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An Ethereum-Dogecoin bridge and NFT utility “would help Dogecoin”: Co-founder Billy Markus

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  • Dogecoin co-founder Billy Markus is confident an Ethereum-Dogecoin bridge and NFT utility would be beneficial to Dogecoin’s growth.
  • The bridge would allow the use of DOGE in NFT platforms, the DeFi industry, and in cross-chain transactions between DOGE and ETH blockchains.

The completion of an Ethereum-Dogecoin bridge would pave the way for massive adoption of the DOGE asset, Dogecoin co-founder Billy Markus recently stated. The same would happen when non-fungible token (NFT) marketplaces, such as OpenSea, allow Dogecoin (DOGE) to be used for purchases. Markus tweeted;Two things I believe would help Dogecoin: [The] completion of DOGE↔ETH bridge, [and]NFT platforms (e.g. OpenSea) allowing for the DOGE-ETH token to be used for purchases,

NFT purchasing is [in]high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility,

Once the Ethereum-Dogecoin bridge is ready for use, DOGE could be integrated into Ethereum-based NFT platforms. Users can send the meme-based cryptocurrency from its native blockchain to the Ethereum blockchain. DOGE could also be transacted in the decentralized finance (DeFi) sector. In essence, the bridge would enable easy conversion of DOGE to Ethereum-compatible tokens. This would extend Dogecoin’s accessibility to Ethereum’s ecosystem.

Ethereum-Dogecoin bridge

Earlier this month, Ethereum co-founder Vitalik Buterin expressed similar bullish outcomes for DOGE in the event of an ETH bridge.

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“I hope that doge can switch to PoS soon, perhaps using Ethereum code,” Buterin said at the time.

I also hope they don’t cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with Dogecoin’s non-greedy wholesome ethos.

However, Jackson Palmer, another Dogecoin co-founder, still holds negative sentiments not just for DOGE, but the wider crypto industry. The Australian technologist shammed the crypto world calling it the “worst parts of today’s capitalist system.” Further statements indicated he likely won’t return to crypto after leaving Dogecoin in 2015.

Markus, on the other hand, had a change of heart after an eight-year break from cryptocurrencies, buying back into DOGE. He has since taken a lead position in Dogecoin ecosystem developments. Markus has now revealed that the DOGE-ETH bridge is currently a work in progress. Going by Twitter’s responses to his post, the bridge, and NFT concept is highly anticipated by the DOGE community.

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“DOGE being implemented into the NFT ecosystem would be a huge benefit to the community,” one individual commented.

DOGE Price Action

According to our data, the DOGE  has gained a whopping 7,500 percent in the last 12 months. It remains 10th on the list of cryptocurrencies by market cap. The coin hit an all-time high of $0.731 in early May but has since dipped 72 percent from that level. DOGE also shaved off a 25.4 percent price in the last month.

As of this writing, the coin was trading at $0.203, down by less than 1 percent on the day. With the ETH-DOGE collaboration, DOGE faces potentially higher prices with increased use cases and popularity.

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Dogecoin price locked in downtrend as DOGE bears take the wheel

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  • Dogecoin price is locked within a bearish continuation pattern as buyers are nowhere to be found.
  • Unless DOGE escapes above $0.208, the meme token could continue to trend lower.
  • Slicing below $0.176 might spell even more trouble for the bulls.

Dogecoin price is sealed in a consolidation pattern as DOGE fails to galvanize investors’ enthusiasm. Until the canine-themed token is able to overcome a flurry of obstacles with the final hurdle at $0.23, the meme token may continue to be trapped within a downtrend.

Dogecoin price confined in tight range

Dogecoin price is trapped within a descending parallel channel on the 4-hour chart, as DOGE continues to print lower highs and lower lows. The meme token is attempting to recover following the swing low at $0.186 on November 26 but is confronted with the first area of resistance at the middle boundary of the governing technical pattern at $0.208.

Unless Dogecoin price is able to slice above the aforementioned hurdle, DOGE may continue to consolidate. The dog-themed token may discover its first line of defense at the 78.6% Fibonacci retracement level at $0.199, then at the September 26 low at $0.193.

An additional foothold may arise at the local bottom at $0.186 before Dogecoin price tags the lower boundary of the prevailing chart pattern at $0.176.

