Famous rapper Snoop Dogg and Gene Simmons, one of Kiss’s soloists, announced their support for the “DOGE Army” with Tesla CEO Elon Musk at the weekend. As a result, the price of cryptocurrency rose 27 percent again on February 7.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk (@elonmusk) February 7, 2021
After the Gamestop and Robinhood incident, many investors flocked to the cryptocurrency market. DOGE became the first cryptocurrency to witness fear of kidnapping (FOMO), especially among r / Wallstreetbets members.
Dogecoin Price Index: 1 Dogecoin How Much? (DOGE TL)
Simmons, In his post dated February 6 “Yes, I have purchased more Dogecoin,” he stated:
So why? Because I think it will rise. But that’s just my opinion. ”
Investors warn against DOGE rally
DOGE is a digital asset that emerged as an internet joke in the cryptocurrency market. Although crypto money has no use, it has a very active community.
So when DOGE price experiences an unexpected rally due to Elon Musk or r / Wallstreetbets, it sees a very strong uptrend in the short term.
However, investors warn that one should be careful with Dogecoin. Popular cryptocurrency investor Donalt said that DOGE is not a viable investment in the long run and will eventually lose value, hence said investors should be careful:
“DOGE’s current situation is pretty funny. I don’t think we’ve seen this kind of inflation in the crypto space before. Every day, another famous figure makes a statement about DOGE. I see no reason to counter-invest. If you want to invest in DOGE for the long term, know that you will return everything you earn. So sell slowly during the rise or try to analyze how long this inflation will last. DOGE should only be bought with the idea of selling. “