Within the midst of fast-paced vacillations between Polkadot (DOT), Terra (LUNA), and DOGE, Dogecoin (DOGE), a cryptocurrency undertaking 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 robust 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 useful crypto property by market capitalization, has praised Dogecoin, a preferred 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 of the people, his reward for Elon Musk and Dogecoin is anticipated.
On his Twitter web page, SpaceX CEO Elon Musk has mentioned digital property a number of instances. Aside from that, his electrical automotive agency, Tesla, now takes Dogecoin as a type of fee for its items.
Associated article | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More
Dogecoin Value 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 following 24 hours may push value as much as the 50-day easy shifting common (SMA) at $0.16. There may be additionally the opportunity of reaching $0.194, which is the place the 100-day SMA is positioned.
Nevertheless, crypto buyers who purchased on the highs haven’t fared effectively within the final 9 months.
In keeping with CoinMarketCap data, the Dogecoin value has plummeted by 81% since Might eighth. 1 Doge is presently price 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 complete crypto market.
The Canine token value is anticipated to hit $0.16 this week, in accordance with FXStreet. That’s a 15% improve above the prevailing pricing.
From the sixteenth to the twenty second of January, Dogecoin dropped 35% in 6 days, in accordance 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 strain is more likely to propel [the] Dogecoin value right into a 15% ascent to $0.164. This degree coincides with the 50-day Easy Shifting Common (SMA).”
Associated article | Downward DOGE: Descending Dogecoin Pattern Predicts Deadly Drop
Featured picture from Unsplash.com, charts from TradingView.com