Analysis Crypto: Dogecoin, Floki, Binance Coin
How has the crypto market performed in recent days? Specifically, what is the price trend and latest news involving Dogecoin (DOGE), Floki Inu (FLOKI) and Binance Coin (BNB)? All answers below.
Cryptoanalysis of Dogecoin, FLOKI and Binance Coin
It is worth mentioning that Dogecoin is the crypto whose logo is graphically based on an internet meme representing a Shiba dog and also made famous thanks to the support of Elon Musk. On the other hand, Floki is also a trending memecoin and another cryptocurrency based on the Shiba Inu dog breed.
Finally, Binance is one of the largest exchanges in the crypto world, allowing the purchase and sale of tokens and coins, accompanying these transactions with additional services ranging from stakes to classic annuity, from providing liquidity to cards and mining. Binance Coin (BNB) is its native crypto.
The price of the Dogecoin crypto and the lawsuit against Musk
Billionaire Elon Musk is reportedly asking a judge to dismiss the multi-billion dollar lawsuit filed against him for allegedly illegally promoting Dogecoin (DOGE).
According to a new report from Reuterslawyers representing the Tesla CEO are asking a judge to dismiss 258 billion dollars lawsuit filed by a group of investors accusing him of committing a pyramid scheme.
Musk’s lawyers say the lawsuit is a work of fiction and that Musk’s statements about Dogecoin were too vague and trivial to be considered real endorsements of an asset.
Moreover, the lawyers note that DOGE is a legitimate cryptocurrency with a market value of approx. 10 billion dollars. As stated by its lawyers, according to Reuters:
“There is nothing illegal about tweeting supportive words or funny pictures about a legitimate cryptocurrency that continues to have a market cap of nearly $10 billion. This court should put an end to the plaintiffs’ fantasies and dismiss the complaint.”
The investors’ lawsuit alleges that Musk intentionally inflated Dogecoin’s price by 36,000% over two years before they let it collapse. The lawsuit also claims that Dogecoin was a security and that Musk knew it had no intrinsic value.
According to the report is Dogecoin Foundation is also named as a defendant and is asking the court to dismiss the lawsuit. In all this, the market structure turned bullish after the DOGE broke out $0.078.
In fact, in a previous report, the $0.078 area was highlighted as a strong resistance zone where DOGE could be pushed back. Instead, prices rose above this range and the bulls continued to drive prices higher.
Floki crypto: is it a promising resource? It will act like Dogecoin and Binance Coin
Recently, fast food giant Burger King acknowledged the Shiba Inu rejection in a surprising way Twitter Exchange. In fact, Burger King UK jokingly called it the “top dog”, garnering over 40,000 views and sparking a flurry of reactions from the cryptocurrency community.
Users rushed in to express their support for Floki Inu, with many using the hashtag “#floki” and calling him the “top dog”. Some even urged Burger King to accept Floki Inu as payment methodsuggesting that the fast food giant’s recognition could boost the cryptocurrency’s popularity.
This interaction highlights the growing influence of meme-based cryptocurrencies as they continue to make their way into mainstream conversations. However, it remains to be seen if Burger King will seriously consider accepting Floki Inu or any other meme-based cryptocurrency.
In any case, the banter has undoubtedly created buzz and caught the attention of meme coin enthusiasts. In any case, it does not end there, because in recent days Floki has also been listed on one of the world’s oldest crypto exchanges, namely HitBTC.
HitBTC confirmed the development in an official tweet a few days ago, writing:
Dear Traders,
We have added $FLOKI to our platform. FLOKI is an innovative ecosystem that offers a 3D NFT Metaverse, DeFi tools, a crypto education platform, NFTs, a merchandise store and more.
Trade $FLOKI against USD USD here: pic.twitter.com/ThZXDVO33U
— HitBTC (@hitbtc) 30 March 2023
A dive into the HitBTC platform shows that trading for the FLOKI/USDT pair has already begun. Founded in 2013, HitBTC is still going strong one of the oldest cryptocurrency exchanges in the world, and this unveiling further brings Floki to millions of users.
Shortly after the announcement, Floki’s official team immediately recognized the development, emphasizing its importance to the community.
Binance Coin Crypto Prediction: Will FUD Affect BNB?
BNB is currently traded at $315.6, up 0.03% in 24 hours. The token’s market cap increased slightly by 0.05% to 49,755,735,287 at press time.
In addition, the daily trading volume for the cryptocurrency was the fourth largest $452,124,630. And as the numbers slowly increased, investors and experts became bullish on the token.
CEO of Digital Capital Management Ben Ritchie is positive about BNB and predicts that by the end of the year the cryptocurrency will be worth $300. Ritchie also admitted that the viability of the Binance exchange will determine BNB’s fate.
Adding that the business has the potential to be deflationary, he continued:
“The BNB price also follows supply and demand. BNB introduced a burn mechanism in each transaction fee and conducted quarterly burns, making it a deflationary asset. As the BNB chain ecosystem continues to grow, the price may reach $3,000 in 2030.”
At that time, the price of Binance Coin was below the 200-day simple moving average (SMA). As of January 20, 2022, the 200-day SMA indicates SELL for the previous 212 days.
Since July 16, 2022, when the price of Binance Coin dropped below the 50-day SMA, this indicator has indicated a SELL signal for the past 55 days.
In any case, given the coin’s volatility and the fact that it “mainly tracks Bitcoin’s price fluctuations and has no real use,” John Hawkinssenior lecturer at the University of Canberra, predicted that the price of BNB will fall to $180 by the end of 2023.
