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Tag: Dogecoin

  • Dogecoin (DOGE) not a joke anymore?

    Dogecoin (DOGE) not a joke anymore?

    Dogecoin (DOGE) has fallen from its all-time high of $0.73 to $0.33 – nearly 50% loss. The price movements in the twenty-four-hour time period shows downward bias as the cryptocurrency fell nearly 5%. The daily trading volume of the cryptocurrency is also declining. Although DOGE crypto made it somewhat evident that it is no longer a joke – as it was originally planned – when it established its all-time high in the bull run moving up from a price of $0.003. The market crash has again brought the lack of innovation in cryptocurrency to highlights.

    Does Dogecoin (DOGE) offer any value?

    It has been long debated that Dogecoin does not really possess any real value. Ethereum founder Charles Hoskinson had also suggested various changes to Elon Musk which could improve the cryptocurrency and make it offer real value. Elon Musk had been dubbed as the “Doge father”. The billionaire CEO had been avidly supporting the cryptocurrency and has now embarked on a mission to further the development of DOGE crypto through collaboration with the team.

    Elon Musk is working with the founders of Dogecoin to increase transaction efficiency. Musk has also been actively utilizing his Twitter handle to take suggestions from the general public for the improvement of Dogecoin. The Tesla CEO had been reported to support Dogecoin because it “has dogs and memes”.

    Never mind why Elon Musk is supporting DOGE crypto, his support and especially the renewed focus on the development is crucial for the future of the cryptocurrency. The new COO of Robinhood Christine Brown has revealed ambitious plans for the cryptocurrency sphere of the trading platform. The billionaire Mark Cuban had earlier commented if Robinhood allows the move of Dogecoin to external wallets, it would be phenomenal for both the platform and Dogecoin. The new COO has announced to allow transfers to external wallets.

    Is Dogecoin (DOGE) not a joke anymore?

    The support of Elon Musk, even as he says he does not control Dogecoin, and the recent shift towards the development of Dogecoin suggests that the cryptocurrency may soon become what Elon Musk expected it to – a mode of payment throughout the world. The announcement of Robinhood may also bode good things for the cryptocurrency. Although the impact of the recent developments has yet to transform into price action as Dogecoin continues downward, with $0.21 as an important support level crucial to be upheld.

  • Dogecoin (DOGE) towards $0.15, trader

    Dogecoin (DOGE) towards $0.15, trader

    Dogecoin (DOGE), the meme crypto, had become an internet favorite thanks to support from celebrity figures like Elon Musk. At the time of writing, DOGE Coin stands at a price level of $0.27. DOGE crypto established its twenty-four-hour low at $0.21 while the high was at $0.68 – showing increased volatility. The price of the cryptocurrency has fallen by 14% since yesterday while the daily trading volume has increased by 120%. Dogecoin is ranked sixth with a market capitalization of $45 billion.

    Dogecoin (DOGE) Technical Analysis

    The market sentiment for DOGE coin is bearish; however, the technical indicators are giving out a neutral signal. Out of the total twenty-six technical indicators eight are standing at a neutral position while both buy and sell indications are at nine each. The oscillators and moving averages are also neutral with the moving averages leaning more towards bearish with a heavy sell side.

    Dogecoin (DOGE) Technical Analysis
    Dogecoin (DOGE) Technical Analysis

    Amidst the strong pullbacks, DOGE coin is testing various support levels. The price level of $0.38 failed to hold as support and is now acting as strong resistance. The next strong support can be found at the price level of $0.24. A trader is expecting Dogecoin crypto to have sideways movements in the channel formed by a strong resistance and support level. The trader is expecting the bulls to dominate and possibly lead the cryptocurrency upwards. However, given the strong bearish sentiment there is a good chance that Dogecoin crypto will test the support level at $0.24 and the support level may fail. In that scenario, the price level of $0.15 will act as the next support level.

    Musk to get serious about Dogecoin?

    The founder of Cardano, Charles Hoskinson, has created a video titled “How to fix Dogecoin (For Elon Musk)”. The creator talks about steps that the Tesla CEO can take to rebuild the cryptocurrency. Hoskinson suggested that Musk look into research papers for the cryptocurrency which will help people understand Dogecoin as well as provide avenues for improvements in the coin. The Cardano creator also suggested adding smart contracts functionality to Dogecoin.

    If Elon Musk is to act on the suggestions of Charles Hoskinson, then Dogecoin may truly become a force to be reckoned with.

