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DOGE: Here’s why Dogecoin showed signs of life today

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Posted Dec 28, 2021, 11:10 AM M.

Elon Musk has voiced his approval of Dogecoin once again, although the biggest driver appears to be the strength of the cryptocurrency market in general.

What happened ?

It was one of the most traded cryptocurrencies earlier this year, but Dogecoin (CRYPTO: DOGE) hasn’t been a good investment lately, dropping around 75% from its May high. However, the dog-themed coins showed some signs of life today, gaining 5.5% in the 24 hours prior to 3pm ET, according to CoinMarketCap. Also read: Disney Stock Reviews (DIS): Why It’s Worth Buying Disney Stock Before 2022. This modest jump is likely linked to strong returns in today’s largest cryptocurrency market. But there is also another reason for the increase.

So what ?

Elon Musk is the CEO and founder of Tesla, although he prefers to call himself the “Technoking” of Tesla. And sometimes he even bears another affectionate title: the Dogefather, named for his love for Dogecoin. Also read: How to buy Bitcoin SV (BSV) | Where, how and why? And around 2am, the Dogefather was on social media to once again express his love for Dogecoin.

It all started with an exchange on Twitter, where Twitter founder Jack Dorsey, himself a crypto enthusiast, explained that some crypto projects were more decentralized than others. Dorsey later tweeted that it was not “anti ETH”, a reference to Ethereum. To that, Musk provided an unsolicited response: “That’s why I’m pro Doge.” Dogecoin’s trading volume spiked immediately after Musk’s tweet.

Now what

It’s worth noting that Musk doesn’t appear to be causing the same level of volatility with dogecoin as he did in early 2021. Dogecoin returned some of its gains shortly after receiving the initial boost from Musk. See also: Buy and invest in cryptocurrencies: Ukraine wants to be the world capital of cryptocurrencies. Today’s biggest gains coincided with the strong performance of the crypto market in general, including bitcoin, which grew rapidly from around $ 48,500 to more than $ 51,000.

Cryptocurrencies tend to go up and down massively in the short term. However, as long-term investors, we look for cryptocurrencies that show the greatest promise of long-term adoption. Dogecoin can spike on certain days because use cases and adoption are increasing. However, I think it’s fair to say that this is not why Dogecoin was on the rise today. Therefore, investors should not view today’s price movement as confirmation or denial of an existing investment thesis. Today’s news can be safely classified as irrelevant to long-term investors.

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Olivier baron

After studying economics, Olivier took a computer science course. Today, he combines these two areas of interest, managing the Fintech section of Miroir Mag.

Olivier baron
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