Although Dogecoin’s futures volume tripled, the recent 42% price dump appears to be entirely retail-driven.
Most recently, DOGE pulled off a 10x gain as it rallied to $0.74 in the past week. The breakout was fueled mainly by Tesla CEO Elon Musk and his constant mentions of the token on social networks and interviews. Surprisingly, as Musk debuted on Saturday Night Live on May 8, Dogecoin price corrected by 42% even as Musk, his mother, and SNL actors mentioned DOGE in various skits.This event led to something rather unusual as DOGE traded over $130 billion over the past week, while its market capitalization stands at $65 billion. This raises the question of whether the largest whales were involved or if futures contracts played an essential role in the crash?Musk’s SNL appearance boosted expectationsRegardless of the world’s second wealthiest person’s motivations, Musk’s Saturday Night Live appearance appeared to have ma

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Źródło: https://cointelegraph.com/news/dogecoin-price-dumps-but-whodunnit-whales-institutions-or-retail-traders