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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Why Andre Cronje Believes DOGE Is Good For Crypto

Reynaldo Marquez
Reynaldo Marquez
Last Updated: May 8, 2021 8:33 pm
2 mins read

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Dogecoin reached a new all-time high and was 98% of becoming the third’s largest cryptocurrency by market cap, overthrowing Binance’s native token BNB. DOGE’s 25,518% 1-year rally has started a debate in the crypto space about its implications for the whole sector.

Ethereum-based protocol Yearn Finance creator, Andre Cronje, weighed in on the discussion. Unlike those who think Dogecoin could trigger a negative effect across the industry, Cronje feels the exact opposite. He claims the Dogemania could attract new investors into the crypto space.

Comparing Dogecoin with lolcats, a project responsible for attracting new users in the early days on the internet, Cronje said Dogecoin could have a similar effect, before disappearing into oblivion. The developer said:

I don’t like Doge, its a meme. But I also didn’t like lolcats.  lolcats captured attention and trained early users on the internet, and what lolcats did for the internet, Dogecoin will probably do for crypto. In that regard, Doge is probably more meaningful than most.

Tesla’s CEO Elon Musk will appear on Saturday Night Live, the popular American comedy show, and many expect a pump towards new highs for the meme cryptocurrency. However, Musk himself has warned against people “investing life savings” into crypto. But, like Cronje, Musk believes cryptocurrencies have a future as world-class investment assets.

DOGE, Not Short But Not Long

In the past 24-hours, Dogecoin has seen important gains and rise to the mid-range of the $.070 zone. At the time of writing, the cryptocurrency has been moving sideways into lower lows with a 6.2% profit in the daily chart.

Dogecoin DOGE DOGEUSDT
Dogecoin with sideways movement in the lower timeframes. Source: DOGEUSDT Tradingview

Many Dogecoin holders are betting on two potential scenarios. The classic “buy the rumor, sell the news” play or further appreciation during Musk’s appearance. Data from CryptoMeter for FTX’s futures record around $112 million in short positions and $82.7 million in long positions, for the past 12 hours.

FTX Futures Activity:
🔴 $BTC-PERP Shorts Worth 159M+ USD
🔴 $DOGE-PERP Shorts Worth 112.4M+ USD
🔵 $DOGE-PERP Longs Worth 82.7M+ USD#cryptocurrency #cryptotrading #FTX Futures – https://t.co/LIVO4vt168

— CryptoMeter.io (@CryptoMeterIO) May 8, 2021

At its peak, when Dogecoin’s price reached a new all-time high, it had the most traded pair in terms of volume with stablecoin Tether (USDT) on Binance and Huobi. In total, the trading pairs on these exchanges reached a total trading volume of around $70 billion, surpassing the Chinese stock market, as claimed reporter Colin Wu:

Not officially released by binance, but statistics made by a Chinese media. On the same day, China’s Shanghai and Shenzhen Stock Exchanges had transactions of 411.1b and 472.8b, totaling RMB 883.9b, which was lower than Binance’s 168.2b (approximately RMB 1.086 trillion).

However, the Shiba Inu coin price action seems impossible to predict with different opinions about its sustainability beyond the mania.

Founder and CEO of Digital Currency Group, Barry Silbert, threw fuel at Dogecoin’s trading activity. When the cryptocurrency was high in the $0.70 zone, Silbert revealed a short position with a 3x leverage. Taunting Dogecoin holders, the executive said:

Okay $DOGE peeps, it’s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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