Dogecoin has become the TOP-4 cryptocurrency by capitalization, the current maximum price is $0.69, capitalization is $85 billion. The coin is not slowing down its growth rate and very soon the DOGE rate may reach $1. Why this may happen in the coming days is explained in the article.
Also today in the article is an analysis of the price of Ethereum. This cryptocurrency has become the leading altcoin, and at the moment there are no restrictions for continued growth. Predictions of $10,000 per 1 ETH may turn out to be reality.
Finally, let’s talk about why Bitcoin cannot yet reach a new price maximum. What is stopping BTC and how it can affect the cryptocurrency market.
- Dogecoin
- Ethereum
- Bitcoin
Dogecoin
Dogecoin growth
A couple of days ago we published an article about the TOP 9 cryptocurrencies with growth potential in May, which also included Ethereum and Binance Coin:
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Read the full article: TOP 9 cryptocurrencies in May 2022: which coins to invest in
At the end of the article there was a bonus of two coins, one of which was Dogecoin, the story of which is not over yet.
Then many said that it looked like a joke. However, three days later, Dogecoin grew by more than 100%, setting a new maximum price at the average rate:
The rise of Dogecoin
Why did we think then that the Dogecoin story was not over and why don’t we think so now?
Argument No. 1 is its price and the fact that the coin has not collapsed to the bottom after its tremendous growth since the beginning of the year. In mid-April, the coin soared by 500% in just one week, and we have already said earlier that since the beginning of the year the count has been going up by thousands of percent:
The rise of Dogecoin
But Dogecoin did not fall and settled in the top ten cryptocurrencies; people still believe in the asset and are in no hurry to flee from it to spend dollars. People don't need dollars, they need Dogecoin.
Argument #2 is faith multiplied by greed. The price of $0.4 cents is still extremely attractive for purchase, and the latest news that there may be a new pump from Elon Musk on May 8 makes it necessary to hold the asset in anticipation of a new round of growth.
At the same time, the desired level of $1 is actually simple, Dogecoin is traded on leading exchanges, and not only crypto, it is also available on Robinhood. All that is needed is for the entire community to gather once again and invest from $10 to $100 to launch cryptocurrency to the Moon or directly to Mars together with Elon Musk. In this case, the capitalization of Dogecoin could be about $130 billion, making it the TOP 3 cryptocurrency by capitalization.
Important note: we cannot know or claim that this will happen. This article is not financial advice and you must make any decision to buy or sell cryptocurrencies solely on your own.
If you have Dogecoin, if you have already made 100, 200 or more percent on it, or maybe even a modest 20-30%, this is already a good income and it may make sense to take profits. But if your faith in Dogecoin is stronger than ever, then a price of $1 is theoretically completely within reach.
Especially when the media began to hype this topic again, for example, billionaire Mark Cuban supported Dogecoin:
“As long as more companies purchase Dogecoin for products/services, it can be a useful currency because it can hold its purchasing value better than a dollar at your bank. Yes, the joke is now legal."
Or here's the story of how a Robinhood trader became a millionaire using Dogecoin. He decided to invest $180,000 when the coin was worth $0.04 because he liked the Dogecoin community on Reddit, liked the Shiba Inu dog meme, and believed in support from Elon Musk.
If more such stories are launched in the media, Dogecoin will have a real chance of growing to $1.
Elon Musk's performance on Saturday Night Live collapsed the joke currency Dogecoin (VIDEO)
jirkaejc/DepositPhotos
The joke cryptocurrency Dogecoin fell in price after Elon Musk mentioned it on Saturday Night Live. The businessman tried to explain to the show hosts what the essence of the digital coin was, but in the end he agreed that “it’s a scam” jirkaejc / DepositPhotos
The joke cryptocurrency Dogecoin fell in price after Elon Musk mentioned it on Saturday Night Live. The businessman tried to explain to the show hosts what the essence of the digital coin was, but in the end he agreed that “it’s a scam.”
The Dogecoin cryptocurrency fell in price after it was mentioned by billionaire Elon Musk on the comedy show Saturday Night Live. According to Bloomberg, before Musk’s appearance on the TV show, the value of the token rose to a record high of almost $0.73, but during the broadcast it fell to 51.4 cents (30%). According to CoinGecko, at the time of publication (11:54 Moscow time), Dogecoin was trading at $0.53, having lost 24% in price over the past 24 hours. As of 15:00 Moscow time, the cryptocurrency had lost 34.2%, trading at $0.47.
Reuters notes that cryptocurrency industry enthusiasts have been waiting for days for Musk's remarks on Saturday Night Live, as the entrepreneur's tweets this year turned the once little-known Dogecoin into a "speculator's dream."
In one of the sketches, Musk, acting as a financial expert, tried to explain to the SNL hosts what the essence of the Dogecoin cryptocurrency is. He noted that the coin was created as a joke based on a meme, but has now “acquired very real proportions.” “This is the future of currencies, an unstoppable financial instrument that will take over the world,” Musk said.
