Doge Price – Is Dogecoin Hype Absurd? Here’s What Analyst Thinks
The Meme token Dogecoin has risen to immense popularity, From 10 cents to 45 cents, it has surged massively in a matter of weeks. But, the real talk is what’s the future of the token. Will it be able to flip its meme status and be considered a serious coin or will it just be a joke blown out of proportion.
Financial Analyst Gary Shilling has a take on DOGE too. In an interview with BNN Bloomberg, he says Dogecoin’s hype is not going to have a happy ending.
According to him, the excess liquidity in the market is getting an influx in here, causing these price surges.
“I don’t know what’s going to happen to touch off their demise, but it’s going to end badly.”
Despite the fact that Shilling was still short Bitcoin, he acknowledges that there was “something behind it”, but as for the Dogecoin, it is “absolutely nothing”.
Dogecoin, unlike Bitcoin, has an infinite supply and only a few successful developers.
After soaring over 750% in April, DOGE Price reached a new all-time high of $0.45 last week. It has since lost some of its profits and now, at the time of writing is trading at $ 0.28.
Doge Day 4/20 – A Bummer
In anticipation of Doge Day, Dogecoin fans on social media were hoping for the cryptocurrency to reach 69 cents or $1 levels this week. Surprisingly the Dogecoin rocket fell to the ground instead of heading “to the moon”. It plunged down 21.28% and fell back to the $0.32 level.
A lot of hype was created around the event, with Crypto Twitter flooding with “to the moon” tweets. Alas, the token fell flat.
Previously, Cardano Founder Charles Hoskinson has also spoken in the negative light of Dogecoin. According to him, Doge’s hype rallies could trigger the unnecessary attention of regulators towards the Crypto market.