Dogecoin recovers some of its recent losses after Bitcoin rebounds from support level.
Yesterday saw widespread FUD (fear, uncertainty and doubt) in the crypto market following China’s ban on crypto mining.
This led to Bitcoin nose diving down to $28,000 before buyers pushed prices up with a strong rebound. The rest of the crypto market followed suit, including Dogecoin.
In the last 24 hours, Dogecoin has gone from a low of $0.168240 up to its current price of $0.215477 – representing a price increase of 15% as bulls rush in to buy Dogecoin.
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What makes Dogecoin a good buy right now?
Billy Markus, Dogecoin’s co-creator, yesterday said that he’d bought some Dogecoin for the first time in eight years yesterday, after having previously sold all of his holdings back in 2015.
I bought dogecoin after 8 years of vowing never to buy crypto again, an hour ago.
I have checked the price 7 times so far since then. I was up 10% and now it’s back to up 3%.
Anyway, this seems healthy.
— Shibetoshi Nakamoto (@BillyM2k) June 22, 2021
This shows that there may be bullish potential for the project if we trust in this developer’s expertise that now is a good time to buy Dogecoin.
The co-founder left the project some years ago and claims that he sold his holdings in 2015 because crypto was seen as “dead” at the time – something he claims was untrue in retrospect.
In tweets over the past few days, Markus sought to put the crypto market’s recent dip into the perspective of wider market cycles and that two months is possibly too short a time frame to declare a bear market has begun.