Dogecoin Fear and Greed index shows positive signal for DOGE market
The Fear and Greed Index related to Dogecoin shows 35, which means it is moving into “fear” territory. That’s why it’s good for the market.
Dogecoin Fear and Greed index shows “fear”
According to the current value demonstrated by the Fear and Greed index for the original and most popular canine cryptocurrency Dogecoin, it is in the “fear” territory at the moment, showing 35 out of 100.
This means that the market is rising as there is a lot of FOMO (“fear of missing out”) and, according to the alternative.me portal, which developed the index, this could indicate a buying opportunity for the token. .
Here’s what’s happened to DOGE lately
As covered by U.Today previously, later this year, the launch of a Doge-Ethereum bridge is expected. Thanks to this, users will be able to transfer DOGE to the Ethereum chain and back.
The bridge will be operated by a DAO, with the Dogecoin Foundation, BitGo, Blue Paper and MyDoge Genesis as members. This will allow DOGE to be used in smart contracts, decentralized finance apps and NFT marketplaces, greatly increasing its usefulness.
Adoption of Dogecoin is also growing. It has recently been added by BlueBit.io exchange, which has offices in St. Vincent and Grenadines and Dubai, and was founded this year. Prior to that, the platform also listed the DOGE rival, Shiba Inu.
As reported earlier this week, Dogecoin, along with XLM, LTC and other coins, has been added by the Coinstar chain to its crypto ATMs. Coinstar partnered with the CoinMe exchange four years ago to begin offering its customers operations to convert cash into crypto, and the experiment has been so successful that the company is gradually adding more coins to its ATMs.
Last October, the Walmart retail giant installed 200 Coinstar ATMs in its shops, so now consumers have a chance to buy crypto in U.S. grocery stores.
240 million doges transferred by anon users for a small fee
According to some recent tweets by @DogeWhaleAlert, anonymous wallets moved an amount of 200 million Dogecoin between each other over the past few hours.
Two transfers carrying 100,029,474 and 99,999,950 DOGE were worth $6.8 million and $6.9 million, respectively, in fiat. The third transaction, which wired 40,246,379 DOGE (evaluated at $2,787,826) was made nearly 20 hours ago.
The fee charged for these transfers was lower than what banks typically charge and between $0.07 and $0.31. For just one transfer, the fee was $8.72, which is still incomparable to what banks would charge to transfer $7 million.