  • Dogecoin (DOGE) literally to the moon or to crash?

    Dogecoin (DOGE) literally to the moon or to crash?

    A Canadian manufacturing and logistics firm Geometric Energy Corporation has announced to launch a payload funded by Dogecoin (DOGE) onto SpaceX’s rocket to the moon. The payload is designed to gather intelligence on the moon with the help of sensors and cameras. The commercial satellite is set to travel to the moon in early 2022 and will be aboard SpaceX Falcon 9 launch vehicle.

    The Vice President of Sales at SpaceX had commented the use of Dogecoin demonstrates the application on cryptocurrencies beyond earth as well. Will Dogecoin really be the first cryptocurrency to literally reach the moon? And what impact will this have on the Dogecoin on earth? Is a price surge to be expected?

    However, it is unclear what role did Dogecoin play in the project. Neither SpaceX nor Geometric Energy has specified the use of funding from Dogecoin or what the funding amounted to. Speculations based on previous missions to the moon place the funding of Dogecoin at $225 million.

    The CEO of SpaceX, Elon Musk, has been designated as the “Dogefather” because of his vocal support of the cryptocurrency. Elon Musk has sent the cryptocurrency surging upwards quite a few times. Musk has also been accused of market manipulation and even threatened with an SEC inquiry, But the CEO had remained undeterred.

    However, there has been a recent shift in the tone of Elon Musk. It appears as though the billionaire CEO has grown tired of the cryptocurrency and has moved away. Recent statements of Musk show that he will no longer be supporting Dogecoin – which is very unpleasant news for the Doge community. Prior to his appearance on Saturday Night Live, Musk told reporters that no more pumping tweets for Dogecoin should be expected from him.

  • Elon Musk turned bearish on Dogecoin (DOGE)?

    Elon Musk turned bearish on Dogecoin (DOGE)?

    Dogecoin (DOGE) the meme cryptocurrency had become an internet sensation partly due to the hype created around it by Tesla CEO Elon Musk. Musk had been named the unofficial ‘Doge father’. The billionaire CEO had been an ardent supporter of the cryptocurrency and had played a key role in the surge of the cryptocurrency.

    Musk had been consistently posting tweets on his Twitter handle which has resulted in volatile surges of Dogecoin. Tweets that depict Doge to the moon have been responsible for the cryptocurrency’s higher highs. Dogecoin had started off as a joke between two engineers and the cryptocurrency was nearly dead prior to the bull run of 2021. But, Dogecoin surged around 14000% in 2021. The upward move of Dogecoin has been regarded as similar to the GameStop fiasco.

    The role of Elon Musk in the hype of Dogecoin had been criticized by many citing Dogecoin does not really have any intrinsic value and Elon Musk and the likes are manipulating the market. Musk had also been advised to take a back seat as his twitter feed may warrant a SEC probe.

    Musk is set to appear on Saturday Night Live (SNL) and the appearance has been regarded as one of the most anticipated moves by the Dogecoin community as Musk is expected to vocalize his support for the cryptocurrency on a more official platform.

    However, the billionaire CEO may have turned bearish on his favorite meme crypto. Hours ahead of his SNL appearance, Musk had reminded the masses that cryptocurrencies are primarily speculative and it is not at all advisable to invest one’s life savings in something mere speculative. The Tesla owner has also commented to not be hoping for any more price pumping posts from him.

  • Dogecoin (DOGE): To the moon or to crash?

    Dogecoin (DOGE): To the moon or to crash?

    Dogecoin (DOGE) the meme cryptocurrency has become an internet sensation – partly fueled by Tesla CEO and Doge father Elon Musk. Dogecoin established a new all-time high at $0.69 in a price rally. At the time of press, the cryptocurrency stands at a price level of $0.67. The price of Dogecoin is up by a whopping 40% while the daily trading volume has shot up by 170%.

    The meme cryptocurrency has taken over Ripple (XRP) and now stands at fourth place in terms of market capitalization. The move does not come as a surprise for many as the community on social media has been pushing the cryptocurrency upwards ever since the beginning of the 2021 bull run. The $0.69 target achieved by Dogecoin was specifically set by users on social media platforms.