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Investors should note that if DOGE falls below the downside trend line of the parallel channel, an ultimate bearish narrative of a 22% downswing toward $0.137 may be unraveled for Dogecoin price, a pessimistic target given by the governing technical pattern.

DOGEUSDT

DOGE/USDT 4-hour chart

To reverse the period of sluggish performance, DOGE bulls should aim to slice above the middle boundary of the prevailing chart pattern at $0.208. Additional resistances may appear at the 21 four-hour Simple Moving Average (SMA) at $0.213, then at the 50 four-hour SMA at $0.221.

Another stiff hurdle may emerge at the 61.8% Fibonacci retracement level at $0.232, coinciding with the resistance line given by the Momentum Reversal Indicator (MRI) and the upper boundary of the parallel channel.

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Escaping above the topside trend line of the governing technical pattern could see the meme token’s momentum shift to the upside, potentially targeting bigger aspirations. However, Dogecoin price must also overcome the 100 four-hour SMA at $0.236 and the 200 four-hour SMA which intersects with the 50% retracement level at $0.254 for an attempt to recuperate recent losses. 

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Dogecoin Price Analysis: DOGE breaks September low, finds support at $0.186

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  • Dogecoin price analysis is bearish today.
  • DOGE/USD lost over 18 percent from the last high.
  • Support was found at $0.186.

Dogecoin price analysis is bearish today as we expect further tests of downside to follow after a slight recovery from the $0.186 low. Likely, DOGE/USD will not react higher for long as sellers are still strong in the market.

Dogecoin Price Analysis: DOGE breaks September low, finds support at $0.186 1
Cryptocurrency heat map. Source: Coin360

The market overall saw bearish momentum return over the last 24 hours. The market leader, Bitcoin, declined by 7.56 percent, while Ethereum lost almost 9 percent. Meanwhile, Dogecoin (DOGE) follows, with a loss of a little over 5 percent.

Dogecoin price movement in the last 24 hours: Dogecoin drops overnight, finds support at $0.186

DOGE/USD traded in a range of $0.1954 – $0.2288, indicating strong volatility over the last 24 hours. Trading volume has increased by 87.15 percent, totaling $2.36 billion, while the total market cap trades around $26.88 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE looks to recover today’s loss

On the 4-hour chart, we can see the Dogecoin price action reacting higher after further downside was rejected over the last hours.

Dogecoin Price Analysis: DOGE breaks September low, finds support at $0.186
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price has seen continuous decline so far in November. After a spike to $0.34 at the end of September, DOGE/USD saw a strong reversal over the following days.

Since then, a series of lower lows and highs have been set until the $0.215 mark was reached on the 18th of November. The support prevented further downside for more than a week, while lower highs were still being set.

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Yesterday, we saw the Dogecoin price set lower high again before starting to rapidly move lower. The $0.215 support was finally broken earlier today, leading to the $0.186 set as the new low. Over the past hours, a slight reaction higher followed, however, we should see DOGE/USD retest the low later today. 

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect further downside to be tested after the current reaction higher ends. Likely we will see DOGE/USD look to retest the newly set low as sellers are still active. 

While waiting for Dogecoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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Whales Are Buying Dogecoin According to Smart-Contract Activity

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Dogecoin on-chain activity suggests that traders might be trying to enter the coin at lows

The smart contract activity is one of the indirect ways of determining the number of actions that take place on-chain of one or another asset. In the case of Dogecoin, it has entered the top 10 most actively used smart contracts on the Ethereum chain. 

According to the provided data, Doge took 7th place among the most actively interacted smart contracts on the chain. The meme-coin shared the top with coins like Binance Smart Chain, Binance USD and Chia Coin.

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The usage of smart contracts usually implies increased buying activity since, in order to utilize a coin’s smart contract, users have to own a certain amount of tokens or coins.

While Doge’s on-chain data suggest that more people are starting to use it, the market data suggests the opposite. According to TradingView, Doge/USD trading pairs are losing up to 10% of their value.

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At today’s low, Doge reached 15% in certain hours and tested the $0.188 support. The last time Dogecoin was trading at the same level was back at the end of September. Rapid growth in coins’ value was followed by the overall bullish cycle on the cryptocurrency market.

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