Dogecoin up 40% in 3 weeks! Is there more steam left?

Dogecoin up 40% in 3 weeks! Is there more steam left?

New Delhi: For the last few weeks, Dogecoin has been the cryptocurrency to watch out for. The largest memetoken has rallied about 40 per cent in the last three weeks.

Dogecoin was flying high after the reports surfaced that Elon Musk owns a 9.2 per cent stake in the micro blogging website Twitter. This makes Musk the largest shareholder in the company.

The stake in Twitter of Elon Musk, who is fondly called as the ‘Doge Father’ by fans, propelled a strong rise in the Dogecoin prices, with speculators flocking to the memetoken.

Dogecoin hit $0.1553 levels on Tuesday, rising more than 5 per cent in the last 24 hours. Its marketcap topped the $20 billion mark, after a long period, the data from Coinmarketcap suggested.

However, the popular crypto token is trading about 77 per cent below its all-time peak of $0.6848 hit in June 2021. On a year to date basis, the crypto token has tumbled about 20 per cent.

However, market experts believe that Dogecoin is likely to continue to have positive momentum and the gains will sustain, on both technical and fundamental basis.

Vikram Subburaj, CEO of Giottus Crypto Exchange, said that Elon Musk’s Twitter investment has led Dogecoin to break out from a bearish structure with price action forming higher lows and higher highs.

“Doge has retested the trendline resistance and has held as support. Overcoming resistance at $0.175 and $0.195 will further indicate signs of strength. Doge faced rejection at these levels during its downtrend,” he added, decoding the charts.

There is no dearth of those who are expecting Dogecoin to do a ‘Twitter’ again and expecting the crypto asset to deliver solid returns in the near future. A number of players see Dogecoin as synonymous with Musk.

Echoing the similar tone, Anndy Lian, Chairman, BigONE Exchange said, “Twitter stock has rallied about 25 per cent after Elon Musk’s stake in the social media company. Speculators are expecting Dogecoin to have a similar impact if not more.”

Despite being a vocal critic of Twitter, Musk has been flirting with the possibility of having his own platform. Many now are expecting Musk to, perhaps, buyout Twitter.

A few market experts believe that Musk’s push is the major driving factor behind the rally in Dogecoin, whereas others said that is not all about Musk only. The memecoin has an army of faithful believers, who are the driving force.

“Dogecoin is tied to Musk’s actions on the positive side while it remains volatile and influenced by wider market structure in a downtrend,” Subburaj added.

The trading volumes of Dogecoin have been astronomical as the Doge token worth more than $2.57 billion exchanged hands in the last 24 hours, registering a rise of 125 per cent. There are more than 132.67 billion Dogecoins in circulation.

Shivam Thakral, CEO of BuyUcoin said that Dogecoin is the most popular Memecoin, and finds robust support from the mercurial figures like Elon Musk.

“The recent tweet by Elon in support of the German travel site ‘GetYourGuide’ announcing that Dogecoin will be accepted as a mode of payment sparked investor interest in Doge,” he added.

Market experts advise investors to be cautious while investing the memecoin. Dogecoin remains a volatile investment with no fundamental utility, they say.

“We advise investors to stick to a certain set of crypto assets according to their risk appetite given no possibility of offsetting losses from one crypto to another in the new tax regime,” said Subburaj from Giottus.

Lian from BigONE suggested investors look for the long term. “For those who are dealing with derivatives, monitor the price carefully and start off with lower leverages,” he cautioned the traders.

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 Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. 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 and was previously the Advisory Board Member of Hyundai DAC Technology.

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”.

You can read more about Anndy’s work at www.anndy.com

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Elon Musk again sparks 10% rise in Dogecoin. Does it have more steam left?

Elon Musk again sparks 10% rise in Dogecoin. Does it have more steam left?
Synopsis

Anndy Lian, Chairman, BigONE Exchange said, “Dogecoin continues to rally after Elon Musk’s tweet on meme coin. This has triggered retail investor buying. Together with this trend, the number of long term holders of dogecoin rises.”

New Delhi: After a brutal correction, Dogecoin was back in demand, zooming as much as 10 per cent during Monday’s trade. The largest and biggest meme coins market cap once again topped the $20 billion mark.

Volume on the counter remained strong, with Dogecoins worth over $1.5 billion having exchanged hands in the last 24 hours.

Analysts said that Elon Musk’s tweet again sparked the rally in Dogecoin. Musk, the owner of Tesla Inc, is also known as ‘Doge Father’ among crypto fanatics.

Musk on Sunday tweeted that he is giving “serious thought” to building a new social media platform, a day after he put out a poll on Twitter asking users if they believe the social media giant adhered to the principle of free speech.

When a follower suggested that Musk buy the company (Twitter) and change the logo from a bird to a Dogecoin, Tesla Inc CEO indicated that he likes the idea.

Anndy Lian, Chairman, BigONE Exchange said, “Dogecoin continues to rally after Elon Musk’s tweet on meme coin. This has triggered retail investor buying. Together with this trend, the number of long term holders of dogecoin rises.”

The various factors give a very bullish outlook for Dogecoin, with many analysts forecasting an ascent of around 50 per cent, Lian said.

Market experts said Dogecoin has been in momentum over the last few months, experiencing a roller-coaster ride in price movements.

In a period of little more than two weeks, Dogecoin has jumped as much as 50 per cent, scaling $0.15 on Monday. However, it is still about 80 per cent below its all-time peak of $0.6848.

The volatility in Dogecoin is fairly high and investors should remain cautious while investing in it, suggested Praveen Kumar, Founder & CEO, Belfrics Group, adding that going forward, the volatility would continue and investors should look at some level of profit booking in this upwards price movement.

Experts are swearing by the ever-growing popularity of Dogecoin among retailers on a global level. The rising volumes of the token is indicating the same.

Dogecoin has a tremendous future and will see better upside due to its massive retail involvement, enhanced acceptance, and backing of legendary Elon Musk, said Rahul Kumar, CEO of Lyca Nation, a metaverse based crypto island.

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 Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. 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 and was previously the Advisory Board Member of Hyundai DAC Technology.

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”.

You can read more about Anndy’s work at www.anndy.com

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