{"id":232908,"date":"2022-05-07T19:00:37","date_gmt":"2022-05-07T13:30:37","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=232908"},"modified":"2022-05-07T18:06:32","modified_gmt":"2022-05-07T12:36:32","slug":"dogecoin-darlings-should-know-that-gucci-and-ice-cube-couldnt","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/dogecoin-darlings-should-know-that-gucci-and-ice-cube-couldnt\/","title":{"rendered":"Dogecoin darlings should know, that Gucci and Ice Cube couldn&#8217;t&#8230;"},"content":{"rendered":"<p>Legend has it that the cryptocurrency mania started out of the need to build a future of money that is completely digitized. With the ever-increasing number of cryptocurrencies that existed, the problem of selecting the one to act unilaterally as the future money arose.<\/p>\n<p>However, by ascribing the tag &#8216;future currency of the internet&#8217; to the coin, the HODLers of the popular meme-coin, the Dogecoin (DOGE) provided a solution to this problem.<\/p>\n<p>The meme-coin made significant strides this week as it received major validation from a few important entities. On 4 May, Gucci <a href=\"https:\/\/www.voguebusiness.com\/technology\/gucci-takes-the-leap-will-accept-crypto-in-us-stores\">announced<\/a> that amongst other cryptocurrencies that it would accept DOGE as a means of payment in some stores in the United States by the end of May.<\/p>\n<p>Also, on the same day popular American Rapper, Ice Cube in a <a href=\"https:\/\/twitter.com\/icecube\/status\/1521671107723493376?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1521671107723493376%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fice-cube-backs-doge-and-an-incredible-and-historical-transaction\">tweet<\/a> lent his support to the Dogecoin. Now the question is- In light of these recent developments, what did the price charts and on-chain data tell us about DOGE\u2019s reaction?<\/p>\n<h3><strong>\u201cBeep Beep, Error\u201d<\/strong><\/h3>\n<p>At $0.1271 at the time of writing, the price of the DOGE in the last 24 hours recorded a 1.26% decline.\u00a0 Following Gucci\u2019s announcement and Ice Cube&#8217;s tweet, the coin took on an uptrend. However, a bearish reversal followed by 5 May, and the coin since maintained a downtrend.<\/p>\n<figure id=\"attachment_232910\" aria-describedby=\"caption-attachment-232910\" style=\"width: 894px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGE_1651618800_1651964399_graph_coinmarketcap.png\"><img decoding=\"async\" class=\"wp-image-232910 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGE_1651618800_1651964399_graph_coinmarketcap.png\" alt=\"\" width=\"894\" height=\"400\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGE_1651618800_1651964399_graph_coinmarketcap.png 894w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGE_1651618800_1651964399_graph_coinmarketcap-300x134.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGE_1651618800_1651964399_graph_coinmarketcap-768x344.png 768w\" sizes=\"(max-width: 894px) 100vw, 894px\" \/><\/a><figcaption id=\"caption-attachment-232910\" class=\"wp-caption-text\">Source: CoinMarketCap<\/figcaption><\/figure>\n<p>A look at the movements of the RSI lent credence to this position. Attempting to breach the 50 neutral region by 4 May, the coin recorded an RSI of 49.57.<\/p>\n<p>However, the bears reacted and pushed this further below the neutral region towards the oversold position, a position it since maintained. At the time of this press, the RSI for the meme coin stood at 43.<\/p>\n<figure id=\"attachment_232911\" aria-describedby=\"caption-attachment-232911\" style=\"width: 992px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGEUSDT_2022-05-07_08-12-13.png\"><img decoding=\"async\" class=\"wp-image-232911 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGEUSDT_2022-05-07_08-12-13.png\" alt=\"\" width=\"992\" height=\"595\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGEUSDT_2022-05-07_08-12-13.png 992w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGEUSDT_2022-05-07_08-12-13-300x180.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGEUSDT_2022-05-07_08-12-13-768x461.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGEUSDT_2022-05-07_08-12-13-590x354.png 590w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/DOGEUSDT_2022-05-07_08-12-13-400x240.png 400w\" sizes=\"(max-width: 992px) 100vw, 992px\" \/><\/a><figcaption id=\"caption-attachment-232911\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>Further to this, an increased accumulation of the DOGE followed Gucci\u2019s announcement and Ice Cube\u2019s tweet. The coin recorded a spike in its market capitalization to $18.13b by 5 May. However, standing at $16.90b at the time of this writing, the coin shed 7% in its market capitalization.<\/p>\n<p>An initial increase in the price of the DOGE followed by a steady decline- was suggestive of investors accumulating the coin further to the news. However, after making profits, they went on a distribution campaign which pushed the price of the coin further downwards.<\/p>\n<h3><strong>On the Chain\u2026<\/strong><\/h3>\n<p>On-chain data also suggested similar movements. With trading volume recording a high of 1.55b on 5 May, it since dropped. At the time of this press, it stood at 866.58m. This is indicative of a steady decrease in trading of the Dogecoin<\/p>\n<figure id=\"attachment_232915\" aria-describedby=\"caption-attachment-232915\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.37.49-07-May-2022.png\"><img decoding=\"async\" class=\"wp-image-232915 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.37.49-07-May-2022.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.37.49-07-May-2022.png 3840w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.37.49-07-May-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.37.49-07-May-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.37.49-07-May-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.37.49-07-May-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.37.49-07-May-2022-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-232915\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>On the other hand, a look at the activities of whales on the network showed that the 5 May was marked with increased whale activities for transactions over $100k.<\/p>\n<p>This stood at 485 on 5 May. It was, however,\u00a0 followed by a 32% decrease to 328 by the 6 May. At the time of this writing, the activities of whales on the network stood at 68. The whales, following the 4 May developments rallied to accumulate the coin. However, by 6 May, a decline in whale accumulation occurred.<\/p>\n<figure id=\"attachment_232927\" aria-describedby=\"caption-attachment-232927\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.56.37-07-May-2022.png\"><img decoding=\"async\" class=\"wp-image-232927 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.56.37-07-May-2022.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.56.37-07-May-2022.png 3840w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.56.37-07-May-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.56.37-07-May-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.56.37-07-May-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.56.37-07-May-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/05\/Dogecoin-DOGE-08.56.37-07-May-2022-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-232927\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Legend has it that the cryptocurrency mania started out of the need to build a future of money that is completely digitized. With the ever-increasing number of cryptocurrencies that existed, the problem of selecting the one to act unilaterally as the future money arose. However, by ascribing the tag &#8216;future currency of the internet&#8217; to<a href=\"https:\/\/ambcrypto.com\/dogecoin-darlings-should-know-that-gucci-and-ice-cube-couldnt\/\">Continue reading <span class=\"sr-only\">&#8220;Dogecoin darlings should know, that Gucci and Ice Cube couldn&#8217;t&#8230;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":232930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-232908","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dogecoin darlings should know, that Gucci and Ice Cube couldn&#039;t... - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Legend has it that the cryptocurrency mania started out of the need to build a future of money that is completely digitized.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/dogecoin-darlings-should-know-that-gucci-and-ice-cube-couldnt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dogecoin darlings should know, that Gucci and Ice Cube couldn&#039;t... - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Legend has it that the cryptocurrency mania started out of the need to build a future of money that is completely digitized. 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