Today I saw the price of DOGE very high on the Binance exchange, I immediately sold all the DOGE that I have. After I found out why the DOGE price hike was due to tweets from WSB Chairman and Elon Musk. I wonder. Why do famous people's tweets have such an effect on the price of an asset?
I believe Doge's explosive growth is due to the influence of famous people. If you have already noticed that social networks, people with a large number of followers have a strong influence, and in this example we can see how it works. Of course, on the one hand, this is very good, for the owners of assets who have received such close public attention, because everyone can fix a profit and earn money, on the other hand, how much is this correct and will not this lead many people astray? In any case, while this is for the benefit of ordinary investors like you and me, this is definitely very good and once again shows the strength of society.
Dogecoin got huge fanbases on every social media platforms, which proves that social media influence plays an important role in growing your businesses. I believe, the hype for coins make the price increase.