Most coins received a green signal in October; inflation and Fed rate hikes are not causing substantial turbulence. News of the US government shutdown has subsided, making it a month for meme coins after 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’ A unique initiative by the Doge community
The statue will be unveiled and placed on a square on Kabuso’s birthday in Sakura, Japan visited by Kabuso and its owners. ‘Own the Doge’ is a proactive community known for initiatives such as sending a Doge NFT on a SpaceX mission. They want to be a central hub for Doge and meme enthusiasts. PleasrDAO, a group affiliated with ‘Own the Doge’, also actively contributes to charities.
In addition to the statue project, the community is working on a documentary about Kabuso’s life and the cultural impact of the Doge meme. The social media frenzy coin Doge is the face of all new Dogecoin-inspired coins. Moreover, the mysterious connection with Elon Musk has boosted the price time and time again.
Dogecoin (DOGE): More than just a meme
The vibrant community creates an enigmatic backdrop for Dogecoin, which has been crucial to its success. It is one of the top 10 cryptocurrencies by market value, underscoring its importance in digital currencies. Although the value is currently falling, investors remain hopeful of a comeback. Furthermore, with the ongoing meme craze, Dogecoin is expected to see a substantial rise, showing that its popularity and community support remain 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 entered a downtrend and traded in a descending triangle for a while. It remained above key support levels and showed bullish strength. Surprisingly, Dogecoin price broke out of this pattern and is now supported by an ascending trendline. It was heading towards the key resistance level at $0.06459, which is expected to be tested soon. If the Bulls maintain the momentum and the price surpasses this resistance, Dogecoin could trade bullishly, targeting higher resistance at $0.06706. If the coin continues to hold its value, the coin could reach $0.06931 in the coming weeks.