Dogecoin Staking Ecosystem Dogechain Promises Unique Model as Musk Pumps DOGE
Dogecoin (DOGE) is resisting the bearish wave currently sweeping the entire cryptocurrency market, recovering by over 20% since its fall to the $0.0700 axis.
This price performance comes shortly after Dogechain revealed that native staking will become available for DOGE community members in the second week of November. The Twitter announcement also called on DOGE enthusiasts to lend their support to the new network functionality by staking their tokens.
A blog post linked to the Twitter thread further detailed that the Dogechain staking system would be unique from what investors are used to, further explaining the implications staking would have for the DOGE ecosystem.
Doegchian noted that it uses a vote escrow staking model called veDC. The blog further explained that Dogechain tokens will not be directly staked with validators but only through the veDC system. Users will also receive veDC tokens as a reward for staking on the system; the longer the staking period, the higher the rewards.
Validators and delegators will serve as the two critical players in this ecosystem. Validators will stake a fixed number of tokens, while delegators will delegate tokens to the validator of their choice. This mechanism is expected to help secure Dogechain better.
Elon Musk Pumps Dogecoin Via Shoutout on Twitter Spaces
In other news, Elon Musk remains committed to “preaching the Dogecoin gospel” after the entrepreneur triggered a massive influx of capital into the cryptocurrency by shouting out the meme coin in a Twitter Spaces session on November 12. The cryptocurrency recorded a surge in inflow after the billionaire made a surprise appearance on Twitter Space, shouting “DOGE to the moon.”
According to findings from Crypto Vinco, the cryptocurrency saw a $1.5 billion inflow spike following the shout-out. Due to the massive capital influx, the meme coin recorded a 12% rally, causing its price to jump from $0.0790 to $0.0890 within an hour.
Many will not be surprised by the recent development, considering the role Musk has played in promoting Dogecoin's widespread adoption and price in recent months.
DOGE, as previously reported, increased by more than 100% after Musk completed the acquisition of Twitter. Many cryptocurrency enthusiasts believe the world's wealthiest person will find a way to make DOGE an acceptable form of payment for some Twitter services. Sharing his opinion on the recent occurrences, Cardano founder Charles Hoskinson also stated that he sees Dogecoin becoming integrated with the social media platform.
Dogecoin Under Pressure Below $0.0900
The crypto market has been under increased pressure over the past few days following unfortunate developments in the crypto space.
Dogecoin has done well to hold on to the $0.0900 resistance line since its crash to 0.0700. That said, this could also serve as a bearish indicator, proving that the meme token lacks the push to scale the $0.0900 mark.
In that case, the price could attempt a retest of the $0.0700 support and deteriorate further.
DOGE Statistics Data
DOGE Current Price: $0.0858
DOGE Market Cap: $11.3B
DOGE Circulating Supply: 132.6B
DOGE Total Supply: 132.6B
DOGE Market Ranking: #9
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This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.