Dogecoin has gained 0.9% in the last 24 hours. At the time of writing, DOGE was trading around $0.07. The global crypto market cap increased by 1.3% to over $1.07 trillion. As a result, DOGE traded at higher prices along with leading cryptocurrencies. The leading meme coin fell 0.5% against Bitcoin and 2% against Ethereum. The rise of Ethereum ahead of the overall market was linked to the hype created by the Merge upgrade. However, DOGE was also among the top performers. Accordingly, the token has increased by 7.2% in the last 7 days.
Dogecoin millionaire expresses regret
The upward movement in Dogecoin and other altcoins caused investors to take to Twitter. Glauber Contessoto, a DOGE millionaire, was one of them. However, Contessoto was among those who tweeted to express his regret rather than his joy. The millionaire said it’s time to buy at the bottom of all crypto assets. He then explained that he regretted not buying at the bottom. Contessoto’s sharing was as follows:
“You should definitely buy all the altcoin holdings I’ve accumulated at the bottom. It’s literally the first time since last year that I’m not buying at the bottom. It seems that I haven’t bought from the bottom since the lowest 3 months of bottom cryptocurrencies. Now all these altcoin assets are giving a bullish signal.”
Will crypto prices really go up?
OANDA Senior Market Analyst Craig Erlam said that the price action of cryptocurrencies will likely depend on inflation. Also, cryptocurrency investor Justin Bennett noticed the movement of the dollar index. Accordingly, the dollar’s strength is currently not falling from the support levels at 105 of the time scale. According to him, as long as the dollar index does not fall below this level, “hard times for risky assets” will continue. Other analysts are also expecting price drops. As we reported on Kriptokoin.com, Jhon Squire says that inflation will lower crypto prices. According to Squire, Bitcoin price will rise up to $28,000 and then start to depreciate. The analyst will go for $10,000 and then $3,000 for BTC.
A ponzi chart on the DOGE price chart
The Dogecoin community noticed an increase in DOGE transactions in July. However, it soon became clear that this was spam. A trace of the transactions led community members to an operation involving a Ponzi scheme that included bids for suspiciously high hourly returns. Accordingly, some people would attract DOGE investors with the promise of high returns, and then they would lose out with user funds. However, early awareness of the DOGE community prevented a major disaster.
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