Experts Predict Dogecoin (DOGE) Bubble Will Burst Quickly This Summer, Here is Why
Dogecoin’s appreciation and popularity can’t be sustained for long unless something drastic is done to help sustain it.
While the leading cryptocurrencies such as Bitcoin BTC and Ethereum ETH have appreciated significantly over the years, hitting $67,000 per token and $4,800 per token respectively, Dogecoin DOGE leads the chart of the most appreciating digital currencies.
According to some reports, the digital currency recorded over 22,000% appreciation since its launch, making it one of the most appreciating digital currencies of all time.
However, there are concerns in some quarters that the Dogecoin bubble is a disaster waiting to happen. Experts predict that this digital currency’s bubble will soon burst and the crypto community will learn toward safer crypto tokens that have real use.
Key points:
- Dogecoin (DOGE) could crash like Terra Luna
- Investors are looking for real-world utility tokens like Chronoly (CRNO)
- Chronoly presale tokens up 100% in first week
Elon Musk’s Support Triggered Dogecoin Appreciation
Many experts ascribe its astronomical appreciation to the support and hype it received from Elon Musk, the CEO of Tesla Motors. The billionaire entrepreneur cum inventor has repeatedly expressed his admiration for the coin via his social media pages.
The support from this successful investor while promoting Dogecoin to his tens of millions of social media followers was a game-changer as these followers shifted their attention to Dogecoin (DOGE), thereby increasing its value considerably.
Dogecoin’s Bubble to Burst Soon
Although Dogecoin DOGE has enjoyed the limelight brought by Elon Musk and some celebrities, experts believe that Dogecoin’s appreciation and popularity can’t be sustained for long unless something drastic is done to help sustain it.
One of the major factors behind this concern is its poor adoption. A report by the Motley Fool, revealed that only 1,300 businesses across the globe are currently accepting Dogecoin for payments.
In comparison, an HSB 2020 survey revealed that over one-third (36%) of small-medium businesses in the United States accept Bitcoin with heavyweight companies such as Microsoft, Wikipedia, AT & T leading the pack.
More so, as previously mentioned, Dogecoin’s appreciation was built on the billionaire investor and other celebrities’ hype. How long that hype can be sustained to drive the coin’s appreciation further remains to be seen.
By the middle of 2021, the Dogecoin token hit $0.74 from $0.004 at the beginning of the year. This represented an impressive growth of 16,500% within six months. At the time of writing, $DOGE crashed to $0.084 per token because it couldn’t sustain its overhyped appreciation.
Unless Dogecoin is attached to a tangible cause or some reasonable use cases, its popularity will gradually wane until it becomes almost irrelevant. When that happens, investors would have had enough of the coin and may be done with it. That will have a massive negative impact on its value.
Could The Chronoly Asset-backed Tokens Big The Next Big Trend?
Chronoy.io is a decentralized marketplace for buying, selling and trading luxury watches like Rolex’s and is built on the Ethereum blockchain. Investors in the Chronoly (CRNO) token can trade NFT fractions which are asset-backed by the physical version of the watch, which is then held in the Chronoly vault.
This is the first time a crypto project has bridged the gap between NFTs, luxury watches, and blockchain technology, with many industry insiders expecting the Chronoly token to surge as it looks to disrupt the $64bn watch market and offer crypto investors a safer alternative.
Rare luxury watches have been outperforming traditional investments like ETFs and real estate for decades and have usually been an investment vehicle used by the wealthy
Chronoly has had a successful start to its presale and is currently trading at $0.02 up 100% from last week’s price of $0.01 and is expected to rally significantly over the next coming months with some analysts putting a price target of $0.50 which is a 50x return for investors who got in at the beginning.
The post Experts Predict Dogecoin (DOGE) Bubble Will Burst Quickly This Summer, Here is Why appeared first on .
Dogecoin’s appreciation and popularity can’t be sustained for long unless something drastic is done to help sustain it.
While the leading cryptocurrencies such as Bitcoin BTC and Ethereum ETH have appreciated significantly over the years, hitting $67,000 per token and $4,800 per token respectively, Dogecoin DOGE leads the chart of the most appreciating digital currencies.
According to some reports, the digital currency recorded over 22,000% appreciation since its launch, making it one of the most appreciating digital currencies of all time.
However, there are concerns in some quarters that the Dogecoin bubble is a disaster waiting to happen. Experts predict that this digital currency’s bubble will soon burst and the crypto community will learn toward safer crypto tokens that have real use.
Key points:
- Dogecoin (DOGE) could crash like Terra Luna
- Investors are looking for real-world utility tokens like Chronoly (CRNO)
- Chronoly presale tokens up 100% in first week
Elon Musk’s Support Triggered Dogecoin Appreciation
Many experts ascribe its astronomical appreciation to the support and hype it received from Elon Musk, the CEO of Tesla Motors. The billionaire entrepreneur cum inventor has repeatedly expressed his admiration for the coin via his social media pages.
The support from this successful investor while promoting Dogecoin to his tens of millions of social media followers was a game-changer as these followers shifted their attention to Dogecoin (DOGE), thereby increasing its value considerably.
Dogecoin’s Bubble to Burst Soon
Although Dogecoin DOGE has enjoyed the limelight brought by Elon Musk and some celebrities, experts believe that Dogecoin’s appreciation and popularity can’t be sustained for long unless something drastic is done to help sustain it.
One of the major factors behind this concern is its poor adoption. A report by the Motley Fool, revealed that only 1,300 businesses across the globe are currently accepting Dogecoin for payments.
In comparison, an HSB 2020 survey revealed that over one-third (36%) of small-medium businesses in the United States accept Bitcoin with heavyweight companies such as Microsoft, Wikipedia, AT & T leading the pack.
More so, as previously mentioned, Dogecoin’s appreciation was built on the billionaire investor and other celebrities’ hype. How long that hype can be sustained to drive the coin’s appreciation further remains to be seen.
By the middle of 2021, the Dogecoin token hit $0.74 from $0.004 at the beginning of the year. This represented an impressive growth of 16,500% within six months. At the time of writing, $DOGE crashed to $0.084 per token because it couldn’t sustain its overhyped appreciation.
Unless Dogecoin is attached to a tangible cause or some reasonable use cases, its popularity will gradually wane until it becomes almost irrelevant. When that happens, investors would have had enough of the coin and may be done with it. That will have a massive negative impact on its value.
Could The Chronoly Asset-backed Tokens Big The Next Big Trend?
Chronoy.io is a decentralized marketplace for buying, selling and trading luxury watches like Rolex’s and is built on the Ethereum blockchain. Investors in the Chronoly (CRNO) token can trade NFT fractions which are asset-backed by the physical version of the watch, which is then held in the Chronoly vault.
This is the first time a crypto project has bridged the gap between NFTs, luxury watches, and blockchain technology, with many industry insiders expecting the Chronoly token to surge as it looks to disrupt the $64bn watch market and offer crypto investors a safer alternative.
Rare luxury watches have been outperforming traditional investments like ETFs and real estate for decades and have usually been an investment vehicle used by the wealthy
Chronoly has had a successful start to its presale and is currently trading at $0.02 up 100% from last week’s price of $0.01 and is expected to rally significantly over the next coming months with some analysts putting a price target of $0.50 which is a 50x return for investors who got in at the beginning.
The post Experts Predict Dogecoin (DOGE) Bubble Will Burst Quickly This Summer, Here is Why appeared first on .
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