    However, as much as the Dogecoin is hyped up on social media, data reveals that the cryptocurrency may not have as much a strong backing as suggested by the internet. Publicly available data shows that the price rally may be accorded to only a handful of investors – or whales – instead of s huge following. The dollar value of DOGE sent across the blockchain on Tuesday was more than $58 million which is higher than both Ethereum and bitcoin’s combined value ($50 million). But the interesting part is where Ethereum had 1.4 million transactions on its blockchain Dogecoin only had 76,000.

    Moreover, one single address holds 28% of all Dogecoin while 12 addresses together hold 67% of the Dogecoin. Dogecoin may not be the darling as social media has portrayed it to be. Doge critics believe the coin does not have any intrinsic value and its fall is imminent. Analysts are also suggesting that Elon Musk’s Saturday Night Live appearance may not bode well for the cryptocurrency.

  • Dogecoin (DOGE) price prediction: To hit $1 soon?

    Dogecoin (DOGE) price prediction: To hit $1 soon?

    Dogecoin (DOGE) had been a cryptocurrency nobody paid attention to. DOGE crypto started off as a joke between two engineers and remained so until 2021. For the most part of its life, Dogecoin crypto has stayed nearly at $0.002. However, the cryptocurrency established its all-time high at $0.43 in the current bull run. The price of the coin has fallen by 30% from its ATH. Although Doge crypto has been suffering from market retracements, the cryptocurrency may soon reverse its trajectory as the price has been climbing up in the 24-hour timeframe while the trading volume went up by 100%.

    Dogecoin (DOGE) Technical Analysis

    The meme crypto has been enjoying a bullish market trend. Out of the 26 technical indicators, ten are standing at a neutral position, fourteen are giving out a buy signal while only two are bearish signals. The oscillators are bearish while the moving averages are strongly bullish. At the time of writing, Dogecoin stands at $0.31.

    Dogecoin (DOGE) Technical Analysis
    Dogecoin (DOGE) Technical Analysis

    A trader has identified the current price action of Dogecoin crypto to be similar to those when the cryptocurrency exploded to form it all-time high in early April. Per the trader, Dogecoin has formed fractals and is operating in a rectangular figure inside a bigger rectangle. The boundaries of the figures are acting as strong resistance and support levels. Through the fractal analysis, the trader is expecting Dogecoin to break out of both the formation and end up with 260% gains at a price level of $1.

    The fractals are out of proportion but given the volatility of Dogecoin, the trader believes it to be possible. Moreover, the trader also commented if the volatility of the cryptocurrency decreased in the horizontal moves then there are lesser chances of a breakout and a subsequent bull run.

    “Dogefather” to appear live for Dogecoin

    Elon Musk Tweet
    Elon Musk Tweet

    “Dogefather”, the billionaire & Tesla CEO Elon Musk has hinted towards a live appearance for Dogecoin. Musk has been a strong supporter of cryptocurrency and usually sends it soaring upwards with tweets. Yesterday was no different. The price rally of Dogecoin is attributed to the tweet by Musk. The CEO hinted towards his appearance on the comedy show, Saturday Night Live, possibly to support Dogecoin. If all goes well, then May 8th may be the beginning of another bull run for Dogecoin – possibly achieving the $1 price target.

  • Dogecoin: Snack Brands Favorite Coin

    Dogecoin: Snack Brands Favorite Coin

    Dogecoin (DOGE) the meme-based coin started off as a joke between two engineers but the crypto is no longer any joke. Dogecoin has been one of the best performing cryptocurrencies in the bull run as it climbed up to establish a record high. One of the most vocal support of DOGE is Elon Musk – the tech billionaire and CEO of Tesla. Musk often sends the coin up soaring with his tweets but Musk is not the only one who supports Dogecoin.

    DOGE has become a brands’ favorite. The US-based meat snack company Slim Jim has started actively promoting Dogecoin. The brand often tweets memes featuring DOGE and meat snacks going up to the moon. It may have become a new marketing technique as the brand increased its following on Twitter five-folds by supporting Dogecoin. Slim Jim has also launched an NFT up for sale which features DOGE represented by Shiba Inu to the moon. The brand has said to donate 100% of the proceedings from the NFT to charity along with an additional $10,000.

    Milkyway and Snickers by Mars confectionary company have also been vocal supporters of Dogecoin on their social media. The brands have been actively advocating and supporting cryptocurrency with various memes.

    The active support from snack brands of Dogecoin has also faced lashback as some people regard Dogecoin to have no intrinsic value. After establishing an all-time high at $0.43, DOGE has fallen more than 20% in the past 24 hours. Are the glory days of the coin over?