Dogecoin Price Prediction as Elon Musk is No Longer the World’s Richest Person – Can DOGE Recover?
After breaking below an immediate support level of $0.0925, the Dogecoin price prediction appears bearish. On the downside, Dogecoin is expected to find immediate support at $0.0860. DOGE/USD opened the day on December 14 at $ 0.09102. It has a maximum value of $0.09186 and a minimum value of $0.09047.
DOGE/USD is currently trading at $0.09085, up 1.15% in 24 hours. In a week, the value has dropped by more than 9%.
Elon Musk, Not TheRichest Person on the Planet
Dogecoin is the top meme coin, ranking in the top ten, but its value has fallen significantly since the news of Elon Musk’s Twitter purchase. Since Musk took over, the likelihood of Twitter accepting cryptocurrency payments has increased.
Plummeting Dogecoin and Shiba Inu Have Their Investors Joining Bitgert (BRISE)https://t.co/7GHvxmUnGW
Dogecoin (DOGE) is down 9% in the past 24 hours of this writing, while Shiba Inu (SHIB) has lost 4.4% of its value during the same period. The entire cr pic.twitter.com/5slj2SQEYb
— Gamer Geek (@DataAugmented) December 12, 2022
Elon Musk has shown tremendous support for the DOGE community. It has boosted the long-term forecast. Furthermore, recent rumors that Twitter might launch its own “Twitter Coin” caused the price of meme coins to skyrocket. No one from the corporation, however, confirmed or hinted at the rumor.
Twitter is working on “Coins” – An upcoming monetization feature @elonmusk
— DogeDesigner (@cb_doge) December 5, 2022
Furthermore, Elon Musk, the CEO of Tesla, is no longer the world’s richest person. According to Forbes, he handed over that position to Bernard Arnault, chairman and CEO of LVMH, after his term ended on December 12.
Elon Musk is no longer the world’s wealthiest person. https://t.co/kNBUtvqlCG
— Amee Vanderpool (@girlsreallyrule) December 14, 2022
According to FactSet, Musk currently owns 14.11% of Tesla’s outstanding shares, which are worth $530 billion. Musk also owns more than 40% of SpaceX stock, which adds billions to his net worth based on a $125 billion private market valuation in June 2022. Elon Must believes in Dogecoin.
As a result, whatever he does may have an effect on the DOGE/USD exchange rate. The news isn’t looking good for the meme currency.
Dogecoin Whale Trading Activity
On December 12, Dogecoin had a significant flood of new whales on the Binance Smart Chain (BSC), as the media focused on the infamous Sam Bankman-arrest Fried’s in the Bahamas. Because of the bullish reports about the fraudulent FTX founder that spread on Crypto Twitter, the largest cryptocurrency exchange Binance and its CEO, CZ, received positive signals.
— Rob Todd (@topnetworker) December 14, 2022
As a result, DOGE drew the attention of the top 4,000 Whales on BSC. The weekly DOGE price drop served as a wake-up call for the BSC Whales, as DOGE and the blockchain’s native BNB joined the TOP 10 most acquired crypto assets. Based on over 38 transactions totaling $1 million, heavy cryptocurrency investors chose Dogecoin as a long-term investment.
The four Coinbase-related payments, each worth approximately $14.5 million, have been identified as the largest transactions. The funds, totaling $58 million, were transferred to a Coinbase Pro wallet.
Whale activity typically reflects how much faith the asset’s major investors have in it. As a result, the DOGE/USD exchange rate benefits.
Jim Cramer’s Dogecoin Criticism: Michi Lumin’s Response
Dogecoin, the most popular meme coin, received a lot of attention in 2022. Elon Musk, the most prominent supporter of DOGE, purchased Twitter, which gave the canine cryptocurrency a significant boost. On Twitter, crypto memes with the hashtag #DogeCoinToTheMoon! are trending. Furthermore, the developer team is constantly working on new technological advancements in order to launch DOGE’s Layer-2 Solution in early 2023.
— Meri Scota (@KaWaTor144) December 14, 2022
However, Jim Cramer, the host of Mad Money, is not a fan of Doge. DOGE, according to Jim Cramer, is about to crash and will ultimately be a “con.”
“Dogecoin is a con” – Jim Cramer
This is Bullish pic.twitter.com/YNGHMP8Vmj
— DogeDesigner (@cb_doge) December 8, 2022
On December 9, Dogecoin Core developer Michi Lumin took to Twitter to correct the false information regarding the cryptocurrency. She said in a series of tweets that Jim Cramer misinterpreted or purposefully misrepresented Dogecoin. According to Lumin, a “scam” or “con” requires both a mark and a beneficiary. According to its code, Dogecoin cannot be used as a scam or con since it lacks a beneficiary and is not “run” by a “company” or an organization.
Moreover, DOGE and other cryptocurrency owners have reacted to this allegation by arguing that, considering how often he has been wrong, Cramer’s rejection of Dogecoin is optimistic for DOGE/USD.
Dogecoin Price Prediction – Daily Technical Levels
Pivot Point: 0.091003
Dogecoin Price Prediction – Can DOGE Recover?
On the technical front, Dogecoin is trading with a bearish bias at $0.0875 after falling below the 50-day simple moving average (simple moving average). On the downside, Dogecoin is gaining immediate support near $0.086 and closing above this level indicates the possibility of a bullish bounce-off.
Dogecoin Price Chart – Source: Tradingview
On the plus side, Dogecoin’s immediate resistance remains at $0.0925, and a bullish crossover above this level could lead to a price of $0.099 for DOGE. However, a bearish breakout below $0.0796 may expose the DOGE price to $0.0795.
There are also a number of other coins with massive upside potential!
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