The price of DOGE staged a double-digit rally over the past week as memecoin traders took new positions, expecting more upside.
Dogecoin, the largest memecoin by market capitalization, has rallied more than 10% in the past 24 hours as memecoins have recovered across the board.
Currently trading at $0.1262, the Dogecoin (DOGE) price reached its highest value since Sept. 29, marking a 44% climb from its local low of $0.08888 on Sept. 6.
DOGE/USD daily chart. Source: TradingView
A subtle change in Elon Musk’s Twitter bio has reignited rumors Dogecoin may soon be used for payments on Musk’s “everything app.”
A subtle change in Elon Musk’s Twitter bio after his platform’s rebrand to “X” has again fanned the flames of speculation that Dogecoin (DOGE) may have a future on the platform.
On July 25, eagle-eyed Twitter (now X) users began pointing out that Elon Musk’s profile location now sports both an “X” and a “D” — with X referencing Twitter’s new branding, while D has been interpreted to mean Dogecoin, a memecoin he has been publicly supportive of in the past.
Anyone else notice the Dogecoin (Ɖ) symbol in Elon Musks location pic.twitter.com/Y1OGT42hD2
— Morgan (@Helloimmorgan) July 24, 2023
Other observers, such as Real Vision CEO Raoul Pal, came to a similar conclusion, albeit with different reasoning.
In a July 25 tweet, Pal said Musk would most likely use Dogecoin to make global payments for creators on the platform, noting that the eccentric billionaire already “owns a big chunk anyway” and “he likes it.”
Two things Ive said when Elon bought "X":
— Raoul Pal (@RaoulGMI) July 24, 2023
Elon bought it for the AI, and the free speech angle is to give it an unbiased model. He needs the AI to train the Optimus robot.
He will use crypto to be able to make global payments for creators etc. My guess is he uses Doge. 1/
When asked why Musk wouldn’t create his own platform-specific token for these payments, Pal suggested that Dogecoin could help Musk get around securities laws, giving him “zero execution risk.”
Twitter’s rebrand to X came with little warning on July 24, officially making the crossover at 10 am UTC. Musk’s reference to Dogecoin and the resulting speculation managed to score a small price gain for the memecoin, which rose as high as 5%, according to data from TradingView.
It is currently trading at $0.07, up 9.5% over the last seven days.
Related: Elon Musk to rebrand Twitter to X, but Crypto Twitter has other ideas
In emailed comments to Cointelegraph, eToro market analyst Josh Gilbert said that while the rebrand may provide a short-term rally for Dogecoin, Musk’s move could also yield significant impacts for the crypto market in the long term.
“It does have implications for crypto in the short-term as it moves markets. But it’s in the long-term as Musk looks to build out payment networks using his own platform that could soon compete with the likes of Ethereum, Bitcoin or others,” Gilbert explained.
“While the market reads the tea leaves of Musk’s choices, it’s better for investors not to become distracted by short-term events and focus on the longer and wider trends,” Gilbert said.
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Magazine: How smart people invest in dumb memecoins — 3-point plan for success
DOGE has performed much better than SHIB this year, despite the Shiba Inu community actively working on a L2 network, Metaverse and blockchain games.
Amid the severe crypto downturn in 2022, the price of Dogecoin (DOGE) has held up much better than most of the top assets on the market.
DOGE is the third best performer in the top ten, dropping by 58% this year, beaten only by Ripple (XRP) and Binance Coin (BNB) which saw declines of 57.2% and 53.%.
Looking at the top 10 assets in terms of market capitalization as per Crypto Bubbles data, Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Polygon (MATIC) have all shed considerably more: 65.1%, 67.8%, 80.9 and 68.8% a piece over the past 12 months.
DOGE also comes in well ahead of other big names in top 20 such as Polkadot (DOT), Solana (SOL), Uniswap (UNI) and Avalanche (AVAX) which have all plunged, by 84%, 93.8%, 70.3% and 89.9% each.
Data from Intotheblock (ITB) also has interesting insights, with the majority (54%) of DOGE hodlers currently in the green at the current price of $0.07, while 3% are breaking even and 43% in the red.
ITB’s figures rely on identifying the average cost of token purchases in its tracked wallets and comparing it to the current price of the given asset.
Looking at other assets, ITB data indicates that 46% of BTC holders and 47% of ETH holders are currently in the green at the time of writing, showing the memecoin has performed well despite its volatile history.
The strong performance comes despite no significant news for the Dogecoin network or anything in the pipes to justify excitement going forward, bar some recent speculation that DOGE could potentially, possibly, one day be integrated with Elon Musk’s Twitter.
By way of comparison Ethereum cut its energy consumption rates by 99% this year, with a slew of layer 2 projects helping it to scale. Fundamentals don't have the power of Memes apparently.
However DOGE’s memecoin competitor Shiba INU (SHIB) has also struggled despite community efforts to build a full fledged ecosystem consisting of blockchain games, NFTs and a metaverse platform this year.
The token is down 76.1% over the past 12 months, with just 14% of hodlers in the green, 4% breaking even and 82% in the red as per ITB.
