Dogecoin (DOGE), “an open-source, peer-to-peer digital currency,” may have started as a joke, but the cryptocurrency appears to have had the last laugh. With a market capitalization that exploded in 2021, DOGE became one of the biggest — and most infamous — cryptocurrencies. Dogecoin was a fork of LuckyCoin (LKY), which in turn was a fork of Litecoin (LTC), which was itself forked from Bitcoin (BTC). The maiden block on the Dogecoin blockchain was mined in 2013.
Who created the Dogecoin
In an attempt to build an interesting and friendly alternative to bitcoin, dog coin was co founded by software engineers Billy Marcus and Jackson Palmer. Both of them withdrew from the project in 2015 (although Marcus still accepted the hint of Doge). The dog coin was inspired by a picture of a firewood dog in 2010, which turned into an expression bag. Meme’s dog mascot, later known as “Doge”, is as popular as wildfire and uses two word catchwords, usually beginning with modifiers such as “much wow”. Doge was chosen as the mascot of the dogecoin project.
With its explosive price jump upward in 2021, Dogecoin’s market cap also grew substantially. The popularity of the cryptocurrency and its associated price rally, as reflected in the above Dogecoin chart, has largely been fueled by the endorsement of billionaire entrepreneur Elon Musk, whose bullish tweets helped catapult Dogecoin to stardom.
The bears attempted to pull Dogecoin (DOGE) below the Dec. 4 intraday low at $0.13 but the bulls thwarted their attempt on Jan. 10. The buyers pushed the price back above $0.15 on Jan. 11 but hit a roadblock at the 20-day EMA ($0.16).
The downsloping moving averages and the RSI in the negative territory suggest that bears have the upper hand. If the price turns down from the 20-day EMA, the bears will attempt to pull the price below $0.13.
If they succeed, the DOGE/USDT pair could slide to the psychological support at $0.10. This negative view will invalidate if bulls drive and sustain the price above the moving averages. That could indicate a possible change in trend. The bullish momentum may pick up on a break and close above $0.19.