Billy Marcus, the creator of Dogecoin, shared his opinion about the sharp rise in the price of DOGE.
According to him, the DOGE marketalmost entirely controlled by mood and emotions. He wrote:
Why is DOGE crashing? That is why it grows.From purchases and sales. That's all. The cryptocurrency market is driven by sentiment. People buy and sell for personal reasons, and these decisions move the price. This is a roller coaster. It has always been that way.
Why does $ DOGE fall?
Same reason as why $ DOGE rises.
Buying and selling. That’s it.
The crypto space is ruled by emotion and sentiment. People buy and sell for their own reasons, and those decisions move the price. It’s a roller coaster. Always has been.
Markets gonna market. pic.twitter.com/tWyD805AEi
- Shibetoshi Nakamoto (@ BillyM2k) May 7, 2021
In a recent interview with Bloomberg, Galaxy Digital founder Mike Novogratz stated:
Dogecoin is loved by millennials and generation Z because its purchase – This is something of a middle finger to the system. This is reminiscent of the Gamestop stock hype.
He added:
It is worth understanding that there are no new technologies behind the growth of the coin – DOGE simply doesn't have them.
Meanwhile, Elon Musk continues to steadilypost DOGE memes and add fuel to the fire. Today he will take part in the TV show “Saturday Night Live”. DOGE holders expect him to continue promoting the topic of cryptocurrency on the show.
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