Amid the rapid volatility between Polkadot (DOT), Terra (LUNA) and Dogecoin (DOGE), a project that started out as a joke. It has now become a powerhouse that continues to compete for the top 10 cryptocurrency markets by market capitalization.
Last year, Dogecoin went through two bullish periods. The first leg kicked off with the adoption of the Robinhood meme coin, while the second leg was led by Tesla CEO Elon Musk, who holds the nickname “Dogefather” for his unwavering support for Dogecoin.
Many observers believe that the ‘Elon Musk Effect’ is the only factor in the bullishing of Dogecoin’s price because Musk has such a strong influence on the coin.
And now, Litecoin creators have been praising Dogecoin meme, saying that Elon Musk is awesome.
Litecoin Founder Praises Meme Coin
Charlie Lee, the founder of Litecoin, one of the highest-capitalized assets, praised Dogecoin, a meme coin that has a reputation as one of the mainstays of the crypto industry.
from interview with Bloomberg Lee said that Dogecoin was “excellent” and looked “pretty fun”.
As for Lee, he thinks that the popular meme coin is poised to attract a large number of new users to the crypto market.
Lee’s tribute to Elon Musk and Dogecoin was unexpected. Considering its role in bridging the gap between the crypto industry and the media and the general public,
SpaceX CEO Elon Musk has repeatedly mentioned the digital asset on his Twitter account. Elon’s electric car company Tesla also uses Dogecoin as another payment method for purchases. of the company already
Dogecoin price hits bottom
DOGE is down 35% after prices started falling since Jan. 16 and remained below $0.128 on Dec. 4 until last week. As the price continues to fall, demand for the token has stopped at around $0.14, with continued buying pressure over the next 24 hours potentially pushing the price up to the 50-day simple moving average (SMA). Price $0.16 It is also possible that DOGE price could hit $0.194, the point where the 100-day SMA was reached.
However, crypto investors who bought the coin at such a high price haven’t seen much good news in the past nine months.
Data from CoinMarketCap It pointed out that the Dogecoin price has dropped 81% since May 8. Today, 1 Doge is worth only 14 cents.
Even if the price is lowered But this dog meme token still has a market cap of $19 billion, accounting for 1.1% of the total crypto market.
According to FXStreet, it is expected that this week the price of DOGE will be $0.16. The price will increase up to 15% from the current price ever.
FXStreet also reported that from January 16 to January 22, the price of Dogecoin plunged 35% in six days. Since that day:
“DOGE is still priced at around $0.14, so short-term buying pressure could boost Dogecoin by 15% to $0.164. This level is in line with the Simple Moving Average ( SMA) 50-day format is just right.”
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