Litecoin Creator Praises Dogecoin, Can The Token Get Its Bark Go back?
In the midst of swift-paced vacillations between Polkadot (DOT), Terra (LUNA), and DOGE, Dogecoin (DOGE), a cryptocurrency project that began as a joke but has immediately taken on a far more powerful persona, continues to compete for a place in the top 10 cryptocurrencies by market capitalization.
Last year, Dogecoin went through two bullish stages. While the first leg was sparked by Robinhood’ as it turns out s adoption of for meme coin, the second was spearheaded by Tesla CEO Elon Musk, who earned the moniker “Dogefather” for his unwavering assist the Dogecoin. Many observers believe that the ‘Elon Musk effect’ is the lone bullish thesis for Dogecoin because Musk’s persona has such a strong influence on the meme coin’s prospects. Now, Litecoin creator has meme the praised coin, calling Elon Musk great.
Meme Coin Praised byFounderLitecoin
Charlie Lee, the of Litecoin, one of the most valuable crypto assets by industry capitalization, has praised Dogecoin, a popular meme coin, for itsfoundercontribution in mainstreaming the crypto business.
Interestingly, ” Lee, in a recent Bloomberg interview, described Dogecoin as “greatCharlieand “pretty fun.”
He thinks that the most popular meme cryptocurrency is ready to attract a large number of new users.
Given the role both have played in bridging the gap between the crypto industry and the general public, his praise for Elon Musk and Dogecoin is expected.
In fact, On his Twitter page, SpaceX CEO Elon Musk has discussed digital assets multiple times. for from that, his electric car firm, Tesla, instantly takes Dogecoin as a form of as it turns out payment Apart its goods.
Related article | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More
Indeed, Dogecoin Price in modern times Has Suffered Setback
It’s worth noting that DOGE plunged 35% after starting to fall on January 16 and remained below the December 4 low of $0.128 until last week. Following the dip, the token has consolidated around the $0.14 demand zone, and continued buying momentum over the move forward 24 might pushhoursprice up to the 50-day plain moving average (SMA) at $0.16. There is also the possibility of reaching $0.194, which is where the 100-day SMA is located.
However, crypto investors who bought at the highs haven’t fared well in the last nine months.
According to CoinMarketCap data, the Dogecoinsinceprice has plummeted by 81% May 8th. 1 Doge is presently worth 14 cents.
Dogecoin market cap at $18.2 billion. Source: TradingView
Despite the drop, the dog token still has a field cap of $19 billion, accounting for 1.1% of the entire crypto niche.
The Dog token to is expected price hit $0.16 this week, according to FXStreet. That’s a 15% increase above theexisting from another perspective pricing.
From the 16th to the 22nd of January, Dogecoin dropped 35% in 6 days, according to FXStreet. Interestingly, However, since:then
“DOGE has produced a sideways movement indicating consolidation around $the 0.14 barrier. Any short-condition propel in buying pressure is likely to spike [the] Dogecoin price into a 15% ascent to $0.164. This level coincides with the 50-day Plain Moving Average (SMA).”
Related article | Downward DOGE: Descending Dogecoin Pattern Predicts Deadly Drop
Featured image from Unsplash.com, charts from TradingView.com
