Trader Peter Brandt claims in a recent tweet that meme coin Dogecoin has already started a new bull market cycle. Before a recent rally, the well-known Bitcoin parody had been mired in a bear channel for well over a year.
Early in 2021, Dogecoin experienced tremendous growth, and its market capitalization surpassed an astounding $90 billion. However, last May, its wild run came to an abrupt end.
In the early part of this year, Dogecoin failed to break out of the huge bear channel despite numerous attempts. However, according to data from CoinMarketCap, the satirical crypto is on a rally once more, rising by more than 94%.
Considering that Dogecoin is still down a breathtaking 84.26% from its all-time high of $0.731578, those who purchased it at its peak are still seated on significant losses. However, those who believe that the Twitter-driven rally could start a new bull run may find that Dogecoin is a compelling investment at its current price. DOGE is currently trading at $0.1152, with a 24-hour loss in value of 12.9%.
Charles Hoskinson tweets that Dogecoin finally has a use case
Charles Hoskinson, the creator of Cardano, proposed developing a new version of the primary meme coin called post-quantum ultrafast DOGE on Cardano. Cardano Sidechain Should Be Related To DOGE, Says Charles Hoskinson Despite receiving 80% of the vote in favor, Billy Markus, the man who created Dogecoin, did not agree with Hoskinson’s proposal.
Markus claims that the founder of Cardano is being hypocritical in his offer because he previously detested DOGE and even made a video in which he very harshly referred to DOGE as a bubble in April 2021.
Hoskinson disputed that assertion by stating that DOGE would gain widespread adoption and a 200 million-strong user base once Elon Musk incorporates DOGE into Twitter. The founder of DOGE believes that does not, at least not yet, change the situation.
It is amusing that DOGE has surpassed ADA in CoinMarketCap’s ranking of the top cryptocurrencies by market capitalization, thanks to the price movement of recent days, given the Cardano and Dogecoin disputes.