When his interlocutors still did not understand what Dogecoin was, the businessman said that it was simply “a cryptocurrency that can be exchanged for regular money.” “Oh, so this is a scam?” asked one of the presenters. “Yes, it’s a scam,” Musk agreed and laughed.
At the beginning of the telecast, which aired on the eve of American Mother's Day (celebrated on the second Sunday of May), Musk also brought his mother May Musk on stage. She wished her son good luck and said that she was really looking forward to her gift. “I just hope it’s not Dogecoin,” said the entrepreneur’s mother. “Exactly him,” Musk replied.
Lloyd Ostertag stopped by the desk to talk cryptocurrency. pic.twitter.com/cuILxOBJlj
— Saturday Night Live — SNL (@nbcsnl) May 9, 2021
Earlier, the head of Tesla wrote a post on Twitter in which he called for “caution” to invest in cryptocurrencies, although he admitted that this is a “promising” asset. Musk attached a video from the TMZ YouTube channel published in February to his tweet. In the video, he states that investing a lifetime's savings in cryptocurrency is "unwise." “But if you want to speculate and, I don’t know, have fun, there’s a good chance that crypto is the future currency of Earth,” the billionaire notes.
In the video, Musk also talks about Dogecoin. “Fate loves irony <...> Which outcome would be the most ironic? One in which a currency invented as a joke actually becomes a real currency,” he noted.
Ethereum
Ethereum rate
On May 3, Ethereum did what was expected of it for a long time and rose to $3,000, and did not stop there and rose immediately above $3,400, showing an increase of 25% since the beginning of May:
Ethereum growth
With this price movement, Vitalik Buterin became a cryptocurrency billionaire, according to data from the Ethereum wallet he previously disclosed. It is worth adding that Buterin may have other wallets with Ethereum, he also has many different tokens and he said that he bought bitcoins. So Vitalik could have crossed the capital threshold of one billion much earlier, and yesterday we just received another confirmation of this.
As for the price, Ethereum is now roughly in the zone where Bitcoin rose above $30,000 and went even further. If you want to grow to $4,000, or you want to immediately reach $10,000, there is no resistance at the top, and they will appear only after many people decide that it’s time to take profits.
Predictions that the upward movement will continue without stopping, spur the market and awaken greed. A public Canadian company has already bought Ethereum for its own reserves, we are talking about only 149 coins, but you have to start somewhere. And a well-known crypto trader states that Ethereum can grow three times more from current values. This forecast, by the way, also applies to Cardano.
The graph of the share of Bitcoin and Ethereum in the cryptocurrency market during the previous cycle can tell us how real it is. Now this distribution is approximately 46% to 17%:
Chart of the share of Bitcoin and Ethereum in the cryptocurrency market
But before the start of Bitcoin’s final parabalistic move in 2017, the distribution of capital in the cryptocurrency market was 37% for Bitcoin and 31% for Ethereum. That is, the capitalizations of both cryptocurrencies were quite close to each other, and if history repeats itself, then Ethereum could become the second cryptocurrency in history whose capitalization exceeds one trillion dollars.
There are various reasons why this could happen, personally we believe that the future of the entire cryptocurrency market is still determined by Bitcoin and therefore I suggest looking at its price.
How Elon Musk spoke on May 8, 2021
On television, Elon Musk noted that his speech is a historical event, because he is the first person in the whole world with Asperger syndrome to become the host of the show. Well, he is the first who was not afraid to say this out loud. In addition, he noted that from time to time he shows and says rather awkward and absurd things on social networks.
According to Musk, this is how his brain works. He also apologized to those whom he may have touched and offended with his words. He noted that he invented electric cars and is sending people to Mars, so he cannot be calm.
It is worth noting that the legendary Musk is famous for such defiant behavior. His statements on social media have repeatedly caused his company's shares to falter, costing him millions of dollars. Musk was sued for libel; he even used drugs on air.
Elon Musk: Dogecoin can “easily” beat Bitcoin
05/16/2021 Roman Petrov
#Dogecoin#Elon Musk
The founder of Tesla and SpaceX, Elon Musk, listed what needs to be improved in Dogecoin for the meme cryptocurrency to surpass Bitcoin and become the world's money.
Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.
— Elon Musk (@elonmusk) May 16, 2021
In response to a tweet in which a user argued for Dogecoin and called it “the people’s cryptocurrency,” Musk wrote:
“Ideally, Dogecoin increases the block production speed and size by 10 times, and reduces fees by 100 times. Then she wins without difficulty.”
Litecoin developer Loshan noted that issuing 10 MB blocks every six seconds with such low fees would make it very affordable to spam the network.
“For those who are bad at math. 100x higher transaction volume with 100x lower fees means the total amount of commissions earned will remain the same. To become the currency of the Earth, you need low commissions and high volume,” Musk retorted.
Tether and Bitfinex CTO Paolo Ardoino supported Loshan, confirming that the fees are protection against spam.
Musk's tweet about the desired indicators for Dogecoin caused a wave of sarcasm from representatives of the crypto community.
Blockstream CEO Adam Back said that the head of Tesla does not understand how it works:
"It's like someone coming to SpaceX with ideas for a cube-shaped rocket with water as fuel."
