Dogecoin

Shiba Inu

Elon Musk

<img width="1200" height="900" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07122957/Dogecoin-at-10-1.png" class="attachment-full size-full wp-post-image" alt="Dogecoin news" loading="lazy" style="float:left; margin:0 15px 15px 0;" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07122957/Dogecoin-at-10-1.png 1200w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07122957/Dogecoin-at-10-1-300x225.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07122957/Dogecoin-at-10-1-1024x768.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07122957/Dogecoin-at-10-1-768x576.png 768w" sizes="(max-width: 1200px) 100vw, 1200px">
<ul>
 <li>Since Elon Musk’s public declaration, DOGE has gone up and down.</li>
 <li>Dogecoin’s Open Interest jumped and other indicators suggest a recovery.</li>
</ul>
On its 10th anniversary of existence, <a href="https://eng.ambcrypto.com/search/dogecoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Dogecoin [DOGE]</a>&nbsp; gave holders of the meme something to celebrate. The coin did this by running upwards and reaching $0.1 on the 6th of December. This was the second time throughout 2023 that DOGE tapped that level.
The first time it did was on the 4th of April. But at that time, hitting the milestone was only momentary as the price pulled back in a matter of minutes.
 However, this season was a little different as DOGE held on to the price before its recent retracement to $0.098 at press time.&nbsp;
Dogecoin’s uptick did not happen without other memes following in a similar direction. The likes of <a href="https://eng.ambcrypto.com/search/pepe" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Pepe [PEPE]</a>, and <a href="https://eng.ambcrypto.com/search/floki" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Floki [FLOKI]</a> also had their respective increases. But unlike these cryptocurrencies mentioned, Dogecoin has come a long way.
<h4>DOGE&nbsp; is a “crypto of the people”</h4>
Dogecoin was introduced as an open-source cryptocurrency in 2013 by Billy Markus and Jackson Palmer. During that period, Palmer was a software engineer at Adobe, and Markus had the same role at IBM.
Markus and Palmer ideated and launched Dogecoin in December as a “joke” version of <a href="https://eng.ambcrypto.com/search/bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a>. This was one of the reasons it used a Shiba Inu dog as its logo. 
Furthermore, the founders of the cryptocurrency did not expect the coin to gain quick acceptance.
But two weeks after its launch, DOGE gained popularity on social media platform Reddit, and at one point had more transactions than Bitcoin in its early stages. In 2014, Markus and Palmer left Dogecoin’s development to the community.
After that, not much happened with Dogecoin. But in 2019, Tesla CEO Elon Musk endorsed the cryptocurrency. He also revealed that he had been supporting Dogecoin developers behind closed doors before his disclosure.&nbsp;
In April 2019, Musk posted about the meme on X (formerly Twitter) citing his support for DOGE. Then, in February 2021, the SpaceX head called DOGE the “people’s crypto.”
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Dogecoin is the people’s crypto
 — Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1357241340313141249?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">February 4, 2021</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Posts like this were part of why the coin was one of the <a href="https://eng.ambcrypto.com/is-dogecoin-preparing-for-a-bull-run-heres-the-odds/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">outstanding</a> performers of the 2021 bull market.&nbsp;
<div id="attachment_81276" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123259/DOGE_All_graph_coinmarketcap.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81276" loading="lazy" class="size-full wp-image-81276" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123259/DOGE_All_graph_coinmarketcap.png" alt="Dogecoin all-time price performance" width="696" height="356" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123259/DOGE_All_graph_coinmarketcap.png 696w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123259/DOGE_All_graph_coinmarketcap-300x153.png 300w" sizes="(max-width: 696px) 100vw, 696px"></a>
 Source: CoinMarketCap
</div>
While Musk was accused of <a href="https://www.forbes.com/sites/digital-assets/2023/06/03/market-manipulation-and-insider-trading-elon-musk-and-tesla-are-facing-a-fresh-nightmare-challenge/?sh=347bcf9a4efa" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">manipulating</a> the cryptocurrency to his favor, the richest man in the world did not stop promoting the coin. In fact, before the appointment of a new X CEO, Mush hinted that his replacement would be a Dogecoin lover.
<h4>Down but not out</h4>
AMBCrypto also reported on how Musk changed the former Twitter logo to DOGE before the company rebranded to X. Per its All-Time Performance, Dogecoin’s value has <a href="https://coinmarketcap.com/currencies/dogecoin/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">increased</a> by 17,365.63%, according to CoinMarketCap data.
However, the coin is 91.42% down from its $0.73 ATH. Despite the drawdown from the heights, the number of DOGE holders has been growing. At press time, there were 5.45 million holders of the coins.
As of the 7th of June, the total number was 5 million, meaning that an additional 450,000 had joined the Dogecoin clan within six months. Concerning its funding rate, AMBCrypto checked the data provided by crypto analysis tool Santiment.
