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Dogecoin Is Bumping Against Real Resistance but We See Limited Potential for DOGE: Bloomberg’s Chief Strategist

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Tue, 05/11/2021 - 12:03
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Yuri Molchan
Bloomberg’s Mike McGlone wonders if Dogecoin has reached its peak, says he sees a limited potential for this meme cryptocurrency
Dogecoin Is Bumping Against Real Resistance but We See Limited Potential for DOGE: Bloomberg’s Chief Strategist
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Bloomberg’s chief commodity strategist Mike McGlone has taken to Twitter to share his take on the fourth crypto asset with the biggest market capitalization – Dogecoin.

Bloomberg sees limited potential for DOGE

He wonders if Elon Musk’s favorite cryptocurrency DOGE has reached its peak. Sharing a chart that shows Bitcoin and Dogecoin, McGlone calls BTC a stablecoin and points out that DOGE is pumping against “real resistance”. Speculation at the moment is focused on Dogecoin, he says.

However, he believes that Dogecoin has a limited potential after all.

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Image via Twitter

Related
Elon Musk’s Tesla Considers Accepting Dogecoin

Tesla may begin accepting DOGE soon

As reported by U.Today earlier, a few hours ago Tesla and SpaceX CEO Elon Musk took to his Twitter profile to run a poll.

Its goal is to find out whether Tesla should start accepting DOGE as payment for the cars it makes.

By now, 1,902,766 people have voted. 76.6 percent have chosen the “yes” option and 23.4 percent believe Tesla should not accept the meme crypto.

Only two hours have passed since the poll was launched.

The company already accepts Bitcoin.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.