Dogecoin After DOGE Rallied 100%: Do Not Ride The FOMO

In less than a couple of days, the price for one of the most popular altcoins, Dogecoin, pumped over 100%. There has been a common perception in the cryptocurrency community that huge moves in DOGE usually mean that an altcoin season is around the corner.

Still, the team behind Dogecoin warned people through their official Twitter account not to give in to the Fear Of Missing Out (FOMO) and to be mindful of their investment.

Dogecoin Pumps 100% in Less than Two Days

CryptoPotato reported just yesterday that DOGE surged with more than 20% in 24 hours. The cryptocurrency has since gone on a rampage, shattering all perceived resistances on the way up, leaving the market in dismay.

dogeusd_chartDOGE/USD. Source: TradingView

DOGE went on to reach $0.005599 on Binance, which marks an increase of more than 100% in the past couple of days alone. The price has since retraced to where it currently trades at around $0.0042.

The community is overly excited about it, and the reason is that in a lot of the cases when DOGE pumps, there’s usually an altcoin season around the corner. This time seems to be no exception.

A lot of alternative cryptocurrencies are popping. The most definitive indicator of an altcoin season is the declining Bitcoin dominance. Indeed, BTC lost almost 2% of its share relative to the entire market, signaling that alternative cryptocurrencies are making new grounds.

Don’t Ride The FOMO, Dogecoin Says

At times like these, it’s increasingly easy for retail investors to give in the Fear of Missing out (FOMO) and to start purchasing assets while they are peaking.

This was the case back in 2017 when almost all cryptocurrencies recorded their current all-time high values. A lot of people who didn’t have prior experience in the market bought in, only to see their investments lose over 95% of their value in the year after that.

In light of the above, Dogecoin’s official Twitter account issued a statement that sounds a lot like mindful advice, urging people to be particularly careful.

Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising.

Make choices right for you, do not ride other people’s FOMO or manipulation.

Stay safe. Be smart.

This statement might come in response to videos that are getting viral on the popular social media app TikTok. One person urged his followers to buy Dogecoin on the count that it’s “practically worthless.”

He argued that investing $25 in DOGE now will net the investor over $10,000 when it hits $1. Needless to say, that’s the kind of “financial advice” that people should be particularly critical of.

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The post Dogecoin After DOGE Rallied 100%: Do Not Ride The FOMO appeared first on CryptoPotato.

Publication date: 
07/08/2020 - 11:07
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.