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Important Notice - Fraud awareness
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The vast majority of retail investor accounts lose money when trading CFDs / Spread betting with this provider.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs / Spread betting with this provider. You should consider whether you understand how CFDs / Spread betting work and whether you can afford to take the high risk of losing your money.
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Elon Musk advocates Dogecoin as potential currency

There has been an increase in the daily trading volume for the meme coin - Dogecoin, which has become a billionaire's favourite.

Despite the current dip in the crypto market, investors and crypto whales seem to be accumulating Dogecoin in large amounts, given the recent hype over the coin by Tesla CEO - Elon Musk as having great potential.

Buzz began after Dogecoin co-founder Billy Markus known as Shibetoshi Nakamoto, tweeted last week, "I like Dogecoin because it knows it is stupid". Elon Musk then briefly stated, "it has the potential of becoming a currency".

This interesting response from Elon Musk has thrown the Dogecoin community into wild speculation on the possible potential to which the new Twitter CEO is referring. A greater audience seems to be projecting that Musk may be intending to make Dogecoin the official exchange currency for his newly acquired twitter.

According to analyst reports, Musk envisioned the concept of creating a Dogecoin-centred digital wallet. In simple form, the idea is a full-based Dogecoin payment platform that would be free and utilised by Twitter users. However, he is yet to disclose the full details of this thought and how soon one can expect to see it manifest.

Interestingly, Musk's reply received more than 50.2K likes and many comments. Since then, investors have been jumping into the coin, which has kept the DOG/USD price relatively resilient amidst the recent fall in cryptocurrency prices.

In light of support given by Musk for Dogecoin, most analysts agree that adopting Dogecoin as a means for Twitter will accord the meme coin a more prominent use case. Some are already forecasting that doing so will give the coin the most significant support to hit $1 in 2022. Hence, many consider the current decline in the prices of Dogecoin as the best opportunity to bag the meme coin for a long-term investment.

At present, the price of Dogecoin is currently at $0.0900. The next resistance for it is at $0.1350. With the price currently very low, many would consider it the best buying opportunity for long-term holding.

Last Updated: 16/05/2022

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.


 

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