- Dogecoin started its recovery, yielding nearly 2% gains for DOGE holders overnight.
- Dogechain team released a staking guide, sharing in-depth information about the process.
- Analysts are bearish on Dogecoin and predict a further decline in the largest meme coin by market capitalization.
Dogecoin, the largest meme coin, started its recovery from the FTX-Alameda collapse. The meme coin yielded 2% gains overnight, however, analysts remain bearish on Dogecoin price.
Also read: Crypto experts allege Gate.io and Crypto.com could collapse like FTX: Accident or proof-of-reserves?
Dogechain releases detailed guide on staking
Dogechain announced that native staking would be available for community members in the second week of November 2022. Community members who wish to do their part in securing the network are welcome to join.
The blog post explains that Dogechain is implementing a unique staking model, which is unfamiliar to some traders. The team presented the implications of staking in the Dogechain ecosystem.
The Ultimate Dogechain Staking Thread— Dogechain (Giving away a Tesla) (@DogechainFamily) November 13, 2022
Hey frens, staking is right around the corner. You can already find some in-depth information about this process in this blog post:
For the TL;DR crowd, this thread will serve as a quick reference pic.twitter.com/KTe1aoG5Ei
Dogechain announced that it uses a vote escrow staking model called veDC. Dogechain tokens cannot be directly staked with validators. Instead, users will need veDC tokens for staking, on locking DC in the veDC locker, users will receive veDC. The longer the lock-in period, the more veDC the user gets.
Locked Dogechain tokens can be recovered once the timelock period matures. Staking rewards are liquid and can be unlocked as soon as claimed by a user. Once the timelock matures, users burn the veDC and recover their DC tokens.
The two key players are validators and delegators. Validators will stake a predetermined amount of tokens, and delegators will delegate tokens to the validator of their choice. This will help secure Dogechain further.
Analysts are bearish on Dogecoin recovery
The latest reduction in Dogecoin price is causing panic and fear in the crypto market. Michael Fasogban, a crypto analyst, evaluated the Dogecoin price trend and argued that a decline in price could push the price to the $0.071 support level.
DOGEUSDT price chart
A decline below $0.071 could push the Dogecoin price to $0.0611 and $0.054. If the bearish thesis is invalidated, Dogecoin could climb to the $0.094 resistance level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH
Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter
Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users
Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.