Crypto traders should understand that not every jump in price is a good sign. Some crypto market players consider such signals as alarming ones. Recently, Dogecoin climbed by almost 40%. Certainly, Doge holders experienced a spark of joy. Contrarily, it caused some concern among other crypto traders. This time, the coin rose not because of an overall rally in the stock market or in BTC, in particular. It climbed amid billionaire Mark Cuban’s comments. He called the cryptocurrency the best crypto when using it as a medium of exchange. Elon Musk supported Cuban’s words by tweeting “I’ve been saying this for a while”.
“The point about doge that people miss is that doge’s imperfections and simplicity are its greatest strengths. You can only use it to do two things: Spend it or hold it. Both are easy to understand. And it’s cheap to buy. Which makes it a community anyone can join and enjoy,” Cuban tweeted.
Besides, Mark Cuban being the owner of the Dallas Mavericks NBA team announced that fans will be offered special discounts when purchasing Mavericks merchandise for Dogecoin. Don Alt, a cryptocurrency analyst, considers a surge in Dogecoin price an adverse signal. The expert added that the SHIB and DOGE recovery is a timebomb. He recommends waiting for 10-30 days and going short no matter how the market behaves.
