DOGE Shed 7% But Analysts Believe It Can Reach $0.0788

DOGE shed 7% overnight but analysts believe it can rebound once again and reach $0.0788 and it is the 10^th biggest coin in terms of the market cap so let’s read more today in our latest Dogecoin news.

Dogecoin has a current market cap of $9,131,190,072 with a 24-hour tradign volume set at $494,541,797 and the meme coin has a total circulating supply of $132,670,764,300 DOGE coins. The analysts are eying DOGE to breach even higher and the developers launched their recent update which can help enhance the efficiency and performance but also the security of the meme coin.

Dust limits were also reduced from 1 DOGE to 0.01 DOGE and the new update on the feed mechanism in place aims to further decentralize the meme coin network. The new update was launched on July 21, 2022, and with the upgrade to the fee mechansim so the new update included af ew great features and security fixes so the add nodes also were urged to steer clear of risks of memory congestion. There is a new minor version upgrade that included vital security updates and fixes and improvements to enhance the efficiency and robustness of the network. More so, the users of DOGE core including wallet users and miners, and relay operators are urged to upgrade.

The Dogeverse also got infused with memes that improved network activity and in effect, up to 80,000 transactions were processed in the past day and most investors expressed their interest and excitement with memes on the network. Another exciting product that added vibrancy to the meme coin economy is the MyDoge wallet which is a wallet that allows fans to send DOGE tips to meme creators.

Analysts are confident that DOGE is ready to breach the $0.078 level and the signals were waiting for this to happen anytime soon. In the worst-case scenario or if in case DOGE fails to break the $0.078 zone, the mem coin will drop in price by 60% which will be a huge drop. DOGE insisted on increasing in the past three months after the decline from December 2021. DOGE’s MDIA value also dropped by 21.6% in three days.

As recently reported, There are good reasons to take Dogecoin seriously, even if you don’t agree with what it represents. Even if you find parts of its story distasteful and/or irritating, this is a coin that features in serious altcoin analysis, is traded by wealthy speculators, and, at least, is memorable.