DOGECOIN PUMPS After Musk's Twitter Flips Logo to Shiba Inu dog
Dogecoin fluctuation happened right after Elon Musk changed the logo of Twitter into Shiba Inu Dog. As I already written many articles on the crypto trading and investment decisions which represents that crypto is a high volatile currency so you should make decisions wisely rather than jumping into based on your emotions or current happenings.
Better to stay out of it if such things happened in the world of cryptocurrency that changed suddenly and cam bask to its original value in no time once again. I would not suggest you to buy this dogecoin at this time when prices pumped a lot. I like to stay away from such coins I don't even bother to look at them but expert traders can make quick profit if they know the right trading strategies.
WHAT ELON MUSK DID ACTUALLY
Elon Musk who is a CEO of Tesla and SpaceX, is a well known supporter of cryptocurrency especially the Dogecoin which was created back then 2013 as a joke. And, he is pushing this coin up like crazy. He tweeted a logo of dogecoin on the 2nd April of 2023 which creates a surge to its prices in just few hours by 20%. Now he changed the Twitter logo to dogecoin's logo which increased the price of this coin a lot.
Another tweet he made is "getting a Shiba Inu pup." caused this pump. He got a huge fan following from all over the world and most of them keep eyes on his tweets to cash out quick profits that's why the price of this coin increased a lot.
WHY I SHOULD STAY AWAY FROM THIS COIN FOR NOW?
I previously wrote many articles about the emotions and social media influence on cryptocurrency which can lead to unbearable losses if you make investment based on such factors. Wise traders won't look at the coin to invest if it's already in the highest value. They always try to make investment in dip coins and cash out the profit when its value raised.
This surge in dogecoin demonstrates that social media influence has a great impact on the cryptocurrencies. So, investing in such coins can be risky and highly speculative. Do your own research before jumping into any crypto project. It is an ART that WHEN TO INVEST so focus on this art to its professional level.
I'm winding up this article with that you should do your own research about the project that you are going to invest and figure out whether it is the right time to invest or you should wait for it. Don't get trapped with such happenings and emotions that can lead to unbearable losses.
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