Gene Simmons, a serial entrepreneur mostly recognized as a KISS co-founder, admitted via Twitter that he’s joined the bandwagon of those buying xrp and doge.
At the same time, the former rockstar highlights that this isn’t a personal recommendation to buy xrp and doge. Simmons couldn’t evade the euphoria and added these tokens to the bitcoin (btc), ethereum (eth), and litecoin (ltc) he already has in his portfolio.
The response to his tweet proved rather controversial. Some followers cautioned Simmons against participating in this “pump and dump” scheme, saying that eventually, he’ll end up with nothing other than a large bag.
Meanwhile, others considered buying xrp as an investment, even though the token is the subject of a current lawsuit between the SEC and Ripple Labs.
Dogecoin Price Swings
Simmons is one of many celebrities who claimed dogecoin as his cryptocurrency of choice in response to the recent doge price surge. Tesla CEO Elon Musk, who’s a well-known “fan” of the meme coin, helped push it higher, before giving bitcoin a massive boost.
Last week, dogecoin hit a new all-time high (ATH) due to coordinated effort from the r/SatoshiStreetBets pump. On Jan. 29, doge traded as high as $0.08, rising from as low as $0.0007 only three days before that.
But on Jan. 30, dogecoin crashed by over 60%, falling to $0.02 due to the ensuing market correction. So, clearly hedging his bets, Simmons doesn’t advise anyone to do what he did. At press time, doge sits at $0,039, according to CoinGecko.
XRP in the Spotlight?
Thanks to a similar retail-driven rally in GameStop and doge, Ripple’s xrp has become the second hot crowd-sourced crypto to skyrocket higher. On Jan. 31, it surged over 50% and is now among the top four cryptocurrencies on CoinMarketCap.
Members of dedicated Telegram groups with more than 180,000 people have targeted xrp as a cryptocurrency to buy, encouraging others to “focus on XRP” and “buy and hold” the token. But experienced traders don’t believe the xrp rally will follow the same pattern as that of dogecoin.
Speaking to Forbes, veteran trader Glen Goodman compared “buying XRP at these prices, while its future hangs in the balance” to “pure gambling.” He added that “the WallStreetBets crowd could easily push it a lot higher, but the moment they lose interest and move on to a different target, the price is sure to collapse again.”
Another advanced crypto trader and economist Alex Krüger explained why he doesn’t expect the xrp pump to cause the short-term gains previously seen by dogecoin.
“XRP is harder to move as it has a much larger market capitalization than dogecoin but I presume they could take it up to $0.75-$1.00.”
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Source: Be In Crypto