Half a million for a "Doge" username. The instant messaging service Telegram has launched a brand-new feature that lets users trade and buys usernames via auction.
According to reports, Telegram users can now place bids in username auctions for their channels, public groups, or accounts.
The username auctions take place on Fragment, a free platform that promotes the exchange of collectibles between users.
Telegram, via The Open Network (TON), its quick and scalable blockchain network, secures the ownership of these usernames, and owners can add several username aliases to their accounts, groups, or channels.
However, it comes off as unusual among all the platform's top ten most expensive usernames. This username is DOGE, the name of the favorite cryptocurrency of Tesla and SpaceX CEO Elon Musk.
According to reports, the username "@@doge" was auctioned off on 9 November for 350,000 Toncoin (TON), which is worth a whopping $546,000.
The price @doge was sold for makes it one of the platform's top ten most expensive usernames. It is in the 8th position among others, like the $1.43 million @auto or the $1.3 million @bank.
However, Toncoin is worth $1.76 at the time of writing and is up by 3.54% over the last day and by 20% in the previous seven. Toncoin is one of the lesser-known cryptocurrencies on the market, yet it is ranked the $26th largest with a 2 billion market cap.
After hitting a $0.058 low in late October, Dogecoin started to rise and ultimately hit a $0.16 high on 1 November after more than doubling in price within a two-week timeframe.
However, the unnatural price explosion Dogecoin experienced pushed its RSI deep into the overbought zone.
Chart showing the price action on Doge | Source: TradingView
When the bulls failed to defend the $0.11 zone during the cryptocurrency's retest, Dogecoin declined further downward.
Ultimately, Dogecoin ended up at the $0.07 zone after losing most of the gains it managed to gather.
The cryptocurrency is well below its 50, 100, and 200-day moving averages. This indicates that the bulls may need help to push the price.
DOGE currently trades at $0.085, and In all, a break above the $0.1 – $0.11 zone would indicate that the bulls have retaken control of the market.
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