Taking into account the possibility of improving the platform, the Dogecoin developers propose the creation of new features. For this purpose, the help of the ETH co-founder, Vitalik Buterin, was sought, seeking the implementation of one of the new features proposed.

Proof-of-stake for DOGE

Ever since the new plan to bring more features to the meme cryptocurrency platform was announced, there has been talk of proof-of-stake. With this idea in mind, Vitalik Buterin, from Ethereum, would be taken into account to collaborate soon.

It would be the first time that Dogecoin developers embark on a path with diverse approaches. This, in order to give DOGE a new environment that offers more functions to its users and investors.

In a recent statement, Buterin’s willingness to help implement new features in this structure was noted. The Ethereum co-founder commented that he would collaborate in the development of Dogecoin to add the same function that ETH 2.0 will have.

However, Vitalik Buterin believes that the move towards proof-of-stake would not be “total.” It indicates that the current proof-of-work would continue to be used.

The current system is estimated to provide more than $ 950M annually in rewards for miners.

More Features

In addition to the aforementioned approach, it is planned that the meme cryptocurrency will incorporate improvements in terms of payment systems. In this sense, the Dogecoin developers would try to bring Gigawallet as a contributing API.

On the other hand, it includes the possibility of creating new nodes for DOGE, with a layer 2 sales application. However, the details about this feature are still unknown.

In addition to this, and apart from the proof-of-stake, it is intended to add a development kit, with a new SDK and programming libraries.

From another perspective, the “publicity” support that the DOGE community receives is not yet fully defined. At first, personalities like Elon Musk actively supported the growth of the community, with related posts on social media.

However, on several occasions, he himself classified Dogecoin as a “scam”. The truth is that it seems that this support would be restored in the last season, considering the fact that the platform’s developers wanted to take the digital asset down a more serious path.

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American gaming retail giant GameStop announced that it has accepted Dogecoin (DOGE), Shiba Inu (SHIB), Decentraland (MANA) and other cryptocurrencies. Through the Flexa payment network Let the game begin!

Specifically, Flexa’s ‘Spedn’ mobile app can now be paid for in Bitcoin, Dogecoin, and other cryptocurrencies at all GameStop stores in the United States. Furthermore, Flexa has also added support for other related cryptocurrencies.

Very importantly, Flexa ensures that cryptocurrency transactions are made for real-world applications by leveraging its AMP token. And thus, boost instant and secure transactions.

In fact, the network automatically converts cryptocurrencies to fiat so that retailers don’t have to deal with the volatility associated with cryptocurrencies. Instant payments are facilitated with the help of AMP, an ERC-20 token that works as a collaborative guarantee.

According to data from CoinMarketCap, AMP is the 65th largest token with a market capitalization of approximately $ 2 billion.

GameStop accepts Dogecoin and Shiba Inu as payment

First of all, let’s start by talking about GameStop. You’ve probably heard of it before, since it’s an American store that sells games, consoles, and other electronics.

Regarding the Flexa payment network, it was launched in March 2019. Which allows its users to spend Bitcoin and various other cryptocurrencies in physical stores.

Getting back to the point, Flexa, a Gemini-backed cryptocurrency payment network, has reportedly confirmed that American video game retailer GameStop has returned to its list of supported merchants.

By the way, Flexa recently added several cryptocurrencies linked to the Metaverse to its platform. For example, Axie Infinity Shard (AXS) and Decentraland (MANA). These tokens made many headlines earlier this year due to their massive earnings.

Flexa adds support for SHIB

This means that meme coin holders can now spend it in approximately 40,000 stores in the United States.

So the long list of supported merchants includes GameStop, luxury retailer Nordstrom, home improvement company Lowe’s. Also, the pet retailer Petco, the furniture company Bed Bath & Beyond. Likewise, the Ulta Beauty chain of beauty stores, the Regal Cinemas chain of cinemas. And many other major retailers.

As a fun fact, Starbucks also participated in a test of the app, but it was quickly removed from the list of available merchants. Despite the viral photo showing the Winklevoss twins making a payment with the help of the app.

