Dogecoin

Revive

when

Shiba Inu

<p>The original meme cryptocurrency, Dogecoin, has made hints about its potential to enter the gaming sector. Jordan Jefferson, the CEO and co-founder of MyDoge, made this announcement when DOGE price was struggling to recover traction.</p> 
<p>The performance of the token on the market is still being pressured, despite the excitement surrounding this possible new endeavor. In the last week, Dogecoin’s price dropped by 6.2%, and in the last month, it dropped by 3.2%.</p> 
<h2 class="wp-block-heading" id="h-dogecoin-s-gaming-ambitions"><strong>Dogecoin’s Gaming Ambitions</strong></h2> 
<p>Jordan Jefferson took to x (formerly Twitter) to&nbsp;<a href="https://x.com/MyDogeCEO/status/1821628145100878052">reveal</a>&nbsp;that “gaming on Dogecoin is coming.” This announcement was accompanied by a brief video clip featuring Shiba Inu characters bowing to a statue of a warrior-like dog—hinting at a potential Dogecoin-themed game.</p> 
<p>Not everyone in the crypto space was impressed. Shytoshi Kusama, the enigmatic leader of the Shiba Inu project, responded to the announcement with a lighthearted jab. Referencing Shiba Inu’s gaming efforts, Kusama tweeted, “Laughs in Shiba Eternity.” He suggested that Shiba Inu’s progress in the gaming space is far ahead of Dogecoin.</p> 
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   <p lang="en" dir="ltr">**Laughs in Shiba Eternity** <a href="https://t.co/LVRpCAhIrH">https://t.co/LVRpCAhIrH</a></p>— Shytoshi Kusama
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@ShytoshiKusama) <a href="https://twitter.com/ShytoshiKusama/status/1821972966827290655?ref_src=twsrc%5Etfw">August 9, 2024</a>
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<p>In October 2022, Shiba Inu made its official debut in the gaming world with&nbsp;<a href="https://www.thecoinrepublic.com/2022/10/08/the-new-launch-of-the-masterpiece-shiba-eternity-brought-profits-to-shiba-inu/">the release of “Shiba Eternity,”</a>&nbsp;a mobile game that players quickly took to. The game has had several changes since it first came out. Currently, the Shiba Inu team is working on a blockchain version of the game, which is being tested in a closed beta.</p> 
<p>This version, set to launch on the Shibarium mainnet, will allow players to earn rewards through gameplay, further solidifying Shiba Inu’s position in the gaming sector.</p> 
<p>The rivalry between&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/30/shiba-inu-moves-beyond-meme-status-what-next-for-shib-price/">Dogecoin and Shiba Inu</a>&nbsp;is nothing new. Both projects have fiercely loyal communities, and comparisons between the two are often drawn, especially when it comes to innovation and market performance.</p> 
<p>Kusama has said many times over the past few years that he thinks SHIB will eventually be more valuable than Dogecoin.</p> 
<h2 class="wp-block-heading" id="h-doge-price-struggles-amid-bearish-pressure"><strong>DOGE Price Struggles Amid Bearish Pressure</strong></h2> 
<p>Despite the excitement surrounding Dogecoin’s gaming ambitions, the token’s price has struggled to gain upward momentum.</p> 
<p>Following a nearly 1% drop on August 10, DOGE briefly attempted a recovery, but the rally was short-lived. As of now, DOGE’s price is hovering around the $0.10 mark, facing strong resistance at the 20-day EMA, currently near $0.11.</p> 
<p>The broader market sentiment for Dogecoin remains mixed. While some analysts predict that DOGE could surge to $2.55 by 2025, the short-term outlook appears challenging. Recent&nbsp;<a href="https://www.coinglass.com/currencies/DOGE">data</a>&nbsp;shows a decline in Dogecoin’s futures open interest and a negative OI-weighted funding rate, indicating bearish sentiment among futures traders.</p> 
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 <img loading="lazy" decoding="async" width="1024" height="291" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-7-3-1024x291.png" alt="Dogecoin OI weighted funding rate. Source: Coinglass" class="wp-image-657617" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-7-3-1024x291.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-7-3-300x85.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-7-3-768x218.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-7-3-1536x436.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-7-3-150x43.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-7-3-696x198.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-7-3-1068x303.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-7-3-1920x545.png 1920w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-7-3.png 2000w" sizes="(max-width: 1024px) 100vw, 1024px">
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  <em>Dogecoin OI weighted funding rate. Source: Coinglass</em>
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<p>Many DOGE holders are still optimistic about the token’s long-term prospects, even though there are problems right now. According to CoinGlass data, 68% of Dogecoin holders are still making money, and 67% have held on to their assets for more than a year.</p> 
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   <p lang="en" dir="ltr">With 68% of Dogecoin wallets still in profit, the asset is showing resilience and currently ranks 4th among assets with a market cap of over $1 billion. <br><br>However, the network needs a catalyst to drive further growth. Here's why: <a href="https://t.co/zESlnm6LJ5">pic.twitter.com/zESlnm6LJ5</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1821163820938559681?ref_src=twsrc%5Etfw">August 7, 2024</a>
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<p>However, the network faces significant growth challenges, with the number of new addresses steadily declining as per IntoTheBlock&nbsp;<a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=all&amp;chart=all">dat</a>a. This trend could hinder Dogecoin’s ability to maintain its market position.</p> 
<p>Cryptorphic, a major analyst,&nbsp;predicts&nbsp;that Dogecoin has the potential to surge tenfold to nearly a dollar. </p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> 10x Potential or too good to be true??<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>It has been trading within this channel since February 2021, over 1,127 days, until it broke out with a massive candle in February 2024. Since then, it has been retesting the breakout.<br><br>Here’s why I believe DOGE can 10x to nearly a… <a href="https://t.co/IaDIP6k2I3">pic.twitter.com/IaDIP6k2I3</a></p>— Cryptorphic (@Cryptorphic1) <a href="https://twitter.com/Cryptorphic1/status/1821784399471636702?ref_src=twsrc%5Etfw">August 9, 2024</a>
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<p>The assessment is based on&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/10/can-dogecoin-price-do-3x-gains-heres-what-analysts-say/">Dogecoin breaking out</a>&nbsp;of a long-term accumulation channel, the presence of significant buying pressure from the bulls, and the coin’s performance above key moving averages.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/10/dogecoin-gaming-a-bit-too-ambitious-or-can-it-revive-doge-price/">Dogecoin Gaming A Bit Too Ambitious or Can it Revive DOGE Price?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Dogecoin Gaming A Bit Too Ambitious or Can it Revive DOGE Price?

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