Dogecoin’s latest hike and why it might be more of the same

Dogecoin has been discussed for far too long. While there are those who support its use cases as a future, there are also those who see it as nothing more than a joke.

However, both agree that in reality, Dogecoin will only have its value for as long as it is in the headlines. When that doesn’t happen anymore, consider it done and dusted.

Dogecoin is increasing … but why?

Yesterday, the well-known Shark, Mavericks owner and recently-turned Dogecoin enthusiast Mark Cuban had a Twitter argument with Preston Pysh, a Bitcoin maximalist. According to some, the dispute could have led DOGE to climb back up the “trend charts”. Needless to say, DOGEboys were also cheered, with the result that is clearly visible on the price movement of the old.

At the time of writing, the altcoin was already up over 8% with the altcoin doing well in the green.

Dogecoin price promotion | Source: TradingView – AMBCrypto

Now there will be some who argue that something else caused the surge. But right now, Dogecoin has no particular reason to climb the candles. Sure, its correlation to BTC is strong, close to 0.69, but the king coin itself is currently in consolidation. Ergo, that couldn’t have triggered the hike either.

In addition, there have been no major network developments recently, so this is also out of the question.

Correlation of Dogecoin to Bitcoin | Source: Intotheblock – AMBCrypto

The above observations only prove that DOGE investors and the market are not taking it seriously enough. The only real value to this altcoin is its popularity and once it dies the crypto may not be as much of a hit as it is today.

A lonely factor?

At the moment there is no other reason than Mark’s DOGE defense that could explain why the trading volume has tripled in 24 hours. In fact, the same had numbers in excess of $ 1.5 billion at the time of publication.

Dogecoin volume | Source: Coinalyze – AMBCrypto

Oddly enough, this could also explain why after 10 days people suddenly started shorting DOGE and liquidations hit $ 3.45 million.

Dogecoin liquidations | Source: Coinalyze – AMBCrypto

At this point, even non-DOGE maximalist traders know that these incidents are the best times to get in and cash out. And they’re probably taking full advantage of the same.

Dogecoin Buying and Selling Volume | Source: Coinalyze – AMBCrypto

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