Since the original memecoin DOGE climbed higher last year with community support, many investors have been wondering what will happen to the cryptocurrency. Altcoins have gained immense popularity, boasting hundreds of crypto influencers and copycat memecoins like Elon Musk and Mark Cuban. However, not much has been done about the usability of Dogecoin itself. Now, the master st says this for Dogecoin…
What happened in Dogecoin (DOGE)?
In order to change the Dogecoin Foundation’s reassembly last month, Ethereum Co-founder Vitalik Buterin and the representative of Musk attended. The network had been virtually abandoned for several years before rallying behind younger investors regarding its popular origins. Recently, during a podcast, Real Vision Co-Founder Raoul Pal stated that the only reason DOGE is still ridiculed is because people do not want to accept change. In this case, DOGE is seen as a cryptocurrency originating from “a meme”. Even so, billionaires like Musk and Cuban recognized early on people’s affinity for altcoins, despite their highly speculative nature. according to st:
But people started making money and it attracted other people. All of a sudden you have a cryptocurrency worth $40 billion with millions of investors. Well, that’s half of a net.
The other half is a use case where crypto is absolutely missing. But according to the manager, DOGE may not need any other use case other than being a medium of exchange. This is because people value the fact that it is a “meme” and therefore enjoy using it. Pal touched on the differences between DOGE and BTC with the following sentence:
It doesn’t feel like Bitcoin, it just feels like a transactional currency that you lock in.
Mark Cuban, who is also a billionaire investor like Pal, previously stated that Dogecoin is the “most powerful” cryptocurrency as a medium of exchange. Also, now that the Dogecoin Foundation is back, there is a “good chance” that the foundation will be able to create a meaningful currency. With all that said, Raoul Pal comments were:
(This is) how many people like it and this strange new world we are entering is not a single coin world, but a multiple coin world for different use cases.
Dogecoin technical analysis:
As , Dogecoin price is 1% in 24 hours during the early saadollar series of Friday. It fell 97 percent to $0.249. Another Shiba Inu-themed cryptocurrency, SHIB, dropped to $0.000006985 in a seven-day follow-up period. Meanwhile, DOGE is down 4% since January. It is up 370.86 percent and is down 65.54% since the May 8 high of $0.74. Interest in DOGE was pretty low on Twitter, with the memecoin only mentioned in 1,321 tweets, according to Cointrendz. DOGE was the least mentioned cryptocurrency in the list of the 10 most mentioned cryptocurrencies on Twitter, organized by Cointrendz.
In contrast, BTC was mentioned in 5,683 tweets and emerged as the most mentioned cryptocurrency on Twitter. Bitcoin is expected to regain its upward momentum by some analystsdollarser after experiencing a big sale before. Also, according to CoinDesk, Ulrik Lykke, managing director of hedge fund ARK 36, said, “We’ve managed to shrink some positions a bit, but I expect the upside momentum to continue.”
On the DOGE side, the price of memecoin is expected to stay above the demand zones of $0.25 and $0.308, and if the second level is broken, the next level is at $0.35. However, if the price momentum does not continue, DOGE price is likely to decline until it reaches the resistance found below the $0.23 and then $0.21 mark. Finally, Dogecoin-based YouTuber Matt Wallace told Benzinga that the NFT project “DogeX” will deepen the ties between DOGE and ETH. Wallace claimed that DogeX was “the highest quality NFT project with the most combinations ever released.”