The Dogecoin (DOGE) rally, Bitcoin (BTC) is lame, but an analyst expects the DOGE bubble to burst this week.
In a series of tweets on Tuesday, the popular Twitter account Lowstrife highlighted the similarities between Dogecoin and XRP among the warning signs that the “end” is near.
As Cointelegraph reported, DOGE / USD continued to rise this week, canceling previous losses to postpone an earlier high of $ 0.47. Since the beginning of the year, the couple has grown by 7000%.
Headliners Elon Musk will be shown live Saturday night as “The Godfather” on Saturday, but that date will soon be a streak in the sand for meme-based altcoin fortunes.
Musk, who made headlines in a year for her alleged love of Dogecoin, also bolstered the recognition of her earnings as not merit-based, but viral.
However, if the situation changes, baggage owners may face losses similar to those that followed the end of the 2018 “alternative season”.
For the pseudonym of the cryptocurrency trader Lowstrife, signs of the end of the world are already appearing in the spot market.
“Both big Dog meetings this year have been less and less aggressive. Lowstrife commented that what originally took 18 hours now took two days.
“I think this is the last part before everything is done for good. May 8 – Watch Day ”.
One-day DOGE / USD candlestick chart (Bittrex). Source: TradingView
Echoes of the highest XRP levels ever
The final phase of the DOGE miracle clearly coincides with the last XRP spurt in 2018 before XRP / USD reached a full-time high of $ 3.20. After that, the pair slowly fell to a low level of 0.14 dollars – a loss of 95.6%.
XRP / USD weekly candlestick chart (Bitstamp). Source: TradingView
The current situation is well known to new market players. The GameStop disaster, in which some traders pushed stock prices to crush short-term hedge funds, provided fertile ground for the cryptocurrency to move.
Unlike stocks, regulators have no way of pressuring traders or restricting access to the asset itself, other than forcing trading platforms to perform work on their behalf.
Adam Buck, CEO of Blockstream, attributed this phenomenon to the fact that DOGE Bullrun was an example of a casino-like marketplace.
“Like a short GME grip. Not because the market recognizes that it has value, but in fact the opposite is true, because it is correctly condensed as devoid of value, “he said on Twitter.
“The more jokes, the easier it is to pump everything people gather around a regular casino game.”