Ukraine starts accepting Dogecoin donations, but DOGE unresponsive

Ukraine broadens its crypto donation to include Dogecoin. Image from freepik
Ukraine broadens its crypto donation to include Dogecoin. Image from freepik

Key Takeaways:

  • Ukraine announced it would now accept crypto donations in Dogecoin.
  • Meanwhile, DOGE prices fell on Wednesday after rising 13.2% between Feb 28 and Mar 1

NEW DELHI (CoinChapter.com) — Meme token Dogecoin (DOGE) joins Bitcoin (BTC), Ethereum (ETH), SOL, and DOT in the list of cryptocurrencies that war-ravaged Ukraine is accepting in donations.

Vice prime minister and minister of digital transformation, Mykhailo Fedorov, shared the news Wednesday morning. Mr. Fedorov also took a dig at Russia as he noted that DOGE prices ($0.13 at time of writing) were higher than the price of one Russian Ruble (approx $0.01 at time of writing).

Mr. Fedorov also shared the country’s official DOGE wallet address, which had accumulated 374,782.89 (worth approx $49,600) DOGE tokens at press time. So far, the Ukrainian government and NGOs providing support to the military have raised $42 million, blockchain analysis provider Elliptic noted.

Cryptocurrencies donated to Ukraine and NGOs for war relief. Source: Elliptic
Cryptocurrencies donated to Ukraine and NGOs for war relief. Source: Elliptic

Bitcoin (31.5%) leads crypto donations in Ukraine, followed by Ethereum with 28.2%. DOT, whose founder Gavin Wood was in troubled waters recently for allegedly promoting his platform during the ongoing conflict, holds the third rank with a 23.4% share.

Also Read: McDonald’s trolls Elon Musk over Dogecoin: Creates a new cryptocurrency ‘Grimace Coin’.

The vice prime minister tagged billionaire Elon Musk in his tweet. Musk has been a very vocal supporter of Dogecoin, giving himself the nickname ‘dogefather‘ in a tweet last year. Federov also tagged Dogecoin creator Billy Markus.

Markus, who goes by the moniker Shibetoshi Nakamoto, responded with a tweet, which said he had donated some DOGE. However, the tweet did not specify the donated amount. He further highlighted that while DOGE users are not usually rich, they are “a caring and passionate bunch.”

Dogecoin Price Charts

Meanwhile, DOGE prices continue to move below resistance from a 3-month negative sloping trendline resistance. The meme token has challenged the resistance quite a few times in the duration but failed to break above it.

DOGE prices 8.62% on Monday, their highest since Jan 14 this year. Bears soon moved in, and Mar 1 saw prices struggle between bulls and bears, as long wicks at both ends of the daily candle show.

Also Read: Tesla merchandise buyable with Dogecoin (DOGE), announces Elon Musk.

On Wednesday, bears seemed to be in command, with bulls struggling to hold DOGE above immediate support at $0.128. If bulls fail, the meme token could fall below immediate support to reach $0.117, a price level last seen in Apr 2021.

Finally, $0.1 acts as a key psychological support level.

DOGEUSD on daily charts with MACD. Source: Tradingview.com
DOGEUSD on daily charts with MACD. Source: Tradingview.com

Conversely, an uptrend would see Dogecoin challenge immediate resistance at $0.141, near its descending trendline resistance. If the prime memecoin flips immediate resistance, it will target resistance at $0.117.

A sustained rally could see DOGE rise to $0.166 before corrections pare prices.

Meanwhile, trend-based momentum oscillator MACD charted a bullish crossover for Dogecoin on Mar 2. A bullish crossover occurs when the MACD line (difference of 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD).

Traders often consider the technical pattern a buy signal.

At the time of writing, DOGE was trading at $0.133, down 0.82% on the day.

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Dogecoin, Ukraine starts accepting Dogecoin donations, but DOGE unresponsive

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