{"id":463381,"date":"2021-05-08T20:33:40","date_gmt":"2021-05-08T20:33:40","guid":{"rendered":"https:\/\/wncen.com\/?p=463381"},"modified":"2021-05-08T20:33:40","modified_gmt":"2021-05-08T20:33:40","slug":"andre-cronje-believes-doge-is-good-for-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/andre-cronje-believes-doge-is-good-for-crypto\/","title":{"rendered":"Why Andre Cronje Believes DOGE Is Good For Crypto"},"content":{"rendered":"

Dogecoin reached a new all-time high<\/a> and was 98% of becoming the third\u2019s largest cryptocurrency by market cap, overthrowing Binance\u2019s native token BNB<\/a>. DOGE\u2019s 25,518% 1-year rally has started a debate in the crypto space about its implications for the whole sector.<\/p>\n

Ethereum-based protocol Yearn Finance creator, Andre Cronje, weighed in on the discussion. Unlike those who think Dogecoin could trigger a negative effect across the industry, Cronje feels the exact opposite. He claims the Dogemania could attract new investors into the crypto space.<\/p>\n

Comparing Dogecoin with lolcats, a project responsible for attracting new users in the early days on the internet, Cronje said Dogecoin could have a similar effect, before disappearing into oblivion. The developer said<\/a>:<\/p>\n

I don’t like Doge, its a meme. But I also didn’t like lolcats.\u00a0 lolcats captured attention and trained early users on the internet, and what lolcats did for the internet, Dogecoin will probably do for crypto. In that regard, Doge is probably more meaningful than most.<\/p><\/blockquote>\n
Tesla\u2019s CEO Elon Musk will appear on Saturday Night Live, the popular American comedy show<\/a>, and many expect a pump towards new highs for the meme cryptocurrency. However, Musk himself has warned against people \u201cinvesting life savings\u201d into crypto. But, like Cronje, Musk believes cryptocurrencies have a future as world-class investment assets.<\/p>\n
DOGE, Not Short But Not Long<\/h2>\n
In the past 24-hours, Dogecoin<\/a> has seen important gains and rise to the mid-range of the $.070 zone. At the time of writing, the cryptocurrency has been moving sideways into lower lows with a 6.2% profit in the daily chart.<\/p>\n
$\"Dogecoin$
Dogecoin with sideways movement in the lower timeframes. Source: DOGEUSDT Tradingview<\/figcaption><\/figure>\n
Many Dogecoin holders are betting on two potential scenarios. The classic \u201cbuy the rumor, sell the news\u201d play or further appreciation during Musk\u2019s appearance. Data from CryptoMeter for FTX\u2019s futures record around $112 million in short positions and $82.7 million in long positions, for the past 12 hours.<\/p>\n
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FTX Futures Activity:
\ud83d\udd34 $BTC<\/a>-PERP Shorts Worth 159M+ USD
\ud83d\udd34 $DOGE<\/a>-PERP Shorts Worth 112.4M+ USD
\ud83d\udd35 $DOGE<\/a>-PERP Longs Worth 82.7M+ USD #cryptocurrency<\/a> #cryptotrading<\/a> #FTX<\/a> Futures – https:\/\/t.co\/LIVO4vt168<\/a><\/p>\n
— CryptoMeter.io (@CryptoMeterIO) May 8, 2021<\/a><\/p><\/blockquote>\n