DOGE (Dogecoin) Coin Analysis 26/03/2022Fundamental Analysis:
Dogecoin (DOGE) is based on the popular "doge" Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin's creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. You can get tipped Dogecoin by participating in a community that uses the digital currency, or you can get your Dogecoin from a Dogecoin faucet. A Dogecoin faucet is a website that will give you a small amount of Dogecoin for free as an introduction to the currency, so that you can begin interacting in Dogecoin communities.
Dogecoin differs from Bitcoin's proof-of-work protocol in several ways, one of which is by using Scrypt technology. The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined. You can mine Dogecoin either solo, or by joining a mining pool. A Doge miner can mine the digital currency on Windows, Mac or Linux, and with a GPU. As of 2014, you can also mine Litecoin in the same process of mining Dogecoin, as the processes were merged.
In 2014, a not-for-profit foundation was formed by members of the Dogecoin team to provide support, advocacy, trademark protection and governance for the cryptocurrency project. However, the foundation was dissolved over time.
After several years of being inactive, the foundation was relaunched in 2021 with a “renewed focus on supporting the Dogecoin Ecosystem, community and promoting the future of the Dogecoin Blockchain.” In addition to some of the original core team, the project now has some seasoned industry players as part of its board of advisors.
According to the foundation’s website, members of the board will meet monthly to discuss issues relating to Dogecoin.
In regards to its advisors, the group is made up of Dogecoin founder Billy Markus, the project’s core developer Max Keller, Ethereum founder Vitalik Buterin and Elon Musk as represented by the head of the Musk’s family office, Jared Birchall.
Members of the Board of Advisors will function in various capacities. While Keller will serve as the project’s technical advisor, Markus will be in charge of the community and memes. Meanwhile, Buterin will function as the blockchain and crypto advisor for the foundation, and Birchall will represent Elon Musk as legal and financial advisor.
As a first assignment, the Board of Advisors will be working to secure three-year funding that would allow it to employ a small, dedicated staff to work on Dogecoin full-time. Up until now, the work on the ecosystem has been done by volunteers.
The success of Dogecoin is closely intertwined with Elon Musk's passion for it. Musk began tweeting about Dogecoin in early 2021, sharing a Lion King DOGE meme. That kickstarted a furious DOGE rally — with temporary dips — that culminated in Musk's appearance on Saturday Night Live.
After the SNL appearance, DOGE crashed despite Musk's promises to moon its price. In the following months, Musk seemed to lose interest, and the price of DOGE has tumbled over 70% from its all-time high. However, Musk still yields power over Dogecoin, as occasional tweets indicate.
The current CoinMarketCap ranking is #13, with a live market cap of $17,415,963,742 USD. It has a circulating supply of 132,670,764,300 DOGE coins and the max. supply is not available.
Technical Analysis:
As this Crypto Asset has lost 85% of its Price Value it seems to be Discounted and Undervalued and can be considered as an Investment Opportunity.
There exist a Bullish Divergence of Price and MACD, which is the very sign of Bearish Trend Reversal and start of the new Bullish Cycle, alternatively we have defined 3 New Targets, where we expect the next bullish Trend to Achieve.
There are 3 Targets defined by Fibonacci Trend Base Extension Levels, where as the 3 TP gets its Confirmation, as the price action triggers the 2 TP, followed by some price correction and retracements consequently Reaccumulate at lower levels and lets the Smart Money Flow in to it and the Propagandas will Start. so it shoot for the 3 TP which is 2$.
Sentimental Analysis:
There exist Possibility of higher Price as this Asset has a lots of controversial Sentiments Around it and the overall human's mind consensus can be controled by Mass Media and it can result in the lots of hype, probably followed by public fund inflow and it can pomp the Price to 5$ or even higher...
