Stop Saying Dogecoin is a Scam Because Such Statements Get Rapidly Outdated!

Dogecoin (DOGE) is under pressure today losing over 2% to $0.2762 and, as some authors suggest, it may be heading much lower towards $0.22 level soon. Still the main argument is actually nothing new: skeptics outline, again and again, that Dogecoin isn’t a real crypto – rather it’s a meme coin or a joke, as if there is someone sane left who is still unaware of the “Doggie’s” history! Famous Ed Wexler’s “PoliticalCartoons”’ pictures Joe Biden saying to Vladimir Putin his memorable phrase “You’re a killer with no soul!” - and his opponent replies with “...And your point is?” Indeed, what is the point of saying same old stuff in respect to Dogecoin like “Dogecoin Is A Dangerous Speculative Joke Controlled By Whales”?

According to these authors' technical analysis published on Tuesday, Dogecoin is headed towards the $0.22052 price level after losing the support located at $0.30788. Ostensibly, this move may result in a downturn of almost 33% from Dogecoin's recent high of $0.3275.

The technical analysis endeavor pointed at Dogecoin’s fragile balance that diminished it’s chances of a quick recovery towards a $0.32865 mark, then it would be expected to reach $0.35151. This would have been a price over 21% higher than the current one.

That analysis followed another prominent verbal attack on DOGE in a recent Motley Fool report highlighting how little use the Dogecoin blockchain sees despite it being one of the seventh biggest cryptocurrencies by market cap. The report's author also claimed that the altcoin's value is largely propped up by the speculative actors like few wealthy individuals.

Meanwhile, Dogecoin seems to be perfectly aware of all its annoying weaknesses, and working hard to overcome them. Thus, the so-called Dogecoin Foundation has taken center stage as it strives to provide support for the token “through development and advocacy work” (end of quote). Billy Markus, the co-creator of the Shiba Inu-themed coin, was appointed as one of the board advisors of the Foundation. The organization was launched on August 16, providing a few interesting points in a statement that it is “looking to the future of the broader Dogecoin ecosystem” and is all set to announce new projects in the coming weeks.

The organization also aims to put in place a structure so as to hire full-time staff who will work towards faster integration and easier APIs for financial, social, and charitable projects that want to use DOGE. “Dogecoin has been established since 2013, has had millions of transactions on its network and is worth billions – anything new trying to claim the trademark of Dogecoin is doing so in bad faith,” explained Markus.