Tag: Dogeusdt

Downward DOGE: Descending Dogecoin Pattern Predicts Deadly Drop

by NEWSBTC

Dogecoin has had a dramatic year. Starting only one year ago, DOGEUSD passed the one cent mark and embarked on a meme-fueled moon mission toward $1.

It never quite got there, and has been in a downtrend ever since. The downtrend has also since taken a walk down a dangerous path, putting the altcoin in jeopardy of another deadly drop. Here is what could be in store for Dogecoin in the days ahead.

Crypto House Training: Good DOGE, Bad Behaviors

There are two sides to every coin, and even a good dog can behave badly at times. Dogecoin was last year’s cryptocurrency all-star, rising from under a penny to nearly $1. It even managed to crack into the top five cryptocurrencies by market cap. It also caused a whirlwind of imitators.

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Fans of the popular pup-based coin range from Snoop Dogg to the Dogefather himself, Elon Musk. These celebrity figures and the masses of the mainstream rode the Dogecoin rocket to success. Robinhood investors rejoiced; meme-coins went viral on TikTok.

Related Reading | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More

The ride itself has been rather bumpy as of late due to the increasingly risky macro environment. However, a possible chart pattern might suggest that it is time to abandon ship and send your DOGE back to the pound (or the dollar).

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Is this a descending triangle in Dogecoin? | Source: DOGEUSD on TradingView.com

The Dangerous Descending Triangle In Dogecoin

Dogecoin is exhibiting a possible descending triangle chart pattern, pictured above. For comparison, the primary phase of the Bitcoin bear market is depicted side by side with DOGEUSD. A similar-sized drop would take Dogecoin back to around between five to ten cents per coin or lower.

Descending triangles have a bearish tendency to break down below support, but that doesn’t necessarily mean certain doom for DOGE.

Related Reading | SpaceX Dogecoin-Funded DOGE-1 Mission Set To Launch In Q1 2022

In the comparison, Bitcoin fell another 50% to its eventual bear market bottom. After the final breakdown of the triangle, the bottom was in and the cycle began anew.

While things could turn worse for Dogecoin investors – especially those who bought near the peak – it might also not be very long until the market reverses if the range lower can be defended.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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Elon Musk Explains DOGE Edge Over Bitcoin, But Where Is He Wrong?

by NEWSBTC

In an interview for the Lex Fridman Podcast, CEO at Tesla Elon Musk talked about Dogecoin (DOGE), Bitcoin, Web 3, smart contracts and more. Musk has been more involved with the crypto space in 2021, but most of his takes have sparked debate and controversy.

Related Reading | DOGE Plunges 9% As Creator Reveals How Much He Holds In This Cryptocurrency

When asked about his preferences of DOGE over Bitcoin, Musk claimed that “even though” the former was created as a joke it is superior to BTC on transaction volume, and capability. In his view, the meme coin is also cost-efficient versus the “high price” users need to pay for using the Bitcoin network.

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Moreover, the Tesla executive believes Bitcoin has been unable to adapt to current times where “better internet connections” make long synchronization times and “small” block size obsolete. He referred to these Bitcoin attributes as “comic” and added the following addressing one of this cryptocurrency’s main features, its fixed supply:

I think there is some value to having a lineal increase in the amount of currency that is generated (…). If a currency is too deflationary, if a currency is expected to increase its value over time there is reluctant to spend it (…)

Musk’s replies were full of gaps for some users that took the time to demonstrate the counter argument in the Bitcoin versus DOGE debate. Vijay Boyapati, author of “The Bullish Case for Bitcoin”, took to Twitter for this task and to point out the mistake made by the Tesla executive.

Talking about the block size for Dogecoin, Boyapati said that although it is in fact larger than Bitcoin, the latter has “orders of magnitude more transactional throughput” via the second layer solution Lightning Network. Historically, the BTC community has opposed any change to the network’s block size.

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This is due to the numbers of issues that could altered the network and even threatened its existence. In that sense, Boyapati said:

Scaling at the blockchain layer is fundamentally flawed as it crucially undermines decentralization and protocol immutability.

What Elon Musk Missed On The Bitcoin v. DOGE Debate

Boyapati referred to Musk’s other reasons to support Dogecoin over Bitcoin. Addressing DOGE’s low transaction cost, Boyapati claims it’s due to the low network usage and not due to a superior design. Something similar happens to Bitcoin network fees.

In times of bullish price action, the Bitcoin network’s fees usually tend to follow the price. The opposite happens in extend periods of downtrend. In fact, the first half of 2021 saw transactions fees of over 50 sats/vB in opposition to todays 11 sat/vB, according to Mempool.space.

