In the midst of a speedy swing between Polkadot (DOT), Terra (LUNA), and DOGE, Dogecoin (DOGE), a cryptocurrency undertaking that began as a joke however has now taken on a way more highly effective character, continues to compete for a spot in the prime 10 cryptocurrencies by market capitalization.
Final yr, Dogecoin went by means of two bullish phases. Whereas the first part was triggered by Robinhood’s adoption of the meme coin, the second was led by Tesla CEO Elon Musk, who earned the nickname “Dogefather” for his unwavering help of Dogecoin. Many observers consider the “Elon Musk impact” is the solely bullish thesis for Dogecoin as a result of Musk’s persona has such a powerful affect on the outlook for the meme coin. Now, the creator of Litecoin has praised the meme coin, calling Elon Musk nice.
Meme Coin praised by Litecoin founder
Charlie Lee, the founding father of Litecoin, certainly one of the most useful cryptocurrencies by market cap, praised Dogecoin, a well-liked meme coin, for its contribution to mainstreaming the crypto enterprise.
Charlie Lee, in a current Bloomberg interview, described Dogecoin as “massive” and “fairly humorous.” He thinks the hottest cryptocurrency meme is poised to draw a lot of new customers. Given the function they each performed in bridging the hole between the cryptocurrency business and the common public, his reward for Elon Musk and Dogecoin is predicted.
On his Twitter web page, SpaceX CEO Elon Musk has mentioned digital belongings a number of occasions. On prime of that, his electrical automobile firm, Tesla, now takes Dogecoin as a type of fee for its belongings.
Dogecoin’s value has suffered a setback
DOGE plunged 35% after beginning to fall on January 16 and remained beneath the December 4 low of $ 0.128 till final week. After the dip, the token consolidated round the $ 0.14 demand zone, and continued shopping for momentum over the subsequent 24 hours may push the value right down to the 50-day easy transferring common (SMA) at $ 0.16. There may be additionally the risk of reaching $ 0.194, which is the place the 100-day SMA is.
Nonetheless, cryptocurrency buyers who purchased at the highs haven’t fared properly in the previous 9 months. In response to knowledge from CoinMarketCap, the value of Dogecoin has plummeted by 81% since Could 8. 1 Doge is at present price 14 cents.
Dogecoin’s market cap is $ 18.2 billion. Supply: TradingView
Regardless of the decline, the canine token nonetheless has a market cap of $ 19 billion, which represents 1.1% of the whole crypto market. The worth of the Canine token is predicted to hit $ 0.16 this week, in keeping with FXStreet. It is a 15% enhance over the present value. From January 16-22, Dogecoin was down 35% in 6 days, in keeping with FXStreet. Nonetheless, since then:
“DOGE produced a sideways transfer indicating a consolidation round the $ 0.14 barrier. Any short-term shopping for strain spike is prone to push the Dogecoin value up 15% to $ 0.164. This stage coincides with the 50-day easy transferring common (SMA) ”.
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