IntoTheBlock’s miners’ reserves chart tracks the real-time balances in custody of recognized mining companies and mining pools. Meme Kombat offers a play-to-earn model through its battle arena, rewarding users who pick winning meme fighters with more MK tokens. Q4 GDP numbers and January inflation data are expected this week, which could provide insights into whether the Fed’s projected rate cuts for 2024 will materialize.
- However, the miners’ $22.6 selling trend analyzed above indicates the bears look set to gain even more ground in the coming weeks.
- With the overall crypto market demand now weakening, the miners’ selling trend could have a more pronounced impact on DOGE price in February 2024.
- There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.
- Markus and Palmer based Dogecoin's code on Luckycoin, derived from Litecoin (a Bitcoin fork).
- There doesn't appear to be any other Dogecoin uses as of (December 2023) besides blockchain fees, which are very low compared to Bitcoin's and Ethereum's.
With price momentum negative, DOGE could test support around $0.074 over the coming days if buying interest fails to return. An open-source peer-to-peer digital currency, favoured by
Shiba Inus worldwide.
Dogecoin is an altcoin[c] with a large userbase, and is traded against both fiat currencies and other cryptocurrencies on several reputable cryptocurrency exchanges and retail investment platforms. You can store coins on exchanges after purchase but we recommend using a dedicated wallet for security and long term storage. They are the best choice for those storing a lot of value or planning to hold long term. This spat highlights the crypto community’s divide regarding meme coins – which will likely be widened given Dogecoin’s current slump. IntoTheBlock’s Global in/out of the money (GIOM) data groups the current DOGE holder wallets according to their historical entry prices. It depends on market conditions, cryptocurrency developments, and investor and user sentiments.
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DOGE now sits in 9th place in terms of market capitalization, boasting a daily trading volume of $664 million. The popular meme coin tapped $0.107 on December 11 but has since struggled to maintain momentum. However, as many investors bought in on the hype, on-chain data reveals that Dogecoin miners instead, capitalized on the rally to book profits. Bitcoin's blockchain has been improved, and layers have been built that give it more uses, but the same can be said of Dogecoin. Amilcar has 10 years of FinTech, blockchain, and crypto startup experience and advises financial institutions, governments, regulators, and startups. Early investors can buy MK tokens during the final stage of the presale for $0.279 using ETH or USDT.
Dogecoin Price Plummets Following Criticism from Ripple CEO
Dogecoin marketed itself as a “fun” version of Bitcoin with a Shibu Inu dog as its logo. Dogecoin's casual presentation suited the mood of the burgeoning crypto community. Its Scrypt algorithm and unlimited supply were an argument for a faster, more adaptable, and more consumer-friendly version of Bitcoin.
However, the new meme coin Meme Kombat (MK) is currently in its presale phase and could be a better buy for investors looking to get in early on the next potential breakout star. It currently shows that 528,180 addresses had acquired 45.6 billion DOGE at the average price of $0.071. Notably, considering this is the largest cluster of current Dogecoin holders, if hey make frantic purchases to defend their positions, they could overturn the bearish trend.
choose your wallet
Unlike Dogecoin, which is dependent on hype and celebrity endorsement, Meme Kombat provides real utility with its gaming and staking functions. The confluence of bearish factors has applied downward pressure to most crypto assets – Dogecoin included. A confluence of factors seems to be weighing on prices, with the first being FTX’s sell-off of $1 billion worth of Grayscale’s GBTC shares to meet credit obligations. In response, Dogecoin dogebear coin co-founder Billy Markus defended the project, comparing it to Bitcoin in terms of fundamentals. Not only that, DOGE has broken below its 50-day exponential moving average (EMA) on the daily time frame, suggesting the trend is now to the downside. This essentially implies that the Dogecoin miners have sold off over 290 million DOGE worth approximately $22.63 million in the last 3 months between Nov 21, 2023 and Jan 26, 2024.
Crypto Bear Market Intensifies, Weighing Down DOGE’s Value
As of December 2023, Dogecoin's market capitalization was nearly $13.1 billion. Dogecoin's infrastructure is slowly gaining traction with fans and developers and continues to operate and trade due to its active community of miners. By Dec. 19, the value of Dogecoin jumped 300%, bolstered by China's policy to forbid its banks from investing in cryptocurrency. Markus and Palmer based Dogecoin's code on Luckycoin, derived from Litecoin (a Bitcoin fork).
During the 2017 to early 2018 cryptocurrency bubble, Dogecoin briefly reached a peak of $0.017 on January 7, 2018, putting its total market capitalization near $2 billion. Additionally, with some low-cap meme coins like Coq Inu (COQ) still posting gains despite the market decline, the timing looks right for a new https://cryptolisting.org/ project like Meme Kombat to emerge. Bitcoin (BTC) has fallen to $39,000, and Ethereum (ETH) has dipped to $2,210, meaning the total crypto market cap has shed around 5% of its value in the past day. Dogecoin’s (DOGE) price has fallen over 7% in the past 24 hours, continuing its downward trend in mid-December.
Initially, they used a randomized block mining reward, but that was changed to a static reward in March 2014. Dogecoin uses Litecoin's Scrypt technology and uses proof-of-work (PoW) on its blockchain. Dogecoin started with a supply limit of Ð100 billion, which would have been far more coins than the top digital currencies were then allowing.
Elon Musk and Dogecoin
Dogecoin does not need coin burning marketing mechanisms that new tokens and other chains have attempted to implement to artificially inflate their prices. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Meme Kombat is a crypto gaming platform that allows users to bet on battles between popular meme characters like Doge, Pepe the Frog, and Wojak. It’s not just Dogecoin seeing red – the overall crypto market has turned bearish again.
With the overall crypto market demand now weakening, the miners’ selling trend could have a more pronounced impact on DOGE price in February 2024. This could open the door to SHIB price action potentially overtaking the pioneer memecoin. Dogecoin is considered an “inflationary coin,” while cryptocurrencies like Bitcoin are deflationary because there's a ceiling on the number of coins that will be created. Every four years, the amount of Bitcoin released into circulation via mining rewards is halved, and its inflation rate is halved along with it until all coins are released. In the summer of 2019, Dogecoin enthusiasts celebrated when the crypto exchange Binance listed the coin.
