It seems like Elon Musk, the richest person of the world, is serious about his obsession with meme cryptocurrency Dogecoin (DOGE) due to his recent tweet.
After days of non-stop DOGE memes, Musk now explains about Dogecoin’s technical viability in a more serious tone. In a recent tweet, he took a shot at Bitcoin’s presumably deflationary monetary policy to make a case for the Shiba Inu-inspired crypto:
“Doge appears to be inflationary, but is not meaningfully so (fixed # of coins per unit time), whereas BTC is arguably deflationary to a fault.”
He added that Dogecoin is “a few orders of magnitude faster” than the Big Daddy of crypto.
Dogecoin is back in the top 10
Joke cryptocurrency Dogecoin (DOGE) is back in the top 10 according to CoinMarketCap (CMC) after soaring to $0.0873 on Feb. 7.
It was a hair’s breadth away from beating its previous all-time high of $0.0875 that was set after the cryptocurrency surged over 1,100 percent in just one day.
It is now above Stellar (XLM) and Rover Ver-backed Bitcoin Cash (BCH).
Dogecoin’s revival is certainly a testament to Elon Musk’s Twitter power. The centibillionaire at the helm of Tesla and SpaceX made a return to Twitter to tweet about DOGE last week, which sent the token to the moon.
Dogecoin price prediction
Two weeks ago, it was broadly said that Dogecoin price was down but not out. At the time, the currency was having a large sell-off because of the Wall Street Bets (WSB). However, looking at the daily chart, we found that the sell-off was mostly a consolidation pattern or a bullish pennant.
In the past few days, the cryptocurrency moved above the pennant and all the short and long-term moving averages. Therefore, it appears like the momentum of the DOGE price will continue so long as Musk has its back. The next key level to watch is $0.1, which it will possibly test this week. The invalidation point for this prediction is if the price drops to $0.032.