Dogecoin DOGE/USD is unique compared to other cryptocurrencies, according to its lead developer, who urged market participants to value the apex meme coin.

What Happened: Dogecoin’s lead developer Mishaboar took to his social media account to emphasize the significance of Dogecoin’s decentralized nature, stating that it is open to everyone and not controlled by any centralized entity or organization. He highlighted Dogecoin’s unique origin story and its resilience in the crypto industry.

The developer pointed out that most of the top 20 cryptocurrencies are either extremely centralized or controlled by a group that has become influential and wealthy. This, he believes, creates a depressing outlook for the industry.

“Even if one believes the intentions of these centralized parties are benevolent, they all seem to become a source of weakness, sometimes for the future of technical implementation, and other times for the future of the market surrounding that crypto," Mishaboar stated.

He concluded, "No matter what you are building: value Dogecoin for what it is, in a panorama that is honestly (to me) unexciting or downright depressing, filled with scammers and grifters. But also with many decent people working hard and often in the shadows."

Why It Matters: Crypto analyst Ali Martinez sees Dogecoin preparing for a bullish breakout, as its Relative Strength Index broke the descending trendline on the chart.

He cautioned that the meme coin's price is yet to cross the $0.11 resistance level.

#Dogecoin is gearing up for a bullish breakout! And one of the two conditions has been achieved:

✅The RSI broke the descending trendline on the daily chart.

⭕️Now we need $DOGE surging past the $0.11 resistance! https://t.co/XN6KPh0fRr pic.twitter.com/SbKS8hY3Ri — Ali (@ali_charts) September 21, 2024

IntoTheBlock data shows large transaction volume decreasing by 15.5% and daily active addresses dropping by 2.8%. Transactions greater than $100,000 are down from 199 to 141 in a single day. Exchanges netflows rose by 10.5%.

Dogecoin is down 0.6% over the past 24 hours, trading at $0.1062.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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