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BTC Transaction fees for the past 6 months. Source: Mempool Explorer

Boyapati hit the nail on the BTC monetary policy and block size, as he claimed developers would become “central bankers” if they are able to alter these characteristics. Bitcoin has surpassed the $1 trillion in market cap and worldwide adoption because people can verify its immutability, Boyapati added:

The problem here is that Elon believes money must first and foremost be a medium of exchange. Rather, money always evolves through stages where it first becomes a store of value THEN subsequently a medium of exchange.

Related Reading | Tesla To Accept Dogecoin For Merchandise, Token Soars 30%

As of press time, BTC trades at $47,940 with a 2.4% loss in the past day.

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BTC trends to the downside in the 4-hour chart. Source: BTCUSD Tradingview

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DOGE Plunges 9% As Creator Reveals How Much He Holds In This Cryptocurrency

by NEWSBTC

Billy Markus, creator of popular cryptocurrency Dogecoin (DOGE) has disclosed his holding in this cryptocurrency. Via his Twitter account under the user Shibetoshi Nakamoto, Markus addressed his role on the project and replied to questions made by other users.

Related Reading | Tesla To Accept Dogecoin For Merchandise, Token Soars 30%

Markus and Jackson Palmer co-created DOGE back in 2013 as a parody to Bitcoin. Since its inception the cryptocurrency has gained popularity and hence increased its value from well below the $0.010 to an all-time high north of $0.70 providing many earlier supporters of this project, and those that hype in due to Elon Musk’s tweets, with massive gains.

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DOGE’s surge in 2021, the attention it has received from retail investors, Musk and crypto personalities have made Markus’ twitter account one of the most recognizable and with the most followers. The co-inventor of the Shiba Inu inspired cryptocurrency has had to constantly remind new investors that he is no longer involved with the Dogecoin project.

As he revealed his DOGE holding, far less that what many would have assumed, Shibetoshi Nakamoto claimed the following:

Yet another reminder: I don’t speak for dogecoin. I am not on the project. I am a community member. I hold about 220k doge. I will defend those who I feel are actively making the space better. I will discourage those who I feel aren’t. I will talk about whatever I want.

Markus lives up to the spirit of DOGE, he avoids “entitlement” and claims to be all about this crryptocurrency’s community supported by volunteers. Thus, Markus told his followers that he “will never” go back to coding DOGE, he has been very open on his stance about the crypto industry and related projects:

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(…) working on a crypto project is terrible as I have actually found the more you do for people, the more entitled they get and worse they treat you. I respect the developers a lot for volunteering to do so for all these years.

DOGE Advances On The Back Of Its Community?

The Dogecoin project is support via the Dogecoin Foundation, brought back on August 16th, 2021, with the help of Elon Musk, and Vitalik Buterin, the inventor of Ethereum. This non-profit organization published a trailmap for DOGE.

Related Reading | Elon Musk Sells Tesla Shares For $5B. Will He Buy Dogecoin?

Billy Musk is part of said foundation in the role of “community and memes” advisor alongside Jared Birchall, a representative for Elon Musk, Buterin, and Max Keller a Dogecoin core developer. According to the the trailmap, Dogecoin is bound to receive more use cases and implementations in the future.

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Source: Dogecoin Foundation

In the meantime, DOGE has been correcting in the 24-hours as the general sentiment in the market turns bearish and major cryptocurrencies bleed into critical support. Dogecoin lost its spot in the crypto top 10 by market cap but remains one of the 20 most valuable projects in the crypto space.

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Dogecoin trends to the downside in the 4-hour chart. Source: DOGEUSDT Tradingview

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Tesla To Accept Dogecoin For Merchandise, Token Soars 30%

by NEWSBTC

Tesla CEO Elon Musk said the electric-car maker will take dogecoin as payment for its merch, causing the cryptocurrency to soar by as much as 33%.

Elon Musk’s Revelation Sends Dogecoin Up 30%

Prior to Musk’s revelation, the price of Dogecoin was declining, but it immediately soared by as much as 30%. According to cryptocurrency statistics website Coinmarketcap, it was recently up 26% at $0.2092.

Musk said in a tweet:

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“Tesla will make some merch buyable with Doge & see how it goes.

The Tesla CEO has long been a backer of dogecoin, a cryptocurrency based on a Japanese Shiba Inu dog that was created as a joke in 2013.

Tesla sells t-shirts, ‘Giga Texas’ belt buckles, and miniature models of its vehicles, as well as unique limited-edition items like the ‘Cyberwhistle,’ which is based on the company’s much-anticipated Cybertruck. It just released a kid’s quad bike called the ‘Cyberquad,’ which is based on the truck.

