In the middle of what can be called market turmoil, Догекоин [ДОГЕ] has reasons to celebrate. In fact, its co-founder Billy Markus seemed ecstatic after his recent tweets got Elon Musk’s attention. What is the news and how is DOGE reacting to it?
DOGE not down
Dogecoin co-founder Billy Markus recently shared a tweet expressing his “desires” for the memecoin. Markus wishes DOGE to have a purpose, one that stretches “beyond pump and dump.” He also wants the community to “understand what crypto is and what the market is.”
Furthermore, he also suggested that “it would be cool” if people add “utility” and “security” to crypto.
it would be cool if people keep working on it and adding utility and security, and working on services that also add utility, which i have seen and appreciate
but otherwise, most of the complaints and attacks imo are just people that don’t get crypto or the crypto market ?
- Шибетоши Накамото (@ BillyM2k) Јуни 17, 2022
He has enough reasons to be jubilant right now with Dogecoin shining on all fours.
“Making the most of it”
First of all, Kraken just announced that Dogecoin Futures contracts are set to launch on the exchange starting 20 June. Kraken is not the first exchange to do so. Binance, OKEx, and Bitfinex have all launched perpetual DOGE contracts.
This is all good news, especially in light of the larger market correction.
Новите договори на Kraken Futures доаѓаат следната недела:$ TRX @trondao$ DOGE @dogecoin$ FTM @FantomFDN
Трансфер на средства на вашиот Kraken Futures паричник денес.
? Тргувањето започнува понеделник, 20 јуни?
*Важат географски ограничувања
Научи повеќе ? https://t.co/CZKu3oExEt pic.twitter.com/6xZcnfS8xu
- Разменета размена (@krakenfx) Јуни 17, 2022
Furthermore, DOGE recently broke into the top 10 coins by trading volume by whales on the BNB Chain. According to WhaleStats, the portfolio of BSC whales had $10,104,819 worth of Dogecoin – 0.92 percent of the portfolio.
Само во: $ DOGE @dogecoin сега на топ 10 по обем на тргување меѓу 4000 најголеми # БСЦ китови во последните 24 часа?
Погледнете ги најдобрите 100 китови овде: https://t.co/CnPsLVmRmh
(и ходл $BBW за да ги видите податоците за првите 4000!)# КОЧЕН #вештаци #бебекит #BBW pic.twitter.com/xpxljWH2Wn
— WhaleStats – најдобрата листа на 1000 BSC (@WhaleStatsBSC) Јуни 19, 2022
Finally, there was the small matter of Elon Musk affirming on Twitter that he is still buying the memecoin. This came as a shock, especially since he has been sued recently. Musk has been challenged in court for over $258 billion in damages for allegedly manipulating DOGE.
Thus, it is pretty evident that the news will uplift investor pain in the DOGE community. However, the lawsuit does make an attempt at blocking Musk and his companies from promoting Dogecoin.
Јас сум
- Елон Муск (@elonmusk) Јуни 19, 2022
The news of Musk investing in the crypto was well received as DOGE prices shot up by 10%. Trading at $0.058 at press time, DOGE has some breathing space again after falling for most of the past week. DOGE started the week at $0.7 and later, bottomed at $0.50.
Despite the 10% bump on the charts, the weekly chart is down by nearly 13%. The MVRV ratio also seemed to be in a worrying position, despite the alt recording a jump with the price shift. The ratio, at press time, was still lingering at a low of 0.25 – In line with general market conditions.
Source: https://ambcrypto.com/the-many-reasons-why-doge-believers-arent-done-yet/