Related: The real-life dog behind memecoin DOGE is seriously ill
As it stands, DOGE is the eight largest crypto asset in terms of market cap at $10.1 billion, while SHIB sits at No.17 with $4.8 billion, according to data from CoinGecko.
In some potentially bullish news for the SHIB community however, pseudonymous lead dev Shytoshi Kusama has hinted that there could be a new partnership in the works relating to the Shibarium project.
Shibarium is an upcoming Ethereum Layer 2 scaling solution that will host the ecosystem’s metaverse platform, games and a decentralized exchange.
Shytoshi Kusama’s bio was recently updated to read “WE are not alone” while their location was set to “With a new fren… guess who?.”
This followed up from a Christmas eve tweet to their 865,400 followers which read:
“Wen Shibarium? Please know it will come very soon*, but not during a crucial time for people to spend with their family (or the resulting New Years party time). Enjoy these next days, next year is an important one for humanity.”
Happy Holidays to more than half the . Wen Shibarium? Please know it will come very soon*, but not during a crucial time for people to spend with their family (or the resulting New Years party time). Enjoy these next days, next year is an important one for humanity.
— Shytoshi Kusama™ (@ShytoshiKusama) December 24, 2022
Dogecoin, the king of meme coins, has been one of the best performing crypto assets during the last 30 days and ever since Elon Musk took over Twitter. Statistics show that dogecoin has risen 116.3% against the U.S. dollar during the last two weeks, and the token has situated itself in the eighth largest crypto […]
After a prominent rise last year, 2022 has not been too kind to the top meme coin asset dogecoin. Currently, the father of the meme coin economy, dogecoin, has lost 91% in value since the crypto asset’s all-time high. Despite the drop, dogecoin is still a top ten contender among the largest crypto market valuations […]
The latest relief rally, which began April 25, fizzles less than a day later, while Dogecoin continues its bullish vibe.
Bitcoin (BTC) pierced $40,000 at the Wall Street open on April 26 as its latest relief rally lasted less than 24 hours.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping from local highs of $40,800 on April 26.
At the time of writing, volatility was in evidence as bulls and bears tussled for $40,000, a level which had been beaten with April 25's uptick.
United States equities contributed to the return of sell-side pressure, with the Nasdaq 100 promptly losing 1.5% on the open and the S&P 500 trading down nearly 1%.
For popular trader Crypto Ed, the odds were on for a trip to $39,500 before another relief bounce took the market higher, potentially towards $42,800.
#BTC when bounce here, target = $42,800
— Ed_NL (@Crypto_Ed_NL) April 26, 2022
Wait for bounce, might also drop to the lower box pic.twitter.com/z5YOVHQ1vb
A similar angle came from fellow analyst and trader Rekt Capital, who spied underlying relative strength index (RSI) support as grounds to expect bullish continuation after a possible dip.
"BTC may be dipping now but the red diagonal on the RSI suggests that this current rally isn't over," he tweeted alongside a chart showing the setup.
"$BTC could dip to as low as the red area but should be able to enjoy trend continuation afterwards upon successful retest."
As Cointelegraph reported, RSI has been responsible for various short-timeframe breakouts on BTC/USD in recent months.
On altcoins, it was Dogecoin (DOGE) once again leading the pack, with its latest gains propelling it back into the top ten cryptocurrencies by market cap.
Related: Dogecoin price risks 40% correction despite Elon Musk-Twitter euphoria
Famous as his pet crypto asset, DOGE had profited from Tesla CEO Elon Musk closing a deal to buy Twitter, and DOGE/USD was up 11% in 24 hours at the time of writing.
Also performing well was Terra's LUNA token, while largest altcoin Ether (ETH) copied Bitcoin in failing to hold major support, this time at $3,000.
On monthly timeframes, however, ETH/USD was still holding up, Rekt Capital argued, despite the low-timeframe weakness.
$ETH is positioning itself for a bullish Monthly Close
— Rekt Capital (@rektcapital) April 26, 2022
Still holding the key black ~$3000 support well#ETH performed a downside wick to ~$2800 recently even though it could've wicked to as low as ~$2600 and still maintain its macro uptrend#Crypto #Ethereum pic.twitter.com/xf1Vhsu3L4
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.
Dogecoin reaps the benefits of rumors that plans for Musk to buy Twitter outright are in their final stages.
Bitcoin (BTC) saw a classic "fake out" move on April 25 as volatility kept traders firmly on edge.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD briefly climbing almost $1,000 as April 25's Wall Street trading session began.
The move was short-lived, the pair coming back down to where it started within an hour after hitting local highs of $39,517 on Bitstamp.
April 25 had begun with a whimper for Bitcoin bulls, who lost ground on the weekly close and failed to avoid $40,000 flipping to resistance on daily timeframes.
For popular trader Crypto Ed, $30,000 was still on the table as a potential short-term target.
"To me, it seems any bounce we see in the coming days is a short-lived bounce," he said in his latest YouTube update, forecasting a "red week."
Crypto Ed added that a push above $40,500 would provide a reason to be "slightly bullish."
