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Dogecoin was experiencing a good time since June 2022 and demonstrated no signs of slowing down. According to reports, DOGE is increasingly getting connected to illicit activities like terror financing, Ponzi schemes, child sex abuse, and other practices. Reportedly, the meme coin which is so popularized by tech billionaire Elon Musk has become a popular choice for malicious actors to facilitate transactions in the millions. As Elon Musk continues to push the meme coin genre of cryptocurrencies in different directions, it seems that Dogecoin has come across the wrong section of the Internet. The altcoin is now being used in unexpected and unanticipated ways. Does this mean Dogecoin price could soon become the best moving asset within the crypto market?
Dogecoin appears to be in the Bump Phase while eyeing a breakout above the BARR bottom's falling trendline resistance. Suppose DOGE breaks above the said price ceiling. Then, as a rule of technical analysis, it would eye a run-up toward the BARR's origin level. That puts DOGE's price en route to US$0.0941, up over 20% from the price on June 27. Notably, the upside target also coincides with the token's 50-week exponential moving average
Dogecoin community's much-publicized dream of seeing DOGE price on the moon may not happen fast. Crypto industry experts say that the meme coins' current rally may be short-lived as it doesn't have a real-world use case and lacks strong fundamentals.
"The popular meme coin DOGE has surged more than 20% after the world's richest man Elon Musk said that he will continue to support DOGE. It is now the 10th biggest crypto in the world with a market cap of US$8.8 billion. The Dogecoin rally is mostly driven by breaking news and supportive tweets by Elon musk," BuyUcoin crypto exchange shared in a note.
"It is difficult to say for how long this momentum will last. DOGE needs to find a real-world use case as it was originally designed to be a medium of payment. The rally in the meme coin space is expected to be short-lived as it is not driven by strong fundamentals," it added.
Dogecoin price trades at US$0.071 (at the time of writing) as the bulls are trotting away from the historical trend line. In the process, the bulls have printed an impulse wave up from the June 19 lows at US$0.048. If the impulse is indeed the first wave of a larger rally, the DOGE price could become a moving rocket with targets at US$0.175 and higher this month. It is worth noting that the Dogecoin price provides sparse bullish confluence as wave one signals are often hard to detect.
The Dogecoin cryptocurrency started the meme revolution and has remained the most popular coin on the planet. It has a loyal army of supporters on social media and is widely accepted as a payment currency by many businesses across the globe. The DOGE Token is being widely accumulated by many whale accounts who are taking advantage of the dipping season. Recently, whales accumulated US$31.6 million worth of DOGE in a single day which shows the amount of faith in this meme cryptocurrency. The Dogecoin ecosystem has a history of providing support to various charitable causes. The DOGE Token has seen a strong price rise in the past and could be accumulated for potentially huge gains in the future too. Dogecoin developers announced the testnet version of the new utility-focused Dogechain offshoot is now open for developers to start building before the mainnet's official launch. "Dogechain" is built on Polygon Edge, which lets the project bootstrap a new blockchain network while providing full compatibility with Ethereum smart contracts and transactions. It uses IBFT (Istanbul Byzantine Fault Tolerant) consensus mechanism, supported PoS (proof-of-stake)."
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