Throughout the middle of rapid vacillations involving Polkadot, Terra, and Dogecoin, the latter still remains to contend for a spot in the leading ten coins by market value.
This is a bitcoin venture that started out as a sort of joke but has now grown into a considerably strong character. Dogecoin progresses through a series of bullish phases last year. The 1st phase was triggered by Robinhood’s acceptance of the joke coin. The second series was led by Tesla CEO Elon Musk. He is dubbed as Dogefather for his unrelenting commitment to Dogecoin.
Considering Musk’s reputation has quite a huge impact on Dogecoin’s potential. Numerous commentators feel that the Elon Musk impact is the single positive argument for the joke coin. Today, the developer of Litecoin has lauded the joke coin, hailing Elon Musk as a genius.
Litecoin Creator Applauds Meme Coin
Dogecoin, a famous meme coin, has been commended by Charlie Lee, the inventor of Litecoin. This is amongst the most expensive digital currencies by market capitalization.
In a previous Bloomberg appearance, Charlie Lee hailed Dogecoin as awesome and quite enjoyable. He believes that the most renowned meme currency will draw a big volume of additional consumers.
His admiration for Elon Musk and Dogecoin is predictable, considering their roles in closing the distance among both the cryptocurrency sector as well as the general population.
Elon Musk, the CEO of SpaceX, has mentioned digital commodities several times on his Twitter feed. Aside from those, his electric vehicle company, Tesla, also accepts Dogecoin as compensation for its services.
The Price of Dogecoin has Dropped
DOGE fell 35% after first falling on January 16 and stayed under the December 4 bottom of $0.128 throughout the previous week. After the drop, the cryptocurrency has stabilized from around a $0.14 demand area. Its continuously acquiring pressure throughout the next 24 hours could bring the value up to the 50-day simple moving average of $0.16.
There’s still a chance of hitting $0.194, and this is where the 100-day SMA is. In the previous nine months, unfortunately, cryptocurrency traders who purchased at the top have lost money. Dogecoin’s value has dropped by 81% since May 8th, as per CoinMarketCap statistics. Currently, 1 Doge is approximately worth 14 cents.
Notwithstanding the decline, the dog coin still has a trading capitalization of $19 billion. This represents 1.1% of the whole cryptocurrency industry. As per FXStreet, the Dog cryptocurrency value is likely to touch $0.16 in the week. This is a 15% rise above the current price.
FXStreet said that Dogecoin plummeted 35% in just 6 days from the 16th to the 22nd of January. The DOGE, on the other hand, has been moving downwards ever since. This signals the stabilization from around the $0.14 level. There is an anticipated short-term increase in purchasing demand. This is to catapult the Dogecoin value to $0.164 up to 15%. The 50-day Simple Moving Average corresponds with the current mark.
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