Where & How to Buy Dogecoin (DOGE) Guide

Dogecoin 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. The SpaceX rocket, which featured the Dogecoin mascot on its side, disintegrated four minutes after its launch. 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. DogeDesigner, a graphic designer in the Dogecoin community, tweeted about the rocket launch with eagerness. The launch of the biggest rocket of the planet, delayed for the sake of memes.All Hail The Meme-lord!!! — DogeDesigner (@cb_doge) April 18, 2023 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. 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, the price and IO volumes declined significantly after the social media platform returned to its original blue bird logo. 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.” The OI volume for futures contracts dropped to $460 million following a wave of liquidations. 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. 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. Source: coinglassDOGE price analysisThe supply distribution of DOGE whale addresses registered a spike with addresses holding more than $10 million in DOGE accumulating quickly. However, these whales sold their DOGE immediately after Twitter changed their logo back.These addresses have repeated the same accumulation and distribution around Dogeday, selling heavily into the Dogeday’s decline.Addresses with more than $10 million (red) and $1 million (green) worth DOGE. Source: CoinmetricsThe DOGE/USD pair has broken below the bullish parallel trend, raising concerns about further downside risk.Based on the size of the parallel channel, the DOGE/USD projects a 15% decline from the present $0.083 level. A drop below of this magnitude will coincide with DOGE support level around $0.072.DOGE/USD daily price chart. Source: TradingViewThe failed launch of SpaceX's Starship rocket on Dogeday, coupled with the downturn in Bitcoin's price, dealt a blow to DOGE price.Despite this setback, the open interest volume for Dogecoin futures contracts remains elevated, indicating robust capital inflows. However, the recent dip in prices and increased selling by DOGE whales suggest further downside risks, with the DOGE/USD pair breaking below its bullish support.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Dogecoin (DOGE) – the OG memecoin – was up by around 30% since the beginning of the month. It is trading above $0.09 and is currently rising on the backdrop of Elon Musk’s tweet about his starship launch attempt. But the initial boost can be attributed to the abrupt change of the old blue bird logo on Twitter to a cut-out image of Dogecoin on its homepage earlier this month, a move that single-handedly prompted a minor price rally as well as spikes in network traction. According to data from Bitinforcharts, the active address count on Dogecoin has surged to levels not seen since August 2022, going above 100k this month. Throughout this year, the network has consistently attracted over 47,000 daily users. Moreover, the address count has remained above 55,000 over the past month. Such a trend can be indicative of an increasing market share as well as interest in the blockchain network, eventually resulting in a spike in demand for the underlying crypto-asset. The transaction fees also skyrocketed to a new level this week. Alongside a recovery across the broader crypto market, Dogecoin has almost doubled after bottoming out at $0.049 in June 2022. After Musk’s controversial takeover of Twitter, many hoped that DOGE would become the social media platform’s official payment token. While this is yet to transpire, the Twitter Chief briefly replaced the platform’s iconic bluebird logo with DOGE’s official mascot earlier in the month, which triggered a rally of nearly 40%. More recently, Musk announced a reward of 1 million DOGE to anyone who can locate the existence of an emerald mine that many reports claim his family owns. This, too, provided a significant leg up to the memecoin. The post Dogecoin (DOGE) Active Address Spike Above 100K for the First Time in 9 Months appeared first on CryptoPotato.

The global cryptocurrency market cap now stands at $1.18T, down by -0.19% over the last day, according to CoinMarketCap data.Bitcoin (BTC) has been trading between $27,240 and $28,533 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $28,092, down by -0.91%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include ICX, LINA, and DOGE, up by 48%, 28%, and 24%, respectively.Top stories of the day:S&P Global Seeks DeFi Director to Expand Decentralized FootprintDogecoin Skyrockets As Elon Musk Changes Twitter's Bird Logo to Doge IconPancakeSwap DEX Launches Version 3 on BNB Chain and EthereumHackers Use Sandwich Attack to Steal Over $25.2m From UniswapMarket movers:ETH: $1821.99 (+0.59%)BNB: $310.5 (-0.96%)XRP: $0.4955 (-3.81%)ADA: $0.3916 (-1.83%)DOGE: $0.0977 (+24.19%)MATIC: $1.1074 (-0.86%)SOL: $20.59 (+0.83%)DOT: $6.436 (+0.91%)LTC: $92.42 (-0.59%)SHIB: $0.00001136 (+4.89%)Top gainers on Binance:ICX/BUSD (+48%)LINA/BUSD (+28%)DOGE/BUSD (+24%)