Finally, by adopting the payment solution provided by Flexa, GameStop is giving a significant boost to the adoption of these cryptocurrencies.

I say goodbye with this phrase from Aldous Huxley: “The facts do not cease to exist, even if they are ignored.”

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Dogecoin jumped as much as 40% higher yesterday, thanks to gains from Shiba that began to rotate into other markets. To discover where this cryptocurrency is heading, here we carry out a situational analysis.

At the time of this writing, DOGE is trading at $ 0.28, accumulating a loss of 4.94% in the last 24 hours, but maintaining an 18.66% gain in the last 7 days.

When we compare the Dogecoin chart with the Shiba Inu chart, we notice a clear inverse correlation. This confirms that the earnings turnover is what favored DOGE yesterday.

SHIB vs USDT and DOGE vs USDT charts. Source: TradingView.

Let’s remember that these are two currencies that are quite correlated, since the place they have earned in the crypto market is mainly thanks to great speculation.

Yesterday’s earnings from DOGE also appear to have been the product of speculation, sponsored by Elon Musk as usual, even if that is not his intention.

And it is that seconds before the momentum of the crypto meme began, Elon had commented on the tweet of the “creator of Dogecoin”, where he spoke about scams in the ecosystem.

Elon’s tweet was as follows:

If I send you 2 Doge, will you promise to send me 1 Doge?

– Elon Musk (@elonmusk) October 27, 2021

It may be that with several more tweets, the gains will spread; and it seems that in this segment of the market that is all that is needed.

In any case, it is worth reviewing how the price behaves, and what signals it is leaving us.

Dogecoin Could Rebound As Shiba Rally Cools Down

In the weekly chart DOGE vs USDT we see how the price has managed to remain bullish in the long term, thanks to the impossibility of marking lower lows.

At this point it seems quite likely that the bears are already exhausted, so the retracement bottom has surely already been reached.

After almost 6 months of retreating, now Dogecoin could resume its uptrend, and at this time that the momentum of Shiba seems to cool down, it may be the right time.

To confirm that the bulls have regained control of DOGE, the immediate resistance at $ 0.31 must be broken. If it happens, which is the most likely, we could even see a new all-time high.

However, it is worth bearing in mind that already with the capitalization that it has of $ 37,390 million, it is extremely difficult to think of too large profits, because we remember that there really is no fundamental basis that defends this capitalization. It is up to you to discern how sustainable what is happening is.

Dogecoin jumps higher as the Shiba Inu rally cools off. Source: TradingView.

All our publications are informative in nature, so in no case should they be followed as investment advice.

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The bullish depletion of Bitcoin and Ether, Cardano’s FOMO smart contract, and a general boom in the altcoin market have catalyzed ADA’s gains.

Cardano’s native token ADA ignored a serious price drop warning to climb to a new all-time high.

The ADA / USD exchange rate hit $ 2.56 for the first time on Friday, following a 154.54% price boom that began on July 20. In doing so, the pair also ignored veteran trader Peter Brandt’s 60% -90% price drop warning, which was based on a classic bearish pattern called the head and shoulders.

I remember being mercilessly mocked when I identified this cap on $ LTCUSD in mid-2018

Hello cardano trolls $ ADAUSD, point… pic.twitter.com/3gytNHW4cR

– Peter Brandt (@PeterLBrandt) July 30, 2021

But a surge of bullish fundamentals helped Cardano ignore the bearish technical setups.

Capital turnover

At first, ADA / USD’s bullish rally in the early days appeared largely in the wake of a similar boom in the cryptocurrency market, led by the euphoria surrounding the major software update from rival Ethereum, and New endorsements for Bitcoin from Tesla’s Elon Musk and Twitter. Jack Dorsey.

ADA prices also followed Bitcoin (BTC), which has recently recovered above $ 48,000. But the Cardano token began to outperform Bitcoin after Tuesday, as the latter was stuttered by the US Federal Reserve’s phasing-out decision, as Cointelegraph covered here.