In a Twitter poll in May, Musk asked people if they wanted Tesla to accept dogecoin. During his guest-hosting stint on the “Saturday Night Live” comedy sketch TV show in May, he referred to dogecoin as a “hustle.”

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Related Article | Dog Eat Dog: Elon Musk Leaving Doge Behind For New Dog Coin?

Musk stated in a May tweet that he was collaborating with dogecoin developers to increase the system’s efficiency. Dogecoin prices soared by 22% as a result. Then, in June, he tweeted that it was “critical to support” a proposal to lower Dogecoin fees, making the cryptocurrency more competitive with other cryptocurrencies.

Musk, who has more than 66 million Twitter followers, has been heavily involved in this year’s retail trading craze, tweeting about cryptocurrencies and assisting in the movement of their prices.

Musk has done it again | DOGEUSD on TradingView.com

News Comes As Musk Is Named Person Of The Year

On Monday, the world’s wealthiest man was selected as Person of the Year by Time’s Magazine. The publication called Musk “clown, genius, edgelord, visionary, industrialist, showman, and cad.”

Musk argued that dogecoin is more suited for transactions than bitcoin in his statement. BTC, according to the Tesla CEO, is more suited as a store of value. He also said he “doubts that crypto will replace fiat currency.”

Related Article | Elon Musk & Crypto: “How One Man Has All That Power”

Nonetheless, at the end of Q3, Tesla still had $1.26 billion in BTC on its balance sheet. DOGE is not owned by the corporation. Musk, on the other hand, has previously stated that he owns dogecoin, bitcoin, and ether.

Featured image from iStockPhoto, Charts from TradingView.com

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Shiba Inu rebounds 40% despite major selling by SHIB whales

by Cointelegraph

Shiba Inu (SHIB) kickstarted its new weekly session in the green as it continued its bullish retracement move from the last week’s low of $0.00002058.

The SHIB price logged an intraday high of $0.00002907 on Oct. 11, netting over 40% returns from its ongoing rebound trend. In doing so, the Dogecoin-inspired meme cryptocurrency eyed an extended runup toward its technical resistance level near $0.00002978, as shown in the chart below.

SHIB/USDT 4H price chart. Source: TradingView.com

Extended rally ahead?

The Shiba Inu chart also showed traders’ intention to accumulate SHIB tokens when its price tests the 20-4H exponential moving average (20-4H EMA; the green wave) as support.

For instance, the cryptocurrency crashed by over 40% on Thursday as Shiba Inu’s addresses worth 1M to 10M SHIB dumped over 31 billion tokens, the largest in six months, as per Santiment data. However, the price recovered as traders started accumulating SHIB tokens near the 20-4H EMA.

Additionally, Shiba Inu’s ongoing retracement took cues from a potential correlation between the 1M-10M SHIB address dump and its price. Santiment noted that the Shiba Inu price rebounds every time after SHIB millionaires dump their holdings, as shown in the chart below.

Shiba Inu supply distribution. Source: Santiment

That shows micro traders’ intention to absorb massive selloffs. 

Retail sentiment moons

The bullish retracement in the SHIB market coincided with a rising number of internet queries for the keyword “Shiba Inu,” as per Google Trends. 

Web data shows a rise in the Shiba Inu trend in the United States on a 12-month interest timeframe, signaling a booming retail interest. At 92, the trend is closer to the peak popularity score of 100, last seen in the second week of May. It indicates that more internet users are looking for information on Shiba Inu. 

Google searches for “Shiba Inu.” Source: Google Trends

Nevertheless, the internet queries for the keyword “how to buy Shiba Inu” came out to be only 18 in the same period. Nonetheless, compared to the previous week, the interest shot up by 260%.

Tale of two indicators

On a technical front, SHIB’s latest rebound move appears to have invalidated a bearish setup that Cointelegraph discussed in one of its previous coverages.

Related: Shiba Inu is now a top-20 cryptocurrency with SHIB price soaring 300% in 9 days

Specifically, the SHIB price broke bullish out of an otherwise bearish Descending Triangle pattern as it closed above the structure’s upper trendline with a rise in trading volume. While the breakout still awaits confirmation, it has boosted the prospects of bullish continuation.

The reason for an extended upside is a makeshift Bull Pennant, which typically sends the price higher by as much as the height of the previous upside move. In other words, SHIB’s breakout above its Bull Pennant pattern could send its price to $0.00004713.

SHIB/USDT 4h price chart featuring bull pennant setup. Source: TradingView.com

Meanwhile, should the price slips back inside the pennant range, it would risk reactivating the Descending Triangle setup. In doing so, SHIB may eyes a correction toward $0.00002195, followed by a negative breakout move toward $0.00001000.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.