Dogecoin Price Prediction: DOGE Holds $0.0626 Level

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Dogecoin (DOGE) price found support at $0.0626 level after declining 27% for five consecutive days. Will this level hold the cryptocurrency pair, or will it rise to the moon again?

Controversy Surrounds Potential Shift to Proof of Stake

Last week, the Dogecoin community found itself in the middle of a spirited discussion sparked by a poll initiated by Marshall Hayner. Hayner is a key figure in the Dogecoin Foundation. He asked the community about their interest in staking Dogecoin if it were to become stackable. However, the aftermath of the poll started controversy and accusations of censorship.

If Dogecoin was stakeable, would you stake it? $DOGE 🐕

— Marshall Hayner (@MarshallHayner) August 20, 2023

Censorship and Trademark Claims

Allegations surfaced that Hayner concealed comments from users with a negative stance on staking. Thus, concerns surged about transparency and open dialogue. This was further followed by more extensive accusations that the Dogecoin Foundation made misleading claims about their logo’s connection to the foundation. They were also accused of trying to trademark Dogecoin in a tricky way, perceived as silencing the community.

⚠️⚠️⚠️ ATTENTION #dogecoin

Marshall Hayner, the creator of ANOTHER COIN, who somehow got into the Dogecoin Foundation, which RECEIVED MONEY from the founder of ETHEREUM to move Doge to PoS, made a poll asking if you would stake Dogecoin if it were stakeable.

Then HE HID THE… pic.twitter.com/aPl8RAvzWQ

— Vee (@RepeatAfterVee) August 20, 2023

Proof of Stake vs. Proof of Work Debate

The ongoing debate centers on the potential transition of Dogecoin from the current proof of work (PoW) mechanism to a proof of stake (PoS) system. Unlike PoW, PoS relies on participants holding and “staking” their cryptocurrency as collateral to validate transactions and secure the network. Worries about the environment, especially how much energy PoW uses, have led big names like Vitalik Buterin to support switching to PoS. Ethereum’s move to PoS last year significantly cut down on energy use.

Technical Hurdles and Skepticism

However, moving to PoS is not easy. Key Dogecoin developers like Patrick Lodder are unsure if PoS is right for Dogecoin. He has previously acknowledged that some people support its advantages. However, he worried about PoS’s security method and how well it fits an ecosystem where many coins are held in centralized wallets.

It will take time before such split of DOGE into two separate blockchains (= two separate cryptos) can occur. Patrick Lodder argues against PoS on the basis that DOGE is originally meant as currency. See here: https://t.co/RNr1nVq7GX

— Chinese Doge Girl 🐳💎👐 鲸鱼 (@wholesale4vapes) September 15, 2021

Dogecoin Price Analysis

The current DOGE/USD daily price chart analysis presents a mixture of signals within the market. The cryptocurrency pair sits atop a critical support level at $0.626, keeping it from experiencing further declines. This level holds significant importance based on historical data. Whenever prices have reached this point, they have consistently rebounded toward the upside, yielding noteworthy gains.

A noteworthy observation is the occurrence of a bullish breakout in the ADX Indicator. What adds intrigue is that this bullish breakout coincides with the price touching the aforementioned critical support level. Should prices continue to adhere to this historical pattern, there is potential for a 35% upswing from the present price level to $0.0847.

To achieve this, Dogecoin price must surpass the consolidation phase around the $0.0626 mark and ascend beyond it. Subsequently, it would encounter initial resistance at $0.0752 before progressing to the subsequent resistance at $0.0847.

Contrarily, alternative technical indicators propose that the support might not be sustainable on this occasion. This indication is substantiated by the EMA cross, where the 100EMA is positioned above the 50EMA after their intersection. Moreover, the RSI indicator also signals a downward momentum in the short term, with the indicator pointing southwards toward the oversold zone. Should this $0.0626 level prove incapable of maintaining the pair, an anticipated drop of 13% to the $0.0538 level could ensue.

Dogecoin Price Could Rise On Speculation As X Works on Payments

Meanwhile, there are rumors that giant social media platform X (formerly Twitter) is working on payments.

BREAKING: I've been told that #X is working on #Payments!

— Nima Owji (@nima_owji) August 24, 2023

With this, Dogecoin price could rise, merely on speculation, and more if the rumor is confirmed. Note that the platform’s CEO, Elon Musk, intended to add a payment system in February. Although he said fiat would be the primary currency, he also hinted at an openness for engineers to develop the payments product to include crypto. DOGE would be the choice candidate.

Alternative to DOGE

As Dogecoin sends conflicting messages, another coin is emerging in the market with comparable excitement. The meme coin project, Sonik Coin, is approaching its presale hard cap and amassed an impressive $468,194 in just over a week.

Zoomy zoomey much fast! 🚀
$400K raised and we're just warming up!

buy now: https://t.co/s1fTdXDQCK pic.twitter.com/QdrEpiM6BL

— SONIK COIN (@Sonikcoin) August 24, 2023

Presale collections are currently at $480,265, with prospects for more gains. Experts are equally optimistic about it, putting it up for 10X payments.

Despite crypto market challenges and losses for significant coins, SONIK has sustained hype since its launch. Anchored around Sonic the Hedgehog, the coin aims for a $100 million market cap, offering staking rewards and meme coin potential.

🚀💨 $SONIK: The #Crypto meme #Token setting speed records! 🦔

Target: 100M market cap 🎯
Join the presale now!
👉 https://t.co/s1fTdXDQCK #MemeCoin #Web3 pic.twitter.com/RvrB2rxicr

— SONIK COIN (@Sonikcoin) August 19, 2023

Sonik Coin sets a modest $2 million hard cap, aiming for meme coin prominence. Over 15% of the presale allocation is sold within a week, hinting at a quick sellout. The project’s stake-to-earn feature is gaining popularity, with over 14.5 billion tokens staked. This influenced price trends, like in BTC20.

Furthermore, the network’s unique longevity strategy through staking ensures endurance amid the meme coin market influx.

Meanwhile, the tokenomics plan of SONIK allocates 50% of 299,792,458,000 tokens to the presale. 40% goes to staking rewards over four years, and 10% for Uniswap listing. Audit by 0xGuard assures legitimacy.

Interested investors can join the ongoing presale at sonikcoin.com with ETH or USDT. Sonik Coin brings a unique proposition to the dynamic meme coin world.

Visit Sonik Coin here