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Wednesday, June 16, 2021

Is Dogecoin (DOGE) doomed for failure? Recent developments you should know

Dogecoin (DOGE) Overview


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Dogecoin (DOGE) started off as a joke between engineers Billy Markus and Jackson Palmer. Both the engineers created the cryptocurrency as a joke as it was based on a meme of the dog, Shiba Inu. However, the support that it garnered after its launch surprised the creators and even though they had no plans of taking the project as seriously as to compete with the king of the market, the intentions appear to have changed as the coin gained the spotlight quite a few times. The online community of Reddit has played a vital role in the success of the cryptocurrency as Redditers started utilizing the cryptocurrency for the purpose of online “tipping”.

Dogecoin had stayed stagnant at a price level of below $0.01. However, the support from billionaires, musicians and the likes on Twitter sent the coin to soaring high price levels. The Twitter frenzy resulted in a price as high as $0.80 for Dogecoin but speculation is fickle and the coin fell after failing to sustain the high price.

Daily technical analysis

The market sentiment for the cryptocurrency borders on bearish. The technical indicators stand at neutral while a majority of the oscillators are giving out a signal of sell and the Moving Averages are neutral with equal buy and sell indications. At the time of writing, Dogecoin is trading hands $0.048 apiece.

Trader Stargazer FX is suggesting a long position for the cryptocurrency. Per the trader, Dogecoin has broken out of two major descending resistance trend lines. The trader has identified a strong support level for the cryptocurrency which lies parallel to the price level of $0.04. In the scenario that Dogecoin cannot sustain its upward trajectory, it is likely to stabilize in the support zone. Price targets at $0.06 followed by $0.065 and $0.75 have been set for the cryptocurrency.

It all started with a tweet

Speculation is what runs the game in the investment world and the power of speculation is increased tenfold in the cryptocurrency market. As the coins do not have any innate value a good analysis from an expert or a word or two from someone famous can lead the coin to soaring highs or crashing lows. Dogecoin has been under the spotlight recently because of one such instance. Elon Musk, founder of Tesla, tweeted about the cryptocurrency. Bizarrely, the tweet consisted of one work “Dogue” but resulted in growth of the coin that left even the founder baffled. The famous rapper, Snoop Dogg, followed suit and also started tweeting about the cryptocurrency. The support on Twitter led the cryptocurrency

And most likely will end with tweets

Musk appears to have lost all interest in the cryptocurrency and has already moved on. The Tesla founder has been a supporter of Dogecoin ever since its launch. However, in February Musk remarked that although he jokes a lot about Dogecoin, they are meant only as jokes. The remarks have left Dogecoin investors immune to Musk’s further tweets. The coin had stayed stagnant

CoinFlip

The cryptocurrency ATM, CoinFlip, has now added Dogecoin because of its rising popularity. CoinFlip operates in over 1800 locations in the US and the ATMs can be used to buy cryptocurrencies with cash. CoinFlip already supports some of the major cryptocurrencies and the addition of Dogecoin to its network can mean good things for the cryptocurrency.

But, what is Dogecoin?

While it started off as a joke, Dogecoin is no joke today. It has garnered phenomenal support and has the potential to compete the top cryptocurrencies of the market which it showed when it entered the top ten coins by market capitalization earlier.

The coin was created in 2013 as an online payment system that is affordable. Dogecoin, unlike major cryptocurrencies, do not have a hard cap on its supply which makes it more convenient for everyday use and smaller transactions.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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