In the cryptocurrency markets, new and interesting developments occur every day, and today we witnessed another one. The price of DOGE suddenly experienced a double-digit increase and quickly reversed. The fluctuation caused a significant amount of futures positions to be liquidated. So, what was the reason for this volatility?
Why Did Dogecoin Fall/Rise?
Moments ago, the DOGE price rose to $0.08399 and then fell to $0.078. The rise was followed by a massive sell candle turning red. Today we experienced a similar rapid fall/rise in the BTC market as well. In a week where high volatility was expected due to the ETF decision, now speculative movements are taking place. So, what was the reason for this fluctuation?
A user named TraderAguila claimed just minutes ago that Kabosu, the mascot of DOGE, had died. Similar claims had emerged before, but the owner had quickly had the opportunity to confirm that it was not true. However, this time the situation was different.
A user claimed to have messaged Kabosu’s owner and confirmed the dog’s death. However, this could not be quickly verified. Along with the death rumor, the DOGE price abnormally increased by 10%. Yes, it’s absurd, but that’s exactly the situation, and the account that made the speculative post suddenly disappeared.
