Andre Cronje Believes DOGE Is Good For Crypto, And Here’s Why

Andre Cronje believes DOGE is good for crypto as the coin reached a new ATH  and was 98% of becoming the third biggest cryptocurrency by market cap, surpassing BNB as reported in the previous Dogecoin news.

DOGE’s 25,518% rally started a new debate in the crypto space about its implications for the entire crypto sector. Yearn Finance creator Andre Cronje believes DOGE is good for crypto, weighing in on the discussion. Unlike those that think that the coin could trigger a negative effect on the industry, Cronje thinks the opposite. He claims that Dogemania will attract new investors in the crypto space. Comparing DOGE with other projects responsible for attracting users in the early days on the internet dubbed lolcats, Cronje said that DOGE could have a similar effect. He said:

“I don’t like Doge, its a meme. But I also didn’t like lolcats.  lolcats captured attention and trained early users on the internet, and what lolcats did for the internet, Dogecoin will probably do for crypto. In that regard, Doge is probably more meaningful than most.”

FTX Futures Activity:
🔴 $BTC-PERP Shorts Worth 159M+ USD
🔴 $DOGE-PERP Shorts Worth 112.4M+ USD
🔵 $DOGE-PERP Longs Worth 82.7M+ USD#cryptocurrency #cryptotrading #FTX Futures – https://t.co/LIVO4vt168

— CryptoMeter.io (@CryptoMeterIO) May 8, 2021

Tesla’s CEO Elon Musk appeared on Saturday Night Live where he mentioned DOGE a few times and the price of the coin did rise during the event. However, the coin dropped 30% despite everyone’s expectations to see the cryptocurrency skyrocketing. Musk even warned against people that invested their life savings into crypto but like Cronje, he thinks that cryptocurrencies do have a future as the next world-class investment assets.

Over the past 24hours, Dogecoin saw strong gains and increased to $0.70 but then dropped by 30% in an hour. Many holders bet on two scenarios like buying the rumor and selling the news but that turned out to be nothing. The data from FTX showed that the futures record around 2 million in short positions and .
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7 million in long positions. During its peak, DOGE reached a new high and was the most traded pair in terms of volume with USDT on Binance and Huobi. The trading pairs on these exchanges reached a total trading volume of $70 billion.

the Shiba Inu coin price action seems to be quite complicated to predict with different options about sustainability beyond the mania.