• Dogecoin founder Billy Markus recently said that the meme coin may never hit its all-time high again. 
  • Regardless, Elon Musk continued to voice his support for DOGE and its community. 
  • DOGE price has continued its uptrend while some analysts argue the bottom may be in. 

Billy Markus, the founder of Dogecoin, believes the memecoin price may never return to its all-time high as 2021 was a “weird year.” Still, DOGE holders are bullish amidst Elon Musk’s support and believe the Shiba-Inu-themed cryptocurrency could continue its uptrend. 

Dogecoin founder Billy Markus is bearish 

Billy Markus is known to often throw his weight behind Dogecoin and condemn comments that address the project as a “pyramid scheme.” Markus has often iterated that investors are interested in DOGE only when the price is high, and this is not the right approach. Interestingly, in a recent tweet, the creator made bearish comments on the token’s price action. 

Pseudonymous crypto analyst and trader @cocochaneladair posted a picture of Dogecoin’s price chart hitting all-time high of $0.74 and tweeted, “Can’t wait to see this again.”

Markus replied by saying that we

might never see [$0.74] again. 2021 was a weird f#cking year, and Dogecoin was swept up in the dystopia.

The meme coin’s founder is pessimistic on the outlook of DOGE after the token plummeted over 91% from its all-time high. 

Despite Markus’ comments, the Dogecoin community remains bullish in lieu of support from self-proclaimed DOGE father, Elon Musk. 

Elon Musk voices support for DOGE despite $258 billion lawsuit

The New York Post reported that a federal lawsuit was filed against Elon Musk in Lower Manhattan. Plaintiff Keith Johnson has named Musk, Tesla and SpaceX in the lawsuit and requested $86 billion in damages. Johnson asked for an additional $172 billion in losses incurred on Dogecoin trades since 2019, arguing that he represents investors who lost money trading the meme coin as Musk promoted it. 

Johnson expects Musk to stop promoting Dogecoin; the court filing reads, 

Dogecoin is not a currency, stock, or security. It’s not backed by gold, other precious metals, or anything at all. You can’t eat it, grow it, or wear it.

Musk reiterated that Tesla supports Dogecoin payments for some merchandise, and SpaceX will do the same. The American billionaire argues that his employees ask him to support the cryptocurrency, and so he chooses to do it. He also revealed that his companies have Bitcoin holdings but it is a small percentage of total cash assets and not that significant. 

Musk said,

I intend to personally support Dogecoin, because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I’m responding to those people.

DOGE price attempts to resume uptrend 

Dogecoin price broke out of its slump and appears to have started an uptrend. DOGE has posted nearly 5% gains overnight, and analysts believe the meme coin could continue its uptrend. 

Melanie Schaffer, a leading crypto analyst, argues that the recent upswing has created a bullish divergence on the daily chart, indicating further upside momentum. Still, Dogecoin price faces resistance at $0.083, which may prove challenging to break. 

DOGE-USD price chart

DOGE-USD price chart

Three volatile cryptos to keep on your watchlist

FXStreet conducted a brief technical and on-chain analysis on a few cryptocurrencies that appear to have significant upside potential. For more information, watch the video below:

 

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