As a result of The Merge’s successful attempt to move Ethereum to Proof-of-Stake, Dogecoin has risen to become the second biggest cryptocurrency asset driven by mining (Proof-of-Work).
DOGE, which had remained the third biggest PoW cryptocurrency before The Merge, has now risen into the second spot, surpassing famous currencies such as Ethereum Classic (ETC) and Litecoin (LTC) along the way. On the list, Dogecoin is just one spot below the pioneering cryptocurrency Bitcoin (BTC).
This comes just a day after electronic vehicle manufacturer Tesla announced, in accordance with a new product catalog that was published on Wednesday, that it will be releasing a new Cyberwhistle that is only going to be available for purchase with Dogecoin (DOGE). The Cyberwhistle was inspired by Tesla’s futuristic Cybertruck series.
Tesla claims that Dogecoin is the only cryptocurrency the company accepts for certain products at this time. Users must have a Dogecoin wallet in order to purchase said Tesla products.
How DOGE’s Price Is Doing
On September 13, the price of dogecoin made a downward turn from the 20-day exponential moving average and found support at $0.06. It is anticipated that the bulls will defend the level with vigor since a break and closure below it might send the DOGE/USDT pair to its low for the month of June, which was $0.05. In the event that this support is broken, it may indicate that the downward trend will resume.
The price of Dogecoin has given investors cause for worry as the famed meme currency has not yet responded to the negative assault. The price of Dogecoin has plummeted since the end of August, when breakout bulls were duped into purchasing a smart money fake out at the $0.08 mark, precipitating a massive sell-off.
