Dogecoin staking is on the way. Despite its sideways price action, the future for Dogecoin and meme tokens is looking bright.
- Dogecoin Staking News
- DOGE Price Action Update
- The Forgotten Future For Meme Coins
— sirdogeofthecoin.doge (@dogeofficialceo) December 27, 2021
Dogecoin Staking News
The Dogecoin Foundation, a non-profit organization that manages everyone’s favorite dog coin, DOGE, announced that it is working in collaboration with Vitalik Buterin to bring a staking mechanism to DOGE.
As highlighted in the recently-published trailmap from last Thursday, Dogecoin staking will allow anyone to receive DOGE rewards for contributing tokens to the network. The new upgrade will convert DOGE from a proof-of-work protocol to proof-of-stake, a change that the crypto community has been waiting on for quite some time now.
DOGE Price Action Update
Considering the charts, DOGE has been relatively stagnant ever since its monumental rise from below $0.01 to over $0.72 in May. However, if we zoom out and look at the bigger picture, DOGE is actually approaching high-time-frame (HTF) support that’s been developing since nearly the inception of DOGE back in 2014.
At the time of writing, DOGE is trading at $0.177.
We can see that the 2021 bull run allowed DOGE to break through HTF resistance, and it looks like it’s coming back to flip that resistance as support. The relative strength index (RSI), which measures an asset’s overbought and oversold conditions, has returned to HTF support as indicated by the yellow line.
The last time the RSI was at these levels, DOGE was trading for just 1/10th of a penny. This could mean that sellers have been exhausted, and the path of least resistance is up.
The bearish outlook, however, still needs to be considered. While Dogecoin staking brings more utility to the OG meme token, some more bullish catalysts will be needed to get the ball rolling again. Otherwise, we could see a breakdown from this HTF support, which could spell disaster for the meme token economy in general.
The Forgotten Future For Meme Coins
— Dogecoin Meme Maker (@ShaneRizzo2) December 23, 2021
Luckily for DOGE, the meme coin has garnered support from big-time players in the crypto space like Vitalik Buterin and Tesla CEO Elon Musk. These two clearly already have a lot on their plate, whether that’s shipping Ethereum 2.0 or conducting literal rocket science, so the fact that Vitalik and a representative for Musk (Jared Birchall) are a part of the board at the Dogecoin Foundation and devote real effort into developing the cryptocurrency bodes well for its long-term future.
The attention on dog coins, in general, has faded heavily since May, but crypto investors have seemingly forgotten some of the notable catalysts coming to DOGE. For one, Musk announced a couple of weeks ago that DOGE will soon be used to purchase Tesla merchandise.
Musk also previously mentioned back in April that he wants to “put a literal Dogecoin on the literal moon.”
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
While it could be just an April Fool’s joke, I’m not sure I would put the event past Musk’s memetic nature.
DOGE is also gaining support from mainstream businesses as well; the major theater company AMC announced that in addition to opening up Bitcoin, Ethereum, Bitcoin Cash, and Litecoin payments, CEO Adam Aron said that the company would also be accepting DOGE for payments and a subsequent Twitter poll may have forced his hand to accept the infamous Shiba Inu (SHIB) token as well.
Despite what you may think of DOGE and meme coins in general, the momentum indicates that dog coins have some sort of role to play in the mainstream economy – in the meantime, consider Dogecoin staking for some side income while you wait for the next rise of the Doge.