Despite Musk Lawsuit, Dogecoin Refuses To Back Down (Up 15% In Week)

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One week after Elon Musk reconfirmed his faith in the long term future of Dogecoin (and ten days after he got sued for pumping the coin), the ultimate memecoin seems to be on a roll. It has gained nearly 15% in a week and is well above its 2022 low again.

Problem is that Doge is also seeing its popularity rise on the Darknets, the underground sites where illegal goods are being traded. Whereas before criminals would stick to using anonymous crypto coins, they have now apparently switched to Doge.

A road to success is adopting #dogecoin , buy it, use it and accept it as currency elonmusk pic.twitter.com/XiWJjwIarS

— Krishna (@DaphneTom1) June 27, 2022

Ransomware

Popular blockchain analytics company Elliptic revealed recently that several darknet markets and illicit campaigns are accepting Dogecoin for ransomware services. In fact, more and more extremist groups are appearing to take a liking to cryptocurrencies like Doge.

Furthermore, it seems like more and more people are investing in Doge for the long term. Nearly 2.57 million addresses have been holding Dogecoin for more than one year, up more than 40% year-to-date. Seems like HODLers not only trust the future of Bitcoin, but also that of Doge.

According to this technical analysis, Dogecoin could bepresenting an early-entry setup to partake in a summer rally targeting $0.24 and higher. The current bullish engulfing candle that breached the $0.073 high may be a part of an expanding flat B-wave pattern which could lead to one more c-wave pullback into the $0.05 zone as early as Monday, June 26.

The next few days will show us if that is correct or not.

frknck / Depositphotos.com