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The index for Fear and Greed related to Dogecoin shows 35, which means it is stepping into the "fear" zone. Here is why this is 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 going up as there is a lot of FOMO ("fear of missing out") here and, according to the alternative.me portal, which developed the index, this could signify a buying opportunity for the token.
Dogecoin Fear and Greed Index is 35 - Fear pic.twitter.com/YOzk4Vf1gA
— Doge Fear and Greed Index (@DogecoinFear) August 25, 2022
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 governed by a DAO with the Dogecoin Foundation, BitGo, Blue Pepper and MyDoge as genesis members. It will allow DOGE to be used in smart contracts, decentralized finance apps and NFT marketplaces, thus increasing its utility greatly.
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 was 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 start offering its customers operations to convert cash into crypto, and this experiment has been so successful that the company has gradually been 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 Doge shifted by anon users for tiny fees
As per a few recent tweets by @DogeWhaleAlert, over the past few hours, anonymous wallets shifted an amount close to 200 million Dogecoin between each other.
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 fees charged for these transfers were minute compared to what banks usually charge and constituted $0.07 and $0.31. For only one transfer, the fee was $8.72, which is still incomparable to what banks would charge for moving $7 million.
Gamza Khanzadaev
Tomiwabold Olajide
