Dogecoin Continues Crashing — But Its Meme-Impact On The Crypto Space Is Becoming More Visible

Dogecoin DOGE/USD traded lower early Thursday morning as the cryptocurrency markets remained downbeat. 

See Also: How To Buy Dogecoin (DOGE)

Why It’s Moving? DOGE was down along with major coins as the global cryptocurrency market cap fell 6.05% to $1.67 trillion at press time.

DOGE was not included among the most mentioned coins on Twitter, according to Cointrendz data.

The top three most mentioned coins at press time were Bitcoin, Ethereum, and Cardano. They attracted 2,093, 1,037, and 560 tweets respectively. 

Despite major coins, including DOGE, inflicting pain on investors Wednesday, analysts noted that money is ready and waiting on the sidelines with whales already piling up the apex coin.

Bullish traders will watch out for DOGE at a resistance level above $0.146, while bears will look out for the coin to drop below the 13-cent mark, according to Benzinga’s Melanie Schaffer. 

In a notable example of DOGE’s impact on cryptocurrency space, blockchain research analytics tool provider Dune Analytics raised $69,420,000 in Series B funding taking its valuation to $1 billion. The funding round was led by Coatue. 

Significantly, the amount raised includes the figures 69 and 420, both often included in the tweets of DOGE-bull and Tesla Inc TSLA CEO Elon Musk. The two numbers are references to a sexual position and cannabis culture.

Dogecoin Chatter: On Thursday, Musk replied to a Tweet by Mosaic co-author Marc Andreessen.

Who controls the memes,
Controls the universe.

— Elon Musk (@elonmusk) February 3, 2022

Meanwhile, DOGE-oriented Twitter handle “Mishaboar” commented on a Twitter post that included a Benzinga story covering Musk and DOGE earning praise from Litecoin’s LTC/USD creator Charlie Lee.

Mishaboar noted that Lee has been one of DOGE’s “true buddies for a long time.”

Well, @SatoshiLite has been one of #Dogecoin's true buddies for a long time.

In 2014, he convinced the Doge community to implement merged mining with Litecoin (and other Scrypt cryptos).

This saved Dogecoin from failing, as the network did not have enough miners securing it. https://t.co/JN7wpskHvV

— Mishaboar (@mishaboar) February 3, 2022

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Photo: Jose Rodrigo Safdiye/Benzinga