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