Dogecoin Price Up 2.64% – Time To Buy DOGE?
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Meme tokens are the rave of the moment but you can’t rely on the hype if you want to buy DOGE.
Dogecoin, which started off as a joke currency, has all the media attention and has even pioneered other parody tokens in its eight-year history. Even though many DOGE crypto critics have cast it aside, the Shiba Inu (mascot for DOGE) has been one of the outlier digital assets increasing over 15,000% year-to-date.
In the last 24 hours, Dogecoin has been rallying despite the broader crypto market being in the red zone.
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What is Dogecoin?
Created in Dec. 2013 by Billy Markus and Jack Palmer, Dogecoin started off as a jab at the growing number of alternative coins (altcoins for short) that sprung up after Bitcoin. Dogecoin is essentially a fork of a fork. It was originally forked from Litecoin which is also a fork of the Bitcoin network.
Dogecoin is based on the popular “doge” internet meme and uses a Japanese Shiba Inu as its logo. Dogecoin creators originally envisaged it as a fun, light-hearted cryptocurrency and this has been the idea behind the digital asset.
Compared to Bitcoin and Ethereum, Dogecoin is faster and ideal for payments and purchases. However, it is inflationary by design as there is no limit on the amount of Dogecoins that can be mined.
It uses a proof-of-work (PoW) consensus algorithm but consumes far less energy than both large-cap crypto protocols.
This has been a major draw for many people with Tesla boss Elon Musk being a huge fan of the joke cryptocurrency. Musk has spent a lot of time hyping Dogecoin and reportedly said that DOGE is his favorite cryptocurrency.
It has not stopped here. Musk is also keen on making Dogecoin the first cryptocurrency to go to space. His SpaceX company received payments for its spacecraft in DOGE.
The interest in Dogecoin has not stopped with the billionaire entrepreneur as other celebrities have also professed their love for Dogecoin. Top of mind is American hip hop legend Snoop Dogg with a similar name. The rapper, alongside rock star Gene Simmons, have publicly supported the virtual currency.
Dogecoin is one of the most talked-about digital assets besides Bitcoin. Despite the fact that it is not a good store of value, it has grown 15,000% in 2021.
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What is DOGE Price?
Based on its current price, this is the right time to buy DOGE. At press time, DOGE currently trades for $0.24 increasing 5.33% on the daily trading chart. However, this is not DOGE’s best price action to date.
Even though DOGE has never crossed the $1 mark, it has surged just north of the mark. Through the endeavors of Elon Musk and an active Dogecoin community, the joke token reached an all-time high (ATH) of $0.73 in the run-up to the appearance of Musk on SNL.
However, it slumped thereafter trading below the 50 cents mark 48 hours later. Meanwhile, it has not been able to retain this price action and dipped further with the broader crypto market.
Last week, DOGE price has dropped 22.33% reflecting the general market sentiment. But it seems to be rallying following Bitcoin’s market value rise in the past few days. However, the crypto market is highly volatile and you will need to monitor Bitcoin price action if you want to buy DOGE.
DOGE Technical And Fundamental Analysis
On the trading chart, DOGE fundamentals are strong. The joke asset’s relative strength index (RSI) stands at 40.01, meaning it is above the oversold margin showing growing market confidence.
This may be a good point to buy ADA and rise with the market. For the short-term outlook, the 20-day moving average (MA) support shows a bearish trend with the price action trading below the indicator at $0.297.
Meanwhile, the 200-day MA points to a bull market with the digital asset trading above the indicator at $0.15.
This indicates that the joke coin is set for a rally and this might be the right time to buy DOGE.
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