Dogecoin Further Gains Credibility After Mark Cuban’s Revolutionary Move
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2021 is turning out to be the year all the Crypto enthusiasts have been waiting for a very long time. The crypto market has soared way beyond anyone’s expectation this year, with its market capitalization crossing $1.7 trillion. This happened for the very first time since the inception of digital currencies over a decade ago. One of the primary reasons for this to happen is the astronomical growth of Bitcoin’s value since the beginning of this year. Very recently, BTC broke the most anticipated $50k level and is currently continuing its bull run. Even Ethereum saw a huge rise in its price by reaching its new all-time high value of $2,043 in Feb.
Besides these major cryptocurrencies, there is one coin that is making a lot of buzz this year, and that is Dogecoin. This crypto is a fork of Luckycoin, which is a fork of Litecoin – in turn, a fork of Bitcoin. Dogecoin is mostly known for its light-hearted origin and the selfless community it has been backed for over eight years now. The value of this crypto was hovering below a cent since its inception, and it was around half a cent even at the ending of 2020.
In Jan 2021, the price of DOGE started to surge gradually, which could be due to its correlation with other significant cryptos like Bitcoin. But the actual bull run started in Feb.
First, it was Elon Musk!
In a series of tweet on February 4, 2021, Elon Musk gave his unwavering endorsement of Dogecoin. He started with a one-word tweet – ‘Doge’. He followed this by another tweet saying ‘ur welcome’ alongside a photoshopped meme from the movie The Lion King, which showed him as the monkey shaman lifting DOGE.
This was perhaps him boasting that his tweet sent the DOGE’s price surging over 50% in minutes.
The series of tweets went on further, with him acknowledging that DOGE is the people’s crypto and ‘no need to be gigachad to own‘. He finally capped his endorsement of DOGE with the tweet, ‘ No highs, no lows, only Doge‘.
Although he didn’t mention whether he has a personal investment in DOGE or if Tesla has any intentions of holding that crypto, DOGE went on a steady bull run, gaining up to 123% in just four days.
For the longest time, Dogecoin had been an obscure cryptocurrency. Evidently, Musk’s endorsement gave birth to new-found popularity for Dogecoin, with the subsequent increase in demand leading to a massive bull run over the next four days. DOGE hit historic highs of $0.0888 as a result.
Then, it was the Shark Tank Investor – Mark Cuban!
In a press release on March 4, 2021, NBA’s Dallas Mavericks announced that it has rolled out Dogecoin payments for merchants and consumers. This means that DOGE can be used to purchase online tickets and pay for merchandise online. Dallas Mavericks has, for the longest time, been an avid crypto enthusiast. For over two years now, the franchise has been accepting payment in BTC, BCH, ETH, USDC, GUSD, PAX and BUSD. According to the press release, accepting cryptos opens up a whole new market and makes merchandise more accessible to its global fanbase.
However, the news of Dogecoin’s inclusion did not seem to impact the market at the time, at least not until March 6, 2021, two days after this announcement. Mark Cuban, the billionaire owner of the Dallas Mavericks, announced on Twitter that:
DOGE had pared some of the gains it accumulated following Elon Musk’s endorsement up to March 4, 2021, and it had shed about 43.36%.
For a while now, the crypto community had for a long-time bashed DOGE as potentially dangerous crypto, which shouldn’t be taken seriously. They argue that DOGE has limited utility compared with other decentralized crypto assets.
Dogecoin’s adoption by Dallas Mavericks and the subsequent endorsement from Mark Cuban’s tweet revived the DOGE bull run by further infusing some credibility in what most have referred to as ‘joke coin’. Since Cuban’s tweet, DOGE has surged about 21% in under 48 hours.
Quick Technical Analysis of DOGE
This analysis is based on the daily time frame and is valid for about a couple of weeks from now. As you can see in the price chart below, the market is in a massive upswing. Sellers are coming, and as a result of that, we can see a clear pullback in the price. The decreasing strength of the sellers implies that the price might not make a lower low or lower high anytime soon. The psychological support is at 0.0374, and the resistance is at 0.0698.
The best price for the buyers to jump back in the game is at this support level. In a different scenario, the price might reach resistance and test that level. Post which, it might come back to the support, and only then there is a possibility of DOGE making a higher high. In conclusion, sellers are feeble for now, and selling is not a great idea.
We hope you found this article informative. Are you thinking of holding Dogecoin? Just visit this page – BUY DOGE, and you can instantly buy this crypto at the lowest price possible. Cheers!
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