Dogecoin ecosystem expands, but DOGE price remains muted — Here’s why
Two projects with $21 million funding are building DOGE's reputation.
Dogecoin [DOGE] started as crypto’s biggest joke. Looks like that’s not the case anymore.
Will the memecoin truly go to the moon?
What changed the conversation…
MyDoge and DogeOS were co-founded by a BitGo co-founder who walked away from a $1.2 billion exit. That happened along with an early Tesla and SpaceX backer.
Then there’s Anoncoin, whose team has spent eight years in FinTech and raised over $21 million along the way. This intiative had backing from names like Polychain, Dragonfly, Consensys, and Nasdaq-listed Metalpha. X’s former Head of Product Nikita Bier is also attached to the project.
Anoncoin’s launchpad is already live on Robinhood Chain. DogeOS has a working zkEVM testnet integrated with Chainlink, and the project just took the title sponsorship at Korea Blockchain Week.
But hold your horses. There’s no DogeOS token yet, and mainnet doesn’t have a confirmed date.
The developments show that parts of Dogecoin’s surrounding ecosystem are moving beyond its meme origins, although several of these products remain at an early stage.
Has the market not priced in any of the Dogecoin news yet?
DOGE spiked hard in late August along with the rest of the market. At the time, the RSI was above 80.
Since then, the indicator has slowed to a neutral 50-58 range, and the token traded at around $0.084 at press time; down nearly 3% on the day.
The Chaikin Money Flow that spiked alongside the late August rally had also gone flat to near zero. This means there’s very little pressure to buy.
A look at the derivatives numbers will further confirm the observations.
September started with an Aggregated Open Interest [OI] of $680 million. That number has since fallen to $580 million at the time of writing. Interestingly, funding rates have swung between red and green in the past week.
Perhaps traders are unsure which way this would break.
Final Summary
- Dogecoin has serious builders behind MyDoge, DogeOS, and Anoncoin.
- Price hasn’t caught up yet; traders seem split on direction.