Downside momentum had increased after Asian stocks lost heavily over Coronavirus concerns in China. European markets fared better on the open, while in the United States, the Nasdaq 100 even managed to start gaining in the second hour of trading.
The S&P 500 was still down 0.43% at the time of writing, nonetheless attempting to make up for lost ground.
BTC went for another pop as NASDAQ is bouncing/reliefing a bit harder here.
— 8,731-541 (94.1%) / #1 CRYPTO SIGNALS/ DM OPEN (@BinanceKiller) April 25, 2022
The fight for $39,500 area on BTC will be crucial imo. pic.twitter.com/NTAvYn8Soh
Popular Twitter account John Wick meanwhile voiced caution about making any trades up or down based on current price action.
"Waiting this out was a good decision. Still no viable long setup. We have not made lower lows though. Same range for now," he told followers on the day.
"There is however a squeeze forming. We’ll have to wait for the resolve of the breakout."
Helping buck the shaky ground for tech stocks was Twitter, itself, which added 5% on the open after recieving news that executives were likely to accept Elon Musk's buyout bid.
Related: ‘Something sure feels like it's about to break’ — 5 things to know in Bitcoin this week
After previously voicing opposition, Twitter's board could agree with the deal, which would see Musk acquire the company for $43.4 billion, later on April 25. That would equate to $54.20 per share compared to the current spot price of $50.36.
"I think there's a lot of frustration everywhere in the world right now that's circulating about and you see that reflected on Twitter; this is indicative of that," MicroStrategy CEO Michael Saylor told Bloomberg.
"It's a bit above my pay grade to determine how the entire chapter ends; it definitely makes for interesting watching."
He added that he "wouldn't mind" if Musk were to own Twitter.
Musk is known for being fond of Dogecoin (DOGE) and critical of Bitcoin's alleged environmental problems, a perspective that contrasts starkly with former CEO Jack Dorsey's.
Saylor said that he had not spoken to Dorsey about the takeover.
DOGE/USD was up 5% on the day at the time of writing, making it the best mover in the top twenty cryptocurrencies by market cap.
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.
While April 20 or 420 is synonymous with cannabis culture, the day is also considered “Doge Day,” by a great number of dogecoin supporters. The day prior on Twitter, the Doge network’s co-founder Billy Markus asked what people should expect on Doge Day and for dogecoin’s price action. 12 months ago dogecoin was swapping hands […]
Lower volumes and strong resistance levels continue to pose downside risks for DOGE prices despite the rebound.
Dogecoin (DOGE) continues its rebound move four weeks after bottoming near $0.10 and is now promising more upside moves in Q2/2022.
DOGE's price had risen by nearly 6.5% week-to-date to $0.15 a token. The coin's recent gains surfaced after Elon Musk disclosed his $3-billion stake in Twitter on Monday, reiterating his influence on its market.
Musk has been a big supporter of the Dogecoin community, including his decision to accept DOGE payments at his company Tesla's online merchandise store.
As Cointelegraph reported, Musk’s investment could help push Twitter’s crypto initiatives forward and even see DOGE integration on the social media platform.
So, @jack owns 2% of twitter, @elonmusk owns 9%!@jack loves BTC.@elonmusk loves $DOGE.
— Ran NeuNer (@cryptomanran) April 4, 2022
Musk's Twitter investment also assisted Dogecoin in breaking out of a falling wedge pattern.
In detail, falling wedges are considered bullish reversal setups and appear when the price consolidates lower inside a range defined by two converging, descending trendlines while leaving behind a trail of lower highs and lower lows.
In a perfect scenario, falling wedges resolve after the price breaks decisively above their upper trendline. As it happens, traders typically eye a run-up toward the level that comes to be at length equal to the maximum distance between the wedge's upper and lower trendline.
As DOGE's price undergoes a similar pattern, its likelihood of continuing its uptrend has increased following the break above the trendline on April 4. Therefore, the coin now eyes a run-up towards $0.37, about 150% above today's price, as shown in the chart below.
Nonetheless, the bullish setup comes with downside risks. Notably, Dogecoin's breakout move above the falling wedge's upper trendline accompanies weaker volumes, suggesting that traders lack conviction in the rally.
Related: What Elon Musk’s investment could mean for Twitter’s crypto plans
DOGE also trades below two critical support levels: the 20-week exponential moving average (20-week EMA; the green wave) around $0.15 and the 50-week EMA (the red wave) near $0.17.
A pullback from the said price ceilings could have Dogecoin return to the falling wedge's upper trendline to test it as a newfound support level. On the other hand, an extended decline risks invalidating the entire bullish reversal setup.
Holding the wedge's upper trendline as support and breaking above the 20- and 50-week EMAs with strong volumes would keep DOGE's $0.37-target intact.
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.
Panelists from the product comparison platform Finder’s dogecoin price prediction report say that the popular meme-based cryptocurrency will reach $0.163 per unit in 2022. Finder’s recent poll concerning dogecoin’s forecasted price leverages 33 experts and by 2025, the panelists say dogecoin is expected to reach $0.316 per unit. Finder’s Dogecoin Prediction Report Shows a Lower […]