin”, broke a new price record.. We have witnessed the price rise from $0.50 to $0.69 in the last 24 hours.. As a result, a new record close to 0.70 dollars was recorded.. A bit of a drop followed, and DOGE price is now trading around $0.63.. However, it still hasn’t risen to the $1 level that many Dogecoin fans want.
Related – New record in Dogecoin price – What’s behind the rise?
According to InvestorPlace, which has multiple Reddit users powering its rise in Dogecoin price, “a single whale sells millions of tokens every hour, driving the price of DOGE down.”
Many DOGE investors on InvestorPlace believes the theory that a single whale is keeping the price down. Because as the price rises, investors or investors who have a large amount of Dogecoin are trying to sell their savings at a high price.
Why is Dogecoin a risky investment?
Because of all this, Dogecoin is a difficult investment. Because you don’t know how fast the price can change. According to Adam Zadikoff, COO of popular cryptocurrency wallet platform BRD, the success of cryptocurrencies depends on the hype swirling on social media.
Zadikoff told CNBC:
“Yes, you can make quick money if you choose the right timing.. But timing the market is a very difficult task to do.. because it doesn’t work. Good if you have an investment you can give up. You can play and have some fun.”
Source