Considering Musk’s reputation already has a major impact on Dogecoin’s potential. Many commentators feel that the Elon Musk effect is the only positive hypothesis for the meme coin. Today, the developer of Litecoin has lauded the meme coin, hailing Elon Musk as nothing more than a genius.
Litecoin Founder Applauds Meme Coin Dogecoin
Charlie Lee is the inventor of Litecoin, it is one of the most significant crypto assets by market valuation. In a previous Bloomberg question and answer session, Charlie Lee hailed Dogecoin as awesome and quite enjoyable. He believes the best-renowned meme cryptocurrency will draw a big series of innovative participants.
His admiration for Elon Musk and Dogecoin is predictable, considering their roles in overcoming the barrier between both the crypto sector and indeed the population in general.
Elon Musk, the CEO of SpaceX, has mentioned digital assets on several occasions on his Twitter account. Aside from that, his electrified 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 underneath the December 4 bottom of $0.128 till the previous week. After its drop, the token has stabilized from within the $0.14 desire range. The continuous purchasing pressure throughout the next 24 hours could bring the value upward to the 50-day exponential rolling average of $0.16. There was also a chance of hitting $0.194, and this is exactly the place of the 100-day SMA.
In the previous nine months, unfortunately, crypto traders who purchased at the top certainly lost money. From May 8th, the Dogecoin value has fallen by 81%, as per CoinMarketCap statistics. Currently, 1 Doge is clearly valued at 14 cents. The current Dogecoin cost is $0.138093 USD, with a transaction volume of $491,233,259 USD in the last 24 hours. Within the last 24 hours, Dogecoin has lost 3.17% of its value. With such a current market valuation of $18,320,841,058 USD, Bitcoin is now ranked #10 on CoinMarketCap.
Notwithstanding the decline, the Dog coin does have a market capitalization of $19 billion, representing 1.1% of the whole crypto market. According to FXStreet, the Dog token cost is likely to touch $0.16 this week. This represents a 15% hike over the current price.
As per FXStreet, Dogecoin plummeted 35% in 6 days out from 16th to the 22nd of January. DOGE, on the other hand, has been moving downwards since that day, signaling stabilization from around the $0.14 threshold. Whatever short-term increase in purchasing demand is, it will be anticipated that it will send Dogecoin’s value up 15% to $0.164. The 50-day Simple Moving Average corresponds with such a trend.
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