Dogecoin, the meme-based cryptocurrency, has seen a 27% increase in value over the past two weeks, despite a 2% drop in value over the past seven days. The cryptocurrency is currently valued at $13.77bn and is ranked eighth in terms of market capitalization. Dogecoin has also seen an increase in social dominance following a Twitter exchange between its creator, Billy Markus, and the platform’s new CEO, Elon Musk. Markus shared a post on Twitter asking why DOGE-related accounts were being suspended, to which Musk responded, “looking into it”. Dogecoin’s social dominance subsequently increased from almost 3% to 4.463%.
Dogecoin Price Fundamental Analysis
Cryptocurrency experts at Changelly believe Dogecoin has bullish potential and have set a target of $0.109989 for the meme coin in December 2022. Analysts at the instant crypto exchange also believe Dogecoin’s price could touch a low of $0.098990 and a potential maximum of $0.109989 this month.
However, Dogecoin may face competition from Twitter, which is reportedly developing its own cryptocurrency, potentially called “Twitter Coin”. The reports are based on leaked code found within the Twitter platform. It is not clear what the specific purpose of the cryptocurrency would be or if the development is even real. Some speculators have suggested that the cryptocurrency could be used as a tipping feature on the platform. The reports come days after new Twitter owner Elon Musk sent the price of a different cryptocurrency soaring by 300% by mentioning it on the platform.
However, the high volatility in the cryptocurrency markets has led Jim Cramer, the host of CNBC’s “Mad Money”, to advise investors to sell their cryptocurrency holdings. Cramer previously spoke out against cryptocurrencies but has since warmed up to the industry. He advised investors to sell their holdings due to the high volatility in the cryptocurrency markets, which he believes will continue to struggle. The warning has become a general feeling among investors who, following the recent FTX collapse that resulted in the industry crashing in early November, have been very cautious in putting their money in risky projects, including dogecoin.
Therefore, based on the above fundamental analysis, there is a high likelihood that we might see the Dogecoin price recovering in the short term. As most experts have indicated above, Dogecoin remains potent on trading above the $0.11 price level in the coming days. However, a drop below $0.95 will invalidate my bullish analysis.
Dogecoin Daily Chart
