Crypto News

A top-tier crypto that offers a possible attractive percentage reward

  • Elon Musk’s favorite crypto
  • 11th leading asset in its class
  • Cryptos move higher, lower based on sentiment
  • Low nominal prices attract speculators
  • When Bitcoin and Ethereum take off, DOGE could become more attractive

cryptocurrency, fiat currency and and have one thing in common. Intrinsic value depends on market consensus on value. The values ​​of cryptos and fiat currencies are based solely on trust. While gold and silver have industrial and decorative uses, investment demand, or confidence in their value, is the primary determinant of the path of least price resistance.

Gold is the metal that governments, central banks and monetary authorities hold as an integral part of their foreign exchange reserves, confirming gold’s role in the global financial system. Silver is much more volatile in comparison, but the price tends to follow its precious metal cousin up and down. Silver’s lower cost and higher volatility attracts far more speculative interest when the price is trending up or down.

If and in the world of cryptocurrencies are analogous to gold, then silver is theirs. Each unit of DOGE is a fraction of the price of Bitcoin and Ethereum and has developed a history of large price swings that could make it the speculative crypto of choice for market participants looking to jump on board during a rally.

our recommendation A top-tier crypto that offers a possible attractive percentage reward, Crypto Trading News

This is what awaits you in this article

Elon Musk’s Pet Crypto

Elon Musk’s empire is like the universe—it’s expanding. Alongside Tesla (NASDAQ:), the world’s leading manufacturer of electric vehicles, he is the founder, CEO and chief engineer of SpaceX. To his portfolio also owns The Boring Company, which addresses traffic and logistics problems in cities by building tunnels. He co-founded Neuralink in 2016, a company that makes devices that embed into the human brain and facilitate merging with machine technology. Musk explains the product as “a Fitbit in your skull.”

Musk made millions from holdings in Zip2 and PayPal (NASDAQ:). Tesla’s growth brought him billions and made him the richest person in the world. In April, he bid $44 billion for Twitter (NYSE:), the social media platform. He plans to privatize the company and expand his empire.

Musk is a modern day Leonardo da Vinci or Thomas Edison with a growing portfolio of diversified companies. He is also a cryptophile and holds a portfolio of cryptocurrencies. In recent years, he developed a particular affinity for Dogecoin, the crypto that started as a joke and grew into a top-tier digital currency. Musk is so in love with DOGE that he has a Shiba Inu-Has a puppy named Floki. The Shiba Inu is DOGE’s mascot and brand. Every time Musk tweets about DOGE, the cryptocurrency’s price volatility tends to increase.

11. Leading asset in its class

On May 10th, DOGE was the 11th leading cryptocurrency out of more than 12,390.
A top-tier crypto that offers a possible attractive percentage reward, Crypto Trading Newstop cryptos after market capitalization.
Source: CoinMarketCap

The chart shows that DOGE’s market cap is more than $14.78 billion at 11.09 cents per token. DOGE’s position provides the crypto with the liquidity and critical mass, which is no joke.

Cryptos are moving higher, lower on sentiment

Cryptocurrencies are alternative mediums of exchange. Supporters like Musk, Jack Dorsey, and others believe that cryptos will compete with fiat currencies in the years to come. While central banks and governments are free to issue legal fiat currency to their hearts’ content, crypto assets are unaffected by government intervention. Their value is determined solely by offers to buy and sell in the market.

With sentiment driving price levels and with over 12,300 cryptos to choose from, branding and positioning in the market are key success factors. Musk’s assumption of DOGE as his favorite crypto and his Shibu Inu mascot has created a massive following.

A top-tier crypto that offers a possible attractive percentage reward, Crypto Trading News

Source: CoinMarketCap

The chart shows that from 2013 to early 2021, DOGE was mostly at a fraction of a cent. Musk’s interest propelled the price to a high of almost 70 cents per token in May 2021. At 11.09 cents on May 10, DOGE corrected lower than the rest of the asset class. However, the crypto remains at multiples of its pre-2021 price level.

Low nominal prices attract speculators

Bitcoin’s surge from 5 cents in 2010 to nearly $69,000 in November 2021 and its current price level of more than $30,000 per token sparked a speculative frenzy in the cryptocurrency asset class.

At the 11 cents per token level, investors and speculators have flocked to DOGE as it traded higher and lower with the other members of the asset class. A low price per token creates a magnetic psychological attraction for investors and speculators dreaming of Bitcoin-like returns. The Shiba Inu brand and Musk’s involvement add to the crypto’s appeal.

Bitcoin, at around $31,000 per token, and Ethereum, at the $2,340 level, are expensive. A speculator can buy about 282,000 DOGE for the price of one bitcoin or more than 21,200 DOGE for one Ethereum token.

If Bitcoin, Ethereum Take Off, DOGE could offer attractive percentage reward

High interest rates, rising and volatile markets across all asset classes have weighed on cryptocurrency prices since November 2021. Bitcoin and Ethereum are the market leaders with about 61% of the asset class’s market cap, and the market leaders tend to dictate the path of least resistance of all crypto prices.

Bitcoin and Ethereum are looking for bottoms. If the price action of previous years repeats itself, there could be more significant rallies in the coming weeks, months and years. As they take off to the top, DOGE is likely to follow like an obedient Shiba Inu pup, while Musk cheers on his favorite crypto via his new toy, the world’s leading social media platform.

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button