Dogecoin price analysis: DOGE continues retracement, swiftly targets $0.061 next?

Dogecoin price analysis is bearish today, as we have seen further retrace and break past $0.0625 support. Therefore, we expect further decline later today, with the next target being the $0.061 mark.

Timeline of Dogecoin

Ethereum Cofounder Vitalik Buterin feels that other blockchains, such as Dogecoin and Zcash should be following the same strategy now that the Ethereum merge has been completed. Ryan Selkis asked Buterin at the 2022 Messari Mainnet if all networks should shift to proof-of-stake (PoS) method.

Ethereum ($ETH) co-founder Vitalik Buterin predicts that Zcash and Dogecoin will eventually switch to a proof-of-stake consensus model. Around 7:00 a.m. UTC on September 15, Ethereum's Merge upgrade was completed, which means that the Ethereum network is now only using proof-of-stake (PoS) consensus.

Ethereum co-founder Vitalik Buterin hopes popular meme coin Dogecoin and privacy token Zcash will move their networks to the Proof-of-Stake (PoS) consensus mechanism. The post Ethereum Cofounder Vitalik Buterin Wants Dogecoin, Zcash to Move to Proof-of-Stake appeared first on BeInCrypto.

The acceptance of cryptocurrency goes beyond using it as a store of value. Many investors have garnered millions of dollars by trading cryptocurrencies and saving them for a very long time. The volatility of cryptocurrency, however, makes several people indifferent about what to expect.

The prices of the two crypto market leaders, Bitcoin and Ethereum, fell on Wednesday after the US Federal Reserve raised interest rates by 75 basis points due to inflation. Shortly, the rest of the crypto market followed suit.

Dogecoin [DOGE], one of the most popular memecoins, was recently back in the limelight as it registered promising gains over the last seven days. DOGE's performance was just behind the current leader XRP, as its value grew by 5% in 24-hours.

Dogecoin price analysis is bearish today as we have seen a strong rally over the past days end at the $0.068 mark. DOGE/USD will likely soon start to decline as retracement needs to be made before further upside can follow.

Dogecoin has been on a slightly bullish pump during the past 24 hours. According to CoinGecko, the largest memecoin has gained by 10% within 24 hours to trade at $0.068 at the time of writing.

Dogecoin (CRYPTO: DOGE) and Shiba Inu's (CRYPTO: SHIB) popularity skyrocketed beginning in early 2021 in the midst of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) enjoying long bull cycles. The cryptos, both with Shiba Inu dogs as their logos, surged in price.

Cryptocurrencies have appeared in finance, loans, and play-to-earn (P2E) games. As a result, new cryptocurrency users can select projects depending on their preferences and the sector's success.