In a series of thought-provoking tweets, the well-known Twitter analyst and technical analysis expert, @theirish_man, has presented an intriguing argument regarding the future of Dogecoin ($DOGE). Renowned for his insightful market analysis, @theirish_man suggests that the most bullish case for DOGE lies in Elon Musk refraining from implementing the cryptocurrency into Twitter/X.

Historically, @theirish_man points out that DOGE has experienced significant price surges due to Elon Musk’s teasing tweets, changes to the Twitter logo, and other speculative actions surrounding the meme-inspired token. However, the analyst argues that adding ‘utility’ to DOGE could potentially diminish its speculative aspect, which has been the driving force behind its past growth.

Citing specific examples, @theirish_man highlights instances when DOGE’s price reached pico tops following events such as Elon Musk’s Saturday Night Live (SnL) appearance, the token being added as a medium of exchange at Tesla (TSLA), and changes to the Twitter logo. Although these events caused temporary price surges, they were often followed by fast retracements.

The analyst warns against the potential consequences of introducing further utility to DOGE, citing the Dogechain as another instance where utility-oriented initiatives might not be ideal for the coin’s long-term prospects.

Amidst a raging bull market, @theirish_man acknowledges that DOGE, alongside potentially Ripple ($XRP), is likely to be the token of choice for retail investors seeking quick gains. Nevertheless, the analyst encourages the crypto community to engage in the debate between DOGE’s utility and speculation, inviting others to share their thoughts on the matter.

Turning his attention to DOGE’s chart, @theirish_man conveys an understanding of the prevailing hype, recognizing that it appears promising. The breakout above the pivot low at $0.07 is perceived as a significant development that has historically resulted in upside potential. However, the analyst remains cautious, stating that he does not foresee the price exceeding $0.10.

As the crypto community engages in discussions over the utility vs. speculation argument for DOGE, the insights provided by @theirish_man add a new dimension to the ongoing debate. With Elon Musk’s influence and DOGE’s unique position in the market, it remains to be seen how utility-oriented developments may impact the token’s future trajectory.

The post Well-known Analyst Shares Contrarian Thesis on $DOGE’s Utility vs. Speculation Debate appeared first on CaptainAltcoin.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

151 +