DOGE up 15% May Be Just Beginning as Price Breaks Important Level

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Tue, 08/16/2022 - 12:34
Gamza Khanzadaev
DOGE is up and flying, but don't be confused with reasons for growth
DOGE up 15% May Be Just Beginning as Price Breaks Important Level
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The main memecoin of the crypto space and the favorite cryptocurrency of rich man Elon Musk — Dogecoin — met today with a 15% rise in quotations. Taking a break on Monday after a tumultuous Sunday, when DOGE showed a great growth of more than 16%, the cryptocurrency decided to resume its upward march.

Source: TradingView

Having started with a 15% rise, DOGE is now desperately trying to break through the all-important $0.087 per coin price level. If Dogecoin breaks this barrier and holds the price, holders and enthusiasts may eye the further growth of their favorite coin, with an eye on the overall state of the crypto market.

Artificial growth?

Many in the crypto space attribute the current growth of DOGE to the launch of a Layer 2 solution from the alleged Dogecoin enthusiast community. However, one should be extremely cautious, as such initiatives are not what they represent themselves to be.

As reported by U.Today, scam projects that associate themselves with the original Dogecoin began to appear online. At that time, the developers and Dogecoin community distributed warnings notifying everyone to stay away from various chains with the prefix DOGE, offering to wrap the original coins over bridges.

If the current growth of DOGE was provoked by such announcements by fake projects, then perhaps it is artificial in nature.

Concerned DOGE enthusiasts reported that such projects pay crypto influencers to spread the information they need and mislead unsuspecting users. As a reminder, if there are such cases among your sources of information, be extremely careful and reconsider your attitude to the sources you use.

About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.