Dogecoin (DOGE) price has retraced 1.80% and is currently trading at $0.068826 USD. CoinMarketCap has ranked DOGE 10ththe largest coin in terms of market capitalization.
Dogecoin has a current market capitalization of $9,131,190,072 USD with a 24-hour trading volume set at $494,541,797 USD. The well-known meme coin currently has a total circulating supply of 132,670,764,300 DOGE coins.
Analysts and crypto experts are looking at Dogecoin to break the $0.0788 zone.
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Dogecoin developers will release a new update
Dogecoin developers released their recent update which can help improve the efficiency, performance, user interface and security of the meme coin.
Dust limits have also been lowered from 1 DOGE to 0.01 DOGE. The new upgrade or fee mechanism also aims to further decentralize the meme coin network.
The new update was released on July 21, 2022, along with the update or release of the payment mechanism. The new update includes several great features and security fixes. Additional nodes have also been restricted to 800 to avoid the risk of memory congestion on the network.
In addition, there are also new minor version updates that include vital security updates as well as fixes and improvements to strengthen network efficiency and robustness. Furthermore, all Dogecoin Core users, including wallet users, miners, and relay operators, are urged to upgrade.
DOGE total market capitalization at $8.9 billion on the daily chart | Source: TradingView.com
Dogeverse Memes Keeping the Energy High
The Dogeverse has also been infused with memes which have also increased the activity of the network. Indeed, up to 80,000 transactions have been processed in the last 24 hours and many investors have expressed their great interest and enthusiasm with the memes found on the net.
Another exciting product adding to the vibrancy of the Dogecoin meme economy is the MyDoge wallet, which is a DOGE wallet that allows fans to send DOGE tips to meme creators.
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Analysts are confident that DOGE is ready to break out of the $0.078 level. All signs are waiting for this to happen soon. Now, in a worst case scenario or if DOGE fails to break through the $0.078 zone, the meme coin will plunge in price by as much as 60%, which is quite a painful drop.
DOGE insights have risen steadily over the last three months following its biggest drop seen in December 2021. DOGE’s MDIA value has also plunged over 21.6% in just three days.
This post Dogecoin Loses Nearly 2% Yet Analysts Bullish DOGE May Break Above $0.0788
was published first on https://www.newsbtc.com/news/dogecoin-sheds-nearly-2/