- Dogecoin (DOGE) rose by more than 6% today as anticipation for the Bitcoin (BTC) halving heats up.
- The pivotal moment in the cryptocurrency industry also marks the celebration of DOGE Day or D-Day.
Dogecoin Today
Dogecoin just moved by more than 6% today from a $0.1959 low to a $0.2087 high on the 24-hour chart. As of this writing at 3:00 PM UTC, it has already settled at $0.2032, having its gain reduced to a mere 0.1% within the same timeframe. Transaction volume only showed a 1% increase during the period also as $2.38 billion worth of DOGE moved between addresses. Meanwhile, the market cap of the meme coin’s total supply of 143.80 billion tokens seemed to have stagnated at $29.23 billion.
Although the movement of Dogecoin has apparently reached a critical resistance level at the $0.20 mark, it should be noted that it has shown a massive recovery on a long-term scale. It remains 20% up on the 30-day range and 144% higher in the one-year bracket.
The people at Analytics Insight believe there’s more to come for the dog-themed token in the following days as it nears a crucial milestone together with Bitcoin around April 20. Technical trends painting a rounding bottom pattern suggest a break at the current resistance zone could propel the crypto asset toward long-term growth. A potential return to the $0.22 level is very likely in the short run where the next price actions will be determined.
Overall, the analysts consider the recent rally as an indication of a robust market activity within Dogecoin. Together with the Bitcoin halving, the DOGE Day celebration, and possible major announcements related to it may further help sustain its pump.
The DOGE Day
The Doge Day or D-Day celebration on April 20 (420) this year is a special one because it coincides with the fourth halving of the Bitcoin ecosystem. In a nutshell, the much-awaited halving is a deflationary mechanism in the world’s leading blockchain that reduces mining rewards by half at every 210,000th block height or approximately four years until all 21 million BTC has been extracted.
The upcoming event is set to reduce Bitcoin mining rewards from the existing 6.25 BTC per block to 3.125 BTC, which will take the top crypto by market cap to an all-new level of scarcity. Although the foreseen price hikes in BTC will surely drag plenty of altcoins in its wake, DOGE has a lot more going on in its ecosystem than just riding on the premier digital asset’s coattails.
Besides the D-Day, Coinbase has also listed Dogecoin Futures contracts in its offerings this month. What’s more, the DOGE community is holding on to the promise of Elon Musk, whom they have endearingly referred to as the “Dogefather,” that Tesla will eventually accept DOGE payments for its electric vehicle (EV) units. Right now, the automaker only accepts the cryptocurrency as payment for merchandise outside of its automobiles.
There’s high hopes too that the incoming Payments feature of X on its transformation to an “everything app” will include Dogecoin support.