Dogecoin made crypto mainstream, says Litecoin creator Charlie Lee

Charlie Lee told Bloomberg in an interview that Dogecoin brings traders to the cryptocurrency ecosystem.
Senator Wendy Rogers of Arizona courted the Dogecoin community, saying people should have the freedom to buy crypto of their choice.
Analysts believe that short interest in Dogecoin is waning, and the meme coin could start a price rally.

The Shiba-Inu-themed Dogecoin is identified as the meme coin that made cryptocurrency mainstream. Litecoin creator Charlie Lee believes Dogecoin is a great cryptocurrency and appreciates Elon Musk for making crypto popular.

Dogecoin makes crypto mainstream, prepares for a comeback

In an interview with Bloomberg, Charlie Lee said that Dogecoin is “great,” and the meme coin is ready to bring more people to cryptocurrency trading. Lee praised Elon Musk, the CEO of electric car company Tesla for his enthusiasm in making crypto mainstream.

Tesla recently started accepting Dogecoin as payments for some merchandise, boosting the utility and on-chain activity. Musk is considered a proponent of Dogecoin.

Senator Wendy Rogers from Arizona is a known critic of cryptocurrencies, yet in a recent tweet, Sen Rogers courts the Dogecoin community and shares her belief that all users should have the freedom to buy cryptocurrencies of their choice.

I don't understand the SHIB. I don't understand the Doge. But I do understand freedom. People should be able to buy whatever digital coins they want. Even if they aren't as good as #Bitcoin.
— Wendy Rogers (@WendyRogersAZ) February 1, 2022

Analysts have evaluated the Dogecoin price trend and noted that the short interest in the meme coin is waning. This could mean Dogecoin may be likely to break out into a rally.

@itsALLrisky, a pseudonymous cryptocurrency analyst and trader, revealed that Gemini Earn, a lending program, has lowered APY interest rates in Dogecoin from 3.78% to 1.01%. The analyst believes that implies Dogecoin price could start a rally.

Gemini Earn has lowered APY interest rates on $DOGE from 3.78% to only 1.01%

This could indicate that short interest is waning, which is bullish for #DOGE

Their partners may be expecting a #Dogecoin breakout soon! pic.twitter.com/LKvWAIAYpE
— (@itsALLrisky) February 1, 2022

FXStreet analysts believe that Dogecoin price is stagnant while bulls attempt a takeover. Analysts have identified a falling wedge, considered one of the most profitable patterns in technical analysis.

Share: Cryptos feed

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.