- Dogecoin founder Billy Markus recently said that the meme coin may never hit its all-time high again.
- Regardless, Elon Musk continued to voice his support for DOGE and its community.
- DOGE price has continued its uptrend while some analysts argue the bottom may be in.
Billy Markus, the founder of Dogecoin, believes the memecoin price may never return to its all-time high as 2021 was a “weird year.” Still, DOGE holders are bullish amidst Elon Musk’s support and believe the Shiba-Inu-themed cryptocurrency could continue its uptrend.
Dogecoin founder Billy Markus is bearish
Billy Markus is known to often throw his weight behind Dogecoin and condemn comments that address the project as a “pyramid scheme.” Markus has often iterated that investors are interested in DOGE only when the price is high, and this is not the right approach. Interestingly, in a recent tweet, the creator made bearish comments on the token’s price action.
Pseudonymous crypto analyst and trader @cocochaneladair posted a picture of Dogecoin’s price chart hitting all-time high of $0.74 and tweeted, “Can’t wait to see this again.”
Can’t wait to see this again #Dogecoin #DogecoinToTheMoon pic.twitter.com/DpNr1PrM9b
— Coco Naka-No-Mo-Money (@Cocochaneladair) June 20, 2022
Markus replied by saying that we
might never see [$0.74] again. 2021 was a weird f#cking year, and Dogecoin was swept up in the dystopia.
The meme coin’s founder is pessimistic on the outlook of DOGE after the token plummeted over 91% from its all-time high.
Despite Markus’ comments, the Dogecoin community remains bullish in lieu of support from self-proclaimed DOGE father, Elon Musk.
Elon Musk voices support for DOGE despite $258 billion lawsuit
The New York Post reported that a federal lawsuit was filed against Elon Musk in Lower Manhattan. Plaintiff Keith Johnson has named Musk, Tesla and SpaceX in the lawsuit and requested $86 billion in damages. Johnson asked for an additional $172 billion in losses incurred on Dogecoin trades since 2019, arguing that he represents investors who lost money trading the meme coin as Musk promoted it.
Johnson expects Musk to stop promoting Dogecoin; the court filing reads,
Dogecoin is not a currency, stock, or security. It’s not backed by gold, other precious metals, or anything at all. You can’t eat it, grow it, or wear it.
Musk reiterated that Tesla supports Dogecoin payments for some merchandise, and SpaceX will do the same. The American billionaire argues that his employees ask him to support the cryptocurrency, and so he chooses to do it. He also revealed that his companies have Bitcoin holdings but it is a small percentage of total cash assets and not that significant.
Musk said,
I intend to personally support Dogecoin, because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I’m responding to those people.
DOGE price attempts to resume uptrend
Dogecoin price broke out of its slump and appears to have started an uptrend. DOGE has posted nearly 5% gains overnight, and analysts believe the meme coin could continue its uptrend.
Melanie Schaffer, a leading crypto analyst, argues that the recent upswing has created a bullish divergence on the daily chart, indicating further upside momentum. Still, Dogecoin price faces resistance at $0.083, which may prove challenging to break.
DOGE-USD price chart
Three volatile cryptos to keep on your watchlist
FXStreet conducted a brief technical and on-chain analysis on a few cryptocurrencies that appear to have significant upside potential. For more information, watch the video below:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.