Litecoin Creator Praises Dogecoin, Can The Token Get Its Bark Back?
February 02 2022 - 9:00PM
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In the midst of fast-paced vacillations between Polkadot (DOT),
Terra (LUNA), and DOGE, Dogecoin (DOGE), a cryptocurrency project
that began as a joke but has now 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’s adoption of the meme coin, the second was spearheaded
by Tesla CEO Elon Musk, who earned the moniker “Dogefather” for his
unwavering support for 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 praised the meme coin, calling
Elon Musk great. Meme Coin Praised by Litecoin Founder Charlie Lee,
the founder of Litecoin, one of the most valuable crypto assets by
market capitalization, has praised Dogecoin, a popular meme coin,
for its contribution in mainstreaming the crypto business. Charlie
Lee, in a recent Bloomberg interview, described Dogecoin as “great”
and “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. On his Twitter page, SpaceX CEO Elon Musk
has discussed digital assets multiple times. Apart from that, his
electric car firm, Tesla, now takes Dogecoin as a form of payment
for its goods. Related article | Recapping 2021 Memecoin Mania:
Dogecoin, Shiba Inu, & More Dogecoin Price Has Suffered Setback
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 next 24 hours might push price
up to the 50-day simple 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 Dogecoin price has plummeted by 81% since
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 market cap of $19 billion, accounting for 1.1% of the
entire crypto market. The Dog token price is expected to hit $0.16
this week, according to FXStreet. That’s a 15% increase above the
existing pricing. From the 16th to the 22nd of January, Dogecoin
dropped 35% in 6 days, according to FXStreet. However, since then:
“DOGE has produced a sideways movement indicating consolidation
around the $0.14 barrier. Any short-term spike in buying pressure
is likely to propel [the] Dogecoin price into a 15% ascent to
$0.164. This level coincides with the 50-day Simple Moving Average
(SMA).” Related article | Downward DOGE: Descending Dogecoin
Pattern Predicts Deadly Drop Featured image from Unsplash.com,
charts from TradingView.com
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