The cryptocurrency market has been trading sideways after a fierce selling wave hit the global cryptocurrency market. Bitcoin and Ethereum have also been trading in bear markets before finding a slight grip for a bull cycle today.
Meanwhile the first meme cryptocurrency, Dogecoin has formed an ascending channel as the mem coin’s price action is currently bullish as users are leaning more towards adoption and utility.
Dogecoin Poised To Hit $0.20
Dogecoin’s price action is building up for its recovery phase after weeks of the crypto market’s bearish cycle.
At the moment, the top 30 altcoins are working hard to erase the losses, but the metaverse tokens and meme coins like Dogecoin and Shiba Inu have made a rebound.
Recently, Billy Markus, the Dogecoin co-founder, Tesla CEO Elon Musk and Robinhood CEO Vladmir Tenev had a discussion regarding possible improvements and future of the meme coin.
Robinhood, a commission free exchange’s CEO, Vladimir Tenev, took to twitter asking his followers whether in reality Dogecoin can be a future currency of the internet and people.
This post comes after Robinhood introduced DOGE transactions as Tenev has observed the transaction fee and how soon the network changes.
Vladimir Tenev is of the opinion that block time should speed up so that it can power a point-of-Sales transactions as this will attract more adoption.
In response with Tenev’s tweet, Billy Markus said that he believes the Dogecoin network should be faster while offering users security.
Vladimir Tenev is also seen quoting that “fixed issuance means that the inflation rate actually declines over time, and in a couple of decades it will be below 2%.”
Tesla CEO Elon Musk too pops up responding that 6000 milliseconds is a long time to computers.
At the time of writing, Dogecoin is trading at $0.1444 with a plunge of 1.36% over the last 24hrs. As per analysts if bulls manage to gain control the Dogecoin price might see climbing towards $0.20 level.