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Dogecoin price could be the best crypto to invest in2022, still catching an early entry will be challenging.
Dogecoin (DOGE) broke higher on Monday, surpassing its 50-Day Moving Average for the first time since late April. DOGE/USD, which is currently changing hands at just under US$0.08, was up more than 10% in the last 24 hours as per CoinMarketCap data, making it the best performing cryptocurrency in the top 50 by market cap. Dogecoin has also seemingly broken above a downtrend in play since mid-May, though remains on course to post a monthly loss of around 9%.
According to Yahoo.com, the latest run higher means DOGE is up more than 55% from earlier monthly lows, as stabilization in broader cryptocurrency markets fosters an improvement in the sentiment of the more speculative meme coins. A clean break above the 50DMA sets the stage for further upside towards the key US$0.10 level, which formed a pivotal top back in early 2021 before the rapid surge towards US$0.75 per token.
Dogecoin was the first-ever meme coin to enter the market. The term ‘meme coin stems from the fact that DOGE was created as a joke, however, this cryptocurrency became an extremely important one in the market. Influencing hundreds of new projects every day, meme coins aspire to reach the same level of success.
A pivotal moment for Dogecoin was when Elon Musk first publicly supported it. As Musk plays a significant role in the crypto market, influencing users worldwide to invest in certain coins, this helped DOGE reach a milestone. When the information became public that Musk invested in Dogecoin, the value of DOGE increased significantly. Ever since Dogecoin has become a market leader; it is currently ranked 10th on CoinMarketCap.
Musk Support DOGE
Musk told Bloomberg in an interview that, he intends to personally support Dogecoin because he just knows a lot of people who are not that wealthy who have encouraged him to buy and support Dogecoin and so he was responding to those people.
Furthermore, Musk told the interviewers that employees at SpaceX and Tesla have asked him to champion the cause for Dogecoin and this is the reason he continues to support the asset. Musk said, just people when I walk around the factory at SpaceX or Tesla, they’ve asked me to support Dogecoin, so I’m doing.
Musk supports Shiba-Inu-themed Dogecoin despite a US$258 billion lawsuit that alleges the billionaire is part of a racketeering scheme to back the cryptocurrency.
Musk’s pro-Dogecoin comments line up with the coin’s line going up, which again gives some credence to the claims made in Johnson’s lawsuit. It remains to be seen if the lawsuit will bear any results, but Musk continues to give at least tacit evidence that his whims have some influence over Dogecoin’s market.
Still, Crypto industry experts say that the meme coin’s current rally may be short-lived as it doesn’t have a real-world use case and lacks strong fundamentals.