Dogecoin Nicknamed “Blue Chip Meme Coin”, What Does It Mean?

Bittime - The crypto world has a new nickname for Dogecoin (DOGE): "blue chip meme". Strange? No way! This is a term for DOGE as a leading, stable and trusted memecoin, like an established "blue chip" stock on the stock market.

Let's take a peek at DOGE's movement on the chart. The current price of DOGE is around IDR 2,900 (around $0.18). There is an interesting "double top" pattern, that is, two price peaks are close together. This may signal DOGE's difficulty in climbing higher. But, if DOGE can break this pattern, get ready for a new price increase! 

Summer: Over

Also pay attention to support and resistance (lower and upper price limits). Currently, DOGE support is around IDR 2,000 (around $0.14). This is the psychological level where DOGE usually starts to rise again after falling. Meanwhile the resistance is around IDR 2,700 (around $0.19). This is the level that DOGE has not been able to penetrate recently.

Check Today's Crypto Market:

DOGE has several factors that can push prices up. There are rumors about the involvement of Kabosu, DOGE's iconic Shiba Inu dog, and speculation of support from Elon Musk or integration with his company. This news could trigger an increase in DOGE prices.

Also read: Business with Dogecoin (DOGE): This is a list of companies that accept DOGE!

Future predictions? If these driving factors occur and the memecoin trend is on the rise, DOGE will not only pass through strong resistance, but can also advance to higher prices. 

This is what makes it worthy of being called a "blue chip meme". In fact, top traders predict DOGE could reach IDR 15,000 (around $1) in 2024!

Having the title "meme blue chip" means that DOGE is seen as a memecoin that can be trusted and has durability amidst high crypto price fluctuations. 

Indeed, nothing is certain in the world of crypto, but DOGE has shown that it is not just a passing trend. Dogecoin, the leading memecoin, may be preparing to soar again or head towards steady growth.

Also Read How To Buy Crypto:

What is Dogecoin (DOGE)?

Dogecoin (DOGE) is a peer-to-peer (between users) cryptocurrency that is open-source (open code). Dogecoin is included in the altcoin category (alternative to Bitcoin) and was launched in December 2013. The cute icon of the Shiba Inu dog is its distinctive logo.

Also read: Memecoin, what is it and what are some examples?

Dogecoin's blockchain technology is considered good because it is derived from Litecoin. Some of the characteristics of Dogecoin which uses the Scrypt (pronounced "es-crypt") algorithm are its affordable price and unlimited number of coins.

Debate Regarding Dogecoin

There is a debate about the usefulness of Dogecoin.

Dogecoin Supporters:

• Seeing its history as a tool for giving gifts (tipping) and donating to charities, Dogecoin is considered to have uses as a means of payment.
• Another proof is that many online shops accept DOGE as payment.
• Dogecoin can also be a store of value.
• Dogecoin development is still ongoing.

Skeptics:

• Doubt Dogecoin because its function is considered limited to memecoin and has no other utility on the blockchain.
• They argue that the longevity and value of a cryptocurrency is usually tied to its function and use in the real world.

Indeed, apart from very low blockchain transaction fees (well below Bitcoin and Ethereum), currently (December 2023) there are not many other known functions of Dogecoin.

But keep in mind, Bitcoin didn't have much use either. Just like Dogecoin, Bitcoin initially only functioned as a means of payment. As time goes by, the Bitcoin blockchain continues to be developed and its functions become increasingly diverse. Something similar could happen to Dogecoin.

Check Crypto Prices Today:

So, if Bitcoin is considered to have a use, then it is natural that Dogecoin is also considered to have a use.

How to Buy Dogecoin (DOGE) on Bittime

You can buy and sell Dogecoin (DOGE) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Dogecoin (DOGE) is available on Bittime with the market pair DOGE/IDR. To be able to buy DOGE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Dogecoin (DOGE) on Bittime. 

Monitor price chart movements of Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Dogecoin Soars: Has It Corrected or Still Rising?

Dogecoin Vs Shiba Inu: Catching Each Other's Eyes

Business with Dogecoin (DOGE): Here is a List of Companies that Accept DOGE!

Dogecoin (DOGE) Whale Moves 332.9 Million DOGE to Binance

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.