Dogecoin Mining Revenue Massively Fell In Past 12 Months

Christian Encila

1 year ago

3 mins read

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Dogecoin continues to plunge as it failed to retain support at the $0.08 level. The bad news is that the Dogecoin price can still fall further down as the bears appear to have bypassed the triangular structure that has latched ferociously around it the previous month.

With the structure breached, the bears could pump in more capital to earn more from the DOGE plunge. The bearish candle is now falling head-first which boosts the confidence of many traders to go all-in with the bearish stance.

DOGE’s price currently sits at $0.075. And a pause is expected before it goes for a bull run at $0.072. However, the bearish outlook will remain until the liquidity at $0.068 is driven out.

Another strong indicator of a bearish control is the DOGE price wasn’t able to get through the Relative Strength Index 40 level.

Dogecoin Mining Revenue Down

Despite DOGE being down by 89.50% from its all-time high, it seems to have jumped up by 12.78% from the cycle low it has been lingering on at $0.07.

Regardless of the little improvement, DOGE mining revenue is still down at 76.2% in the last year, making the popular meme coin one of the less profitable mining options around, according to crypto market data aggregation and analytics platform CryptoRank.

Dogecoin is at the top of the list of the five least profitable mining alternatives. Source: CryptoRank.

A drop of more than 70% in mining profitability is not impressive at all for traders – not one bit. So, does this hint trend exhaustion anytime soon?

DOGE price significantly dropped by 3.48% in the past week and was also changing hands at roughly $0.077. In addition, after the meme token dropped sharply on May 11, DOGE has since been in tight trading range. Could this possibly indicate a move up?

The indicators point towards a bearish trend. RSI has lounged under the neutral point or even appears to be southbound as of this writing.

DOGE total market cap at $8.10 billion on the weekend chart | Source: TradingView.com

No Sign Of Trend Exhaustion

Meanwhile, the volatility of DOGE is only at 88.28% in the past 30 days. All of these indicate that there is no trend exhaustion at least in the next coming weeks.

Investors should look more at the volume before taking long bets. There has been a free fall following April 26 which indicates a low buying and selling activity. Investor interest has waned intensely for a couple of weeks.

The social dominance metric hovers currently at 4.88% during press time which indicates that social media power is at play and that people continuously talk about Dogecoin despite the shivers of the crypto winter.

Featured image from Zipso.net, 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.