Dogemoneta DOGE/USD reported a 6% increase over the past week, prompting one analyst to suggest expected DOGE payments Xwhile another suggests shorting the meme coin.
What happened: Self-proclaimed king of memes and protector of Dogecoin, Sir Doge of Moneytweeted a short video with an animation of Elon Musk, X and Dogecoin.
The video shows how X enabled Dogecoin payments and shows Tesla, X and SpaceX in one frame, accepting Dogecoin as a payment method. This alludes to Elon Musk’s plan to launch a peer-to-peer payment platform and turn X into an “everything app” for users around the world.
However, crypto analyst CrediBULL Cryptocurrency highlights his intention to short Dogecoin based on his analysis of Bitcoin/Dogecoin chart movements.
He plans to sell Dogecoin between $0.18 and $0.20, noting that a full retracement against Bitcoin has occurred more often on the DOGE chart.
With the significant spikes in Dogecoin prices, he believes that the move has not yet been fully retraced and predicts that the meme coin will witness a price drop from $0.04 to $0.05 as Bitcoin heads towards $100,000 in the next four-five months.
Read also: Bitcoin Maxi tells how an investment in Dogecoin 40X and a “stroke of luck” brought him into the world of cryptocurrencies
Price Action: At the time of writing, DOGE was trading at $0.1626, up 0.8% over the past 24 hours.
Because it is important: Data from IntoTheBlock highlights a 9.3% increase in large transaction volume to $1.3 billion, while daily active addresses increased 5.8% to 57,030. Transactions over $100,000 increased to 495 as of April 22 from 453 on April 21. Meanwhile, total foreign exchange inflows rose to $41.35 million as of April 22 from $29.12 million as of April 21.
Cryptocurrency markets are highly volatile and the movement of Bitcoin often affects the performance of other cryptocurrencies. CrediBULL Crypto’s decision to short Dogecoin is significant as it reflects its anticipation of a potential meme-inspired decline in the cryptocurrency’s value.
What’s next: The influence of meme coins and Bitcoin as an institutional asset class are topics that are expected to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19.
Read next: Dogecoin up 5% since DOGE Day, ‘big things’ coming for ‘King Meme Coin,’ founder predicts
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