Recently, Ukrainian Deputy Prime Minister Mykhailo Fedorov had tweeted that a Dogecoin wallet has been added for crypto donations. DOGE joined the existing BTC, USDT, ETH, and DOT wallet addresses as the war-stricken country’s donation options. It has reportedly raised nearly $50 million so far.
@dogecoin exceeded the Russian ruble in value. We are starting to accept donations in meme coins. Now even meme can support our army and save lives from Russian invaders. $DOGE owners of the world, @Elon Musk† @BillyM2k, let’s do it. Officially $DOGE wallet: DS76K9uJJzQjCFvAbpPGtFerp1qkJoeLwL
— Mykhailo Fedorov (@FedorovMykhailo) March 2, 2022
This raises the question of whether the meme coin donation has supported DOGE’s price?
At the time of writing, DOGE was down about 4% in the past 24 hours. It maintained a price range of $0.125549 and $0.134115 for the same period. However, on the hourly chart, the token hovered near the USD 0.127 level.
It’s worth noting that even when DOGE fell more than 80% from its ATH in May 2021, according to Messari’s research, it managed a 16% recovery from its low cycle.
This essentially indicates that the meme coin with over $16 billion in market cap has been getting some support for its price in the past day.
Source: IntoTheBlock
In the past three days in particular, DOGE has been range-bound. However, the addition of the wallet to help Ukraine does not seem promising enough for a rally amid increased market uncertainty. Especially when experts are wary of the risks and lack of transparency of some of these transfers.
At current price levels, half of Dogecoin holders are making a profit, while 2% of the remaining half are breakeven, with 48% out of the money according to data from IntoTheBlock.
Source: IntoTheBlock
Meanwhile, the Relative Strength Index for Dogecoin rested at the 40 mark looking south. The price action also looked bearish on a macro timeframe. Interestingly, the RSI has remained below the 50 level since Feb. 15. It appears that the 35-50 levels act as support for DOGE.
Source: TradingView
Latest on DOGE
Recently, DOGE’s Billy Marcus announced the launch of a DOGE wallet for iOS users. In addition, the Dogecoin Foundation (the non-profit organization behind the project) informed the community that it secured trademark protection under the EU Intellectual Property Registration for Dogecoin.
This post How the prize has reacted to accepting DOGE donations in Ukraine?
was published first on https://ambcrypto.com/how-the-price-has-reacted-to-ukraine-accepting-doge-donations/
