Is HOGE In The Bears Grasp?

HOGE, initially known as Hoge(dot)Finance or Hogecoin, is a decentralized finance (DeFi) token that operates on an auto-staking mechanism with a fixed and diminishing supply. The project was launched equitably on February 7, 2021, without any pre-allocated tokens for the development team. The starting supply was set at one trillion HOGE, with half of that amount being irrevocably burned at the outset.

Each HOGE transaction incurs a 2% fee, with approximately half of this fee being transferred to a burn address, effectively reducing the total supply over time. The other portion of the fee is distributed among all HOGE holders not on exchanges, incentivizing holding and reducing supply on the market.

Originally conceived as a deflationary counterpart to Dogecoin with DeFi features, HOGE has since evolved under the guidance of its founders to pursue a more altruistic and practical direction. It has the distinction of being among the initial DeFi meme tokens to pass a Certik security audit without any significant issues detected. Currently, its security score stands at 90 according to Skynet’s evaluation.

At press time, the Hoge Finance price was trading at $0.00002959 with an intraday gain of 3.24%, indicating bearishness on the charts. It has a monthly return of 39.60% and a negative 22.14% yearly. Its market cap was $11.58 Million at press time. Indicators are bearish and suggest the XNC price will attain new highs in the upcoming sessions.

Hoge Finance XCN Crypto Price vs Volume Analysis

According to the data on price and volume, it is noted that the volume has dropped from $328K to $96.6K  and the price has declined a lot as it dropped from the level of $0.000071 to $0.000029. Due to the drastic fall in the trading volume, the price may decline in the next few sessions.

HOGE Crypto Price to Volatility Ratio

The price volatility of the HOGE has been consistently declining over the last few days followed by the flat-weighted sentiment for the crypto. The following decline in the volatility of the token indicates a decrease in the number of investors in the crypto.

HOGE Crypto Social Dominance/ Social Volume Analysis

As per the data, in the long term social dominance of crypto has increased and in the short term, it has decreased. Moreover, the social volume has inclined in recent times however in the long term, it has increased with the price. Currently, the social volume is 5.

Summary

The HOGE token is currently showing signs of bearishness, trading below key moving averages with a price decrease of 30.47%.  The current trading price is $0.00002959, with a market cap of $11.58 Milion. However, a significant drop in trading volume and price, along with bearish indicators, suggests that the price may continue to decline. Long-term social dominance has increased, but there has been a recent decrease, and social volume has shown an uptick, indicating fluctuating investor interest and social engagement. The overall sentiment suggests caution as the token may face further bearish trends.

Technical Levels

Support Level: $0.00001860

Resistance Level: $0.00007679

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.