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Why is dogecoin dropping? The crypto has tumbled 20% since its Monday report


A doge breakfast?

The popular Dogecoin crypto-asset, which was created as a joke in 2013, waned in the past week after hitting a record high on Monday, making few investors laugh.

Dogecoin was trading at 0.06784 cents on its most recent review, a decrease of over 20% from the February 7 record high of 0.087159. This is based on data from CoinDesk. This decline meets the criteria commonly used by Wall Street chart watchers and technical analysts for a bear market.

Read: Dogecoin? Many “retailers will lose money,” says crypto expert

It’s not clear where crypto is going from here, it’s still up about 50% in the last seven days and has seen a staggering 1,350% gain since early 2021 with a market value of $ 8.7 billion as of Friday afternoon . This puts Dogecoin just outside the top 10 cryptos, with Bitcoin BTCUSD, + 4.40% at the top of the ranking with a market value of over 880 billion US dollars.

“People move markets en masse and play with each other more without understanding the implications or their own psychological limitations.”

– Charles Hayter, CEO of the London-based research site CryptoCompare

Doge’s rally began based on a series of bullish, if sometimes cryptic, tweets from Tesla Inc. TSLA, + 0.55% Chief Executive Elon Musk.

A number of celebrities, including Calvin Broadus, aka Snoop Dogg, and Gene Simmons of the rock band Kiss who joined Musk, as well as billionaire Mark Cuban have tweeted about investing in Dogecoin.

On Reddit’s popular SatoshiStreetBets chat forum, some expressed the hope of increasing the value of Dogecoins to $ 1.

However, crypto experts have warned that dogecoin, pronounced “dōj coin” and often associated with a popular meme featuring a Shiba-Inu dog, has limited use when compared to other decentralized cryptographic assets, including bitcoin.

Billy Markus, co-founder of Dogecoin, told the Wall Street Journal in an article in early February that he created the asset in 2012 as a “light-hearted cryptocurrency,” then known as Bells, as a fun version of Bitcoin.

In an open letter on Reddit this week, Markus also wrote about the cryptocurrency.

“It went from being a silly joke to something that was worth something to people very quickly, and a community developed quickly, with lots of seedy people and lots of new people quickly building services and infrastructure,” wrote the co-founder.

Nic Carter, a crypto and blockchain venture capitalist who founded Castle Island Ventures on CNBC, warned earlier this week that speculative wagering on an asset with no real purpose could seriously hurt average investors. He also found it questionable that Musk would support the virtual asset.

“It’s a little unsettling to see Elon Musk so excited about it,” said the Castle Island co-founder.

Bullish Bitcoin investors claim that price increases in Bitcoin, the world’s leading cryptocurrency, are aided by the limited supply of crypto inherent in the code. Only 21 million Bitcoin will ever exist, and what is known as mining for Bitcoin, or solving complex computing problems that are rewarded with Bitcoin, will become more difficult over time. The final cache of bitcoins will likely not be cleared until around 2140.

The supply of doge coins, on the other hand, is unlimited. The number of doge coins that can be mined at any given time varies from one to hundreds of thousands.

However, interest in Dogecoins underscores the appetite for alternative assets in an environment where 0% interest rates prevail as governments around the world seek to mitigate the economic damage caused by the COVID-19 pandemic.

Charles Hayter, CEO of London-based research site CryptoCompare, told MarketWatch earlier this week that investors need to exercise caution when making investments like Dogecoin.

“People move the markets en masse and play with each other without understanding the implications or their own psychological limitations.

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