Why Andre Cronje Believes DOGE Is Good For Crypto

Sunday 09 May 2021, 7:32 AM AEST - 1 month ago

Dogecoin reached a new all-time high and was 98% of becoming the thirds largest cryptocurrency by market cap, overthrowing Binances native token BNB. DOGEs 25,518% 1-year rally has started a debate in the crypto space about its implications for the whole sector.

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.

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:

I dont like Doge, its a meme. But I also didnt like lolcats. 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.

Teslas CEO Elon Musk will appear on Saturday Night Live, the popular American comedy show, and many expect a pump towards new highs for the meme cryptocurrency. However, Musk himself has warned against people investing life savings into crypto. But, like Cronje, Musk believes cryptocurrencies have a future as world-class investment assets.

DOGE, Not Short But Not Long

In the past 24-hours, Dogecoin 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.

Many Dogecoin holders are betting on two potential scenarios. The classic buy the rumor, sell the news play or further appreciation during Musks appearance. Data from CryptoMeter for FTXs futures record around $112 million in short positions and $82.7 million in long positions, for the past 12 hours.

FTX ...

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