Dogecoin jumped 100% after porn star’s tweet
Dogecoin, a joke cryptocurrency, more than doubled in a matter of hours amid another plunge triggered by an adult film star’s tweet.
The cryptocurrency Dogecoin made a new all-time high in trading on Saturday, January 2, testing the $0.14 mark. In less than a day, the value of the coin increased 125% and its market capitalization exceeded $1.5 billion, moving it to 20th place in the Coinmarketcap cryptocurrency ranking. At the time of writing, DOGE is trading at $0.011.
Someone’s Pumping Dogecoin Again
Dogecoin is often the subject of pampers by the coin’s community. Once a celebrity mentions DOGE in his or her Twitter feed, not necessarily in a positive way, the meme’s fans start buying it up in huge quantities, pushing the price to new heights.
This time, the occasion for DOGE’s rise was a tweet by porn star Angela White. The adult film actress admitted that she bought DOGE in 2014.
Angela has more than 1.3 million followers, but judging by the response posts, not everyone understands what she is talking about. Anyway, after the tweet the rate of the coin increased sharply and exceeded $0.01 for the first time ever.
Pamp is not the same as pump
Pumping, or pumping up the price, is a frequent phenomenon in the cryptocurrency environment. As a rule, it is accompanied by a subsequent dump, i.e. a sharp drawdown, and leads to large losses for most traders who decided to earn extra money on the rise in prices.
During the dump the rate grows rapidly, and the interest to the coin is actively heated in social networks. As a rule, this phenomenon is manipulative. In other words, someone is deliberately stirring up a stir around a little-known coin to raise the price and at the right time profitable to sell their assets. In this way impure professionals and large investors make a profit on newcomers.
But also often a sudden sharp growth of the rate against the background of positive comments, forecasts or news is called a “jump”. This is exactly the kind of a “spike” that most often happens with Dogecoin. Earlier BeInCrypto editorial staff reported that Ilon Musk’s tweets are pushing DOGE rate to new highs.
