The Phemex crypto derivatives exchange announces a myriad of suitable investments with Dogecoin.
In 2020, Dogecoin became the darling of speculators when it shot from $0.003 to $0.7 within mere months. As it was leading the ‘meme coin’ movement, Dogecoin is now one of the most popular coins on Phemex, alongside Bitcoin, Ethereum, and Solana.
Soon the next version of Dogecoin will be released, which will bring a new perspective and substantial potential for investment.
Suppose you are looking to invest in Dogecoin, then Phemex offers sub-millisecond order response times on top of fetching the best market prices, has a highly intuitive interface, and offers world-class custodial security.
Dogecoin and the investing perspective
Although Dogecoin began as a meme, the project has evolved rapidly. Elon Musk was a driving force behind the popularity of Doge, and his backing has been consistent despite the unfavorable market attitudes.
Doge is the leader of the meme coin' movement. It was founded by Billy Markus and Jackson Palmer, forked from Litecoin, and debuted in December 2013. Some may dismiss it as a joke, but the market appears to have taken Doge seriously, pricing the idea at $10 billion.
Phemex, a Singapore-based exchange known for being cautious with its listings to give its customers a pleasant experience, has now listed Doge on its platform. The token is available to its 5-million-strong user base.
A new perspective on Dogecoin
The release of the next version of Dogecoin Core has been announced, with the update expected to be live in June. Among the several points provided in the v1.14.6 release plan, developers have highlighted eradicating "known Bitcoin vulnerabilities." According to the developers, this might improve the overall security of the Dogecoin Core infrastructure.
Dogecoin is making ripples in political institutions as well. A Democratic Party Senate candidate proposes making Dogecoin legal money in his manifesto. It's also one of the first projects to use the new Polygon Edge, which gives it greater space to experiment with decentralized applications.
Dogecoin price analysis
Nine years after its launch, the number of daily unique addresses transacting the Dogecoin marked a high of 86,652 addresses on 9 March 2021. As of now, this number is just shy of 30,000.
What’s more, Dogecoin recorded a high of $1.03 trillion in transaction volume on 1 January 2019. Since then, the transaction volume for the token has been on a decline, currently sitting at ~$730 million.
Experts believe Doge is at critical support of 8 cents, with resistance around 11 cents. The Relative Strength Index has been sitting just over the oversold level of 30, but according to the MACD, the lack of new volume suggests that there may not be any rapid relief.
The bears have the upper hand, as seen by the downsloping moving averages and the RSI in negative territory. If the price falls from the overhead resistance, the bears will attempt to push the pair below the critical support level of $0.06. The selling might become more intense if this occurs, and the drop could reach $0.04.
About Phemex
Phemex is a crypto derivatives exchange founded by several professional Wall Street Traders. The platform allows users to trade perpetual contracts with up to 100x leverage, and it supports 238+ spot trading pairs and 137+ contract trading pairs.
The platform is primarily known for being the first to offer its users zero-fee spot trading in exchange for a low-cost membership. They have everything you need, from quality support to high security.
In addition, the exchange offers a free educational portal and earn crypto products that provide consistent returns on deposits. Serving over 5 million traders seamlessly, Phemex could be the perfect platform to gain Dogecoin exposure.
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