Doge coin and Elon Musk relationship
Introduction about Doge coin
The current Doge coin price is $0.328603 USD. In the previous 24 hours, Doge coin has gained 13 percent. It has market cap of $28,750,247,158 USD, CoinMarketCap now ranks #7. It has a circulating supply of 130,021,683,983 DOGE coins.
Technology behind the Doge coin (DOGE)
This coin basically a meme coin with a “doge” as his symbol. And has a Shiba Inu on its logo. Founders of Doge coin include Billy Markus of Portland, Oregon and Jackson Palmer of Sydney made the coin and it was forked from Litecoin in December. The developers of Doge coin imagined it simple coin, because it was based on a dog meme, would have greater appeal outside the main Bitcoin audience. Several social media tweets were posted by Tesla CEO Elon Musk that Doge coin is his favourite coin.
Recent developments and relationship of Elon Musk and Doge coin
Elon Musk recently replaced Bill Gates as the world richest man has claimed multiple times about the Doge coin and says this coin is his favourite. This thing explains there must be something close between the coins and the world’s richest man.
Usage of Doge coin
Doge coin has been used on Reedit and Twitter mainly as to tip the people working online and give them a sense of relaxation to the youngsters. The mechanism to reward the production or sharing of quality content. By engaging in a group using the digital currency, you can get a tipped Doge coin, or you can get your Doge coin from a Doge coin part. As an introduction to the currency, a Doge coin faucet is a website that will send you a small amount of Doge coin for free, so that you can start engaging in Doge coin communities.
Fundamental Analysis of Doge coin
Mostly the fundamental analysis is dependent upon the news, advertisement and many other things like these. There are no such things in the surge of doge coin. The one and only thing that matters are the tweet of Elon Musk and the rally started.
Risk involved in Doge coin
The magnificent DOGE price rally is expected to be short-lived and also crash hard. Some analysts said that the coin may dump very hard as the show stops and cautioned to lock the profits at the right time. The potential threat of the US SEC and new government may regulate the privacy coins and this will dump the coin price hardly.
Short overview of technical analysis
The doge coin is currently facing a correction and with the rise of current market, Doge coin has also gained momentum. It is currently trying to break its resistance but has not been able to do that at price around 580 satoshi. The fib levels show that the next resistance is 710 and support level is around 490 satoshi. For those looking to enter into the market must look into it, before investing without taking risk into account.