Dogecoin Celebrates 10 Years with Brief Surge, Eyes Return to $0.01
Dogecoin Celebrates 10-Year Anniversary with Brief Surge
On December 6, Dogecoin (DOGE) celebrated its 10th birthday with a brief jump to $0.1. Compared to the first time in April, the price held a little longer this time before falling back to $0.098.
A Brief Look at the History of Dogecoin
Dogecoin was introduced in 2013 by Billy Markus and Jackson Palmer as an open-source cryptocurrency. Originally conceived as a joke version of Bitcoin, Dogecoin quickly gained popularity and even had more transactions than Bitcoin in its early stages. After the founders left in 2014, the further development of Dogecoin was left to the community.
Elon Musk and Dogecoin
In 2019, Tesla CEO Elon Musk publicly supported Dogecoin and revealed that he had been supporting the developers of Dogecoin even before his announcement. Musk has referred to DOGE as the “crypto of the people,” contributing to the coin’s success in the 2021 bull market. Despite allegations of market manipulation, Musk has continued to promote the coin.
The Current Situation of Dogecoin
Despite a 91.42% decline from its all-time high of $0.73, the number of DOGE holders continues to grow. Currently, there are 5.45 million coin holders. This is an increase of 450,000 in the last six months.
Technical Analysis of Dogecoin
On December 6, the buying volume of Dogecoin was enormous. This suggests that the community was determined to celebrate the coin’s birthday in style. However, it appears that some profits were taken, as DOGE has fallen to $0.0967.
Outlook for Dogecoin
Despite the current decline, the Moving Average Convergence Divergence (MACD) indicates that buying momentum could soon return. In addition, the open interest, or the number of open futures contracts, has risen to $628.39 million. This suggests a strength of the upward trend. If the open interest remains high and the movement of DOGE reverses, the coin could reach $0.01 again.
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Sources: Coinglass, Santiment, TradingView
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