In the middle of what can be called market turmoil, Dogecoin [DOGE] has reasons to celebrate. In fact, its co-founder Billy Markus seemed ecstatic after his recent tweets got Elon Musk’s attention. What is the news and how is DOGE reacting to it?
DOGE not down
Dogecoin co-founder Billy Markus recently shared a tweet expressing his “desires” for the memecoin. Markus wishes DOGE to have a purpose, one that stretches “beyond pump and dump.” He also wants the community to “understand what crypto is and what the market is.”
Furthermore, he also suggested that “it would be cool” if people add “utility” and “security” to crypto.
it would be cool if people keep working on it and adding utility and security, and working on services that also add utility, which i have seen and appreciate
but otherwise, most of the complaints and attacks imo are just people that don’t get crypto or the crypto market 🤣
— Shibetoshi Nakamoto (@BillyM2k) June 17, 2022
He has enough reasons to be jubilant right now with Dogecoin shining on all fours.
“Making the most of it”
First of all, Kraken just announced that Dogecoin Futures contracts are set to launch on the exchange starting 20 June. Kraken is not the first exchange to do so. Binance, OKEx, and Bitfinex have all launched perpetual DOGE contracts.
This is all good news, especially in light of the larger market correction.
New Kraken Futures contracts coming next week:$TRX @trondao$DOGE @dogecoin$FTM @FantomFDN
Transfer funds to your Kraken Futures wallet today.
👉 Trading starts Monday, June 20 👈
*Geographic restrictions apply
Learn more 👇 https://t.co/CZKu3oExEt pic.twitter.com/6xZcnfS8xu
— Kraken Exchange (@krakenfx) June 17, 2022
Furthermore, DOGE recently broke into the top 10 coins by trading volume by whales on the BNB Chain. According to WhaleStats, the portfolio of BSC whales had $10,104,819 worth of Dogecoin – 0.92 percent of the portfolio.
JUST IN: $DOGE @dogecoin now on top 10 by trading volume among 4000 biggest #BSC whales in the last 24hrs 🐳
Peep the top 100 whales here: https://t.co/CnPsLVmRmh
(and hodl $BBW to see data for the top 4000!)#DOGE #whalestats #babywhale #BBW pic.twitter.com/xpxljWH2Wn
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) June 19, 2022
Finally, there was the small matter of Elon Musk affirming on Twitter that he is still buying the memecoin. This came as a shock, especially since he has been sued recently. Musk has been challenged in court for over $258 billion in damages for allegedly manipulating DOGE.
Thus, it is pretty evident that the news will uplift investor pain in the DOGE community. However, the lawsuit does make an attempt at blocking Musk and his companies from promoting Dogecoin.
I am
— Elon Musk (@elonmusk) June 19, 2022
The news of Musk investing in the crypto was well received as DOGE prices shot up by 10%. Trading at $0.058 at press time, DOGE has some breathing space again after falling for most of the past week. DOGE started the week at $0.7 and later, bottomed at $0.50.
Despite the 10% bump on the charts, the weekly chart is down by nearly 13%. The MVRV ratio also seemed to be in a worrying position, despite the alt recording a jump with the price shift. The ratio, at press time, was still lingering at a low of 0.25 – In line with general market conditions.
Source: Santiment