One of Dogecoin‘s creators, Billy Markus, has disclosed via Twitter that wider adoption of Dogecoin will occur when there is a DOGE-ETH bridge and once the DOGE is included as a payment option on NFT market platforms. Markus further remarked that making DOGE a payment option for NFTs will enhance its utilization since there is a high demand for NFT.
Net Positive YTD For DOGE
DOGE has made tremendous gains since the start of this year. Its price was $0.004 as of January first, but as of this writing, DOGE’s current price is $0.21. In between, DOGE set a new peak price at $0.68 in April during the first bullish cycle of the crypto market this year. Electric car billionaire Elon Musk also influenced its price.
Musk, who dubbed himself the DOGE father, claimed that the meme-themed digital currency would be better than bitcoin provided its block size and time increase by ten-fold while its transaction fees increase by 100-fold.
Musk’s social activities have always caused an enormous spike in DOGE price. The Tesla CEO has also suggested that DOGE developers make the digital currency suitable to make daily purchases. In a recent interview, Ross Nicoll, a Dogecoin developer, admitted that the developers are taking his advice seriously based on his experience as a founder of a digital payment processor (PayPal).
AMC Entertainment Chief Executive, Adam Aron, is interested in additional use cases for Dogecoin. Even though AMC revealed that it would start accepting some selected cryptocurrencies at its theater later in the year, Dogecoin wasn’t on that list.
However, Aron revealed that his team will re-consider after he ran a Twitter poll to seek the opinion of his followers regarding the acceptance of Dogecoin at AMC theaters. The poll revealed that more than 81% of respondents support the idea.
Critics For The Meme-Themed Cryptocurrency
While Dogecoin advocates are excited about the long-term prospects of Dogecoin, Jackson Palmer (another Dogecoin co-creator) doesn’t see a bright future for this coin. Despite being a co-creator, Palmer had previously claimed that he wanted to dissociate himself from Dogecoin or any other digital currency. He claims that the crypto market bears a similar resemblance to a worse capitalist system.
Using a lengthy Twitter thread, Palmer said, “after many years of underground research, I am convinced that the digital asset market has an undertone of capitalism. It aims to expand the affluence of its owners by helping them avoid paying tax and creating artificial scarcity for their coins.”
DOGE 4-Hour Chart Technical Analysis
The MAs and the momentum indicator on DOGE’s 4-hour chart indicate a strong bearishness.
The MACD is the only technical indicator indicating possible bullishness. DOGE has not sunk below the $0.18 support levels indicating that there isn’t so much selling pressure right now. However, increased buying pressure can cause DOGE’s price to surge past the $0.22 levels (the levels which represent its next resistance.)
DOGE/USD 4-hour chart. Source: TradingView(https://www.tradingview.com/symbols/DOGEUSD/)