Crypto Market Tumbles, Dogecoin Price To Hit $0.14 Under These Circumstances

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The overall crypto market is once again in the red zone as the global crypto market cap has been pulled down by 2% in the last 24hrs and is positioned at $1.12 trillion.

Along with major cryptocurrencies like Bitcoin and Ethereum, the largest meme currency, Dogecoin too has seen a downward trend after falling by 6.28% in the last 24hs.

On the contrary, analysts at Bitrue have an opposite approach as he says that Dogecoin price will hit $0.14. Then he claims that the DOGE will reach the said target only if the currency manages to surpass $0.09027 resistance along with $0.1 psychological area.

Meanwhile, on August 16th the meme currency surged by 16% which increased its performance for the weekend. Though DOGE is down at the press time, the currency is still bullish on a weekly chart surged by 12.69%.

There were speculations that the Dogecoin’s price surge is due to the introduction of Dogechain testnet. However, the Dogecoin community was quick enough to clear the speculation saying the Dogechain testnet was never launched by the Dogecoin’s official network.

Claims in paid media that Dogecoin launched a "Dogechain" test network are false. Neither @Dogecoin/@dogecoin_devs, nor @BillyM2k, @ummjackson or others associated with @DogecoinFdn are in any way affiliated with the token.

— ⬢ Jens Wiechers ⬡ (he/they) (@jwiechers) August 16, 2022

The Dogecoin community has raised concerns over the Dogechain but has also maintained their stance that the project is nowhere related to Dogecoin or its developers.

Dogecoin Price Surge With Increased Whale Activity

On the other hand, the data from Santiment claims that the reason for Dogecoin’s price surge might be due to an increased whale activity. The survey states that the network’s whale activity has hit a three-month high.

Next, another crypto trader and analyst, Alex Kruger quotes that market participants can always count on dogs to light up their spirits. Then he claims that the upward trend by Dog coins has just started and the DOGE surge in particular sounds interesting.

Additionally, Billy Markus, Dogecoin creator states that Dogecoin is the main network and through this verifiable transactions can be added to a shared database. This is then shared along with other virtual coins and the next it’s all about people to decide whether to use or not.