Dogecoin Millionaire Explains Why He’s Still Bullish On DOGE and Elon Musk
The young market is regarded as the most unpredictable in terms of price movement, making investing in cryptocurrencies like Dogecoin challenging. An investor’s investment triples one day, but the following day, it is all gone. Consequently, it can be difficult at times to decide when to sell and get out of a position.
In this recent case, a former DOGE millionaire saw his possessions’ value drop from roughly $3 million to $50,000. But this long-time HODLer thinks Dogecoin will endure despite the ups and downs.
But no matter what, experts are extremely optimistic about Dogecoin, anticipating a strong bull rally. In the previous week and the past month, Dogecoin has increased by more than 3% and over 16%, respectively, to trade at $0.076. Experts predict that Doge will continue to rise strongly for the rest of this year as a probable bull market in Bitcoin gives the rally new life.
The price of Dogecoin has fallen by 4.97% in the past 7 days. The price increased by 0.52% in the last 24 hours. In just the past hour, the price has shrunk by 0.27%. The current price is €0.0584 per DOGE. Dogecoin is 91.46% below the all-time high of €0.68.
DOGE/USDT Chart on the WhiteBIT exchange
Trader @CryptoGodJohn, who has close to 500k followers on Twitter, is also long on Doge, predicting that it can soon display a “god candle”.
The coin is also supported by seasoned analyst @CryptoTony_, who predicts that Doge would “start to moon” once it crosses the supply zone at $0.10. He also thinks that the barrier at $0.077 can be broken, which would be a great entry point for the coin.
Michael van de Poppe, the founder of MN Trading, is extremely bullish on the token, stating it to be the “easiest trade of them all this cycle”.
Another prominent figure in the cryptocurrency industry, @CryptoKaleo, who has almost 600,000 Twitter followers, forecasts a High Time Frame breakout for Dogecoin that might mirror the token’s performance in 2016, when its price surged dramatically.
Glauber Contessoto, a native of Las Vegas and known as SlumDOGE Millionaire on social media platform X, was one of these investors who became billionaires overnight as a result of this growth. This investor became one of the first Dogecoin millionaires as his holdings rose to $2.9 million during the DOGE boom.
Since the hype bubble burst, Dogecoin’s value has fallen, and it is currently trading at $0.06378. Contessoto’s interests would now be valued at about $50,000 as a result.
Contessoto continues to believe in Dogecoin despite his setback. He stated in a social media post that meme coins with a dog theme had a higher likelihood of increasing in value than other meme coins.
Elon Musk may once again give Dogecoin a significant boost as his attorneys work to have the insider trading lawsuit against him dropped. A group of $DOGE investors filed a $258 billion lawsuit alleging that Musk directed market manipulation strategies.
Supporters of Doge are still holding out hope that Elon Musk will incorporate the meme coin into his X platform. The Twitter platform was just switched over to “X” by Elon Musk, an all-encompassing software that will include half of the world’s financial system.
Musk has already stated that the platform will not introduce its coin. Because Musk will continue to favour Dogecoin, experts believe that this announcement is positive for the cryptocurrency.
That’s why Elon Musk tweeted on Wednesday that X (previously Twitter) is a “dog & Doge friendly place!” As a result, the price of the stock saw a small increase over the previous 24 hours. A note from his mother, Maye Musk, motivated him to have this reaction. According to Musk’s ambitious plan for X, the platform will be transformed into a multidimensional service that includes a range of services, including payment capabilities.
Musk’s post strengthened the already well-known association between the businessman and Dogecoin. Musk, who frequently refers to himself as the “Dogefather” and the “Dogecoin CEO,” has considerably elevated the visibility of the meme coin in both financial and popular culture.
In an unexpected move in April, Musk changed Twitter’s name to X and substituted the classic blue bird logo with a picture of the Shiba Inu dog that represents the Dogecoin cryptocurrency. This action led DOGE to increase by nearly 20% during that time.
3 Projects to Watch this Week:
Solana (SOL): According to Changelly technical analysis of Solana prices expected in 2023, the minimum cost of Solana will be $$19.58. The maximum level that the SOL price can reach is $$22.26.
Cardano (ADA): According to our Coincodex price prediction, ADA is forecasted to trade within a price range of $ 0.266337 and $ 0.263075 this week. Cardano will decrease by -1.22% and reach $ 0.263075 by Aug 28, 2023 if it reaches the higher value target.
WhiteBIT Coin (WBT): According to the ambcrypto analysis in the short term, WhiteBIT Coin price prediction for October 2023 shows the average price of WBT at $5.50 and the highest possible price for October 2023 would be $5.89.
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