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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

How DOGE Could Bring Doom To Crypto Rally

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Dogecoin DOGE DOGEUSDT

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After an impressive overnight rally, Dogecoin (DOGE) crossed the $0.50 and smashed every resistance towards new all-time highs. The so-called meme cryptocurrency has surpassed the market cap of giant corporations in traditional finance, some have begun to question the existence of “the people’s coin”.

Trader MeanHash, a Dogecoin holder, believes the cryptocurrency has the potential to ruin the crypto industry. This idea has divided the crypto space into two sides, those that defend what Dogecoin represents and the others, that most view it as a speculative asset and have called for its ban. MeanHash said:

DOGE might actually ruin crypto. Wouldn’t that be a fitting end to all of this? The meme coin destroys trust in the entire ecosystem. The higher it goes the more concerned I am about it all falling apart.

In the other corner is Tyler Winklevoss, founder of Gemini exchange. He claims Dogecoin’s money supply is more transparent, “hard” and predictable than the U.S. dollar.

However, Chief Financial Officer for the Oslo Freedom Forum and the Human Rights Foundation, Alex Gladstein, has highlighted some of Dogecoin’s flaws. Gladstein pointed towards the cryptocurrency centralized supply, over 80% of Dogecoin is controlled by the top 100 addresses. Gladstein said:

Remember: Dogecoin has had several insane pumps like this before, only to later fall in value by 90%+. In sum: Please do not listen to anyone who says Dogecoin is better than, no different than, or even remotely similar to Bitcoin.

Others, like trader Pentoshi, are much more optimistic:

It’s 2023. The $doge money will flow into the rest of the market you tell yourself again. Dogecoin is now trading at $589. It’s the worlds only payment method after the collapse of the dollar.

DOGE-Day, Elon Musk To Present The Dogefather

The Shiba Inu coin could go parabolic in the short term. D-Day has been set for May 8th, 20201. Elon Musk, Tesla’s Technoking and CEO, one of Dogecoin’s stronger supporters will make an appearance in Saturday Night Live, the popular American comedy show. Musk will apparently “test” how “live” the program is.

The entrepreneur’s statements on the cryptocurrency have been major price drivers, during the past year. In fact, some have argued that Musk brought this cryptocurrency back from the dead zone at $0.05.

At the time of writing, Dogecoin trades at $0.61 with a 9.2% rally in the daily chart and a 143.1% in the weekly chart. The Shiba Inu coin has a price target of $1 for D-Day.

Dogecoin DOGE DOGEUSDT
Dogecoin with important gains in the daily chart. Source: DOGEUSDT
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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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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