DOGE is one of the more light-hearted cryptocurrency projects, initially starting as a joke and currently working as a speedy micropayment system. According to Brave New Coin, DOGE fundamentals are showing mixed signals with sentiment leaning towards a potential upward explosion, June 8, 2019.
On Chain Metrics
DOGE is currently in the top 30 cryptocurrencies by market cap and has shot up by nearly 70 percent since the January 2019 bottom. More than its utility for payment, DOGE is known for its enthusiastic and endearing community, who have eradicated the political battle that engulfs most cryptocurrency communities.
Some of their social endeavors include raising $45,000 to sponsor NASCAR driver Josh Wise, who in turn made a vinyl wrap of DOGE for his car. They also raised $50,000 to help the Jamaican bobsledding team participate in the Winter Olympics of 2014.
Though DOGE hasn’t upgraded or had any significant development since 2015, it is still widely used as a method of tipping on social media. The low fees and fast transaction times are often ignored by critics who dismiss it as “just a meme.”
DOGE employs a static inflation rate of 5.256 billion tokens generated per year. While DOGE is not deflationary, it does propagate value capture through a disinflationary supply schedule.
The NVT indicator for DOGE is slightly bearish, showing downward pressure on the signal line, which may contribute to price moving down. The analysis of adjusted coin days destroyed shows an accumulation period beginning in July 2018 with a fairly major sell-off in May 2019, causing more uncertainty for those currently long DOGE.
Technical Analysis of DOGE
DOGE saw a golden cross on the daily time frame in late May 2019 and has managed to maintain strong support at the 50-day Exponential Moving Average (EMA).