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Is The Dogecoin Slump Just A ‘Blip’ Before A Rally? Here’s What Experts Say

Is The Dogecoin Slump Just A ‘Blip’ Before A Rally? Here’s What Experts Say

Popular memecoin Dogecoin (CRYPTO: DOGE) slipped about 10% on the heels that new Twitter owner Elon Musk has reportedly halted work on the social network’s crypto wallet.

But experts say the current slump is only a “blip” before a long-term rally on the back of increased use cases for the world’s eighth largest cryptocurrency by market capitalization.

Ever since Tesla (NASDAQ: TSLA (NASDAQ:TSLA)) chief Musk — dubbed the “Dogefather” due to his frequent mentions of the cryptocurrency and engagement with its community — having completed the Twitter deal last week, Doge spiked 150% in value. That’s the highest it has been since April.

Musk recently tweeted a picture of a Shiba Inu sporting a Twitter t-shirt and a pumpkin bearing the Twitter logo, which also led to renewed enthusiasm among investors.

Also, Musk has discussed the possibility of using Dogecoin as a payment method.

Experts believe that the memecoin has performed well over the long term and that there could be a massive shift from Bitcoin (CRYPTO: BTC) mining to Dogecoin mining.

Dogecoin: Integral To Twitter’s X SuperApp Strategy “The way Musk had brought payment utility to Dogecoin and enabled it to be a part of the Tesla merchandise ecosystem, it is obvious that Dogecoin will become integral to Twitter’s X SuperApp strategy,” says Sharat Chandra, VP of Research and Strategy, at EarthID. “The current correction in Dogecoin prices is a blip. The utility of Dogecoin in Twitter’s overall Web3 wallet and SuperApp play will increase manifold in the coming months. Therefore, Dogecoin prices might shoot north in the long term.”

Also read: What The Fed’s Latest Interest Rate Hike Means For The Crypto World

Correction In Prices Was Anticipated Raj Kapoor, an advisor at several blockchain companies and the Founder and Chairman of the India Blockchain Alliance said that Dogecoin remains bullish over the medium term until it sustains above $0.1200, a 38.2% Fibonacci retracement level.

Four days of a winning streak led to its price increase by over 150% and, after a rally of such magnitude, a minor correction was anticipated, he explained.

“Investors could use every dip 20-25% dip in Dogecoin for medium to long-term buying, as with Elon at the helm of Twitter, it is very likely that the crypto will be promoted in all possible ways by him. Even if reports of a crypto wallet being put on hold by Twitter were true, I suspect it is only temporary. Apart from this several new use cases for Dogecoin are expected to come up shortly,” Kapoor said.

A Golden Era For Dogecoin Anndy Lian, book Author of “NFT: From Zero to Hero,” expects to see Musk lead initiatives at Twitter that will drive the price of Dogecoin.

“Imagine enabling payment using Dogecoin for the new Twitter blue subscription at $8. This simple move for instance could push its price to new highs. This is more on the shorter term basis,” he says.

“Looking at the longer term, Dogecoin has survived and done well in multiple bull and bear cycles. Dogecoin is considerably faster and easier to mine than Bitcoin. It also has a lower mining difficulty. Based on the current price situation in the PoW mining space, there might be more miners switching to Dogecoin mining. This could be a new trend,” Lian adds.

 

Source: https://uk.investing.com/news/stock-market-news/is-the-dogecoin-slump-just-a-blip-before-a-rally-heres-what-experts-say-2813064

https://www.benzinga.com/markets/cryptocurrency/22/11/29573929/is-the-dogecoin-slump-just-a-blip-before-a-rally-heres-what-experts-say

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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After 30% rally in 24 hours, can Shiba Inu offer more upside?

After 30% rally in 24 hours, can Shiba Inu offer more upside?

New Delhi: Meme token Shiba Inu was in the spotlight on Wednesday as the token zoomed over 31 per cent in the last 24 hours.

The popular meme coin listed on the trading platform Robinhood apart from Solana, Polygon and Compound. With this, investors can now access 11 cryptos on its platform, including Bitcoin, Ethereum and Dogecoin.

Among the newly listed tokens, Shiba Inu was the most abuzz as it rallied 31 per cent to $0.00002977 from $0.00002272 within 24 hours. However, the token is still 65 per cent below its all-time peak of $0.00008 hit in October 2021.

Volumes of Shiba Inu also witnessed a spectacular jump of 475 per cent as SHIB tokens worth more than $4.36 billion exchanged hands in the last 24 hours.

Ishan Arora, Partner, Tykhe Block Ventures said the Shiba Inu will attract ample eyeballs as it has listed on Robinhood, the largest retail stock trading app.

The users can quickly buy Shiba Inu with just a click without worrying about exchanges or wallets.

The 15th largest crypto token was commanding a market cap close to $16 billion with a total of 549,063.28 billion SHIB tokens in supply, the data from Coinmarketcap suggested.

Anndy Lian, Chairman, BigONE exchange said buzz among retail investors for Shiba Inu is more compared with other coins that got listed on Robinhood at the same time.

