Dogecoin price: Dogechain releases staking guide, DOGE price struggles to recover
- 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:
https://t.co/6BEpQkwBqo
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
