Sell pressure on BTC and altcoins is beginning to alleviate, but data suggests that it’s too early to call for a reversal.
Dogecoin (DOGE) is a cryptocurrency built around the popular “doge” meme featuring a Shiba Inu. Founder Jackson Palmer announced the project on Twitter in November 2013 as a joke. When friends and industry peers encouraged him to pursue the project, Palmer purchased the domain dogecoin.com and began building. He was soon joined by Billy Markus.
The founders believed that Dogecoin could be a more lighthearted and accessible introduction to cryptocurrency, as Bitcoin (BTC) had started to become stigmatized following the Silk Road debacle and mining had become increasingly unfeasible with consumer laptops. Palmer left the project in June 2014.
Dogecoin is based on Luckycoin (LKY), which is itself a fork of Litecoin (LTC). It features an inflationary monetary policy with no cap. The block reward is set at 10,000 DOGE per block per minute.
Dogecoin users can now swap their favorite memecoin for native BTC, ETH, BNB and stablecoins using THORSwap.4800
Bitcoin and most major altcoins took a turn for the worse after BTC price dipped below $42,000.17663
In 2021, Bitcoin’s usage by merchants that use BitPay fell to about 65%, down from 92% in 2020.7003
The bullish news comes months after the billionaire entrepreneur said DOGE was a better token to transact with than Bitcoin.14732
Right now, bulls are buying each dip and bears are selling the top of each rally, suggesting that BTC and altcoins will remain range-bound for some time.18974
Tesla has started accepting Dogecoin payments for company merchandise. However, the firm states that it will not issue refunds for purchases made in DOGE.18856
SHIB’s 30% gain initiates a bullish reversal pattern and rumors of a major exchange listing and other developments have investors playing catch with the canine-themed meme coin.39690
Bitcoin and most major altcoins have started a strong recovery that could reach overhead resistance levels where bears may mount a strong defense.14437
Buyers stepped in to buy BTC’s dip to $39,650, but there are signs that the market-wide correction might not be over.24251
The creator of Dogecoin criticized Mozilla for supposedly making its decision based on feedback from the “ignorant, reactionary internet mob.”6387
Bitcoin and most major altcoins have fallen to key underlying support levels, which could be an early sign of an impending oversold bounce.28899
Twelve-month gains for these altcoins range from 673.8% to 29,513,624%.12197
Technical analysis and on-chain data hint that Bitcoin is gearing up for a volatile move and traders expect altcoins to follow.20644
Bitcoin’s inability to reclaim the 20-day EMA is a sign that selling in BTC and altcoins remains a threat.23255