Dogecoin Sheds Nearly 2%, Yet Analysts Upbeat DOGE Can Breach $0.0788

newsbtcPublished on 2022-07-24Last updated on 2022-07-24

Abstract

Dogecoin (DOGE) price has retreated by 1.80% and is currently trading at $0.068826 USD. CoinMarketCap has ranked DOGE as the 10th largest coin in terms of market capitalization. Dogecoin has...

Dogecoin (DOGE) price has retreated by 1.80% and is currently trading at $0.068826 USD. CoinMarketCap has ranked DOGE as the 10th largest coin in terms of market capitalization.

Dogecoin has a current market cap of $9,131,190,072 USD with a 24-hour trading volume set at $494,541,797 USD. The well-known meme coin currently has a total circulating supply of 132,670,764,300 DOGE coins.

Crypto analysts and experts are eyeing Dogecoin to breach the $0.0788 zone.

Dogecoin Developers To Launch New Update

Dogecoin developers launched their recent update that can help enhance the efficiency, performance, user interface, and security of the meme coin.

Dust limits have also been reduced from 1 DOGE to 0.01 DOGE. The new update or fee mechanism in place also aims to further decentralize the meme coin’s network.

The new update was launched on July 21, 2022, together with the upgrade or release to the fee mechanism. The new update included several great features and security fixes. Addnodes have also been restricted to 800 to steer clear of risks of memory congestion in the network.

Additionally, there are also a new minor version upgrades which included vital security updates and also fixes and improvements to beef up the efficiency and robustness of the network. More so, all users of Dogecoin Core including wallet users, miners, and relay operators are urged to upgrade.

DOGE total market cap at $8.9 billion on the daily chart | Source: TradingView.com

Dogeverse Memes Keeping The Energy Up

The Dogeverse have also been infused with memes which also improved network activity. In effect, as much as 80,000 transactions have been processed in the past 24 hours and many investors have expressed their overwhelming interest and excitement with the memes found in the network.

Another exciting product adding to the vibrancy of the Dogecoin meme economy is the MyDoge wallet, which is a DOGE wallet that allows fans to send DOGE tips to meme creators.

Analysts are confident that DOGE is ready to breach the $0.078 level. All signals are waiting for this to happen anytime soon. Now, in worst case scenario or if in case DOGE fails to break through the $0.078 zone, the meme coin is set to plunge in price by as much as 60% which is a huge painful drop.

DOGE insights have been increasing steadily for the past three months following its biggest decline seen in December 2021. DOGE’s MDIA value has also plunged by more than 21.6% in just three days.

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