Dogecoin, a popular cryptocurrency known for its cute Shiba Inu mascot and enthusiastic community, has taken the world by storm in recent years. But how did this fancy digital currency come to be? Should we expect growth in 2023? What are the growth goals and when to buy a coin? Let's take it in order.
🧐 How did Dogecoin come about?
First, let's take a trip down memory lane and remember the origin story of Dogecoin.
The history of Dogecoin begins in 2013, when two software engineers, Billy Marcus and Jackson Palmer, decided to create a fun and light-hearted cryptocurrency. They were inspired by the popular "Doge" meme, which featured a Shiba Inu dog. They thought it would be fun to create a cryptocurrency based on this meme, and thus Dogecoin was born.
Dogecoin was launched on December 6, 2013. Dogecoin was created purely for entertainment and as a joke. It was supposed to be a worry-free and accessible cryptocurrency that could be easily understood and used by anyone, regardless of their technical knowledge.
As Dogecoin gained more attention and recognition, its value began to rise. Over time, Dogecoin gained popularity beyond its original purpose as a joke and began to be used for a variety of purposes such as charitable donations, online shopping, and even as a form of payment for goods and services.
Despite its origins as a joke, Dogecoin continues to gain popularity and has even gained support from influential figures such as Elon Musk.
👨💻 Elon Musk and Dogecoin
The connection between Dogecoin and Elon Musk is mainly related to Musk's tweets.
Elon Musk tweets about Dogecoin, often using memes and humorous language in his posts. He has repeatedly expressed his support for Dogecoin, calling it "the people's cryptocurrency" and "Earth's future currency" in his tweets. His tweets about Dogecoin often led to significant price spikes and increased attention on the cryptocurrency.
Apart from his tweets, Musk has also mentioned Dogecoin during public appearances and interviews. Whenever Musk tweets about Dogecoin, it often results in a spike in its price and increased attention from investors and the general public. For example, in early 2021, Musk's tweets caused a series of price spikes in Dogecoin, resulting in significant profits for those who invested in the cryptocurrency.
In April 2023, Elon Musk began introducing the Doge cryptocurrency on Twitter. Currently, Elon Musk has replaced the Twitter logo with the Doge logo. We think DOGE adoption on Twitter will only gain momentum. By the way, we wrote about the potential implementation of DOGE on Twitter on our channel even before Musk purchased Twitter. Don't forget to subscribe.
We figured out the history of DOGEcoin, and we also found out that the coin has enough fundamental reasons for medium-long term growth. Now let's figure out when to buy and sell DOGE coin. To do this, let’s move on to the technical analysis of the coin.
📚 Technical analysis
The coin has long broken through the downward channel of 2021-2022 along with a long-term upward moving one. Now the price is moving within the local ascending channel and is at the lower border of the channel. The price has already begun to work out the bullish Wedge pattern, but we need to wait until it finally consolidates higher. Below we have 2 support levels and the profile volume shows strong trading in the range below the current ones. This means that even at current prices it makes sense to go shopping, especially taking into account the fundamental component of the coin.
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