Assessing the odds of DOGE becoming the ‘future currency of the internet’

Dogecoin’s worth motion would possibly look unimpressive on the value chart. Nevertheless, loads of its proponents nonetheless have huge religion within the meme coin. One such particular person is Vlad Tenev, the CEO and co-founder of Robinhood.

In a 12-tweet thread, the tech CEO on 14 April famous that Dogecoin might really be the long run forex of the web. Nevertheless, the pertinent query remains- Will the DOGE have the ability to fulfill this prophecy in mild of what’s evident on-chain and on worth charts?

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Whereas noting that the way forward for cryptocurrency is marked by low transaction charges, Tenev argued that the DOGE transaction charges have been already very low. Thus, giving it an edge over different cryptocurrencies.

“As of final Nov’s 1.14.5 replace, typical transaction charges have been $0.003 – in comparison with the 1-3% community charges that main card networks cost.”

In keeping with Tenev, DOGE is poised to develop into the long run forex of the web if it could have the ability to improve its throughput by at the least 10000x, a feat achievable by rising the block dimension restrict for the meme coin.

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Regardless of the CEO’s opinions, a take a look at worth charts evaluation and on-chain evaluation offered some important pointers into the habits of the coin.

On the time of this press, the value of the coin stood at $0.1449 representing an 80% decline from the  ATH of $0.731578 recorded by the coin on 8 Could 2021, and a 4.21% spike within the final 24 hours.

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A consideration of the coin’s Cash Movement Index (MFI) over a 4-month interval revealed a continuing bear pull in the direction of the oversold area and the 50 impartial stage or areas round it. Throughout the interval beneath evaluation, the coin inched near the overbought 80-region, however the bulls might by no means make it via.

It merely touched the 74-region on three completely different events; that’s on 3 January, 4 February, and 28 March. As soon as the coin hit these factors, what adopted was a downtrend. On the time of this press, the MFI for the meme coin stood at 50.73 within the impartial area.

This place above was additionally confirmed by the actions of the RSI throughout the similar window interval. Inside this timeframe, the bulls have solely been capable of push the coin to an overbought place of 76.33 solely as soon as on 5 April, a place which it had did not retest. The coin recorded a major bearish run on 10 January when the bears pushed the coin under the oversold place of 30. On the time of this press, the RSI stood at 53.61.

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Supply: TradingView

It’s vital to notice {that a} 15% decline in market capitalization was recorded throughout the window interval from $22.76b to $19.30b. The buying and selling quantity took an wrong way because it recorded important progress from $371.33 firstly of the yr to $1.01b on the time of this press.

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