Rapper Snoop Dogg and Kiss’ Gene Simmons have been both expressing their support for the “Doge Army” over the weekend alongside Tesla CEO Elon Musk. As a result, the cryptocurrency’s price has rallied once again by 27% on Feb. 7. DOGE is the native cryptocurrency of Dogecoin, which has become a household name in recent months.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk (@elonmusk) February 7, 2021
Following the Gamestop and Robinhood saga, many traders rushed into the cryptocurrency market. DOGE was the first cryptocurrency that saw retail fear of missing out (FOMO), especially among the r/Wallstreetbets community members.
“Yup. I bought even more Dogecoin,” Simmons wrote on Feb. 6, continuing:
Why? Because I believe it will go up. But that’s just me,”
DOGE/USDT 1-day candle price chart (Binance). Source: TradingView.com Traders signal caution against the DOGE rally
DOGE is typically considered a meme cryptocurrency within the crypto market that started out as a joke. It does not have a use case, but it has an active community around it.
Hence, when DOGE begins to rally due to an unexpected catalyst, like Elon Musk’s DOGE meme or a r/Wallstreetbets-fueled pump, it often sees an explosive
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