Dogecoin Flips Cardano & Reclaims Rank 7

Join Our Telegram channel to stay up to date on breaking news coverage

Dogecoin pumped more than 30% on Tuesday and touched the $0.1 price level in a matter of hours. Investors have attributed this increase to Elon Musk changing Twitter’s logo to the image of Doge, with investors running after the coin to contribute to the hype.

Dogecoin Flips Cardano To Become 7th Largest Crypto

Dogecoin is among the most popular cryptocurrencies in the world, with a market cap of over $13 billion. The token has continued to be in the news, especially over the last few years. Although the overall cryptocurrency market has seen significant growth in the past few months, Dogecoin hasn’t quite kept up with other cryptocurrencies.

However, this trend seems to have shifted over the last 24 hours, with DOGE trading at around $0.100, up by more than 30% in value. The token has flipped Cardano (ADA) and has become the seventh-largest cryptocurrency in the world. Cardano has, however, reclaimed its position at the time of writing.

The reason behind this surge is considered to be the recent change of Elon Musk’s Twitter icon to an image of the popular Doge meme, which the cryptocurrency is based on. This switch was enough to create sufficient hype around the meme coin to fuel its price rally, as evident from the chart below.

There also seems to have been some significant whale transfers made on the blockchain, as per data from the cryptocurrency transaction tracker service Whale Alert. While it’s unclear if these transfers indicate large purchases or a potential selloff, the fact that they aren’t heading towards exchanges suggests that they might not have been made with the intention of selling after all.

After this rapid rise in price, Dogecoin’s year-to-date returns have hit around 40% in the green, putting it on par with its meme coin rival, Shiba Inu. It’s also worth noting that Dogecoin’s success is due in part to its strong community and widespread adoption.

The meme-inspired cryptocurrency has gained a massive following over the years, due to playful branding and bias from the gaming community. It has in part represented that cryptocurrencies don’t have to take themselves too seriously to be successful and that there’s room in the market for fun and creativity.

It will be exciting to see whether this surge in value will continue in the long run, it’s clear that Dogecoin still holds a special place in the hearts of many crypto enthusiasts.

Dogecoin Creator Criticizes Claims Arguing The Memecoin to be a Security

Dogecoin has once again made headlines, thanks to Elon Musk’s latest Twitter antics. The Twitter CEO swapped the platform’s blue bird logo with the famous Shiba Inu logo of the Dogecoin cryptocurrency.

This unexpected move led the meme coin to spike a massive 30% in just a couple of hours. However, not everyone was thrilled with Musk’s actions, with some critics claiming that Dogecoin is an unregistered security and a “shitcoin.”

Alex McShane, the Head of Programs at Bitcoin Magazine, was one of the critics who slammed DOGE as an unregistered security. The Dogecoin community didn’t take the comment well, including the co-creator of the memecoin, Billy Markus, who criticized McShane for his statement.

Markus, who is popularly known as Shibetoshi Nakamoto on Twitter, made his case for the legitimacy of Dogecoin by insisting that it shares the same code as Bitcoin, and both these tokens don’t exist unless they are mined. He also emphasized that Dogecoin was created as a Bitcoin parody, without the intention of profiting from the memecoin.

Markus further stated that if Dogecoin is considered a security, then Bitcoin should be considered one as well. He urged McShane to focus on other matters, such as the U.S. Senator Elizabeth Warren, who has been critical of cryptocurrencies.

It is worth noting that, Elon Musk is facing a lawsuit worth $258 billion where the plaintiff alleges that Dogecoin is a security, but Musk’s legal team has denied the allegations.

The investor has filed a lawsuit seeking reimbursement for the losses incurred while investing in the meme coin following Musk’s tweets. Musk’s legal team has requested a Manhattan judge to dismiss the case, citing that the tweets made by the billionaire do not qualify as financial advice.

Musk’s love affair with Dogecoin is no secret, and he seems pretty unbothered by the legal repercussions his actions might invite. While the Dogecoin community is excited about Musk’s takeover of Twitter, there is no indication that the cryptocurrency will be integrated for payments on the platform.

Dogecoin (DOGE) Price Prediction

DOGE price saw a sudden surge after Twitter changed its logo to a Dogecoin face. This caused the DOGE price to soar 27% on the intraday level, and it also triggered a bullish pattern called a falling wedge pattern. This pattern has been identified as a possible sign of further rallies for buyers and coin holders.

The narrowing of the price spread within two converging trend lines, as shown by the falling wedge pattern, is a technical indicator that suggests the bearish momentum is weakening. This may result in the buyers gaining control of the trend.

Currently, the DOGE price is struggling to sustain above a local resistance of $0.093, which suggests that short-term traders are taking early profits.

Following the massive surge in price, a minor pullback is expected to occur to verify price sustainability above higher levels. This may cause the DOGE price to experience a temporary correction, possibly to $0.0925 or the breached trendline at around $0.0825, before the next recovery cycle begins.

The DOGE price prediction is looking bullish in the short term, but it is important to keep an eye on resistance and support levels, as well as sudden market developments to make informed decisions.

Join Our Telegram channel to stay up to date on breaking news coverage