Dogecoin Price Up By 2.06% – Time To Buy DOGE?
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Popular Bitcoin knock-off Dogecoin is in the midst of a major rally and this has encouraged several investors to buy DOGE. The asset, which has seen interest wane in the last weeks, has caught a major tailwind.
Dogecoin: Leading Meme Coin In The Market
Dogecoin is a decentralized, open-source, peer-to-peer network created based on the popular Doge Internet meme.
It was created about eight years ago by Jackson Palmer and Billy Markus as a joke on the growing alternative currencies (altcoins).
The coin features a Shiba Inu on its logo and uses a proof-of-work (PoW) consensus algorithm.
However, it is different from Bitcoin’s PoW protocol as Dogecoin uses an underlying technology derived from Litecoin. This is called the Scrypt technology.
Apart from a driven community of token holders who push the asset’s usage via social media, Dogecoin also has the backing of celebrity influencers. This includes the CEO of Tesla, Elon Musk, and Mark Cuban, owner of NBA Team, Dallas Mavericks.
Investors Push DOGE Price Upward
Dogecoin is one of the most popular cryptocurrencies out there right now. With a market cap of $34 billion, DOGE is on the top 10 leading crypto assets.
Since the year began, DOGE has soared over 15,000%. The token hit its all-time high price of $0.7376 in May. This was before the crypto crash plunging its price to $0.508 in the first week.
Since then, the digital asset took a hit but maintained its position in the $0.30 to $0.20 range. However, On July 19, DOGE touched its lowest value at $0.1736. Nevertheless, it showed signs of recovery a few days later when it surged to $0.2046.
Presently, DOGE is trading at $0.2612 and is up by 1.06% in the last 24 hours. The asset reclaimed the key $0.25 level after a weekend of highly volatile trading that saw prices break out to the upside. With the crypto market picking up steam again, this might be a good time for investors to buy DOGE.
DOGE Technicals And Fundamentals
On the trading chart of DOGE, the 20-day and 200-day moving averages are exhibiting a bearish bias.
While the 200-day MA price is at $0.2550, the 20-day price shows a price of $0.2551. However, the Relative Strength Index (RSI) indicator is signaling a bullish bias among investors. The RSI is heading to the overbought zone at 54.87.
The price action is likely to continue to the upside in the coming sessions, as per popular crypto website Wallet Investor. The site predicts a price of $0.473 in one year.
A similar bullish outlook has been forecast by analysts at Digital Coin, which states DOGE would trade around $0.493 in a year.
Dogecoin’s price witnessed impressive gains not long after the ‘Dogepalooza’ festival’s details were announced. The festival, which aims to celebrate the popular meme coin, is slated to take place in October.
The event consists of concerts, fireworks show, and a nonfungible token (NFT) event focused on increasing the interest in DOGE.
Meanwhile, Dogecoin is still attracting major brands to its project. Doge-themed products appear to be the new trend as companies continue to adopt the coin.
Food production company Oscar Mayer recently announced a limited-edition pack of “Hot Doge Wieners” that comes with the cash value of 10,000 Dogecoins. The pack was auctioned on the eBay platform for $15,000 on Sunday.
Oscar Mayer joins a growing list of popular brands that have jumped on the Dogecoin train. Last month, grooming product manufacturer AXE launched a limited run of body spray cans dubbed “Dogecan.”
Another firm that has previously used Dogecoin to promote its brand is the United States-based meat snack, Slim Jim. In April, the firm announced the launch of its NFT, featuring Dogecoin designed on the face of the moon underneath a rocketship on the body of the slender meat snack.
