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Within the midst of a fast swing between Polkadot (DOT), Terra (LUNA), and DOGE, Dogecoin (DOGE), a cryptocurrency mission that began as a joke however has now taken on a way more highly effective character, continues to compete for a spot within the high 10 cryptocurrencies by market capitalization.
Final yr, Dogecoin went by two bullish phases. Whereas the primary section 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 imagine the “Elon Musk impact” is the one 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, some of the worthwhile cryptocurrencies by market cap, praised Dogecoin, a preferred meme coin, for its contribution to mainstreaming the crypto enterprise.
Charlie Lee, in a latest Bloomberg interview, described Dogecoin as “massive” and “fairly humorous.” He thinks the most well-liked cryptocurrency meme is poised to draw numerous new customers. Given the function they each performed in bridging the hole between the cryptocurrency trade and most 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. On high of that, his electrical automotive firm, Tesla, now takes Dogecoin as a type of fee for its property.
Dogecoin’s worth 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 across the $ 0.14 demand zone, and continued shopping for momentum over the subsequent 24 hours may push the worth all the way down to the 50-day easy shifting common (SMA) at $ 0.16. There may be additionally the potential for reaching $ 0.194, which is the place the 100-day SMA is.
Nonetheless, cryptocurrency buyers who purchased on the highs haven’t fared properly up to now 9 months. In keeping with information from CoinMarketCap, the worth of Dogecoin has plummeted by 81% since Could 8. 1 Doge is at present value 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 all the crypto market. The value of the Canine token is anticipated to hit $ 0.16 this week, in keeping with FXStreet. This can be a 15% enhance over the present worth. 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 across the $ 0.14 barrier. Any short-term shopping for stress spike is more likely to push the Dogecoin worth up 15% to $ 0.164. This degree coincides with the 50-day easy shifting common (SMA) ”.
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