Even Dogecoin has its own Fear and Greed index.
The parameter usually associated with Bitcoin, but which is also a thermometer for the entire cryptocurrency sector, now also has its own version dedicated to the queen of meme coins.
The Dogecoin Fear and Greed Index has been launched on Twitter in recent days. It was created by the same people who run the Bitcoin Fear and Greed Index Twitter channel.
Back in June, they launched a similar index for Ethereum, the Ethereum Fear and Greed.
On 8 August, the channel dedicated to bitcoin launched a challenge: with a post. it asked for 10,000 retweets, after which it would launch the index dedicated to Dogecoin. In reality, only about 3,200 retweets were received.
10000 retweets and we’ll launch Dogecoin Fear and Greed Index
— Bitcoin Fear and Greed Index (@BitcoinFear) August 8, 2021
But as was later specified, they could not resist and launched the Dogecoin index anyway.
The Dogecoin Fear and Greed Index indicates greed
Looking at the data, the latest update shows that the Dogecoin Fear and Greed Index has a value of 69, indicating greed.
In fact, the way it works is not dissimilar to that of Bitcoin. It is a scale from 0 to 100 where 0 indicates extreme fear and 100 indicates maximum greed. Usually when the market is in fear or extreme fear sales prevail, as well as panic. On the contrary in the greed or maximum greed zone, purchases prevail. There is then an intermediate value, defined as neutrality.
This index consecrates Dogecoin, not that there is any need. These days, the meme coin for excellence is living a moment of positivity, gaining 5% and returning to approximately 27 cents.
DOGE is still a long way from its peak of 73 cents on 8 May, but it is nevertheless enjoying an extraordinary 2021 that has seen it grow 10-fold, climb up the capitalization rankings, and become increasingly well-known.
Accepted and traded even now by exchanges such as Coinbase, there are those who even consider it a method of payment. Essentially, the days of considering it just a meme coin are over. Behind Dogecoin, in fact, there is a team of developers, supported by the CEO of Tesla Elon Musk, who are working to make it more and more competitive. There is still a long way to go, but Dogecoin is certainly evolving out of the satirical cryptocurrency narrative.