Most coins got a green signal in October; inflation and Fed rate hikes are not causing substantial turbulence. US government shutdown news has subsided, making it a month for meme coins following Pepe and Shiba Inu. All eyes are on Doge. The Dogecoin NFT group ‘Own the Doge,’ and Japanese officials unveiled a statue of Kabuso, the Shiba Inu dog that inspired the ‘Doge’ meme.
‘Own the Doge’ One of a Kind Initiative by Doge Community
Set to be revealed on Kabuso’s birthday in Sakura, Japan, the statue will be placed in a square frequented by Kabuso and its owners. ‘Own the Doge’ is a proactive community known for ventures like sending a Doge NFT on a SpaceX mission. They aim to be a central hub for Doge and meme enthusiasts. PleasrDAO, a group affiliated with ‘Own the Doge,’ also actively contributes to charitable causes.
In addition to the statue project, the community is working on a documentary chronicling Kabuso’s life and the cultural impact of the Doge meme. The social media frenzy coin Doge is the face of all the new Dogecoin-inspired coins. Also, its mysterious connection with Elon Musk has given a boost to its price time and again.
Dogecoin (DOGE): More than Just a Meme
The lively community is creating an enigmatic backdrop for Dogecoin, which has been crucial to its success. It’s one of the top 10 cryptocurrencies by market value, highlighting its importance in digital currency. While it’s experiencing a dip in value right now, investors remain hopeful for a comeback. Plus, with the ongoing meme craze, Dogecoin is expected to see a substantial rise, showing that its popularity and community support continue to be decisive factors in its growth.
What Next for Doge?
The future of Dogecoin’s price looks promising. After a dip in mid-September, the coin faced a downtrend and traded within a descending triangle for a while. It held above key support levels, showing bullish strength. Surprisingly, the Dogecoin price broke out of this pattern and is now supported by an ascending trendline. It was heading towards the key resistance level of $0.06459, which is expected to be tested soon. If the Bulls maintain momentum and the price surpasses this resistance, Dogecoin could trade bullishly, aiming for an upper resistance of $0.06706. If it continues to hold its value, the coin may target $0.06931 in the coming weeks.