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Dogecoin Co-founder Addresses Questions on Crypto Price Forecasts

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Dogecoin (DOGE) 24-Hour Price Analysis: A Memecoin at a Crossroads With a 4.42% Decline

Billy Markus, the co-founder who gave the internet the beloved meme coin Dogecoin (DOGE), took to social media to address the never-ending stream of questions about future crypto prices.

Shibetoshi Nakamoto Dismisses Price Prediction Requests

Markus, better known by his onlinej handle Shibetoshi Nakamoto, playfully admits the constant barrage of crypto price forecasts is a source of amusement for him. The Dogecoin mastermind believes the crypto market operates more like “a degenerate casino,” making accurate predictions nearly impossible.

This is not the first time Markus has thrown cold water on the idea of predicting crypto prices. He recently chimed in on a tweet by prominent NFT collector Nate Alex, who likened the crypto market to a “rigged casino.” Markus colorfully described the space as “a rigged casino with mostly dumb people larping as smart people.”

Read Also: Dogecoin In Double Trouble: Scary Sell-Offs and Bearish Predictions

Ripple CEO Questions DOGE’s Value

Adding another layer to the recent DOGE drama, Ripple CEO Brad Garlinghouse publicly dismissed the meme coin’s utility during the Consensus2024 event. This is a well-known position for Garlinghouse. Back in January, he expressed similar doubts about DOGE at the World Economic Forum. Garlinghouse specifically questioned its lack of real-world application beyond the influence of Tesla and SpaceX CEO Elon Musk.

It is no secret that Elon Musk has played a significant role in DOGE’s success. Notably, his occasional tweets mentioning the meme coin have been known to send its price soaring. In early 2021, a series of pro-DOGE tweets from Musk helped propel the coin from a fraction of a cent to a peak above $0.70. Additionally, a wave of retail investors who jumped on the bandwagon have further fueled this meteoric rise. Many of those investors hoped to replicate Bitcoin’s and Ethereum’s

However, Dogecoin’s price has proven to be highly volatile, and Musk’s influence can be a double-edged sword. His recent comments about Dogecoin being a “hustle” caused the price to plummet.

DOGE’s Future: Meme Coin or More?

Markus’s skepticism about price predictions and Garlinghouse’s dismissal of DOGE’s utility raise questions about the meme coin’s long-term viability. Dogecoin has a loyal community and undeniable brand recognition. However, its lack of a defined use case outside of speculation remains a concern.

Finally, time will tell if Dogecoin can develop real-world applications and shed its reliance on celebrity endorsements to establish itself as a legitimate player in the cryptocurrency market.

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