Dogecoin ‘is pure speculation and will end badly’ says Yusko
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Bitcoin and Ethereum have typically led the way in the cryptocurrency market, with smaller currencies lagging behind the giants. However, currencies like Dogecoin (DOGE) and SafeMoon have seen an increase in recent days, with campaigns on social media and celebrity endorsements pushing the currencies upwards.
According to Coindesk, at the time of writing Dogecoin was worth $0.320543 (£0.23).
This is a 23.78 percent decrease in the past 24 hours, with a market cap of $42.17 billion (£30.25 billion).
The highest Dogecoin reached over the past 24 hours was $0.416662 (£0.30) at 9.14am BST on Tuesday.
DOGE has since been dropping, reaching $0.286573 (£0.21) at its lowest at 10.14pm BST last night.
Read More: SafeMoon price live: What is SafeMoon’s price now? Will it reach $1?
However, the currency has somewhat bounced back, at $0.320543 (£0.23 at the time of writing.
DOGE has seen a boost thanks to celebrity endorsement and social media campaigns, with SpaceX founder Elon Musk tweeting about the crypto to his more than 50 million followers.
Capital.com has released stats showing since the beginning of this week, more than 76 percent of all trades executed on Capital.com, high-growth trading and investing platform, were related to the cryptocurrency markets.
This is a significant jump from last month when just 43 percent of all trades were dedicated to cryptocurrency markets.
Unsurprisingly, clients have been piling into the popular DOGE/USD trade with more than 89 percent taking a long position on DOGE.
The DOGE/USD trade has been the most traded cryptocurrency pair on the platform since the 14 April.
The furore around smaller cryptocurrencies is showing no signs of waning, with DeFi SafeMoon also seeing a boost in recent days.
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SafeMoon is a decentralised finance token, known as a DeFi token.
At the time of writing, SafeMoon sat at $0.0000112 (£0.000080), a 70.75 percent increase over the past 24 hours.
However this is a far cry from Dogecoin, and an even further drop from the leading Bitcoin and Ethereum.
SafeMoon’s website boasts the slogan “Safely to the Moon”, a phrase used in crypto circles in a bid to boost currencies.
And in the past three days, SafeMoon has overtaken DOGE as the most searched cryptocurrency on CoinMarketCap.
SafeMoon’s price well below $1 could be due to its limited availability on mainstream exchanges.
However, social media users have said once SafeMoon is listed, it could rival DogeCoin.
One reddit user said: “I completely agree that once they get listed on an exchange this could easily blow up.”
There has been so much interest in SafeMoon over the past 24 hours, users have reported BSC infrastructure issues.
The SafeMoon UK Twitter account said: “CONFIRMED, safemoon is the cause of the transaction issues, causing our own price to fluctuate.
“BSC working on it.
“We are flying guys, let’s keep on this positive wave.”
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