- The Dogecoin community is planning a second pump of the coin
- The move would follow a huge pump last week that saw the token surge 1,000%
- The much fabled run to $1 would need 10x more financial input than last week’s
The Dogecoin community appears to be planning a second pump following the epic 1,000% gain last week, but the plan is dividing the community. Several posts in the Dogecoin Reddit group, r/dogecoin, refer to another plan to “take DOGE to the moon” on Thursday, but some of the comments in response to the plans are suspicious of the motives behind the move, with others pleading members of the community to stay away from the pump because it threatens to undermine the nature of the cryptocurrency.
Dogecoin Camp Still Wants to Pump “to the Moon”
Dogecoin has been in a steady decline since pumping up to almost $0.09 last week, losing 65% in the process. Despite this there seems to still be plenty of optimism in the Dogecoin camp that this represents just a bump in the road and that the path to the moon (which seems to be $1) remains, raising the question of whether the Dogecoin community are delusional optimists or future millionaires.
There are plenty of tales of people waiting for funds to clear so they can “buy more shares” and the posts are full of comments from determined holders. But just in case the Moon doesn’t come around naturally for the coin which famously has an unlimited supply, there is another pump planned for Thursday:
The instructions to buy more DOGE, get it to a dollar by holding and then “go to the moon” are as fantastical as they are illogical. Getting Dogecoin to $1 would need a pump more than 10x that which was seen last week, which requires a hefty amount of outside cash coming in. Given that most of the community are underwater with their bags already, where is this new money going to come from?
Community Split Over Plan
The potential pump event has split the community however, with some realising that it might not be a great look for the coin:
As some rather more perceptive community members have pointed out, the reason for this planned pump is simple – it is a way for thousands of bagholders to get out of the debt they suddenly find themselves in having FOMOd in when the price was going up, relying on other suckers to buy their bags.
There are still the mindless optimists who are desperate to “hold the line” and see current correction as a natural correction, but one look at the Dogecoin chart shows that this is not real life, this is just fantasy:
It will be interesting to see if Thursday brings anything more than a tired whimper from the seven year old doge, and if it doesn’t then the Dogecoin community pages are going to be a very interesting place to keep an eye on as the “diamond hands” experience the five stages of crypto grief.