Dogecoin price prediction is positive as it has risen above €0,0720 and is now trading at €0,0810.
However, the downtrend line and the 50-day moving average continue to impede the move higher.
Elon Musk; The DOGE Supporter
Elon Musk's decision to pay €44 billion for social media giant Twitter was one of the biggest surprises of the year. The acquisition sparked a number of debates, including one about Big Tech censorship. However, it also raised concerns about the future of Dogecoin.
It is also worth noting that the value of DOGE/USD skyrocketed in response to every tweet that Musk promoted.
For example, he continued to refer to DOGE as the "people's cryptocurrency" throughout 2021, shooting up the value of the coin by 4000%.
In addition, Musk's Tesla, an American multinational automotive and renewable energy company, began accepting DOGE as payment for its merchandise, including its "Giga Texas" belt buckles and miniature car replicas, in January 2022.
DOGE can also be used to purchase Burnt Hair, Musk's recently launched prank fragrance.
The notorious DOGE memecoin is directly related to Elon Musk's takeover of Twitter, and the outcome of the story could have a significant impact on cryptocurrency adoption.
However, DOGE is still under pressure due to the uncertainties surrounding Twitter.
Genesis faces bankruptcy risk
The crypto market came under renewed selling pressure on Nov. 22, when crypto-focused investment bank Genesis warned of a potential risk of bankruptcy due to its exposure to the recently insolvent FTX exchange.
Genesis Global Trading, one of the top lending institutions in the market, has warned that it could file for bankruptcy and become the latest victim of this year's cryptocurrency crash.
The bank is reportedly seeking up to €1 billion in additional funding. However, he was unable to find a provider. However, the company said it has no immediate plans to file for bankruptcy.
It has reportedly applied for funding from Apollo Global Management and major exchange Binance. Binance, however, turned it down due to potential conflicts of interest.
The announcement comes just a week after Genesis' lending arm halted withdrawals due to a run on the bank over concerns about its FTX exposure.
According to reports this year, Genesis owed Alameda Research, the cryptocurrency trading desk closely associated with the FTX bankruptcy. In addition, it had reportedly lost profits due to its exposure earlier this year to failing hedge fund Three Arrows Capital.
As the fallout from the FTX failure began to spread, cryptocurrency lender BlockFi filed for bankruptcy earlier this month. Several other small businesses have also stopped withdrawals or stopped providing certain lending and participation services.
As investor sentiment weakened, total crypto capitalization fell below $800.000 billion, with many cryptocurrencies suffering significant losses. DOGE/USD lost value on the news.
Dogecoin and Tokenomics Prices
The current price of Dogecoin is €0,081, with a trading volume of €605 million in 24 hours. Dogecoin is up more than 7,5% in the last 24 hours. CoinMarketCap is currently ranked 10th, with a live market capitalization of €132.670.764.300 billion. The circulating supply is XNUMX DOGE coins and the maximum supply is unknown.