Dogecoin’s founder laughs off the gold surge FOMO while steady DOGE defies the big dump narrative.
The latest gold rush has produced a new all-time high for both gold & silver, but today’s $1.7 trillion wipe-out in the precious metals markets testifies to the fact that the oldest forms of money can also be very volatile.
Meanwhile, the OG meme coin Dogecoin (DOGE) has kept itself above $0.12, holding steady for the past 24 hours. For Billy Markus, the creator of Dogecoin (DOGE) along with Jack Palmer back in 2013, is convinced this portrays another case of Fear Of Missing Out (FOMO).
Why Is Dogecoin Ignoring The Gold & Silver Rush?
The Bad Luck Brian meme that followed has a dig at crypto aficionados who sold their crypto reserves in order to acquire gold & silver at top prices. Once the precious metals blew off, silver’s meteoric rise is now followed by a sharp downturn by more than 7% on Tuesday.
The largest meme coin remained unfazed since last week, trading in a closed gap between $0.1183 to $0.128. Retail traders are not consuming that much of Dogecoin (DOGE) – the daily trading activity fell to $891,568,130 on Tuesday after multiple weeks of $1 billion & beyond.
In spite of Billy Markus a.k.a Shibetoshi Nakamoto’s sarcastic comments on the gold & silver rush, the computer virtuoso isn’t too optimistic about crypto either, claiming that he’d left the Dogecoin project a long time ago, distancing himself from brave price predictions like many of his peers.
Bulls vs. Bears: Who’s In Control Of Dogecoin’s Price?
On the Futures side, leveraged traders are still favoring a price upswing rather than a dip. Latest CoinGlass stats portray a story of Dogecoin’s bulls winning the game by a slight advantage – the funding rates are positive, while short-sellers soaked up $527.62K out of $830.18K in 24-hour liquidations.
With the $1.69 billion trading volume on Futures, it looks like the top dog meme coin is more demanded on leveraged markets than Spot.
The speculative appetite stems from many crypto traders finding Dogecoin’s (DOGE) price more predictable than other meme assets, while Binance’s users appear to be the most bullish – the long versus short ratio exceeds 2.5186 on the customer’s end, meaning that Dogecoin’s bulls outweigh the short sellers 2.5 to 1.
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