Dogecoin made crypto mainstream, says Litecoin creator Charlie Lee
- Charlie Lee told Bloomberg in an interview that Dogecoin brings traders to the cryptocurrency ecosystem.
- Senator Wendy Rogers of Arizona courted the Dogecoin community, saying people should have the freedom to buy crypto of their choice.
- Analysts believe that short interest in Dogecoin is waning, and the meme coin could start a price rally.
The Shiba-Inu-themed Dogecoin is identified as the meme coin that made cryptocurrency mainstream. Litecoin creator Charlie Lee believes Dogecoin is a great cryptocurrency and appreciates Elon Musk for making crypto popular.
Dogecoin makes crypto mainstream, prepares for a comeback
In an interview with Bloomberg, Charlie Lee said that Dogecoin is “great,” and the meme coin is ready to bring more people to cryptocurrency trading. Lee praised Elon Musk, the CEO of electric car company Tesla for his enthusiasm in making crypto mainstream.
Tesla recently started accepting Dogecoin as payments for some merchandise, boosting the utility and on-chain activity. Musk is considered a proponent of Dogecoin.
Senator Wendy Rogers from Arizona is a known critic of cryptocurrencies, yet in a recent tweet, Sen Rogers courts the Dogecoin community and shares her belief that all users should have the freedom to buy cryptocurrencies of their choice.
I don't understand the SHIB. I don't understand the Doge. But I do understand freedom. People should be able to buy whatever digital coins they want. Even if they aren't as good as #Bitcoin.
— Wendy Rogers (@WendyRogersAZ) February 1, 2022
Analysts have evaluated the Dogecoin price trend and noted that the short interest in the meme coin is waning. This could mean Dogecoin may be likely to break out into a rally.
@itsALLrisky, a pseudonymous cryptocurrency analyst and trader, revealed that Gemini Earn, a lending program, has lowered APY interest rates in Dogecoin from 3.78% to 1.01%. The analyst believes that implies Dogecoin price could start a rally.
Gemini Earn has lowered APY interest rates on $DOGE from 3.78% to only 1.01%
— (@itsALLrisky) February 1, 2022
This could indicate that short interest is waning, which is bullish for #DOGE
Their partners may be expecting a #Dogecoin breakout soon! pic.twitter.com/LKvWAIAYpE
FXStreet analysts believe that Dogecoin price is stagnant while bulls attempt a takeover. Analysts have identified a falling wedge, considered one of the most profitable patterns in technical analysis.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
