Dogecoin Skyrockets to Yearly High on 10th Anniversary

DOGE CRYPTO_NEWS

The original memecoin Dogecoin (DOGE) is celebrating its 10th anniversary today, as the vast community of Dogecoin holders is sharing their regards on Twitter, previously known as X. Dogecoin was created by IBM computer virtuoso Billy Markus and colleague Jackson Palmer, who had previously worked at Apple.

While the canine coin failed to gain traction in the early years, things changed in 2021 when tech mogul Elon Musk stepped in to publicly support the decentralized finance project and introduced himself as The Dogefather on Jimmy Fallon’s Saturday Night Live. Emphasizing that it was made as a joke, Musk assured that “fate loves irony,” starting speculations that DOGE will become a centerpiece of Twitter’s new financial ecosystem.

Dogecoin’s 10th Anniversary Packed with Presents

Historically, Dogecoin’s birthday hasn’t been favorable for the canine coin’s price, but this time, it appears different. In the early hours of the celebration, DOGE broke through the long-term resistance barrier at $0.10, a price range unseen for the past eight months.

As the world awaits the inauguration of the first-ever Bitcoin exchange-traded fund (ETF), the parabolic run to $44,000 has positively shifted the landscapes of most top market cap altcoins with mid to high price correlation with the leading crypto asset.

DOGE trades at $0.1031 with 15.3% gains in the last 24 hours. Notably, Dogecoin’s trading volume skyrocketed to over $3,398,079,431 in a day, outpacing larger market capitalization altcoins like Cardano (ADA), XRP (XRP), Solana (SOL) by a mile.

The strong bullish stance is also present in the on-chain metrics. To illustrate, Dogecoin’s net network growth and large holder concentration slightly increased. In contrast, large transactions on the Proof of Work (PoW) network and holders ‘In The Money’ scooped up to 5% gains each to likely offer a softer crypto market correction.

On the Flipside

The weekly Relative Strength Index (RSI) for Dogecoin (DOGE) stands at 90.74, which signifies a heavily overbought condition, usually resulting in a gradual market correction.

Why This Matters

Dogecoin is one of the pioneers in cryptocurrency, having heavily contributed towards worldwide blockchain adoption.

Source : DailyCoin by Tadas Klimasevskis / Dec 7, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.