“Dogecoin Still Has Potential As Currency,” Says Elon Musk

On Friday, Tesla CEO Elon Musk took to Twitter, telling Dogecoin co-founder Billy Markus that the project has potential as a currency. The post “Dogecoin Still Has Potential As Currency,” Says Elon Musk appeared first on BeInCrypto.

Timeline of Dogecoin

It's no longer news that Dogecoin is Elon Musk's favorite cryptocurrency. The meme cryptocurrency has since gained popularity and price pushes since the Tesla founder began endorsing it.

Dogecoin, the most popular meme cryptocurrency, has dropped 30% in the last 24 hours, but has already started to rebound. Someone moved around 250 million Dogecoins during this enormous price drop, with little more than half of that amount going to Robinhood.

Dogecoin price analysis confirms a bearish reading for today, continuing on a larger decline in the cryptocurrency market. Dogecoin shipped more than 5 percent over the last 24 hours, with price moving to a 13-month low of $0.70.

With each turn of the market, there are always cryptocurrencies that make it to the top as the most-liked coins among investors. This time around, a survey that was carried out between January 2021 and January 2022 has shown the favorite cryptocurrencies among investors.

Sentiment analysis run across a year's worth of tweets has found that Ethereum is Twitter's least favorite cryptocurrency of five studied, while Dogecoin received the most affection.

Most of the market is still recovering from the events of 9 May, which left the crypto space broken beyond belief. Marking the highest single-day losses for every cryptocurrency, the bears did not spare even the most popular/in-demand tokens, including the king of meme coins, Dogecoin.

Shiba Inu recovers faster than Dogecoin did after the recent crypto crash as both of them fell hard at the start of the week so let's have a closer look at today's latest altcoin news. Shiba Inu recovers faster than DOGE and is up by 6% in the past 24 hours after Modany's wider market

Shiba Inu is proving that despite the previous weeks' turmoil in the broader crypto market, it can stand its ground and be unfazed by what's going on. Following a severe selloff in the previous session, major crypto tokens recovered on Wednesday.

Dogecoin's price, unlike a lot of altcoins, seems to be holding above its support levels despite the nasty market crash since 5 May. The crash pushed DOGE inside its bullish setup, where it awaits a breakout.

Market leaders Bitcoin and Ethereum were yet to reclaim key levels post the massive liquidations, with BTC trading at around $31k and ETH at the $2,300-mark at the time of writing.  As a result, altcoins like Dogecoin, FTX token, and Chainlink gravitated toward their multi-monthly/yearly lows on 10 May.