Three reasons why Dogecoin price is ready to beat bear market woes

Dogecoin Core 1.14.6 is now released and live with a number of improvements and new features.
Individual miners and node operators can configure their fee policy, making Dogecoin further decentralized.
Analysts believe Dogecoin price is setting up for a decisive move and could break out to $0.0788.

Dogecoin launched a new update to improve security and efficiency and lowered dust limits for all network participants from 1 DOGE to 0.01 DOGE. The developers of the project have released a new update for the core software, improving efficiency and user interface.

Dogecoin’s new update decentralizes the network further

Dogecoin’s new fee mechanism has boosted the meme coin’s decentralization. The upgrade went live on July 21, 2022, and a key upgrade to DOGE’s fee mechanism was included in the release. The new update comprised numerous security fixes and several new features.

The amount of addnodes has been restricted to 800, and in the event of congestion the memory management of the network has been enhanced. Patrick Lodder, a Dogecoin core developer, wrote in a Github document,

This is a new minor version release, including important security updates and changes to network efficiency. All Dogecoin Core users — miners, services, relay operators and wallet users — are strongly recommended to upgrade.

Elon Musk reacted to Dogecoin’s announcement.

#Dogecoin Core 1.14.6 is now released, live and current! With a good number of improvements under the hood and some nice new features in the UI. Get it here -- https://t.co/7pn8tl4dwJ this is definitely a recommended update for everyone!
— Dogecoin (@dogecoin) July 20, 2022

The introduction of memes to the Dogeverse has resulted in a significant increase in network activity. 80,000 transactions were processed in the last 24 hours, and large wallet investors continued to express interest in memes on the Dogecoin network.

A self-custodial Dogecoin wallet, MyDoge wallet, has allowed meme creators to be tipped in DOGE. itsAllRisky, a pseudonymous crypto analyst, believes the Dogecoin meme economy is just getting started.

Dogecoin price eyes breakout past $0.0788

Analysts at FXStreet evaluated the Dogecoin price trend and noted that the meme coin is ready for a breakout. DOGE holders are waiting for a breakout past the $0.078 level, and analysts consider it a safe bet to qualify for an uptrend scenario.

If Dogecoin failed to breach $0.0788, a 60% decline in the meme coin is likely. For price levels and more information, check this video:

Share: Cryptos feed

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.