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The pseudonymous founder of Dogecoin (DOGE), Shibetoshi Nakamoto, recently revealed that he had received numerous requests by random DOGE enthusiasts to boost the price of the meme coin to $1.
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According to the DOGE co-founder, these inquirers ask him to bump Dogecoin’s price by burning a portion of its circulating supply and placing a cap on the total number of crypto tokens that can ever get minted.
Nakamoto made the recent comments on Twitter, where he clarified that he could not fulfill this request because he does not own the protocols to implement such changes. Also, the Dogecoin co-founder explained that placing a cap on the supply of DOGE could compromise its security, a risk he noted he was not ready to take. He tweeted:
“Them: I have an idea that will make Dogecoin go to a dollar and beyond.
Me: Is it burning the supply that I don’t own and can’t, and also capping the output and destroying the security of the coin?”
Launched in 2013, Dogecoin is the first meme coin to grace the crypto space and recorded a significant boom following its inception. However, the meme suffered a debilitating crash in 2021, which saw its price shave off 80% from its all-time high.
Key Dogecoin Levels to Watch — February 21
DOGE has refreshed its monthly lows as the meme coin breaches the $0.1353 support level with no signs of a bullish recourse ahead. The revived bearish momentum comes amid the worsening political tensions from the Russia-Ukraine standoff.
That said, the crypto market and other financial markets remain at the mercy of the ensuing developments from the invasion threats. Nonetheless, bulls still have the opening to defend the $0.1353 support level and prevent a bearish extension to the $0.12 base 2022 base.
Notably, DOGE remains significantly prone to external factors amid a drought of any trading volume.
Meanwhile, my resistance levels are $0.1400, $0.1500, and $0.1600, and my support levels are $0.1300, $0.1200, and $0.1100.
Total Market Capitalization: $1.77 trillion
Dogecoin Market Capitalization: $18.3 billion
Dogecoin Dominance: 1.03%
Market Rank: #11
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