Bitcoin And Altcoins In A Sea Of Red As Doge Dominates World Media

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Crypto saw another round of profit taking and downward pressure after several days and weeks of stellar gains. Nothing to be truly worried about of course, given the run of wins that we’ve seen so far in 2021.

Bitcoin and Ether meanwhile were able to stem the losses to only a few percentage points while other, smaller altcoins, dropped 10% or more.

Only thing is that some traders are starting to understand that groups of younger investors are actually taking their gains from crypto out of the market and transferring their moneys all into one coin only, Dogecoin.

CNN, CNBC discuss Dogecoin

Dogecoin, the joke meme cryptocurrency, was dominating world news overnight. It made headlines in Fortune, Yahoo Finance, Bloomberg and yes, we were laughing about it a few days ago, even CNN.

The best summary so far for the action in DOGE came from Meltem Demirors, the Chief Strategy Officer from Coinshares. In an interview on CNBC she admitted the strength of the WallStreetBets community. As we’ve also reported, the strong group of Reddit based retail investors opened up to discussing crypto for a few days last week.

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Meltem explained:

For the first time, they allowed talks about crypto in that forum. Only three coins though: Bitcoin, Ether and Doge. TikTok investors made a song about meme-ing Doge to one dollar and I think we see that playing out in real time here.

The Doge segment is around the 3 minute mark.

Dogecoin to 1 dollar?

All this action has seen bookies worldwide adapt their odds that Dogecoin could actually reach the 1 dollar mark. Whereas we said a week ago that back in 2020 that was impossible, the website US-bookies now agrees with us that these odds have improved significantly. Though still small, there is at least a possibility.

A US-Bookies spokesperson declared:

Not so long ago, the prospect that the currency would be worth any more than a few cents seemed remote, but momentum is building and another surge – even as soon as this month – cannot be ruled out.