CoinShares CSO Meltem Demirors – Dogecoin’s Sharp Rally is Just the Beginning

Meltem Demirors, CSF of CoinShares, has stated that Dogecoin’s (DOGE) latest price surge is a hint of the beginning of crypto craze. Through multiple tweets, Demirors explores the likely reason for Dogecoin’s near 400% rally in a matter of two weeks.

One of the main reasons for the price rally, as per Demirors, is the involvement of members of the WallStreetBets (WSB) subreddit forum and their response to the media outlets’ view of crypto policies.

Demirors details the rise as follows,

“On Wednesday, ahead of the COIN (Coinbase) listing, the WSB moderators changed their ban on crypto discussion to allow talk about three cryptocurrencies – Bitcoin, Ethereum and… you guessed it… DOGE. As you can imagine, the WSB community went wild…
Not 24 hours later, the mods reversed that decision and announced they would ban all crypto chatter on the forum indefinitely. According to some reports, the ban was a response to this Bloomberg Business article claiming WSB mods were bowing to pressure. Now, if we’ve learned one thing about the fine people of r/wsb, they do not like to be told what to do. So is this a revenge pump?”

Demirors does not argue that the aforesaid events fueled the rally, but points out that the asset recorded a higher 24-hour trading volume than SPY, an ETF that intends to monitor the performance of the S&P500.

“All I know is this: SPY, the most widely held and traded ETF, traded around $25 billion in yesterday’s session. DOGE, the popular meme coin (sorry Dentacoin), has traded about $70 billion in the last 24 hours. Wrap your brain around that. It’s ******* CRAZY TOWN.”

The CSO informs her roughly 160,000 followers that the uptrend is not linked to any fundamentals of Dogecoin as the latest updates on Github was posted almost two months before.

“Look at the DOGE repo on GitHub… Sometimes things defy expectations. We’re definitely in a super interesting market cycle right now. The trend is your friend. Put away your galaxy brain IQ. It is not useful where we are going.”

Before finishing the argument, Demirors emphasizes that Doge’s sharp uptrend indicates that crypto craze has just now started.

“The people have spoken, and the people want DOGE. The power of memes is moving markets. You absolutely love to see it. It’s gonna break people’s brains, and we’re just getting started.”

While writing this article, Doge has gained 12.6% to trade at $0.3296.