Dogecoin: A speculation tool or cryptocurrency starter

  • Mark Cuban thinks Dogecoin is fun, sees it as a starter drug for cryptocurrency newbies.
  • A senior Messari cryptocurrency research analyst says Dogecoin’s social sentiment and day-to-day transactions are similar to Cardano.
  • Analysts note that the price of Dogecoin remains at risk of a downside, a breakout is only possible under certain conditions.

Dallas Mavericks boss Mark Cuban recently commented on what happens to cryptocurrencies when speculators leave. Cuban turned to Dogecoin status, the seed medicine for cryptocurrency. A Messari senior research analyst identified similarities between Dogecoin and Cardano, sharing his findings.

Read Also: Dogecoin and Shiba Inu Bleed in the pre-FOMC Crypto Snoozefest

Dogecoin is the Crypto Starter: Dallas Mavericks Boss

Billionaire entrepreneur and Dallas Mavericks boss Mark Cuban commented on Dogecoin. Cuban argued that Dogecoin is a speculative tool and the state of the coin meme is what it would be, when “All the speculators leave. “

Cuban talked about Dogecoin in a recent episode of the Full Send podcast, describing Dogecoin as the “Initial drug for cryptocurrencies. “ Cuba chose this title for the meme coin because it is cheap, has great utility, and can be used to make payments.

In 2021 Cuba accepted DOGE as a means of payment for tickets and goods, as well as cryptocurrencies such as Bitcoin and Ethereum,

Cuban was mentioned in the podcast,

When people bought and traded a lot of Dogecoins, we made thousands of dollars a week, ten thousand a week, here and there. So for us it was real money. But at the same time, once people stopped speculating about it, people lost the vibe.

Cuban believes speculation was the main factor behind Dogecoin’s price drop.

The analyst thinks Dogecoin is similar to Cardano

Tom Dunleavy, Senior Cryptocurrency Research Analyst at Messari, has identified similarities between Dogecoin and Cardano. Dunleavy notes Dogecoin’s market cap topped $ 75 billion during the bull run. Dogecoin’s day-to-day transactions and social sentiment are similar to Cardano’s.

Although the meme coin’s market cap has dropped from $ 75 billion to $ 8.2 billion, Dunleavy says DOGE is bucking the trend of other networks. DOGE has increased the volume of transactions and active addresses during the recent market downturn.

Netcost-Security analysts believe Dogecoin’s price is at a dangerous level and have identified key price levels to watch for a change in the meme coin trend. For more information, watch the video below:

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