Whales Look Towards Dogecoin (DOGE) Amid a Bearish Crypto Market

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.

Timeline of Dogecoin

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.

Buterin expects Zcash and Dogecoin to adopt the sustainable PoS consensus  After the successful merge upgrade, Buterin shared additional details about the upcoming Ethereum “surge” phase. After the successful deployment of the Ethereum merge upgrade on September 15, Ethereum's co-founder Vitalik Buterin expects Zcash and Dogecoin to transition to the proof of stake consensus model.

Dogecoin rallied to a one-month high to start the weekend, as markets marginally rebounded on Saturday. The token rose by as much as 10% in today's session, racing past a key resistance in the process. Solana was another notable gainer, as it hit an 11-day high.

Ethereum co-founder Vitalik Buterin expects proof-of-work blockchains like ZCash and Dogecoin to transition to proof-of-stake consensus.  The post Vitalik Buterin expects Zcash and Dogecoin to migrate to proof-of-stake model appeared first on The Block.

There has been a massive sell-off in the cryptocurrency market, and during this period, whales have been focusing on Dogecoin (DOGE) and the general negative attitude in the cryptocurrency industry. There was a 5.34 percent increase in the number of addresses owning between 100 million and 1 billion DOGE, as revealed by @bull bnb.

According to a Tuesday report by The Block, London-based neobank Revolut is considering adding 29 new including Dogecoin, AVAX, Shiba Inu and Solana, through a new partnership with Apex Crypto for its U.S. clientele as the demand for cryptocurrencies picks up.