Dogecoin (DOGE) has been in the spotlight in recent days due to its massive 100% rise in 7 days. The meme crypto will also remain in the spotlight for a while longer as Tesla CEO Elon Musk will likely name the altcoin during his performance on the television program Saturday Night Live in the United States. What does the rest of the crypto community actually say about the current hype around DOGE?
The well-known analyst Josh Rager states that he does not own a DOGE, but he is keeping his fingers crossed for those who have it in their portfolio. “That way I get a better entry for my short,” says Rager:
“I don’t have a DOGE, but I’m really digging for you guys
I hope the price is going to pump really hard
… This way I get a better entry for my short before the price drops 90% ”
A short position gives traders the opportunity to make a profit on a falling price. So, Rager is clear about his expectation, although he says in a later response that he will not short until dogecoin hits $ 1. That would be “a crypto sin”:
David Gokhshtein is slightly more positive about the hype. Gokhshtein, CEO of PAC Protocol and member of the Forbes Financial Council, among others, argues that it is “hard to stomach” for some that DOGE is becoming more legitimate:
“It’s hard for people to stomach that DOGE is becoming a legitimate asset in the crypto space.”
DOGE’s recent increases are unlikely to be healthy and sustainable. It is increasingly likely that the course will make a hefty correction as we have seen in similar runs in the past. It is therefore wise to keep a close eye on the DOGE price.