ADA price trends (black and white) vs BTC price trends (red and blue). Source: TradingView

In detail, the ADA / USD exchange rate rose 36.81% from its Wednesday low of $ 1.87 versus BTC / USD’s 7.91% rally in the same period.

Other major altcoins also outperformed Bitcoin, suggesting that traders simply turned capital out of the flagship cryptocurrency market for risks of overvaluation.

Adjusted 24-hour performance of Altcoins against the US dollar and Bitcoin. Source: Messari

FOMO smart contracts

Merchant offers for ADA also increased due to hype surrounding Cardano’s “Alonzo” update, which is scheduled for mid-September. The update hopes to implement smart contract functionality on Cardano’s blockchain, a step that, according to supporters of the project, will make it a direct rival to Ethereum.

#Cardano #smartcontracts are coming …

We are on track to meet the projected HF dates for the #Alonzo testnet and mainnet update, as Nigel described in last week’s update.

A new era is scheduled to begin on Sunday, September 12, 2021 $ ADA pic.twitter.com/HrdrqYizhP

– Input Output (@InputOutputHK) August 17, 2021

Smart contracts would allow Cardano to integrate more decentralized applications into its ecosystem, in particular decentralized financial platforms that enable automated lending, lending, and business services.

Technical perspective

It seems less likely that traders will notice Brandt’s bearish setup in the face of bullish Cardano fundamentals.

The ADA / USD daily chart shows the pair at price discovery. Meanwhile, a Fibonacci retracement chart outlined from the $ 2.51 high to $ 1.05 low signals that the ADA tests $ 2.51 as its interim resistance level.

Related: Bullish Cup and Handle Pattern Sets Cardano (ADA) Price for New ATH

A close above said price ceiling puts ADA / USD on its way to the next resistance line at 1.618 Fib Line near $ 3.41.

Technical setup of the ADA / USD daily chart. Source: TradingView

By contrast, ADA’s Daily Relative Strength Indicator (RSI), now above 70, has warned of its tentative overvaluation risks. As a result, ADA / USD may undergo a certain degree of correction to neutralize its overbought state, with the next support target located near the 0.786 Fib line (at $ 2.20).

Predicting the rallies of a cryptocurrency is a task that not many achieve with precision, due to the very nature of the asset. At least the ones that aren’t stablecoins. This time we will mention the analyst Michaël van de Poppe, who says that Cardano (ADA) could be close to a big rally this year, if it maintains the following support levels. Is Cardano indeed close to a rally?

Why could Cardano be close to a rally?

Van de Poppe charts a path that shows Cardano consolidating against Bitcoin for about another month before a potential reversal begins.

Michaël van de Poppe says that Cardano has been in a downtrend against Bitcoin since the end of June. The $ 1.33 region stands out as the first support level and a crucial second support level at around $ 1.16.

Specifically, van de Poppe said, “It is consolidating, or going backwards, very well here.” It used to be one of the biggest runners of 2021, especially the one with the most enthusiasm. For Cardano to form a solid bottom, van de Poppe says it has to break above 3,500 satoshis. ” At the time of the declaration this was equivalent to US $ 1.45.

What can we expect?

That could trigger another upward move. If that happens and a market-wide cryptocurrency bull run begins, see Cardano rising by as much as 800% in its dollar value. “If we are going to bottom out around 2800 satoshis, we can see 170% and generally surpass 190% on the Bitcoin pair.”

Likewise, the expert expects the value of Bitcoin against the US dollar to develop well. “If we enter this region, it will probably result in a 400% to 800% movement in the value of the US dollar, especially since the market will heat up once again,” he said.

As of this writing, Cardano (ADA) is worth $ 1.37, according to CoinMarketCap. This represents an increase of 4.18% in the last 24 hours. CoinMarketCap’s current ranking is # 5, with a market cap of $ 43,840,763,411. It has a circulating supply of 32,065,761,015 ADA and a maximum supply of 45,000,000,000 ADA.

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