Dogecoin (DOGE) was up by 20% on 1st April. Is the market playing 'April fools' pranks on traders?
April 02, 2019 AtoZ Markets - The cryptocurrency market had a massive revival in the first two days of April. While most digital currencies rallied on 2nd April, Dogecoin led the way on April 1 with 20% gain that was completely unexpected. It was as if the cryptocurrency was playing 'April fools' pranks. However, this move has continued on April 2 with other coins and tokens. The 25th-ranked crypto on coinmarketcap which oscillated between 0.19 and 0.21 cent in February and March, experienced a massive breakout on Monday, which pushed it to 0.247 cent. The bullish run has been extended on Tuesday as the crypto currently exchanges for a bit above 0.25 cent. DOGE trade volume and market capitalization also surged as the price reached for the sky.
About Dogecoin (DOGE)
Dogecoin was created as a hardfork of Litecoin in December 2013 by Billy Markus and Jackson Palmer. The duo had an idea of a fun cryptocurrency that would garner greater influence than Bitcoin. Its currently ranked 25th on coinmarketcap with a market capitalization of over $301 million and 24 hours trading volume of $58 million. The coin is primarily used by Twitter and Reddit to reward the creation and sharing of quality contents on their platforms. On trading grounds, DOGE is primarily traded against Bitcoin, Tether, Chinese Yuan and Turkish Lira.
Why did DOGE surge?
There are no major reasons to point to. Some people believe this might be an 'April Fool' pump. There were no speculations by any big figure nor was there an unusually high volume trade triggered on any exchange. Meanwhile, prior to the big upsurge, the Blockchain Education Network (BEN) joked on Monday about renaming the group to Dogecoin Education Network (DEN). The group also added that it would only teach DOGE, work with only projects related to Doge and launch an Initial Exchange Offering (IEO) built on Dogecoin. Could this joke have sparked the massive buyout or just part of the pump prank?
The entire cryptocurrency market had a big push toward recovery as prices surge across the board. Bitcoin hit its highest price in 2019 after it gained over 14% in few hours on Tuesday. The entire market added $20 billion in hours as a result of these rallies. The fundamental triggers are not very clear. If prices fall back quickly to the pre-April 1 prices, we might just have seen another 'price pump'. The end of trading today and the coming days will give more clues.
Do you think the April 1st Dogecoin boom was another 'price pump'? Please share your thoughts with us in the comment section below.