According to the information <a href="https://app.santiment.net/charts/s26g6f7-__sCl" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">assessed</a>, Dogecoin’s funding rate was 0.023%. This reading implies that most traders are <a href="https://eng.ambcrypto.com/why-dogecoin-traders-are-unperturbed-by-the-market-shenanigans/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">bullish</a> on the coin price. If the funding rate was negative, then it would have suggested otherwise.&nbsp;
<div id="attachment_81277" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123350/Dogecoin-DOGE-07.16.58-07-Dec-2023.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81277" loading="lazy" class="size-full wp-image-81277" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123350/Dogecoin-DOGE-07.16.58-07-Dec-2023.png" alt="Total number of Dogecoin holders and DOGE funding rate" width="2560" height="867" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123350/Dogecoin-DOGE-07.16.58-07-Dec-2023.png 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123350/Dogecoin-DOGE-07.16.58-07-Dec-2023-300x102.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123350/Dogecoin-DOGE-07.16.58-07-Dec-2023-1024x347.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123350/Dogecoin-DOGE-07.16.58-07-Dec-2023-768x260.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123350/Dogecoin-DOGE-07.16.58-07-Dec-2023-1536x520.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123350/Dogecoin-DOGE-07.16.58-07-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
From a technical perspective, Dogecoin’s buying volume on the 6th of December was immense. This spike indicated by the sharp green bar implies that the community seemed determined to have a good celebration of the coin’s birthday.
<h4>Recovery is an option either way</h4>
However, there seems to have been some profit-taking as DOGE moved down to $0.0967. This assertion was also reinforced by the Accumulation/Distribution (A/D) indicator which had reduced to 27.10 billion.&nbsp;
The decrease in the A/D reading suggests that there has been a surge in distribution since accumulation hit a peak. Should the distribution continue, DOGE might drop below $0.0949 which was a support that triggered the rise to $0.01.
Also, DOGE would only remain above $0.09 if bulls defended other support at $0.0877. However, the Moving Average Convergence Divergence (MACD) showed that the buying momentum may return soon.&nbsp;
<div id="attachment_81278" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123440/DOGEUSD_2023-12-07_07-37-04.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81278" loading="lazy" class="size-full wp-image-81278" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123440/DOGEUSD_2023-12-07_07-37-04.png" alt="Dogecoin price analysis" width="1154" height="721" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123440/DOGEUSD_2023-12-07_07-37-04.png 1154w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123440/DOGEUSD_2023-12-07_07-37-04-300x187.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123440/DOGEUSD_2023-12-07_07-37-04-1024x640.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123440/DOGEUSD_2023-12-07_07-37-04-768x480.png 768w" sizes="(max-width: 1154px) 100vw, 1154px"></a>
 Source: TradingView
</div>
But that will be the case if the MACD reading pumps above the zero midpoint and sellers do not flip the 26-day EMA (orange) over the 12-day EMA (blue).&nbsp;
Another indicator to look at is the Open Interest. The Open Interest is the number of futures contracts left open by traders. It is also a sign of liquidity allocated that could impact the price action of a cryptocurrency.
Read <a href="https://ambcrypto.com/predictions/dogecoin-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Dogecoin’s [DOGE] Price Prediction</a> 2024-2025
As of this writing, DOGE’s <a href="https://www.coinglass.com/currencies/DOGE" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Open Interes</a>t had increased to $628.39 million, according to Coinglass. Alongside the downward trend, the Open Interest is a sign of strength for the coin’s momentum. 
If by chance the Open Interest stays high and DOGE’s movement reverses northward, then the coin may reclaim $0.01.
<div id="attachment_81279" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123533/Screenshot-2023-12-07-at-07.44.36.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81279" loading="lazy" class="size-full wp-image-81279" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123533/Screenshot-2023-12-07-at-07.44.36.png" alt="Dogecoin Open Interest" width="1374" height="393" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123533/Screenshot-2023-12-07-at-07.44.36.png 1374w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123533/Screenshot-2023-12-07-at-07.44.36-300x86.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123533/Screenshot-2023-12-07-at-07.44.36-1024x293.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07123533/Screenshot-2023-12-07-at-07.44.36-768x220.png 768w" sizes="(max-width: 1374px) 100vw, 1374px"></a>
 Source: Coinglass
</div>
The post <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com/dogecoin-turns-10-the-meme-celebrates-by-briefly-touching-0-1/" data-wpel-link="internal" target="_self">Dogecoin turns 10 – the meme celebrates by briefly touching $0.1</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com" data-wpel-link="internal" target="_self">AMBCrypto</a>.

Dogecoin turns 10 – the meme celebrates by briefly touching $0.1

AMBCrypto

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