On the daily chart, we see that the BABYDOGE price has been in a strong bullish trend in the past two months. As the token jumped, it moved above the important resistance point at 1.825e-9, the highest point on November 6. This price was also along the upper side of the cup and handle pattern. It also cruised above the crucial resistance point at 3.768e-9 . The coin has partnered with and sponsored many animal charities, including North Shore Animal League America, Best Friends Animal Society, Paws with Cause, and Furkids, as part of its aim to aid canines in need.

However, there appears to be an internal battle happening right now in the Dogecoin community. On one hand, some developers agree that the shift to proof of stake is the right way to modernize Dogecoin. Dogecoin miners, for example, earn crypto by mining Dogecoin.

There are plenty of dog-themed meme coins out there, and I can’t even say that Dogecoin is the best one. Still, Dogecoin may continue to grind higher given its positive technical outlook – as noted above, the cryptocurrency has responded well to support in the form of the 21 and 100DMAs plus 2023 uptrend. A grind higher again toward recent highs in the $0.10 area looks to be on the cards.

So they have a vested economic interest in preserving the current proof-of-work system. Right now, the primary catalyst for Dogecoin involves Elon Musk’s $44 billion acquisition of Twitter. If you look at the trading history of Dogecoin in 2022, sharp spikes in the price of Dogecoin were almost always accompanied by some bit of news coming from Elon Musk and Twitter. For example, when Musk finally closed the door on the Twitter acquisition in October, the price of Dogecoin spiked by 35%. And the pattern has been much the same in 2023, with Dogecoin offering no major catalysts of its own.

Is Baby Doge Coin The Next Big Thing In Dog-Themed Cryptocurrencies? Price Jumps 92% In A Week

Whatever the case, this news is still moving the price of DOGE, which has seen a nice recovery thus far in 2023. Perhaps this has something to do with the relatively broad-based selling pressure in today’s market. Or investors could be increasingly discounting what Musk says (considering it’s been five years since its Cybertruck has been announced). A series of reports highlighting Twitter’s plans to move into the payments space are propelling DOGE higher today. Dogecoin has gained fame as a tool for fundraising, and has raised funds for a number of charitable causes. DOGE coins were donated to send athletes to the 2014 Winter Olympics.

The total cryptocurrency market cap is currently $ 1.11T after a 0.68% increase on the day. The total crypto trading volume increased by 0.68% in the same time frame. The bitcoin price is now hovering around $23,000 per bitcoin, up from under $17,000 at the beginning of the year. Ethereum ETH and other top ten cryptocurrencies BNB BNB , XRP XRP , cardano, dogecoin, polygon and solana, have also soared, with some smaller coins leaving bitcoin in the dust. Ethereum, which is the second-largest cryptocurrency by market cap, is priced at $ 1,675.86 and has a market capitalization of $ 205.08B.

Forbes Digital AssetsThough last week’s surprisingly strong jobs data sparked fears of aggressive Federal Reserve action, some think the better-than-expected numbers could be merely „seasonal noise.“ Tomorrow, Powell will give a speech that will be closely watched for signs he’s turned hawkish in the face of a booming jobs market. On Wednesday, president of the Federal Reserve Bank of New York, John Williams, is also due to speak. Shiba Inu price is experiencing an increase in volatility as the price has declined by the largest percentage amount this year.

The dog-themed token is used as part of the network’s DeFi ecosystem. As part of its tokenomics, 45% of all BABYDOGE tokens are held in a dead wallet. As such, out of the 5% reflections, 45% of them will be pushed to the dead wallet. It just doesn’t seem to want to be anything other than a silly, viral meme coin. Its future growth is now becoming so tied to Twitter that it might fade into obscurity if Elon Musk ever decides to abandon it. Until Dogecoin embraces a major growth catalyst, I cannot recommend Dogecoin.

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology. The worst performer in the cryptocurrency top 200 was Hive Token, which saw a loss of -13.45%. Flux also didn’t perform well, as its price declined by -4.07% in the last 24 hours. DYdX, Lido DAO Token and FTX Token round out today’s top 5 worst performers. By burning coins, you are removing them from circulation, thus reducing total overall coin supply. This move follows a series of reports that Elon Musk, a longtime Dogecoin supporter, is looking to transform Twitter into a payments platform, potentially allowing cryptocurrencies to be used for payments down the road.

Musk has said that Twitter is looking for ways to embed payments within the social media platform, and the speculation is that Dogecoin could play a role here. On that speculation alone, the price of Dogecoin jumped by 10% on a single day in January. Dogecoin, created as a joke, has turned into a prominent meme token. What drives its value — hype, speculation, coge coin Elon Musk commentary — aren’t really fundamental factors most investors in any asset class can easily plug into their model. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.

At press time, Bitcoin has a market capitalization of $ 449.20B after gaining 0.26% in the last 24 hours. According to our forecast, the value of Bitcoin will drop by -5.53% and reach $ 22,082 by February 10, 2023. To learn more about how the price of Bitcoin could change over the next 7 days, visit our Bitcoin price prediction page.

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Someone will simply need to be willing to pay more for something with questionable value. Coge Coin is the best choice to start the day with a new game. Thank you so much to our fantastic community, generous contributors, and thoughtful volunteers, we will donate all funds raised by our donors to underprivileged animals.

Safety starts with understanding how developers collect and share your data. Data privacy and security practices may vary based on your use, region, and age. The developer provided https://cryptolisting.org/ this information and may update it over time. 20% of Cogecoin will be donated to animal welfare organizations for the benefit of underprivileged animals around the world.

