The price of Dogecoin has gone up again, thanks to celebrities, rapper Snoop Dogg and rock star Gene Simmons were the last big names to join the “DOGE squad” of Tesla CEO Elon Musk.
Dogecoin’s price rose more than 36% on Sunday, February 7, after celebrities such as American rapper Snoop Dog, along with Elon Musk and a member of the band Kiss, Gene Simmons, tweet about the cryptocurrency.
In a tweet mentioning Musk, Snoop Dogg attached an edited photo cover to his seventh album.
Meanwhile, rock band Kiss, shared a photo based on the Disney cartoon, The Lion King, featuring Snoop Dogg as the monkey wizard Rafiki holding a DOGE mascot instead of Simba. So Musk himself tweeted a new version of his meme.
Musk tweeted to promote Dogecoin as everyone’s cryptocurrency, causing its price to skyrocket, as usual.
Dogecoin price explosion
Two weeks ago, DOGE saw an 800% gain in just a few days, as investors in the WallStreetBets increased prices to almost $ 0.08.
In recent years, the crypto universe has become familiar with Dogecoin. DOGE, which started as a joke in 2013, is now the 12th most valuable cryptocurrency by market cap, according to CoinMarketCap. Dogecoin’s script hasn’t seen any protocol updates or developments since 2015, but the power of memes and social media.
When dealing with Dogecoin in the long run, traders need to approach it with caution. The main factor for the crypto market is the prevailing sentiment among investors. Cryptocurrency is an asset that lacks fundamental support compared to traditional stock markets, which makes it more susceptible to fraud.
Market sentiment can be manipulated to raise asset prices and suddenly fall.
As social media platforms like Twitter or Reddit are often used as a channel for these plans, it is important to have metrics insights so that investors can assess market sentiment in relation to the actual trading volume to avoid falling into risky situations. .