NAIROBI (Coinchapter.com) – Dogecoin’s (DOGE) price is set to reach stratospheric heights if one analyst is to be believed. The ever-popular meme coin, it seems, could soon leave Earth’s orbit and be off the charts – literally.
Garner’s analysis rests on the robust shoulders of the Smart Money CVD h/t indicator, a tool that supposedly has the clairvoyance to see the potential of Dogecoin’s trajectory. With Dogecoin currently priced at $0.1605, experiencing a 3.85% increase in a day, and boasting a market cap of $23.05 billion, skeptics might find this outlook a tad ambitious.
Elon Throws Dogecoin a Bone, Hints at Tesla Payments
Get ready for another round of Doge-mania! Elon Musk, the ever-influential Tesla CEO, reignited the Dogecoin fire on March 14th. He hinted at the possibility of Tesla accepting DOGE payments someday.
Musk’s pronouncements have a well-documented history of sending cryptocurrencies, particularly Dogecoin, on wild price rides. His latest Doge-friendly comments are sure to be another chapter in the meme coin’s unlikely journey from internet joke to potential mainstream player.
Coinbase Derivatives to Launch Doge Futures
Adding fuel to the Doge price frenzy, Coinbase Institutional announced upcoming Dogecoin futures contracts regulated by the CFTC. The crypto exchange’s derivatives platform will offer leveraged futures for Dogecoin, Bitcoin Cash, and Litecoin starting April 1st. Further details on when trading will commence are forthcoming, according to Coinbase.
The announcement of leveraged futures contracts by Coinbase Derivatives adds another layer of complexity and excitement to the narrative. These contracts allow investors to bet on the future price of Dogecoin with borrowed money, potentially amplifying profits or losses. The regulated nature of these contracts offers a semblance of safety in the Wild West of crypto trading. However, the inherent risks of leverage cannot be understated.
In the world of meme-driven cryptocurrencies, rationality often takes a back seat to sheer absurdity. Here, outlandish proclamations are the norm, fueled by a healthy dose of over-the-top hyperbole – the essential ingredient for any good meme.
So, while we eagerly await Dogecoin’s supposed journey to the farthest reaches of our solar system, let’s not forget to appreciate the sheer entertainment value of these outlandish predictions. Because in the end, isn’t that what the meme market is really all about?