Friday’s non-farm payroll report showed the U.S. added just over 500,000 jobs in January, blowing an estimate of under 200,000 out of the water. Shiba Inu, the second-largest meme coin in the crypto ecosystem and a competitor of Dogecoin, printed 100% gains against DOGE since its November low. At the same time, oscillators show that the coin has been severely overbought. Therefore, the coin will likely have a pullback in the past few days. If this happens, the next reference level to watch will be at 2.0 E-9.

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In the past 24 hours, over 145 billion BabyDoge tokens worth $418,137 were burned, and in total, over 202 quadrillion tokens worth approximately $502 million have been burned. Yes, you can use it to pay for items on a growing number of sites online. But apart from that, Dogecoin has never really been able to participate in the growth drivers of the modern blockchain economy, such as decentralized finance and non-fungible tokens. So Dogecoin needs to find a way to embrace these potential growth options. As we saw with the recent transition of Ethereum to proof of stake, there are innumerable advantages to this move.

Last week, I noted that Dogelon Mars was in a strong bullish trend but warned that it risked a major dive ahead. Thanks to a 38.18% price increase, Baby Doge Coin was the biggest gainer of the day among the top 200 cryptocurrencies by market cap. Floki Inu came in second place, with 24-hour gains of 19.62%. SingularityNET, LooksRare and Bone ShibaSwap complete today’s list of the top cryptocurrency gainers. Bitcoin is trading at $ 23,375 after seeing a 0.26% gain in the last 24 hours. The Bitcoin dominance fell by -0.16% and BTC currently represents 40.64% of the cryptocurrency market.

• Until Dogecoin embraces a major growth catalyst, I cannot recommend Dogecoin.
• The bitcoin price is now hovering around $23,000 per bitcoin, up from under $17,000 at the beginning of the year.
• Bitcoin is trading at $ 23,375 after seeing a 0.26% gain in the last 24 hours.
• We are a blockchain project to help and support the undeserving animals of the world by partnering with animal welfare and protection organizations around the world.

This has led to rumors that the coin is the billionaire’s second-favorite meme coin, behind Dogecoin. In July 2021, Campisi uploaded a video in which he addressed the Baby Doge Coin community and referred to himself as the “creator” of the cryptocurrency. 145 billion tokens worth $418,137 have already been burnt in the last 24 hours. This situation might be OK if Dogecoin has only limited aspirations for its blockchain, but if it ever wants to be a major blockchain player, it must transition to proof of stake. Naturally, this has led to hype and speculation that Dogecoin might be on a rocket ship to $1. Chris MacDonald has no position in any of the stocks mentioned.

Musk’s move raised concerns in the community about Dogecoin’s utility and its adoption on Twitter once the platform rolled out crypto payments. The Shiba Inu community is awaiting the launch of Shibarium and SHIB’s gains against Dogecoin in Q1 2023. The chart below compares the price movement and volatility for Dogecoin over the past 24 hours to its price movement over the past week . The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

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In terms of weekly gains, rising by 92% over the last seven days. Baby Doge Coin’s price surge started on Jan. 29 and has risen 92% since then. Investors are hoping that Dogecoin can extend its current rally and eventually hit a price point of $1.

Dogecoin price looks better than most altcoins after the recent sell-off. However, this minor pullback in DOGE could give sidelined buyers a chance to not only save the meme coin from collapsing but to trigger a huge uptrend. Dogecoin, Shiba Inu’s competitor and the largest meme coin in the crypto ecosystem, looked pale compared to the Shiba Inu-themed cryptocurrency. Elon Musk, the billionaire CEO of Tesla and Twitter owner, suspended a Dogecoin tipping bot for violating the social media platform’s rules. The BABYDOGE token jumped to a high of 4.009e-9 on February 5, the highest point since February 2022. At its peak on Sunday, the meme token was up by over 325% from its lowest level this year.

Three Arrows Capital was among the first few crypto companies to fall in July 2022, which initiated the first contagion in the market. The bankrupt hedge fund has since been left to liquidators to make the most of its remaining assets. The sharp recovery of the Dogecoin pair came into focus with the impending launch of Shibarium, a Shiba-Inu backed layer-2 blockchain built on the Ethereum mainnet.

The list is updated weekly with new altcoins and ICO projects. If you’re looking for other high-potential crypto projects alongside DOGE, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by theCryptoNewsIndustry Talk team. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services.

Bitcoin BTC , ethereum and other major cryptocurrencies have surged into 2023, with the combined market adding around $250 billion—a rally some think could have a lot longer to run. Bitcoin price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT. Chiliz price witnessed a 13% decline, making it the largest red day of 2023. The bearish influence should concern investors as it has reached significant levels of support, one being the 8-day exponential moving average and two, trendlines that provided resistance throughout the previous rally.

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Dogecoin funds were used to raise money for World Water Day, while it was also used to sponsor NASCAR driver Josh Wise. For this to happen, all people must work together with love and compassion. The Shiba Inu is a Japanese breed of dog that was popularized as an online meme and represents Dogecoin. Dogecoin was created by Jackson Palmer & Shibetoshi Nakamoto. „Overnight the Federal Reserve chair Jerome Powell had just the soothing message the market was looking for,“ Russ Mould, investment director at brokerage AJ Bell, said via email. „Powell’s comments about the disinflationary process having begun will now dominate investors’ mindsets in 2023 as they seek to create and build wealth after a difficult 2022.“