Can DOGE return to the top 10 according to the new roadmap?
DOGE joined the crypto race a long time ago. But it wasn’t until this year that this altcoin attracted attention thanks to its massive growth. While the top meme coin may not be in the top 10 cryptocurrencies right now, it could be put back on the list with the foundation’s plans for the future.
Timetable from DOGE
Dogecoin recently release the first roadmap in which the foundation outlines the steps it intends to take to make DOGE the “national currency”.
Compare DOGE to Rome’s denarius, who, according to the foundation, “once controlled the world” and plans to increase the usefulness of the meme coin and make it more accessible for everyday use.
The utility of DOGE will be similar to that of Rome’s denarius | The source: Dogecoin Foundation
Among the many projects announced, the first is improving their website as well as implementing Dogepedia – an aggregator website that answers any questions people have about the past, present and future hybrid of Dogecoin.
The community response to these announcements has not been overwhelming as the volume and number of transactions remain moderate. Hence, the current price hike is certainly not due to the announcement of the plan, but simply because the broader market is breaking out.
DOGE recently tested the bottom trendline and almost lost it. But the 14.84% rally actually saved them and is now heading for a break in the upper trendline.
DOGE price campaign | The source: TradingView
In addition, the decreasing number of dealers and the increasing number of medium- and long-term owners are a sign that the HODL market is strengthening. That will be very good for the upward trend.
Distribution of DOGE holders | The source: In the block
The recent increase in the number of HODLers is also the reason why the average holding period of the DOGE is now 1.6 years.
Average DOGE holding period | Source: Intotheblock
Hence, all of these factors act as bullish drivers. However, it is also important to be aware of DOGE’s worrying volatility should new investors decide to join the network.
DOGE volatility | The source: In the block
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