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 “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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As crypto prices climb, experts stay cautious

As crypto prices climb, experts stay cautious

Fear of recession in the West, surging inflation, rising interest rates and the geopolitical crisis continue to drive extra short-term volatility in the crypto market, and investors would adopt a wait-and-watch attitude

After being in the red for over a month, cryptocurrency markets have pared some of their losses and are trading up about 10 percent over the last week.

Global cryptocurrency market capitalisation also briefly reclaimed the $1 trillion mark.

The world’s largest digital currency by market cap, Bitcoin (BTC), is above the psychological level of $21,500, up 10 percent for the week and up 5 percent on Friday alone.

The second-largest digital currency, Ethereum (ETH) is up 15 percent for the week, trading around the $1,220 level, and a rise of around 3 percent on Friday.

Other major cryptocurrencies like Binance coin, Solana, Shiba Inu, and Ripple’s XRP have gained 10 percent, 11 percent, 7 percent, and 5 percent respectively in the past week.

Anndy Lian, Chief Digital Advisor of the Mongolian Productivity Organization, said BTC rallying together with US stocks was a cause of concern and the rally may be shortlived.

Investors should watch the US jobs report on Friday closely in the short term and until something concrete is set in stone, should not drop their guard, Lian said.

“Also bearing in mind that BTC is still down by around 70 percent from its all-time high and 50 percent lower in 2022. The short-term bull is not sustainable. The threat of more deleveraging is still a key concern for crypto. The global economic uncertainties and risks remain high. A wait-and-see mindset would be more suitable at this point in time,” Lian said.

Raj Kapoor, founder of India Blockchain Alliance, a think-tank, said BTC’s price rose thanks in part to a stock market rally following the release of the Federal Reserve’s minutes and cautioned that while prices have rebounded, the crypto market has not hit the bottom yet and crypto prices can be expected to drop further over the coming weeks or months.

“There are several reasons – starting off from bearish crypto headlines that continue to drag down bitcoin below key technical levels, intermittent talk of recession, many crypto deals falling apart. To add to that surging inflation, geopolitical crises, and rising interest rates continue to drive extra short-term volatility in the crypto and stock markets.  The crypto market has continued to move in tandem with the stock market in recent months, which makes it even more intertwined with global economic factors,” Kapoor said.

Crypto exchange Kraken’s Dan Held argued that the “mass contagion” of the domino effect of one cryptocurrency over the other seems to have been “contained” by FTX crypto exchange, whose CEO Sam Bankman-Friend recently said he and his company still had a “few billion” on hand to shore up struggling firms that could further destabilize the digital asset industry.

He added that crypto lending firm Celsius paid off all its outstanding loans for BTC, bankruptcies have already been filed and inflation fears are cooling off.

 

 

Original Source: https://www.moneycontrol.com/news/business/as-crypto-prices-climb-experts-stay-cautious-8799711.html

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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Cristiano Ronaldo to release NFTs, experts say this is just the beginning

Cristiano Ronaldo to release NFTs, experts say this is just the beginning

Even as Manchester United star Christiano Ronaldo inked a multi-year partnership with cryptocurrency exchange Binance to release his NFTs, experts are of the opinion that the deal will set a precedent for other sports icons to join the bandwagon.

NFTs are rapidly gaining traction across the world as scores of celebrities are endorsing the digital tokens, either by minting their own collections or purchasing them at high prices.
Celebrities such as Paris Hilton, Snoop Dogg, and Tony Hawk have already endorsed NFTs, with the Portuguese football star becoming the latest member of the club.

Ronaldo is a top-class current football legend with hundreds of million followers across all social media. His NFT would surely be sold-out in seconds when launched and the over subscription will flow to the secondary market creating another round of hype,” Anndy Lian, Chief Digital Advisor, Mongolian Productivity Organization, said.

When asked to predict an estimation of Ronaldo’s NFTs value, Lian said if there are unique pieces with special rights, a few hundred thousand will not problem. “This price range is taken with the current market reference for NFT and prices of Ronald’s collectibles,” he says.

Lian said signing big Intellectual Properties like this is also part of a bear market strategy and that there is a need to bring in non-crypto new blood to support the market now.

“I am also curious what the other centralized marketplaces such as Bybit for instance would do next to grab their share of the pie,” he said.

Responding to another query, Lian predicted that either South Korea-based K-Pop supergroup BTS or basketball player LeBron James could be the next in line to launch NFTs.

Raj Kapoor, the chief advisor of crypto advisory firm Acryptoverse, suspects Binance needed this partnership with Ronaldo to possibly bring value to BSC and begin increasing its (https://www.livemint.com/news/world/bill-gates-says-cryptocurrencies-nfts-are-greater-fool-theory-type-of-investments-11655262148828.html market share.
Asked to estimate the value of Ronaldo’s NFTs collection, Kapoor says guesstimating is dangerous but if one goes by the thumb rule, a few more zeroes are going to be added soon to his net worth.

“Ronaldo would be raking in upwards of $5 million with this new partnership and I am being conservative,” Kapoor says and predicts that “media favorite Lionel Messi, would soon be the next NFT darling.”

Kapoor says worth over $420m, Messi remains a popular figure with an unparalleled fan following and that he would not be surprised if his next big goal would be in the NFT space.
Germany-based Aliasgar Merchant, founder of ‘Learn Web3 With Us’ says launching and promotion of NFTs is an indication of the overall adoption of the web3 space, however, it might also be an underrepresentation of what NFTs are capable of doing.

“Predicting the kind of sales Ronaldo’s NFTs will make is a long shot, given the bearish crypto market sentiments prevalent. Previously, Snoop dog made around $100,000 from his NFT sale. I would predict something around that range for Ronaldo too, given the conditions of the market don’t deteriorate,” he says.

Merchant further said the trend of launching NFTs by celebrities is skyrocketing and that this is just the beginning for sports icons to join the trend.

“If I had to make a guess, I would predict Neymar and Novak Djokovic would be next in line,” Merchant says.
Tapan Sangal, founder and Chief Evangelist of P2E Pro, a technology company, said while the initial offer price for his collection would be driven by his fan fervor, once the pixie dust settles, sustaining the same would be subject to demand and supply influences in the NFT marketplace.

“The important question that needs to be answered is as to how will his loyal fans turned investors be safeguarded when brutal market forces, agnostic to Ronaldo’s fandom, come into play, in the seemingly unsecure NFT zone, which promises ownership of an authentic Ronaldo moment,” he says.

Sangal predicted Lionel Messi, Neymar, Mohamed Salah or even Pele could be the next in line to come up with their own NFT collections.

 

Original Source: https://www.livemint.com/news/world/football-legend-cristiano-ronaldo-to-release-nfts-experts-say-this-is-just-the-beginning-11656309600307.html

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”.

j j j