Doge coin hit an all time high yesterday of $0.43 - yes your heard that right $0.43! That's up from around $0.004 at the start of the year - around 100x - to the moon! Now it is well and truly in the top ten coins by market cap.
What has caused this you might wonder? Such hype for a coin that started as a meme and has seen no development for years and essentially no purpose. Alot of it comes down to one man - Elon Musk. He started tweeting about Doge earlier this year to his 51 million followers and surprise, surprise the price started rising. I image he has a nice stash of Doge and will be waiting for the right time to sell. At the moment his followers are inflating the price for him.
I imagine there are a few other large investors working with him and just waiting for the right time to sell and take some massive profits! The market cap is now around $44 billion and that is not sustainable and will drop straight into Elons pocket. Maybe I Am wrong and have missed something here, but at the moment I dont see the utility in Doge and how it can sustain such an inflated Market cap
The question I have is how will this affect the crypto market as a whole? I would love your thoughts on this as I think it could have some major consequences. Often when there is a sell off of a 'major' coin others will follow. Could this happen here and be the start of the dreaded 'crypto winter'?
Certainly interesting times ahead and I will be closely following Doge! Wish I had bought at $0.004 I'd be retired