Dogecoin Hash Rate Hits 7-Month High, But What Are Price Expectations?
20 Outubro 2022 - 8:00PM
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The Dogecoin hash rate has actually seen good growth in the year
2022. At the end of 2021, it sat around 371 terahashes per second
(TH/s) and by May had touched as high as 540 TH/s. There wasn’t
much increase from there though until the Ethereum Merge happened
back in September. Since then, Dogecoin has benefitted from the
migration of ETH miners to other networks and its hash rate has
touched a new 7-month high due to this. Dogecoin Hash Rate Balloons
Earlier in the week, the Dogecoin hash rate had recorded one of its
highest spikes ever. This took place on Tuesday when the mining
hash rate of the meme coin had jumped from a low of 373 TH/s and
touched as high as 815 TH/s. Related Reading: Bitcoin
Correlation With Macro Remains Strong, Despite Stability Now, this
spike in hash rate was quite brief but it also points to more power
coming online for the digital asset. Since then, the hash rate has
declined but it continues to maintain a healthy position of around
497 TH/s at the time of this writing. Although the CoinWarz chart
shows that the meme coin continues to experience significant spikes
in hash rate over the course of each day. DOGE hash rate reaches
7-month high | Source: CoinWarz It is also interesting to note that
Dogecoin is now the second-largest proof of work network since
Ethereum completed its upgrade. This puts it only behind bitcoin
and is a natural choice for miners who are looking to continue
their activities. However, it still sees a lower hash rate compared
to Litecoin which currently sits at 518.54 TH/s at the time of this
writing. What Does The Community Expect? It is safe to say that
community expectations have declined along with the prices of meme
coins. These are digital assets that shine best during bull markets
and the low market momentum has not been kind to them. As for
community expectations when it comes to price, they remain low.
Using the Price Estimates feature on Coinmarketcap shows that on
average, investors do not expect more than an 8% growth for the
digital asset by the end of October 2022. DOGE price trending at
$0.059 | Source: DOGEUSD on TradingView.com One thing to keep in
mind though is that this is taken from votes of only about 1,320
people, so this data cannot accurately represent what the broader
market is expecting from the digital asset. However, if the
estimates from Coinmarketcap turn out to be the case, it would put
the price of DOGE at $0.64 by the end of October. Related Reading:
Aptos (APT) Ranges Just Above $8, Is It Time To Dump Those Airdrop
Tokens? Dogecoin is currently trading at $0.059 which puts it
firmly below its 50-day moving average. Sell pressure remains
strong for the meme coin but there is mounting support for the
digital asset at $0.058. Featured image from The Coin Republic,
chart from TradingView.com Follow Best Owie on Twitter for market
insights, updates, and the occasional funny tweet…
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