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What crypto news involve the coins Dogecoin (DOGE), Venom and Iota (MIOTA)?
Below are current and future price trends, with a focus on their performance and market sentiment.
Crypto analysis of Dogecoin (DOGE), Venom and Iota (MIOTA)
Recall that Dogecoin (DOGE) is a cryptocurrency whose logo is based on an internet meme depicting a Shiba dog, made popular thanks to the support of Elon Musk.
Venom, on the other hand, is the world’s first regulated blockchain. The decentralized network operates under the jurisdiction of the ADGM, with a license to issue utility tokens.
Last but not least, IOTA (MIOTA) is an open-source project, which consists of a cryptographic token that is next-generation and already distributed, thus non-minable.
Uncertain situation for the crypto Dogecoin
The crypto Dogecoin (DOGE) is in a curious state of limbo. We see that as the once-frenzied selling pressure subsides, the market is seeing bullish traders hesitate, unsure of their next move.
Moreover, while DOGE’s price action continues to attract the attention of enthusiasts and skeptics alike, its current trajectory is influenced by a unique combination of factors.
Retail accumulation has emerged as a significant force, driving the coin’s value amid relatively low demand from whales.
Specifically, since early May, addresses with small DOGE holdings have steadily accumulated the meme-inspired digital currency.
This accumulation has instilled hope among DOGE holders, who anticipated a significant rally during the last meme coin season.
Since the beginning of May, addresses with DOGE from 100 million to 1 billion have reduced their holdings. We see that it was the second largest whale group ever, accounting for nearly 20% of the circulating supply.
In line with these expectations, retailers have been actively participating in the accumulation of DOGE in recent days, contributing to its overall demand.
Despite its status as a pioneering meme coin, Dogecoin has failed to secure a prominent position in the ongoing meme coin craze that has captured the attention of the crypto community.
However, while the accumulation trend among smaller DOGE holders indicates a potential increase in its value, there has also been significant selling pressure from some of the larger whales.
This conflicting market behavior has created an environment of uncertainty for Dogecoin.
Venom Foundation and the partnership with the Kenyan government to create a Blockchain hub
The Venom Foundation, which recently caused a stir with the launch of testnet and hackathon, has also signed a Memorandum of Understanding (MOU) with the government of Kenya.
We see that the partnership, as stated, aims to help establish a blockchain hub in Kenya, focusing on Web 3.0 application development. In addition, Venom’s blockchain hub is expected to attract a wide range of stakeholders, including developers, entrepreneurs, investors, and regulators.
As it was announced, the hub aims to promote the adoption and development of blockchain technology in Kenya and the broader African region. Not only that, the leading provider of blockchain-based payment gateways also aims to empower African communities.
The main goals of the partnership are to create a bridge between traditional finance and the Web 3.0 world and regional economic growth by enabling seamless cross-border exchanges and transactions.
In addition, tools and resources will be provided through this partnership to support African countries in laying a solid foundation for digital transformation. Similarly, Venom’s blockchain hub in Kenya will provide a platform for developers, startups and established companies to collaborate and innovate with blockchain technology.
The hub will also offer training and education programs to help people and companies understand the potential of blockchain technology and how to integrate it into their operations.
As a result, Kenya’s treasury minister expressed his enthusiasm for the partnership in a tweet in which he said the collaboration with the Venom Foundation is a “significant boost” for Kenya and “will drive further innovation in various sectors, benefiting everyone both globally and domestically.”
In our continued quest to place Kenya at the heart of Africa and Global Digital Map, we have accelerated our efforts to attract global tech companies seeking to tap into Kenya's unbelievable tech talent. The latest in this is leading block chain Venom @VenomFoundation
— CS Moses Kuria (@HonMoses_Kuria) May 9, 2023
Focus on the price of crypto Iota (MIOTA), the comparison with Dogecoin and Venom
Based on the latest data, we see that the price analysis of crypto IOTA (MIOTA) has been trading under bearish control for a long time. Hence, investor sentiments are taking a bearish turn regarding the IOTA token.
The price recently broke its symmetrical triangle towards the beginning of May with a red wrapping candle. We estimate to see a further decline in value after a retest based on price action and technical indicators.
IOTA’s price has a total market capitalization of 665.61 million and its current Alt rank is 72nd. Recently, the price has been attempting to recover its bullish trend after gaining buyer support around the beginning of January.
Specifically, there was a bullish trend in which IOTA price gained more than 70% of its value. However, despite gaining significant buyer support and making numerous attempts, IOTA price failed to prevail over the 200 EMA.
After reaching support at $0.1400 near last December, the price of IOTA experienced a bullish recovery of 43%. Specifically, the price experienced a sharp 35% rejection.
Then, the crypto recently broke its support level near $2,000, also breaking its attempt to move into a bullish trend.