Dogecoin (CCC:DOGE-USD) investors on the cryptocurrency’s Reddit believe that a price suppression is in effect that’s keeping it from rising higher.
One user of the r/dogecoin forum posted a topic discussing the matter. They claim that a single whale is keeping the price of DOGE down by selling off millions of the tokens every hour. They link to a BitInfoCharts profile to back up their claims.
The top is gaining hefty traction on the subreddit with more than 7,100 upvotes and an 89% upvote rate. That means many DOGE investors on the forum are buying into the idea that one large whale is responsible for the price suppression theory.
However, not all users of the Dogecoin Reddit are sold on that idea. Another user says it’s more of a case of multiple large investors selling off their stakes in DOGE that has the price falling lower. Not a single whale behind the DOGE price suppression.
This user points to the fact that the price rocketed higher and had to eventually fall to find a reference point price. Based on their estimates, the price of dogecoin will settle somewhere around 35 cents.
No matter whose right, there’s no denying that it’s a rough day for DOGE investors. The price of the cryptocurrency is down 7.9% and is hovering around the 30 cents range as of this writing. Even so, dogecoin is still up 6,477.7% since the start of the year.
The real question DOGE lovers should be asking is will it rise again? There are definitely arguments for it to do so, but there are also arguments against that. Investors that want to see both sides of the debate can check out this link.
If dogecoin investors are done with the Doge Army, there are always other options in the crypto market.
There’s no shortage of other cryptocurrencies to invest in. That includes Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD), and Neo (CCC:NEO-USD). Investors can learn more about these options by looking in on the latest news below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.