Flipping Cardano, Dogecoin reclaims position seven

On Tuesday, Dogecoin had a price surge of more than 30%, reaching the $0.1 mark in a couple of hours. Investors believe that Elon Musk’s decision to replace Twitter’s previous logo with a picture of Doge is what has caused this spike, as they have been chasing the currency to feed the buzz.

To become the seventh-largest cryptocurrency, Dogecoin flips Cardano.

With a market capitalization of over $13 billion, Dogecoin is among the most widely used cryptocurrencies worldwide. The token has consistently made headlines, particularly in the last few years. Dogecoin hasn’t exactly kept up with other cryptocurrencies, despite the recent tremendous increase in the cryptocurrency sector as a whole.

With DOGE trading at over $0.100, up more than 30% in value, this pattern appears to have changed during the past 24 hours. Cardano (ADA) has been flipped by the token, which is now the seventh-largest cryptocurrency in the world. At the time of writing, Cardano has nonetheless restored its position.

The recent change of Elon Musk’s Twitter symbol to a picture of the well-known Doge meme, on which the cryptocurrency is based, is said to be the cause of this increase. As can be seen from the chart below, this transition was enough to generate enough buzz about the meme currency to support a price increase.

Data from the cryptocurrency transaction monitoring firm Whale Alert suggests that there may have also been a few sizeable whale transfers performed on the blockchain. Although it’s unclear whether these transfers signify significant purchases or a potential selloff, the fact that they aren’t going to exchanges raises the possibility that they weren’t really made with the intention of selling after all.

Following this sharp price increase, Dogecoin’s year-to-date returns have reached about 40% in the positive, putting it on par with its rival meme coin, Shiba Inu. It’s also important to note that Dogecoin’s success is partly attributable to its vibrant community and wide acceptance.

Due to its humorous branding and prejudice towards non-gamers, the meme-inspired cryptocurrency has amassed a sizable following over time. It has partially demonstrated that cryptocurrencies don’t have to take themselves too seriously in order to succeed and that there is place in the market for fun and creativity.

Since Dogecoin clearly still holds a special place in the hearts of many cryptocurrency enthusiasts, it will be exciting to see whether this value surge will last in the long run.

Claims That Memecoin Is a Security Are Criticized by Dogecoin’s Creator

Thanks to Elon Musk’s most recent Twitter antics, Dogecoin is making news once more. The renowned Shiba Inu emblem from the cryptocurrency Dogecoin was substituted for the blue bird logo that was previously used by Twitter by its CEO.

Due to this sudden action, the meme coin saw a massive 30% increase in just a few hours. Musk’s efforts, nevertheless, were not well received by everyone. Some criticized him, saying Dogecoin is an unregistered security and a « shitcoin. »

One of the detractors who labeled DOGE as an unregistered security was Alex McShane, Head of Programs at Bitcoin Magazine. The memecoin’s co-creator, Billy Markus, and the rest of the Dogecoin community didn’t take McShane’s remark well and lambasted him for it.

Markus, also known as Shibetoshi Nakamoto on Twitter, argued for the legality of Dogecoin by pointing out that it is based on the same code as Bitcoin and that both tokens must be mined in order to exist. He further highlighted that Dogecoin was designed as a satire of Bitcoin, not with the goal of making money.

Markus continued by saying that since Dogecoin is regarded as a security, Bitcoin ought to be as well. He advised McShane to pay attention to other issues, such how Senator Elizabeth Warren of the United States has criticized cryptocurrency.

It is important to note that Elon Musk is involved in a $258 billion lawsuit where the plaintiff claims that Dogecoin is a security. Musk’s legal team has refuted the plaintiff’s claims.

In response to Musk’s remarks, the investor launched a lawsuit in an effort to recover his losses from investing in the meme currency. The Manhattan judge has been asked to dismiss the lawsuit by Elon Musk’s legal team on the grounds that the billionaire’s tweets do not constitute as financial advice.

It is no secret that Musk is in love with Dogecoin, and he doesn’t seem too concerned about the potential legal ramifications of his behavior. Despite the excitement in the Dogecoin community over Musk’s acquisition of Twitter, there is no sign that the cryptocurrency would be used for platform payments.

Price Prediction for Dogecoin (DOGE)

After Twitter changed its logo to a Dogecoin face, the price of DOGE spiked unexpectedly. This resulted in the DOGE price increasing by 27% on an intraday basis and initiating a bullish pattern known as a falling wedge pattern. This pattern has been noted as a potential indicator of upcoming rallies for coin purchasers and holders.

The falling wedge pattern is a technical sign that implies the negative momentum is waning. It shows the reduction of the price spread within two convergent trend lines. Because of this, the tendency can start to favor the purchasers.

The DOGE price is currently fighting to hold above a local resistance level of $0.093, which signals that short-term traders are locking in profits.

A little retreat is anticipated to follow the price’s sharp increase in order to confirm if it can sustain itself above higher levels. Prior to the start of the subsequent recovery cycle, this might produce a brief decline in the price of DOGE, perhaps reaching $0.0925 or the trendline that was violated at about $0.0825.

The short-term outlook for the DOGE price forecast is optimistic, but in order to make wise selections, traders must keep an eye on market volatility, resistance and support levels, and other crucial indicators.

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