Spanos Believes Crypto Market Will Benefit From DOGE Sell-Off

The recent Dogecoin (DOGE) sell-off will benefit the wider crypto market, Nick Spanos, a prominent crypto investor and innovator, has said.

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The meme-based cryptocurrency’s price went as high as $0.72 ahead of Elon Musk’s appearance on Saturday Night Live (SNL) over the weekend, before shedding around a third of its value after he described it as a “hustle.”

It later rebounded after Musk revealed that SpaceX would be funding a mission by accepting payments in DOGE, but it remains some way off the all-time high it reached on Saturday.

Commenting on DOGE’s recent performance on Tuesday, Spanos, a co-founder of Zap Protocol, admitted that it is a fad but said he believes it will benefit the crypto market in the long run.

“Dogecoin is a fad, within a growing movement that is here to stay,” Spanos told The Express.

But in the end it proved anti-climactic, at least for the market. After climbing to yet another all-time high in the build-up to the show on Saturday, dogecoin’s price began to drop before a flash crash wiped out more than a third of its value. The price dive began towards the end of the show, when it became apparent that Musk wasn’t going to make any major announcements, and even suggested that the cryptocurrency itself was “a hustle” of some kind.

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The momentum of these gains could conceivably continue, according to some analysts, provided continued support and publicity from high-profile figures like Musk.

“There has been much talk about getting Doge to $1, and whilst it has seemed like an impossible dream for a while, things are starting to pull in the right direction,” says Antony Portno, founder of cryptocurrency information site Traders of Crypto.

“Right now, it only needs another 50 per cent gain to get there. The way the market works, the price is only about the last trade and if the sellers hold back and the momentum is up, what’s to stop it.”

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The Doge-1 announcement not only stopped the price slide but also saw it rebound back above $0.50, up more than 10,000 per cent in 2021. And despite the huge price swings, dogecoin remains the top performing major cryptocurrency over the last 12 months.

Dogecoin’s astonishing rise has seen it become the world’s fourth most valuable cryptocurrency – behind only bitcoin, Ethereum and Binance Coin – and some analysts believe that its renewed popularity could even be replicated by other fringe cryptocurrencies.

 

“Excitement from Dogecoin’s Saturday Night Live debut will carry over into tokens with proven utility.

“Some airheads lash out at Dogecoin as ‘annoying,’ but what is actually annoying is being dominated by big banks and big government and their extortionist fees, inflation, and financial exclusion.”

Continuing, he said: “It is driving attention and adoption of crypto and decentralisation as a concept. “And in that respect, it is invaluable.

“I expect many people to cash in on their Dogecoin profits in the coming days, and this is likely to boost the wider crypto market as a lot of this money will flow into other altcoins which have strong potential instead of it being converted into fiat money.

“It’s easy to imagine that ZAP’s price will be among those to benefit from this wave.”

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