In mid-April, Ryan Negeri, one of the most famous investors in digital currencies, celebrated the jump made by the cryptocurrency Dogecoin, after he had made his decision a month before this rise to buy it.
Negeri describes his experience as "entertaining", saying to Al Hurra that he started trading Dogecoin, when its price was $ 0.05, and that he is still investing in it.
Dogecoin's value increased from about $ 0.05 in mid-March to $ 0.40 in mid-April.
Negeri made sure that the tweet celebrating the rise of the Dogecoin includes two names in support of this currency, namely the billionaire technology tycoon Elon Musk, who expects that Dogecoin will lead digital currencies in the future, and the American businessman and billionaire Mark Cuban, the owner of the Mavericks basketball team, whose team has become using this currency in its transactions Financial.
Bilal Rahal, Director of Rahal Financial Brokerage Group, told Al-Hurra that since the beginning of this year, all digital currencies achieved a strong rise, and among the most famous of these currencies was the Dogecoin, which rose nearly 900%, in less than a month.
Rahal attributed "the most important reasons for the rise of Dogecoin to the support of Elon Musk and other famous people," through tweets.
But he sees this as a "problem," noting "the rush of inexperienced people in the world of cryptocurrencies to buy currencies based on tweets."
Rahal stresses the need to focus on what he described as the "most important factor", which is the digital currency project and its advantages, saying: "Many digital currencies are better and more important than Dogecoin for investment and use."
He worried that Dog Quinn could turn into a bubble.
In the same context, Yasser Tabaa, an expert in cryptocurrencies, agrees with Rahal's concerns, telling Al-Hurra that the reason behind the fuss caused by Dogecoin is the propaganda of Elon Musk, as one of the most famous and richest personalities in the world.
He added, "Many people follow Musk's tweets without knowing what they are buying," which he describes as dangerous in the business world.
Are you reaching for a dollar?
However, Negeri believes that the uproar caused by this currency is "positive," saying: "Nobody thought that a dog would exceed a penny, then 10 cents, then 50 now, and perhaps its value would reach a dollar within a few weeks. No one expected this, not even The founder who sold most of his money to buy a car years ago. "
Tabbaa comments on that, saying: "In order for the Dogecoin to reach a dollar, this means that its market value will be very large, equivalent to tens or hundreds of companies around the world, and this is not logical."
Investors in this currency are awaiting an announcement from Mask that will come as part of his participation in the Saturday Night Live program, on Saturday evening.
Although Al-Tabbaa doubts that the Dogecoin will reach a dollar, he says that the cryptocurrency market, which has come under the name of the bull market, is witnessing strange changes that no one predicted.
It is likely that this currency will witness a severe decline in the coming period, saying: "I do not usually recommend it, but it has risen and things have become illogical."
Conversely, Negeri believes that everyone should buy a Dog Queen "just to experience and be part of something bigger than themselves."
Al-Tabbaa says that the Dogecoin began trading in 2013 as a miniature version of Bitcoin, and that its name and logo (a picture of a dog) was just a joke.
Dogecoin went on for many years without registering an increase or witnessing a turnout. "It was similar to the currency of pennies or cheap stocks that some people prefer, and indeed its value was less than a cent for several years," he says.
He also attributed the recent rise in the currency to a challenge made by users on the Tik Tok application for video recordings, to raise the value of the Dogecoin until it reaches a dollar, so its value rose within days to about 600 or 700 percent.
Negeri describes naming the Dogecoin as "the currency of the people" as a very clever matter, pointing to the dependence of the Mavericks and Oakland Athletics on this currency, which will add "great value and benefit."
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