What’s Really Driving the Dogecoin Hype Now?

Dogecoin again? I swear every time I think this meme coin's story is over, here comes another way it could claw back into the spotlight. 110,000 short-term traders in seven days. That's not just a number, that's a full-on frenzy.

But how many of those traders are genuinely interested in being long DOGE versus merely after the pump like addicts who can't stay away from it?

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I still remember jumping into DOGE sometime in early 2021. The hype was crazy, and yeah, I got sucked into it. Of course, this is now, and though the uncertainty did wear me out, here we are at this very moment again, with people talking about history repeating itself. Ali Martinez also points towards the exact same familiar cycle of huge breakouts and retracements. So maybe, just maybe, the chart gods are alive and well, and another run is upon us.

Yet I remain skeptical. Just because something did happen once doesn't mean that it will again, right?

Then there's DEGEN.

Who would have thought? 23,000 traders out of nowhere dump themselves on a coin with a market cap that's a fraction of SHIB. I really don't know whether to be impressed or worried with this speculative chaos. Reminds me of my early days in crypto, just throwing money on tokens without knowing anything about them.

And at the end of it all, does that even matter? DOGE, DEGEN, SHIB, all of these grow off of one thing alone: hype. Without that, they are nothing.

Posted Using InLeo Alpha