How the price has reacted to Ukraine accepting DOGE donations

ambcrypto.com:

Recently, Ukraine’s Vice Prime Minister Mykhailo Fedorov had tweeted that a Dogecoin wallet has been added for crypto donations. DOGE joined the existing BTC, USDT, ETH, and DOT wallet addresses as the war-hit country’s donation options. Reportedly, close to $50 million have been raised so far.

— Mykhailo Fedorov (@FedorovMykhailo) March 2, 2022

With that, the question arises if the meme coin donation has supported DOGE’s price?

At the time of writing, DOGE was down around 4% in the last 24 hours. It maintained a price range of $0.125549 and $0.134115 for the same period. However, on its hourly chart, the token was hovering near the $0.127 level.

It is worth noting that even when DOGE is down by over 80% from its ATH in May 2021, it has managed a 16% recovery from its cycle low as per Messari’s research.

This essentially indicates that the meme coin with over $16 billion in market cap has received some support to its price in the past day.

Source: IntoTheBlock

Notably, for the past three days, DOGE has been range-bound. However, the wallet addition in order to help Ukraine doesn’t look promising enough for a rally amid larger market uncertainty. Especially when experts have raised caution on the risks and lack of transparency of some of these transfers.

At the current price levels, half of the Dogecoin holders are in profit, while 2% of the remaining half are at breakeven, with 48% out of the money as per IntoTheBlock