Dogecoin has climbed 109% in 6 days. Why did the "Buy the rumour, sell the news" not work this time?

Dogecoin has climbed 109% in 6 days. Why did the "Buy the rumour, sell the news" not work this time?

I'll be honest. I was expecting it to go the other way. Damn was I wrong.

The "Buy the rumour, sell the news" mantra is that investors will start buying up a stock or crypto in anticipation of a big event. Often what happens is that the majority of buying has been done by the time of the event, and the stock/crypto crumbles.

I honestly fully expected this to happen with the confirmed acquisition of Twitter by Elon Musk. For the past few weeks, there had already been massive speculation on the price of DOGE. It shot up, came down, shot up, came down, etc. and all of it was seemingly tied to the Twitter takeover.

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After being burned in the past, I decided not to get involved with Doge this time, and fully expected the price to drop after Elon moved in.

I was basing this off several things in the past, but here are a couple of key considerations:

• The Saturday Night Live skit. Price of DOGE climbed right up until the show started, then started tanking immediately.
• Last month's ETH merge. The price again climbed and climbed approaching the merge, and then came way back down.

I actually considered shorting DOGE, so I guess I'm lucky I didn't bother.

So why did the mantra fail so spectacularly this time?