THELOGICALINDIAN - Dogecoin rallied on Thursday afterwards Elon Musk committed that he would accelerate the meme cryptocurrency to the moon literally
The billionaire administrator tweeted that SpaceX, a amplitude technology aggregation he owns, would booty a “literal Dogecoin to the accurate moon.” The cryptic bulletin abandoned to abide into the hows and whys, but it was able abundant to accelerate a bullish arresting beyond the Dogecoin market. As a result, the DOGE/USD amount exploded.
As of 0800 UTC, the brace was trading at $0.071, up 33.94 percent from its intraday aperture rate. It looked accessible that traders played a antic of themselves by alarming Mr. Musk’s cheep out of proportion, accustomed it accustomed on April Fools’ day.
Dogecoin is belled for ability massive upside rallies over good-for-nothing factors. Last year, in July, a viral TikTok video urged daytraders to pump DOGE/USD bids to $1. The escapade were able to booty the brace as far as 0.005 afterwards pumping it by up to 155 percent in aloof three canicule of trading. It comatose by added than 50 percent afterwards the amusing media-led affairs frenzy.
A agnate viral attack alike in backward January 2021. Dogecoin beasts pushed the prices by a whopping 1,299 percent in aloof two canicule of trading in a copycat rally, aggressive by Redditors-led GameStop stock-buying mania.
The intraday upside assemblage originated from the aforementioned antic beasts — on the day that celebrates pranks.
SpaceX is activity to put a accurate Dogecoin on the accurate moon
— Elon Musk (@elonmusk) April 1, 2021
Dogecoin Pump or Dump Ahead?
The April Fool’s Dogecoin assemblage carries massive risks for traders who appetite to access the cryptocurrency bazaar at its sessional highs. A bright abridgement of accurate upside catalyst, accompanying with a abeyant clamminess crisis, hints at a abundant profit-taking book ahead. In short, alone traders with braver accident appetites could footstep Dogecoin’s waters.
As of this columnist time, DOGE/USD was abolition bottomward from its intraday high. It slipped by up to 15.52 percent advanced of the US session, breaking beneath a addled abutment akin of $0.06 to about-face it aback into support. The abutting downside ambition appeared at the mid-March attrition akin abreast $0.05.
Photo by Maciej Ruminkiewicz on Unsplash
