Sector rotation is a key phenomenon in a bull market. During the second stage of the current bull cycle, a notable shift has occurred from meme coins to utility coins. While the Dogecoin price has crashed nearly 40% in the last few days, DOGE whales are switching to an ERC-20 project, DTX Exchange (DTX).
New DeFi projects with future potential are catching the attention of crypto whales and institutional investors, and DTX Exchange is one of the most exciting projects. Since its initial launch, its sales have grown by 700%, showing massive demand for the project. In this article, we will discuss the Dogecoin price analysis and why DTX is emerging as one of the top utility cryptos.
Dogecoin Price Analysis: Will $0.20 Support Hold?
Although it started as a joke, Dogecoin has become a prominent player in the crypto market. Due to its massive hype and community, it reached a market cap of $68 billion. Experts believe that the reason the Dogecoin price cannot sustain this momentum in the future is its limited development and lack of utility.
In the November rally, Dogecoin (DOGE) was a top gainer, surging over 300% in just a few weeks. However, due to the increasing popularity of utility coins, the Dogecoin price has experienced significant profit booking. From its high of $0.482, it has dropped over 50%. During the mini-crash over the weekend, the Dogecoin price increased 25% on the weekly charts.
Courtesy: TradingView
On 27 January, the Dogecoin price broke the ascending trendline support, leading to a drop of nearly 40%. This fall, it breached below the March high but has been able to sustain $0.20 major support. Experts believe that in the next few weeks, the Dogecoin price volatility will be high, and a break from $0.20 could initiate another downtrend.
Grayscale, a digital asset manager, introduced a Dogecoin Trust on Friday, adding to its crypto offerings. Unlike ETFs, which are open to most investors, this trust is a private placement available only to accredited investors. It carries a higher risk and may be less liquid. Meanwhile, the SEC has received at least one DOGE ETF application from Bitwise. However, these developments have had little impact on the Dogecoin price so far.
DTX Exchange: Transforming Trading Landscape
DTX Exchange (DTX) has emerged as a new contender in the crypto market, challenging market giants like Dogecoin. DTX is built to address the inefficiencies in the traditional trading market, dominated by centralized exchanges like Robinhood and Binance. These platforms impose high fees and slow speeds, increasing trading errors such as slow order execution and slippage. DTX Exchange uses its proprietary VulcanX blockchain technology to create a fast and cost-effective solution.
The project runs on the first-ever hybrid technology, which means this exchange will offer the benefits of both centralized and decentralized exchanges. Due to this hybrid technology, users can access over 120,000 financial assets on a single platform. Additionally, the platform offers a lightning-fast order execution time of 0.04 seconds, which helps traders swiftly capitalize on market movements.
These features are major breakthroughs for the global trading community, bypassing traditional exchange inefficiencies and eliminating the one-asset trading structure. DTX Exchange developers have worked hard to ensure the platform’s high security, creating a multi-layer security system that protects users from online thefts and hacks. Additionally, it has undergone several smart contract audits, including one from the top audit firm, SolidProof, to verify its safety.
In the final stage of its ICO, DTX Exchange has raised over $13.40 million. The DTX tokens are currently available at a discounted price of $0.16. This undervalued entry point and massive future potential make it a matching find for investors looking for long-term growth.
Find out more information about DTX Exchange (DTX) by visiting the links below:
