The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Where is Dogecoin?
A coin that became the synonym to the word “Hype” (and Elon Musk) is now out of the limelight, floating around and waiting for somebody to help. Is it the end of the Dogecoin or just a calm before the storm? Let’s find out!
Retrospective Dogecoin analysis
Dogecoin (DOGE) is a name everybody in the crypto community knows. Even those outside the trading have heard it. The coin with unlimited possible issuance, with blockchain that has been created in two hours, and with nothing but a meme to offer has gained more than $75 billion in market capitalization. Can you imagine, its capitalization was bigger than almost every automobile corporation in the world!
Moreover, Elon Musk, “The Dogefather” as he calls himself, has advertised the coin for several months in his tweets and live speeches. Dogecoin has started to be accepted as a payment method in the Dallas Mavericks basketball team, Post Oak Motor Cars, AirBaltic, and dozens of others.
But when the initial hype was over, DOGE couldn’t help but fall further and further, losing 77% from its all-time highs (ATH). Now the coin doesn’t have so much hype and acts just like many other altcoins, moving along with Bitcoin.
Latest Dogecoin news
The Dogecoin Foundation, a non-profit formed by the cryptocurrency's creators and supporters in 2014, has now filed an official claim with the US Patent and Trademark Office to make sure the brand name is not misused. The problem is, there are nearly half a dozen others who, too, are out to claim the name.
Among them is Moon Rabbit AngoZaibatsu, a Cook Islands-based company, which has filed a claim to obtain the Dogecoin trademark in the US and the European Union. Its founder Angel Versetti has created a new dogecoin on his company's blockchain network and also established another company in the Cook Islands called the Dogecoin Foundation after the original Dogecoin Foundation remained inactive.
But the original Dogecoin Foundation was recently revived. Billy Markus, the co-creator of Dogecoin and one of the board advisors of the foundation, last month that he was concerned about “trademark trolling”, meaning some people trying to register a trademark without the intent of actually using it. Such “jokes” are not only dangerous for the identity of Dogecoin. They can also lead to fraud and misuse of the name in axe to grind.
Despite this, SHIBA coin (we have an article about it too) and Baby-Doge coin are nipping at Doge’s heels, trying to gain the title of the main meme cryptocurrency. The place is too sweet to be empty, and more or less fraudulent projects are aiming at it.
As for now, DOGE is consolidating in a broad range of $0.15 and $0.35. Another way of the hype isn’t something we expect, but something that can happen, thus, the price still may skyrocket and reach so anticipated $1 target. But keep in mind, that DOGE has become so popular, that on its way up millions of people will sell the coin to grab their profits or to run from the losses (in case they have bought the coin close to the highs). This price pressure will slow the token. Also, as a payment method, Dogecoin doesn’t have serious advantages over more convenient and stable Litecoin. Forewarned is forearmed.
Dogecoin daily chart
Resistance: 0.3150; 0.3500; 0.4000
Support: 0.2150; 0.1660
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