- Dogecoin price has weakened from the latest highs.
- DOGE’s strong support stands at $0.060.
- Dogecoin’s top selling point remains its massive community.
Dogecoin (DOGE/USD) saw its price weakening from the latest peaks beyond $0.09, recorded on 16 August, to $0.067. While publishing this blog, the meme coin changed hands at $0.070. DOGE might witness more weakness in the coming days, with its steady footing at $0.060. Breaching this level would see the token sliding to value areas of $0.050.
DOGE’s Support Remains its Massive Community
Dogecoin is a P2P, open-source crypto that uses blockchain technology that joined the market in 2013. Marketer Jackson Palmer and renowned programmer Billy Markus launched the digital coin. Though it started as a meme token, Dogecoin, like any other crypto, boasts a floating exchange rate with multiple digital assets. Moreover, market players can buy, trade, and exchange DOGE for money or physical goods.
This crypto’s popularity started when developers began exploring the potential of the Bitcoin invention. Meanwhile, Elon Musk trusts DOGE’s massive concentration among some rich folks is the only hindrance for the token to be the official money of the web.
Dogecoin might be less lucrative as an investment, considering its boundless supply. Nevertheless, the altcoin remained the most often utilized in tipping on social media platforms such as Reddit, where content creators & peers exchange DOGE.
Dogecoin’s support remains in its massive community – the Shibes – who back each other, embrace kindness, teach individuals about crypto, have fun, fundraise, be absurd, and make memes. Dogecoin price has noted weakness from the latest highs of 16 August 2022. Moreover, the crypto seems ready for more dips. Traders should beware that a Bitcoin move beneath the support at $20,000 will trigger slides in Dogecoin.
Strong Foothold at $0.060
The crypto market stays under downside pressure, and this might not be the time to purchase $DOGE. CryptoLists.com’s directors and co-founder Markus Jalmerot stated that the cryptocurrency space might see another drastic slump after a massive inflation bet following comments from Fed official James Bullard. The meme coin has stable support at $0.060, under which DOGE will drop to $0.050.
