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DOGE surges 4% with Elon Musk tweet amid memecoin frenzy.
DeFi regulations could boost DOGE, paving the path to ETF eligibility.
Amidst the latest cryptocurrency market downturn causing turmoil for most coins, Dogecoin [DOGE] experienced a slight surge among a handful of alternative coins.
After Elon Musk’s latest tweet about dogs, the value of the cryptocurrency associated with dogs experienced a rise of approximately 4%.
The memecoin craze
Lately, Musk made a lighthearted jest, likening mainstream media to Monty Python’s “Life of Brian” characters, who find it challenging to cover Dogecoin’s surge among leading cryptocurrencies.
In a lighthearted representation, this portrayal brought out the reasons behind Dogecoin’s achievement and the impact of social media trends on financial exchanges.
With the market starting to bounce back, social media is filled with excitement over meme coins. This was recently emphasized by @ApeCryptos in a recent post.
“U Can’t Stop #Meme Coins.”
During a discussion on “Unchained” podcast between Will Clemente, co-founder of Reflexivity Research, and Laura Shin, they explored the regulatory developments affecting Decentralized Finance (DeFi) projects. Instead of “shedding light,” consider expressing it as “providing insights into” or “discussing in depth” the regulatory actions against DeFi projects. As for the second part, Will saw this situation as advantageous for meme coins, meaning that the increased scrutiny could potentially benefit these digital assets.
He said,
“In my opinion, Dogecoin could be the strongest contender because it functions more like a traditional commodity. Compared to Ethereum, I believe Dogecoin has a more straightforward commodity nature.”
If DeFi projects encounter closures or regulatory challenges, Clemente suggests that some investors may consider meme coins as a possible replacement for investment.
Furthermore, he points out that the regulatory landscape may facilitate meme coins’ growth and even make them candidates for crypto ETFs.
What lies ahead for DOGE?
Significantly, despite DOGE experiencing setbacks lately, numerous supporters remain committed to holding on.
Over the last week, on-chain information indicates a significant 18% drop in Dogecoin’s value. However, unwavering long-term investors continue to brave the market turbulence with determination.
Additionally, according to IntoTheBlock’s data analysis, an impressive 81% of Dogecoin wallet holders continue to enjoy profits, despite the latest market dip.
Echoing similar sentiments, Crypto Daily Trade Signals, added,
“#Dogecoin will do this soon $1 #Doge coming faster than you think!!”
In other words, although DOGE is now staying put in its consolidation period, it still holds the power to change investors’ attitudes from pessimistic to optimistic.
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2024-04-17 14:15