Dogecoin Sheds Nearly 2%, Yet Analysts Upbeat DOGE Can Breach $0.0788

Christian Encila

2 years ago

2 mins read

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Dogecoin (DOGE) price has retreated by 1.80% and is currently trading at $0.068826 USD. CoinMarketCap has ranked DOGE as the 10th largest coin in terms of market capitalization.

Dogecoin has a current market cap of $9,131,190,072 USD with a 24-hour trading volume set at $494,541,797 USD. The well-known meme coin currently has a total circulating supply of 132,670,764,300 DOGE coins.

Crypto analysts and experts are eyeing Dogecoin to breach the $0.0788 zone.

Dogecoin Developers To Launch New Update

Dogecoin developers launched their recent update that can help enhance the efficiency, performance, user interface, and security of the meme coin.

Dust limits have also been reduced from 1 DOGE to 0.01 DOGE. The new update or fee mechanism in place also aims to further decentralize the meme coin’s network.

The new update was launched on July 21, 2022, together with the upgrade or release to the fee mechanism. The new update included several great features and security fixes. Addnodes have also been restricted to 800 to steer clear of risks of memory congestion in the network.

Additionally, there are also a new minor version upgrades which included vital security updates and also fixes and improvements to beef up the efficiency and robustness of the network. More so, all users of Dogecoin Core including wallet users, miners, and relay operators are urged to upgrade.

DOGE total market cap at $8.9 billion on the daily chart | Source: TradingView.com

Dogeverse Memes Keeping The Energy Up

The Dogeverse have also been infused with memes which also improved network activity. In effect, as much as 80,000 transactions have been processed in the past 24 hours and many investors have expressed their overwhelming interest and excitement with the memes found in the network.

Another exciting product adding to the vibrancy of the Dogecoin meme economy is the MyDoge wallet, which is a DOGE wallet that allows fans to send DOGE tips to meme creators.

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

Analysts are confident that DOGE is ready to breach the $0.078 level. All signals are waiting for this to happen anytime soon. Now, in worst case scenario or if in case DOGE fails to break through the $0.078 zone, the meme coin is set to plunge in price by as much as 60% which is a huge painful drop.

DOGE insights have been increasing steadily for the past three months following its biggest decline seen in December 2021. DOGE’s MDIA value has also plunged by more than 21.6% in just three days.

Featured image from Zee News, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.