Source: coinglassDOGE price analysisThe supply distribution of DOGE whale addresses registered a spike with addresses holding more than $10 million in DOGE accumulating quickly. Source: CoinglassWhile the DOGE price dip from April 19 caused widespread liquidations of around $104 million, the OI volumes are above the January 2023 highs, suggesting that the token may experience more volatility.The long-to-short ratio of the futures market shows a greater inclination toward short orders, acting as a contrarian signal for further upside.At the same time, the funding rate for perpetual swap contracts has turned positive after the dip, raising the possibility for more downturn from a long squeeze.DOGE funding rate for perpetual swap contracts. However, the OI volumes picked up again to $533 million, leading up to the excitement around rocket launch.1-year futures open interest volume for Dogecoin. The OI volume for futures contracts dropped to $460 million following a wave of liquidations. The logo change was active between April 4 to April 7.A report from crypto analytics firm, Kaiko, noted, “DOGE open interest has roughly doubled since Elon Musk took over Twitter last year, suggesting robust capital inflows.” However, the price and IO volumes declined significantly after the social media platform returned to its original blue bird logo. Open Interest volume is the number of open positions in the futures market.Dogecoin’s OI volumes spiked to a yearly peak of $580 million on April 4 after Twitter changed its logo to a Shiba Inu image which is also used to represent Dogecoin.The DOGE/USD pair exhibited significant volatility following the logo change, rising over 21% to a new yearly peak of $0.10 on April 4. However, Dogeday appears to have turned into a sell-the-news event as the DOGE/USD pair lost 11.88% of the day’s high of $0.093 to $0.083.DOGE open interest remains elevatedDespite the drop in prices, the open interest (OI) volume for Dogecoin futures contracts are above the January 2023 high at $470 million, according to Coinglass data.
The launch of the biggest rocket of the planet, delayed for the sake of memes.All Hail The Meme-lord!!! - DogeDesigner 18, 2023 DogeDesigner, a graphic designer in the Dogecoin community, tweeted about the rocket launch with eagerness. Still, the company’s employees including Elon Musk cheered the failure as they expressed optimism for another test in coming months.The move comes within a fortnight of Musk’s recent stunt when he momentarily changed Twitter’s logo to the Dogecoin mascot.The launch had built considerable excitement within the Dogecoin community. The SpaceX rocket, which featured the Dogecoin mascot on its side, disintegrated four minutes after its launch. DOGE price is updated and available in real time on Binance.ĭogecoin suffered a big blow on April 20, popularly known as “Dogeday” thanks to the failed test launch of SpaceX’s Starship rocket and downturn in the broader crypto market.
Primarily designed to provide a light-hearted means of communicating the basic function of cryptocurrency to mainstream audiences, Dogecoin is based on the “Doge” Shiba Inu meme. Dogecoin, however, offers no specific use cases - DOGE was a collaborative effort by the crypto community and is now listed on most major exchange platforms.ĭogecoin was originally based on Litecoin and was launched in 2013. The launch of Bitcoin in 2009 catalyzed the creation and launch of many different cryptocurrencies, each offering different use cases and functionality. Dogecoin was envisioned as an entry for the less experienced to become involved in the crypto industry. This was because of limited resources as well as technological experience. It was expressed by the founders that the oversaturation and difficulty in mining Bitcoin from the time of its creation to the start of Dogecoin, made it difficult for the common person to participate in the mining process.
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Co-founders, Jackson Palmer and Billy Markus, two software engineers by professional background and experience, wanted to make cryptocurrency accessible to individuals outside of Bitcoin. There is also a serious basis and reason for the creation and development of Dogecoin. Over time, however, Dogecoin has grown into a large blockchain network and is one of the most popular altcoins available in the market. Dogecoin (DOGE) is a novelty cryptocurrency originally launched as a “memecoin” within the cryptocurrency community.
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