In a rollercoaster ride that even the most seasoned crypto investors might find stomach-churning, the cryptocurrency market is currently riding a wave of significant losses. One of the most talked-about casualties of this downturn is Dogecoin, which fell by more than 25% between August 14 and 17.
This precipitous fall caused the meme cryptocurrency to rip through the critical support level at $0.0640, setting off alarm bells and indicating a strong bearish sentiment.
The story becomes more intriguing when we consider the implications for the Dogecoin holders out there. Reports show that over 50% of the Dogecoin addresses are now staring losses in the face. According to Beincrypto, about 56.6% of Dogecoin wallets would nurse wounds if they sold their holdings at the current price.
As the market swirls in uncertainty, the number of Dogecoin addresses is doing a jig of its own. Over the past month, an average of approximately 4.81 million addresses have harbored DOGE tokens. This steady rise is like a little beacon of hope, a reminder that amidst the chaos, growth persists.
Dogecoin to the Moon
Rewinding the clock a bit, it's been a good two years since Elon Musk, the poster child of surprises, dropped a bombshell on the Dogecoin community. Back then, on what was known as Twitter—now X—he made a grand announcement: SpaceX was all set to launch a satellite, Doge-1, to the moon, and it was all going to be paid for with Dogecoin.
Though this lunar extravaganza faced its share of delays, the stars seem to be aligning, and the Nova-C/IM-1 mission is penciled in for November 15, 2023. The mission will have a six-day launch window and another one in December, just in case the cosmic vibes aren't right.
The SpaceX Falcon 9 Block 5 is all primed to take off from Florida's Kennedy Space Center, hauling DOGE-1 and IM-1/Nova-C to the moon.
Dogecoin Developer Threatens to Walk if Dogecoin Becomes a PoS Chain
In an unexpected twist that adds yet another layer of intrigue, the face behind the curtain, a prominent Dogecoin developer named Mishaboar, has thrown a curveball. The question of a switch to a proof-of-stake (PoS) consensus mechanism brought forth a revelation: he might just step away from the scene. Apparently, a PoS Dogecoin doesn't exactly sit well with him.
Drawing on his deep involvement with Dogecoin over two bustling years, Mishaboar lays down his cards. He talks about the pitfalls of centralization, the specter of catastrophic failures, and the legal rollercoaster that often accompanies PoS projects. Plus, he's got his magnifying glass on the stash of Dogecoin parked in exchanges, wondering how PoS might tangle with that.
Tugging on the PoS thread, it turns out this yarn has been spinning since 2021, thanks to musings from Vitalik Buterin. Yet, nearly two years down the road, there's still a dance of caution among the core Dogecoin developers on the topic.
DOGE Struggles with $0.0640
As mentioned earlier, the recent bearish stint sent DOGE spiraling below the $0.0640 support mark and down to $0.0555 support. As of the time of writing, the cryptocurrency struggles to retake the $0.0640 mark, though it has had strong upward momentum since the crash.
As the week begins, we can expect to see a return above this critical juncture as the general market recovers. However, the real test for DOGE is if it can continue on this path toward the $0.0700s once again. Either this or we could see a bearish resumption, considering the cryptocurrency is not out of the woods just yet.
DOGE Statistics Data
DOGE Current Price: $0.0638
DOGE Market Cap: $8.9B
DOGE Circulating Supply: 140.6B
DOGE Total Supply: ∞
DOGE Market Ranking: #8
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.