In the midst of what might be called the market turmoil, Dogecoin [DOGE] has reasons to celebrate. In fact, co-founder Billy Markus seemed ecstatic after his recent tweets caught the eye of Elon Musk. What’s the news and how does DOGE react to it?

DOGE not down

Dogecoin co-founder Billy Markus recently shared a tweet expressing his “desires” for the memecoin. Markus wants DOGE to have a purpose, a purpose beyond “pump and dump.” He also wants the community to “understand what crypto is and what the market is.”

He also suggested that “it would be cool” if people add “utility” and “security” to crypto.

He has plenty of reasons to cheer now with Dogecoin shining on all fours.

“Making the best of it”

First of all, Kraken just announced that Dogecoin Futures contracts will be launched on the exchange starting June 20th. Kraken is not the first exchange to do this. Binance, OKEx and Bitfinex have all launched perpetual DOGE contracts.

This is all good news, especially in light of the larger market correction.

In addition, DOGE recently broke into the top 10 coins by trading volume by whales on the BNB Chain. According to WhaleStats, BSC whales’ portfolio held $10,104,819 worth of Dogecoin – 0.92 percent of the portfolio.

Finally, there was the small matter of Elon Musk confirming on Twitter that he is still buying the memecoin. This came as a shock, especially since he was recently indicted. Musk has been sued in court for more than $258 billion in damages for alleged manipulation of DOGE.

So it’s pretty clear that the news will ease investors’ pain in the DOGE community. However, the lawsuit is an attempt to stop Musk and his companies from promoting Dogecoin.

The news that Musk was investing in the crypto was well received as DOGE prices rose 10%. DOGE traded at $0.058 at the time of writing and has regained some breathing room after declining for most of the past week. DOGE started the week at $0.7 and later hit a low of $0.50.

Despite the 10% rise on the charts, the weekly chart is down nearly 13%. The MVRV ratio also appeared to be in a worrying position, despite the alt taking a jump with the price shift. The ratio was still hovering at a low of 0.25 at the time of going to press – in line with general market conditions.

Source: Santiment

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