Dogecoin: Is DOGE Watching Breakout After CPI Volatility?

The cryptocurrency market has recovered quickly after a banking crisis spooked investors. The original cryptocurrency bitcoin (BTC) is up more than 10% in the past 24 hours. Meanwhile, popular meme Dogecoin (DOGE) has seen a 4.2% recovery.

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Dogecoin (DOGE) is currently facing resistance at $0.07271. Meanwhile, support hovers around $0.06819. The 4-hour price chart shows a symmetrical triangle, which could signal the arrival of price consolidation, which could be broken out immediately after.

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However, users and investors must bear in mind that US CPI (Consumer Price Index) data for February will be released later today. Historically, CPI data has brought some volatility to financial markets. According to Messari, Dogecoin volatility has been steadily decreasing since mid-February 2023.

However, social sentiment points to a bearish outlook for the original memecoin. Bearish sentiment increased 4.9 percent, while bullish sentiment increased 2.3 percent, according to LunarCrush. Additionally, DOGE saw a 19.9% increase in spam volume.

Is there a problem with Dogecoin’s open source code?

According to the Halborn researchers, multiple vulnerabilities were discovered in DOGE’s open-source code. Still, Dogecoin (DOGE) was not the only project affected by the bug. The security firm found a flaw in more than 280 other networks, including Litecoin and Zcash, which it dubbed “Rab13s.”

Peer-to-peer (p2p) communication has the most serious vulnerabilities, where an attacker can create consensus messages and deliver them to specific nodes to shut them down. Using getaddr messages, an attacker can search for network peers and target unpatched nodes.

Another zero-day vulnerability discovered by Halborn is particularly relevant to Dogecoin. It includes an RPC (Remote Procedure Call) remote code execution vulnerability affecting individual miners, while some other issues are well-known CVEs (Common Vulnerabilities and Exposures) in Bitcoin.

Halborn has addressed the issues they found and developed a toolkit to deal with such issues in the future. At press time, DOGE is trading at $0.072298, up 0.5% in the past hour.

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