Dogecoin’s creators envisioned it as a fun, lighthearted cryptocurrency with a wider appeal than the core Bitcoin audience because it was based on a dog meme. It differs from Bitcoin’s proof-of-work protocol in a number of areas, including its use of Scrypt technology.
Dogecoin has mostly been used on Reddit and Twitter as a tipping mechanism to reward the creation or sharing of high-quality content. You can get tipped Dogecoin by joining a Dogecoin community or getting Dogecoin through a Dogecoin faucet. A Dogecoin faucet is a website that gives you a small quantity of Dogecoin for free as an introduction to the currency so you may start interacting with Dogecoin communities. Dogecoin’s success is inextricably linked to Elon Musk’s enthusiasm for it. In early 2021, Musk began tweeting about Dogecoin, sharing a Lion King DOGE meme. Let us review the DOGE price
DOGE Price Prediction
Bullish Scenario: After a promising run in the previous several weeks, altcoins aren’t performing so well. However, DOGE’s best day was Tuesday, when it jumped 20% after Elon Musk’s Twitter acquisition was in the news. DOGE is trading above the $0.12 support level. If it remains above this zone and the $0.16 resistance level breaks, we could see a move towards $0.20, $0.24 and above.
Bearish Scenario: DOGE has seen a large increase in trade volume and a price recovery. However, for the past three months, it has been unable to even get close to the exorbitant fees it requested last year. Failure to hold the $0.12 support level might lead to a slide to $0.10, $0.07, and even lower levels.
Join us on Telegram to receive free trading signals.
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate. However there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
