Within the midst of fast-paced vacillations between Polkadot (DOT), Terra (LUNA), and DOGE, Dogecoin (DOGE), a cryptocurrency venture that started as a joke however has now taken on a much more highly effective persona, continues to compete for a spot within the prime 10 cryptocurrencies by market capitalization.
Final yr, Dogecoin went by means of two bullish phases. Whereas the primary leg was sparked by Robinhood’s adoption of the meme coin, the second was spearheaded by Tesla CEO Elon Musk, who earned the moniker “Dogefather” for his unwavering help for Dogecoin. Many observers imagine that the ‘Elon Musk impact’ is the lone bullish thesis for Dogecoin as a result of Musk’s persona has such a powerful affect on the meme coin’s prospects. Now, Litecoin creator has praised the meme coin, calling Elon Musk nice.
Meme Coin Praised by Litecoin Founder
Charlie Lee, the founding father of Litecoin, probably the most worthwhile crypto belongings by market capitalization, has praised Dogecoin, a well-liked meme coin, for its contribution in mainstreaming the crypto enterprise.
Charlie Lee, in a current Bloomberg interview, described Dogecoin as “nice” and “fairly enjoyable.”
He thinks that the preferred meme cryptocurrency is able to entice numerous new customers.
Given the position each have performed in bridging the hole between the crypto trade and most people, 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 instances. Other than that, his electrical automotive agency, Tesla, now takes Dogecoin as a type of cost for its items.
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Dogecoin Worth Has Suffered Setback
DOGE plunged 35% after beginning to fall on January 16 and remained under the December 4 low of $0.128 till final week. Following the dip, the token has consolidated across the $0.14 demand zone, and continued shopping for momentum over the subsequent 24 hours may push value as much as the 50-day easy shifting common (SMA) at $0.16. There’s additionally the potential of reaching $0.194, which is the place the 100-day SMA is situated.
Nevertheless, crypto buyers who purchased on the highs haven’t fared effectively within the final 9 months.
In keeping with CoinMarketCap information, the Dogecoin value has plummeted by 81% since Could eighth. 1 Doge is presently value 14 cents.
Dogecoin market cap at $18.2 billion. Supply: TradingView
Regardless of the drop, the canine token nonetheless has a market cap of $19 billion, accounting for 1.1% of your entire crypto market.
The Canine token value is predicted to hit $0.16 this week, in keeping with FXStreet. That’s a 15% improve above the present pricing.
From the sixteenth to the twenty second of January, Dogecoin dropped 35% in 6 days, in keeping with FXStreet. Nevertheless, since then:
“DOGE has produced a sideways motion indicating consolidation across the $0.14 barrier. Any short-term spike in shopping for stress is prone to propel [the] Dogecoin value right into a 15% ascent to $0.164. This degree coincides with the 50-day Easy Shifting Common (SMA).”
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Featured picture from Unsplash.com, charts from TradingView.com