Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: JordanKing on November 24, 2022, 06:22:12 AM
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The well-known meme cryptocurrency, Dogecoin, has witnessed a mixed reaction from the market amid the turmoil. The upward rally of Dogecoin of around 150% which was originally led by Elon Musk's Twitter acquisition, has now entirely gone under the blanket as the collapse of FTX grabs the attention of investors.
It has been observed that, the breakdown of FTX has brought extreme fear for whale holders and investors because they were forced to book profits to avoid making any further losses. But, as per Coinpedia, the whales have again started accumulating DOGE with an optimistic hope depending on Elon Musk's further moves, which can soon lift the DOGE coin to new highs.
Amid the present market crash whale investors have woken up, this accelerated DOGE's price to its initial price level of $0.8. A few analysts see this price level as a great chance to make into action "buy the dip, sell the rip". As per IntoTheBlock, the large holders made an inflow of around 871M DOGE with a hope of a bull run in the coming days to increase the profits of their DOGE holdings.
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I do not think that Dogecoin is able to grow much more in price. Yes, this coin may still rise, but in general, more along with the entire market than on its own. Individual bursts of its price are still possible, but it seems to me that the peak of its popularity has already passed. Cryptocurrency can grow for a long time only due to the novelty of its functions and utility. Dogecoin does not yet belong to such cryptocurrencies.
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So the big question is: Can a DOGE really fly into the moon despite the many discouraging developments in the crypto-space? Yes, there is a big possibility for that as many people can see that Dogecoin can be benefitted with the backing of Elon Musk and his Twitter dramatics. I am whishing Dogecoin well and this goes to all legit and accepted cryptos out there most especially BTC and ETH which saw some literal beatings in the market with the collapse of FTX and SAM/CAROLINE.
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I think ever since the fate of Dogecoin is about to change, since Elon Musk has praised dogecoin, its price has increased a lot. Dogecoin is running at its highest score of $0.087 so far, it is expected to move further.
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