What Will it Take For Dogecoin To Move Up?
Dogecoin price has been trading sideways for the past week or two since the June 21 big drop. People are getting a little impatient. But what’s it going to take for Dogecoin to finally start moving back up?
The main thing is going to be new buyers
We have so many Dogecoin holders that are just holding on that there’s not a lot of trading going on. But what it’s going to take is really a lot of new buyers coming into the market buying Dogecoin. So what’s it going to take to get those new buyers?
There is two things. First is going to be the overall crypto market. Then Bitcoin is the big daddy still has 45 percent or so of the overall crypto market. And if Bitcoin starts moving up, all the other alt coins start moving up, too, because that brings in new buyers for other coins as well.
The second is going to be catalysts, what are called catalysts. Catalysts are like a big event or something that gets a lot of other new buyers in because of some particular thing that’s happening with that particular coin separate from the overall crypto market.
One more thing is could be Tesla
If Tesla begins to accept Dogecoin as payment for cars, that would be a catalyst. And that catalyst could let Dogecoin spike up while other cryptos are trading sideways. Tesla earnings report coming up around July 21st, 22nd. And what that earnings report comes out, they would have to disclose whether they’ve been accumulating any Dogecoin. This was the same thing that happened with Bitcoin last January, but we didn’t know until a couple of months later.
But in January, Tesla had bought a lot of Bitcoin and it was all very quiet. No one really knew. But then when the earnings report came out, they had to disclose 1.5 dollars billion was spent on Bitcoin. Could they have bought one point five billion dollars of Dogecoin already? We’ll find out in a couple of weeks.