Dogecoin: Is DOGE Eyeing a Breakout Post CPI Volatility?

credit – BeInCrypto

Cetoex News – The cryptocurrency markets recovered quickly after a banking crisis gripped investors with fear. Bitcoin (BTC), the original cryptocurrency, gained over 10% in the last 24 hours. Meanwhile, the popular memecoin, Dogecoin (DOGE), has managed a 4.2% recovery.

Dogecoin (DOGE) currently faces resistance at $0.07271. Meanwhile, support is hovering around $0.06819. The 4-hour price chart shows a symmetrical triangle, which may signal the coming of price consolidation, after which an immediate breakout could take place.

Source: DOGE/USDT Chart by TradingView

However, users and investors must keep in mind that the U.S. CPI (Consumer Price Index) data for February is due later today. The CPI numbers have historically brought in some volatility in the financial markets. According to Messari, Dogecoin’s volatility has been steadily decreasing since mid-February 2023.

Source: Messari

However, social sentiment indicates a bearish outlook for the original memecoin. According to the data on LunarCrush, bearish sentiment has increased by 4.9%, while bullish sentiment has increased by 2.3%. Moreover, spam volume for DOGE is up by 19.9%.

Source: LunarCrush

Issues with Dogecoin’s open-source code?

According to Halborn researchers, multiple vulnerabilities were found inside the open-source code for DOGE. Nonetheless, Dogecoin (DOGE) was not the only project to be affected by vulnerabilities. The security firm found that over 280 other networks, including Litecoin and Zcash, had a vulnerability that the firm has dubbed “Rab13s.”  

Peer-to-peer (p2p) communications have the most serious vulnerability, where attackers can create consensus messages and deliver them to specific nodes to take them down. With the getaddr message, an attacker can search the network peers and target unpatched nodes for an attack.

Another zero-day discovered by Halborn was specifically related to Dogecoin. It included an RPC (Remote Procedure Call) Remote code execution vulnerability that affected individual miners, whereas some of the other problems were well-known CVEs (Common Vulnerabilities and Exposures) from Bitcoin.

Halborn has fixed the issues that they found, and also developed a toolkit to deal with such problems in the future. At press time, DOGE was trading at $0.072298, up by 0.5% in the last hour.