Dogecoin was created in 2013 as an homage to Bitcoin, with a goal to make crypto traders chuckle. The coin was presented with an internet meme of a Shiba Inu dog who couldn't spell (hence "doge" instead of "dog"). It's price barely ever moved.
But now the internet is going crazy over dogecoin, and even though it only trades for $.07 a coin, its market capitalization is still around $9 billion -- making it more valuable than Under Armor. What happened?
For one, Elon Musk's Twitter account happened. Over the last few weeks, Elon Mush has been tweeting about Dogecoin, sometimes cryptically and for no apparent reason. He has tweeted an internet meme based on the Lion King, written "who let the Doge out," and an instructional video titled "D is for Dogecoin." Musk also has other celebrities joining the parade -- Snoop Dogg has shared memes and tweets, and the lead singer of the band Kiss, Gene Simmons, has declared himself the God of Dogecoin. The coin's price is now up over 1,500% for the year.
At the end of the day, however, Dogecoin is still not a serious cryptocurrency, and does not have the global reach and disruptive functionality that Bitcoin, Ethereum, and Litecoin do (for instance). Even still, it is gaining the eyeballs of traders, so it's worth taking a look at an A.I.-powered analysis of Dogecoin vs. Bitcoin vs. Ethereum. Keep scrolling for the results.
DOGE.X saw its Momentum Indicator move above the 0 level on May 28, 2023. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 136 similar instances where the indicator turned positive. In of the 136 cases, the stock moved higher in the following days. The odds of a move higher are at .
The RSI Oscillator points to a transition from a downward trend to an upward trend -- in cases where DOGE.X's RSI Oscillator exited the oversold zone, of 50 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 91 cases where DOGE.X's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for DOGE.X just turned positive on May 18, 2023. Looking at past instances where DOGE.X's MACD turned positive, the stock continued to rise in of 51 cases over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where DOGE.X advanced for three days, in of 379 cases, the price rose further within the following month. The odds of a continued upward trend are .
DOGE.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
DOGE.X moved below its 50-day moving average on April 30, 2023 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for DOGE.X crossed bearishly below the 50-day moving average on April 29, 2023. This indicates that the trend has shifted lower and could be considered a sell signal. In of 19 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where DOGE.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for DOGE.X entered a downward trend on May 28, 2023. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows