Dogecoin continues to attract investor attention amid market analysis and various factors influencing its dynamics.
Current Price and Technical Setup
Currently, Dogecoin (DOGE) is trading at around $0.21 with a trading volume of $3.1 billion per day. The token has declined by 2% in the last 24 hours and nearly 14% weekly. Analyst Crypto Zeinab pointed to a rounding bottom formation alongside a converging triangle. The key resistance level is at $0.29, a breakout of which could lead to a rise towards $0.49 and possibly $0.80 later this year. Meanwhile, the chart also shows signs indicating potential changes.
Security Concerns and Whale Activity
Dogecoin came under pressure after the Qubic blockchain community voted to direct hashpower at Dogecoin, possibly leading to a 51% attack. Despite these risks, there has been activity from large investors who added about 680 million DOGE in August, indicating that whales are positioning for longer-term investments.
Mining Expansion Through Acquisition
Thumzup Media Corporation confirmed plans to acquire Dogehash, a North American company focused on cryptocurrency mining. Dogehash owns approximately 2,500 ASIC miners and intends to increase its capacity. The merger is expected to create one of the largest Dogecoin mining networks globally, enhancing the infrastructure of the network.
Key developments around Dogecoin indicate that despite short-term fluctuations and concerns, investor interest remains high, and further positive changes are likely.