Analysts at BigONE still see an upswing of 20-80 per cent gain from the current position. The analysis was released a few days before the Robinhood announcement.

“This spike in price could also help other promising meme coins such as Floki Inu, Kishu Inu, Babydoge or the newer ones on Cronos chain such as Croki gain more traction,” he added.

The spike in Shiba Inu also extended to other tokens. Baby Shiba Inu, Dogey Inu, Banano, SafeMoon Inu, BitShiba, Shiba Girlfriend and Flok Inu rose up to 22 per cent.

However, meme tokens are highly volatile in nature and lack sound fundamental value. Experts suggest that investors should not blindly punt on such joke coins, which are prone to become junk coins.

Arora suggests that investors need to be extra cautious with their investment in the meme tokens, especially in the current volatile market conditions.

Shiba Inu investors are hopeful about SHIB token price reaching 1 cent in 2022. However, SHIB will have to increase 403 times to reach that level this year. In the year 2021, Shiba Inu had risen 60 times in a span of six months.

There has been news of Ethereum whales purchasing Shiba Inu tokens in bulk. If the ETH whales are shifting to Shiba Inu, it is evidence of increasing trust for the Shiba Inu ecosystem. However, the buying from whales could not be verified.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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RBI should hold debates, discussions before any crypto decision: Experts + Anndy Lian’s additional comments

RBI should hold debates, discussions before any crypto decision: Experts + Anndy Lian’s additional comments

Additional comments that I have given to the editors: 

In a big country like India there are many conflicts of interest. Banning cryptocurrencies is not the way forward. It could be an easy way out for now. I would encourage them to need to find a way to embrace it and build a different and hopefully better future with this form of currency.

If they understand cryptocurrencies well enough, they will know that regulating a basket of crypto that can be almost 100 percent traceable is not difficult. In fact, it allows you to reduce and avoid macroeconomic instability from their legacy systems.

Education and awareness is the key to moving forward. Investors, in general, must know what they are investing in and be cautioned at all stages when dealing with cryptocurrencies.

 

– Anndy Lian

 

RBI should hold debates, discussions before any crypto decision: Experts

Reserve Bank of India (RBI) has been a stringent critic of crypto assets, reiterating its tough stand on the new age asset class.

Deputy governor T Rabi Sankar called for an outright ban on private cryptocurrencies at the IBA Banking Technology Awards. He claimed the notorious early 20th century Ponzi schemes were better than investing cryptos.

Prior to this, RBI governor Shaktikanta Das said that private cryptos are a serious threat to macroeconomic and financial stability, and investors should keep risks in mind as such assets have no underlying value whatsoever, ‘not even a tulip’.

The harsh remarks from the central bank has vexed the crypto industry. They suggested the RBI hold debates and discussions at various forums before making a final conclusion.

Rahat Beri, Founder and CEO, Acryptoverse, a crypto advisory firm said that cryptos are a budding technology and an asset class that should have the freedom to be explored with guardrails. “Otherwise we risk being left behind.”

“Stablecoins are backed by currency, assets or other projects. We have seen success right in our own backyards,” she added. Cryptos come with multiple challenges and these must be addressed, experts said. Authorities should move in the direction of debate, assessment and deliberation over such assets.

RBI has always been an active critic of crypto assets and vocal advocate to put a blanket ban on the private crypto assets. Proliferation of such currencies will undermine the rupee, they said.

Repulsing from RBI’s opinion, market experts said that banning cryptocurrencies is not the right way forward, rather the easiest way out for now.

In a country like India, there are many conflicts of interest, said Anndy Lian, Chairman, BigONE Exchange. “The central bank should find a way to embrace it and build a different and hopefully better future with this form of currency,” he added.

Change is never accepted easily, said Beri. “A decade ago, no one gave online payments much of a chance and today the common man uses it. A nascent technology comes with inherent challenges.”

In the union budget 2022, Finance Minister Nirmala Sitharama announced that the gains arising from the transactions in the private crypto assets will be taxed at a flat rate of 30 per cent, with no exemption or deduction.

The loss arising from the sale of any virtual assets cannot be set off against any other income. TDS at the rate of 1 per cent would be levied on payments made on transfer of digital assets.

The move was welcomed by the crypto players, particularly the exchanges. Reading between the lines, they expected a positive regulatory framework to the new age asset class. However, after RBI comments, the dreams appear to be shattered.

The crypto companies may also hold back on their expansion plans just because there are no clear instructions from the government, said the crypto experts.

Jay Hao, CEO of OKX said that it’s important for the regulators of a country to be on the same page to form the crypto policy framework. He believes that India needs clear guidelines for the continued growth of the crypto ecosystem.

“Multiple statements from officials may create confusion in the minds of investors which could be harmful for the users,” Hao added.

“The lack of clarity on regulations also discourages foreign institutional investors from investing in the sector.”

 

Original Source: https://economictimes.indiatimes.com/markets/cryptocurrency/rbi-should-hold-debates-discussions-before-any-crypto-decision-experts/articleshow/89616737.cms

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j