Dogecoin Price Doubles In A Week, Analyst Say DOGE Can Hit 50 Cents By End Of 2022

Dogecoin Price Doubles In A Week, Analyst Say DOGE Can Hit 50 Cents By End Of 2022
ZINGER KEY POINTS
  • Dogecoin’s price more than doubles in a week.
  • Analysts predict huge upswing from current levels.

Popular memecoin Dogecoin has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief Elon Musk’s acquisition of social networking giant Twitter.

Interestingly, Musk is widely touted to be the “Dogefather” — as he frequently mentions the cryptocurrency and engages with its community of users.

Musk has had a blow-hot blow-cold relationship with DOGE and has previously shared numerous DOGE-related memes and promoted it in tweets.

Musk’s’ The Boring Company, SpaceX, and Tesla all accept Dogecoin as payment for merchandise.

He even named SpaceX’s 2022 moon mission DOGE-1.

Dogecoin has witnessed wild swings in the past over Musk’s tweets and announcements.

His rants, however, have also gotten him in trouble.

A number of Dogecoin investors had sued Musk and his firms for $258 billion for racketeering this summer, alleging that they purposefully inflated the price of Dogecoin before allowing it to plummet.

In response, Musk stated in June that while he himself supports cryptocurrency, he never advised anyone to invest in the space.

Dogecoin is the ‘best crypto’ in the long term

Anndy Lian, book Author of “NFT: From Zero to Hero” tells Benzinga that Dogecoin’s price action has a history and is closely linked to Musk.

“Also, Dogecoin has strong community support. Dogecoin sub-Reddit has more than 2.2 million subscribers. Moreover, I think Dogecoin’s inflationary is an advantage. There are several reasons why deflationary currencies like Bitcoin might never be used as money. But Dogecoin’s tendency toward inflation ranks it among the best cryptocurrencies over the long term,” Lian says.

In the shorter term as long as Elon is still the Dogecoin, we will still see more rallies before the year ends as he lays out plans for Twitter, Lian adds.

Dogecoin at 50 cents before the new year

Aliasgar Merchant, lead developer of relations at Akash Network, a decentralized cloud platform, said the current trend reversal for Dogecoin seems sustainable, and the memecoin can easily hit the 50-cent mark before the end of the year.

“Since last August, Dogecoin has not broken the 30 U.S. cents mark, however, with the memecoin’s use cases skyrocketing with Musk’s takeover of Twitter, there is no reason it cannot reach the 50 cents mark before the new year,” he said.

He added that Dogecoin would see strong support between 0.0772 and 0.0792 levels, as data from IntoTheBlock suggests that approximately 27,000 addresses scooped up 5.89 billion DOGE tokens at these levels.

Whales lapping up Dogecoin

Meanwhile, Dogecoin Whale Alert, a Twitter account that tracks the movement of DOGE whales tweeted that 286,953,266 DOGE, worth $22,140,740 was transferred from a “Top 20 wallet” to a Binance wallet.

Dogecoin’s ascent to prominence as the tenth-largest cryptocurrency by market capitalization was fueled by Dogechain, a layer-2 scaling solution for Dogecoin, which recently unveiled its future roadmap.

Dogechain beginning the voting process for its coin burn fueled a bullish sentiment among DOGE holders.

Source: https://www.benzinga.com/markets/cryptocurrency/22/10/29470339/dogecoin-price-doubles-in-a-week-analyst-say-doge-can-hit-50-cents-by-end-of-2022

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 “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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Strategic Partnership Announced for Doge China, Korea and Singapore with Yuming.com and Blockcast.cc

Strategic Partnership Announced for Doge China, Korea and Singapore with Yuming.com and Blockcast.cc

Tom Peng, Founder of Doge China, Jenny Zheng, Founder of Doge Korea and Anndy Lian, Founder of Doge Singapore have reached a strategic partnership in Seoul, South Korea on 1 October 2019 to work alongside with Yuming.com, a world leading domain market place and Blockcast.cc, a Singapore based blockchain media company.

All parties will continue the decentralized autonomous governance of the doge community in China and develop the blockchain industry based on the Dogecoin consensus. Dai Yue will come up with the ggcoin.com top-level domain to work with the doge community to promote the doge community worldwide.

Jenny Zheng is proficient in Chinese, Korean and English. She has many years of business experience. She has worked for and collaborated with numerous Fortune 500 companies. She is currently the cofounder of a Singapore based blockchain media company called blockcast.cc. Her work in the blockchain industry has been published in many world-class media giants such as NBC, ABC, CBS.

Anndy Lian is a blockchain adviser for the Asian Productivity Organization (APO) and a key member of the South Korea Gyeongsangbuk-do Blockchain Special Committee. He also held key appointments at Singapore Institute of International Affairs and Singapore Business Federation. He has been reported by many international media, such as Forbes, Bloomberg, Reuters, Yahoo, NASDAQ, Fox News, Straits Times, Business Times, ABC News, Singapore Business Review, Asian Business Week, CBS News, CNET, ZDNET, etc. Anndy is also the book author for  “Blockchain Revolution 2030”.

Dai Yue is the founder of the domain name market place called Yuming.com. They are based in Beijing and have been in the market since 1999. Yuming.com is the leading China domain market place and have some of the most valuable domains such as Kr.com, Jp.com are held within their group.

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 “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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