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Dogecoin currently at two-month high – Elon Musk swirls

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Dogecoin climbs to 35 cents, according to Musk

The currency Dogecoin (DOGE), which started as a joke, reached a level of 35 cents on Monday, the highest level since mid-June. On a weekly basis, the currency climbed more than 30 percent to the north after statements by the Tesla boss provided a new impetus. A football club is now also advertising with the logo of the meme coin, which should not detract from the attention paid to the cryptocurrency.

The US entrepreneur and billionaire Mark Cuban told a US television station last week that “the community for DOGE is the strongest when it comes to using it as a medium of exchange.” Tesla boss Elon Musk agreed to Cuban via the short message service Twitter on Saturday. “I’ve been saying this for a while,” said Musk.

According to the statements, some investors apparently smelled some mountain air. Musk is considered a crucial factor in the Dogecoin economy. Verbal interventions had recently repeatedly pushed the course upwards, but also downwards.

Investors can possibly expect further tailwind from Musk in the future, especially since he recently commented on his personal crypto assets, which includes DOGE.

Do you already know the top 10 cryptocurrencies to trade in 2021?

Premier League Club advertises with the DOGE logo

British football club Watford FC recently made headlines after placing a Bitcoin logo on players’ shirts. Now the Dogecoin logo has recently been emblazoned on the sleeve of the jersey. A betting provider is responsible for the sponsorship deal, which allows betting stakes to be paid with cryptocurrencies. Payouts with DOGE are also possible, they say.

Dogecoin: It could go on like this

In the slipstream of the recent Bitcoin recovery, the crypto currency DOGE could also trend further. Most recently, Bitcoin, the largest digital currency in terms of market size and at the same time the most important digital currency, was able to rise above the important 200-day average, which, at least from a chart-technical point of view, made the stock market lights jump back to green. Currencies from the back rows such as Ether or DOGE were also able to benefit from the positive wake of the Bitcoin price.

Conquering the 35 cents mark remains important for DOGE investors. Logically, in the event of a mastery of said hurdle, the way could be paved up to 45 cents or up to the course high from the beginning of June. On the bottom, the psychological mark of 30 cents remains to be considered.

It is quite possible that Elon Musk will initiate further verbal interventions in the coming weeks.

Trading meme coins is associated with high risk due to its volatility. Increased volatility means an increased risk of rapid and large losses. Hence, you should take the time to research the market before making any investment decision.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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