Dogecoin is a bubble that will explode and deprive many investors of money

Dogecoin (DOGE) hit all-time highs around $ 0.42 on Monday amid rising crypto euphoria. DOGE took the fifth place in the ranking of cryptocurrencies in terms of capitalization, pushing Tether (USDT) to the sixth place. The capitalization of the coin exceeded $ 52 billion.

Meanwhile, members of the crypto community called April 20 “Doge Day” and decided to celebrate it with a new pump. Dogecoin continues to rally after a 340% rally last week. Outstanding dynamics of DOGE reflected in the expectations of traders.

According to betting portal US Bookies, its users currently rate the likelihood of the coin going up to $ 1 by the end of the year at 17% versus 2.9% at the beginning of the month.

Members of the Dogecoin community decided to celebrate April 20 as “Doge Day”, writes ttrcoin. This date (4/20), together with the designation of position number 69 from the Kamasutra, forms the famous meme number, which was repeatedly referred to by the head of Tesla and a big fan of jokes about Dogecoin, Elon Musk. Another name for April 20 is Elon Musk Day.

“Many Doge investors expect the coin to hit 69 cents at 4/20 because this currency is one big meme. By the same logic, by June 9, Dogecoin should rise in price to $ 4.20, ”writes Gizmodo Australia.

Meanwhile, Akand Sitra of TRM Labs, a cryptocurrency risk management firm, considers the Dogecoin market a bubble that could burst at any moment due to the concentration of a significant amount of coins in the hands of several holders.

“65% of all Dogecoins are in just 98 wallets. The largest of them holds 28% of all coins, and five wallets control 40% of the total circulating volume, ”he explained.

According to Sitra, the whales will continue to hold onto their coins until they decide that there are enough buyers in the market who can make them billionaires overnight.

Charles Hoskinson, the head of IOHK behind Cardano, also predicted the collapse of Dogecoin: “In the industry, DOGE has always been taken as a joke. But thanks to Musk and the whales, the coin’s price skyrocketed into the stratosphere, driving demand from new entrants. Let’s be honest: this is a bubble. It will explode and rob many retail investors of money. ”

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