Following the completion of the Elon Musk Twitter acquisition, Dogecoin [DOGE] surpassed the $0.1 mark after five months of trial and error. DOGE’s growth has not slowed down since the tweet by the richest man in the world, “let that sink in.”In point of fact, the meme coin appeared prepared on October 25.
However, DOGE’s 32.95% increase between 28 and 29 October, which brought it to $0.1131 on 29 October, may warrant additional focus. In curious terms, how long will Dogecoin remain in the bullish zone?
In an unexpected turn of events, it appeared that this increase was not a typical meme of “pump and dump.” Here I abide, and I will remain. Prior to the most recent hit, DOGE reached $0.1 on May 11. Quantify Crypto stated that DOGE remained extremely bullish at 88.6%. Additionally, the technical analysis information platform noted that the coin remained on people’s minds. Despite this, there had been a slight dip in interest.
It might sound presumptuous to conclude that DOGE would continue to generate profits despite the technical data. As a result, taking into account the price action was crucial.
The Directional Movement Index (DMI) and the Quantify Crypto report were in complete agreement on the daily chart. The positive DMI (green) was in an entire uptrend mode at 56.26 at the time of writing.
The Average Directional Index (ADX) performed similarly. The buyer impact was demonstrated by the ADX (yellow) at 27.22, indicating that the positive DMI had strong directional movement. As the negative DMI awkwardly fell to 4.67, there was little to no support for the sellers (red) in the opposite direction. DOGE was clearly in a bull trap and had the potential to skyrocket past its enormous increase, according to this trend.
As the sellers’ strength (orange) remained below the buyers’ (blue), DOGE’s position for the Moving Average Convergence Divergence (MACD) indicated a strong buyer momentum. Especially when the 12 to 26 EMA was above the midpoint of the histogram, DOGE could not be pulled back.
Take what I have to say. Based on data from the chain, DOGE seemed to have kept its profit provision goal. The ratio of market value to realized value (MVRV) demonstrated this. The MVRV was a whopping 46.30%, according to Santiment data.
The data demonstrated that the ratio had been steadily rising ever since it left the -3.10% level on October 24. If DOGE investors had bought at the bottom before the rally. They would have seen almost double their investment at this rate DOGE may extend its bullish outlook if the MVRV ratio rises and whale involvement continues unabated.
Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
Dogecoin differs from Bitcoin’s proof-of-work protocol in several ways, one of which is by using Scrypt technology. The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined. You can mine Dogecoin either solo, or by joining a mining pool. A Doge miner can mine the digital currency on Windows, Mac or Linux, and with a GPU. As of 2014, you can also mine Litecoin in the same process of mining Dogecoin, as the processes were merged.
Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. You can get tipped Dogecoin by participating in a community that uses the digital currency, or you can get your Dogecoin from a Dogecoin faucet. A Dogecoin faucet is a website that will give you a small amount of Dogecoin for free as an introduction to the currency, so that you can begin interacting in Dogecoin communities.
You can sell or buy Dogecoin at any exchange that offers the digital currency, store it on an exchange or in a Dogecoin wallet, and tip Dogecoin in any communities that accept Dogecoin. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our market pairs tab.
The success of Dogecoin is closely intertwined with Elon Musk’s passion for it. Musk began tweeting about Dogecoin in early 2021, sharing a Lion King DOGE meme. That kickstarted a furious DOGE rally — with temporary dips — that culminated in Musk’s appearance on Saturday Night Live.
After the SNL appearance, DOGE crashed despite Musk’s promises to moon its price. In the following months, Musk seemed to lose interest, and the price of DOGE has tumbled over 70% from its all-time high. However, Musk still wields power over Dogecoin, as occasional tweets indicate.
In 2014, a not-for-profit foundation was formed by members of the Dogecoin team to provide support, advocacy, trademark protection and governance for the cryptocurrency project. However, the foundation was dissolved over time.
After several years of being inactive, the foundation was relaunched in 2021 with a “renewed focus on supporting the Dogecoin Ecosystem, community and promoting the future of the Dogecoin Blockchain.” In addition to some of the original core team, the project now has some seasoned industry players as part of its board of advisors.
According to the foundation’s website, members of the board will meet monthly to discuss issues relating to Dogecoin.
In regards to its advisors, the group is made up of Dogecoin founder Billy Markus, the project’s core developer Max Keller, Ethereum founder Vitalik Buterin and Elon Musk as represented by the head of the Musk’s family office, Jared Birchall.
Members of the Board of Advisors will function in various capacities. While Keller will serve as the project’s technical advisor, Markus will be in charge of the community and memes. Meanwhile, Buterin will function as the blockchain and crypto advisor for the foundation, and Birchall will represent Elon Musk as legal and financial advisor.
As a first assignment, the Board of Advisors will be working to secure three-year funding that would allow it to employ a small, dedicated staff to work on Dogecoin full-time. Up until now, the work on the ecosystem has been done by volunteers.
Weeks after the release of Dogecoin Core version 1.14.6, core developer Michi Lumin announced the launch of Libdogecoin, a C-library of the network’s building blocks.
Libdogecoin would allow developers to build Dogecoin-compliant products “without needing to worry about the deeper specifics of the crypto functions.” This means that less technical members can easily design products that comply with Dogecoin standards.
Since the update is a pure library, it will not provide a “runnable” node facility. However, Libdogecoin will support multiple languages, including Python, Node.js and Ruby.
Companies That Accept Dogecoin
Due to its low transaction fees and constant patronage from Elon Musk, a number of traditional companies have moved to make Dogecoin a payment option.
Here’s a list of some companies that currently accept Dogecoin payments: