The Dogecoin price pumped more than 40% in the last few hours wherein Satoshi Streets are attempting a similar move to GameStop stock (NYSE: GME) jumping more than 7x in just the last four trading sessions resulting in a massive short squeeze.
The DOGE price shot all the way up to $0.013. The event is quite similar to that on Wall Street as the latest price surge comes despite the overall market sentiment being negative. Also, the pump game is happening in an exactly similar way as it happened for GameStop through a Reddit community post.
A Reddit community r/SatoshiStreetBets has called users to pump the price of the joke cryptocurrency well, the DOGE coin has registered similar jumps in the past as well after business tycoon Elon Musk extended support for it.
Dogecoin Now Available for DeFi Users on Ethereum
While a short squeeze in DOGE could be one reason for the price pump, there’s another development happening for the joke cryptocurrency. renDOGE, a tokenized version of DOGE has been launched on the Ethereum blockchain network for DeFi users.
“If you’re a Dogecoin investor and long on the project, you can effectively take out a loan on your $DOGE, all made possible by OpenDAO.
Once OpenDAO’s audits are complete, users will soon be able to put their renDOGE to work as collateral to mint a dollar-pegged stablecoin.”
With this announcement, Ren noted that DOGE is no more just a joke/meme coin, it is “now a viable financial instrument in its own right.” Dogecoin already has sentimental advantage and is often part of Billionaire Elon Musk’s tweets. His tweets have often spiked interests and dogecoin price in recent few months.
Dogecoin Price Prediction: DOGE poised for 64% breakout if this key level breaks
- Dogecoin price looks ready for a 64% climb as it moves higher toward the upper boundary of the symmetrical triangle pattern.
- A break above $0.269 could put the bullish target of $0.435 on the radar.
- DOGE may discover a strong foothold at $0.242 if selling pressure spikes.
Dogecoin price is preparing for a 64% rally, but the dog-themed token has one last hurdle to overcome before the bullish target is in the offing. DOGE must climb above the descending resistance trend line that has acted as a headwind for the token since June 3.
Dogecoin price to clear one last barrier
Dogecoin price has formed a symmetrical triangle pattern on the daily chart as the bulls catch their breath. While DOGE consolidates, the token is supported by a few significant technical indicators, suggesting that the token is poised to aim higher.
The prevailing chart pattern suggests a 64% climb for Dogecoin price if the token manages to slice above the upper boundary of the technical pattern at $0.269. Before the bulls can anticipate a bull run toward the optimistic target, DOGE would also need to conquer the nearest resistance at 50% Fibonacci retracement level at $0.255.
If a spike in buying pressure occurs, and Dogecoin breaks above $0.27, DOGE would be met with another obstacle at the 61.8% Fibonacci retracement level, coinciding with the 200-day Simple Moving Average (SMA) at $0.277.
Additional hurdles may emerge at the 78.6% Fibonacci retracement level at $0.310, then at the August 16 high at $0.351 before eventually reaching the aforementioned bullish target at $0.435.
DOGE/USDT daily chart
Given that Dogecoin price is still trapped in a consolidation pattern, DOGE could still oscillate within the governing technical pattern until a decisive move toward the upside, accompanied by a surge in buy orders. Until then, the dog-themed token may be exposed to minor sell-offs, in which case the nearest foothold at the 100-day SMA at $0.242 will act as substantial support.
Adding credence to the strength of this support level is IntotheBlock’s In/Out of Money Around Price (IOMAP), indicating that 80,240 addresses purchased 14.73 billion DOGE at an average price of $0.242.
Additional lines of defense will appear at the 20-day and 50-day SMAs, which sit at $0.238 before dropping lower toward the 38.2% Fibonacci retracement level at $0.233. Only a rise in selling pressure would see Dogecoin price tag the lower boundary of the triangle at $0.213.
Elon Musk Denies That His Associate Is Affiliated with Dogecoin Foundation
Elon Musk associate Jared Birchall wasn’t involved in the restoration of the Dogecoin foundation, according to the centibillionaire
Tesla CEO Elon Musk has denied that Jared Birchall, the head of his family office, is on the advisory board of the re-established Dogecoin foundation.
In a recent tweet, the centibillionaire writes that neither he, nor Birchall, nor any of his associates are involved.
Neither Jared, nor me, nor anyone I know has anything to do with this foundation— Elon Musk (@elonmusk) October 24, 2021
The clarification caused a lot of confusion within the Dogecoin community since it implies that the foundation lied about being affiliated with Musk’s team.
Hello Elon! We are confused!— Mishaboar (@mishaboar) October 24, 2021
As reported by U.Today, the renewed Dogecoin Foundation announced that it had relaunched, with Birchall, Ethereum co-founder Vitalik Buterin and Dogecoin co-founder Billy Markus joining its board of advisors. The addition of Musk’s right-hand man to the board initially didn’t raise any suspicion and was celebrated within the community. Musk is known as one of the most vocal supporters of the meme coin, recently predicting that he would become the first Dogecoin trillionaire.
The composition of the board remains the same, according to the official website of the organization.
Last month, the foundation showed its teeth, threatening copycat Dogecoin 2.0 (DOGE2) with legal action in order to protect the cryptocurrency’s brand.
Musk bemoans crypto scams
In a separate tweet, Musk complained about the proliferation of cryptocurrency scams on Twitter.
Plus crypto scams haha— Elon Musk (@elonmusk) October 24, 2021
The centibillionaire, whose net worth recently surpassed the GDP of Portugal, has been speaking out against crypto fraudsters who impersonate famous people since 2018.
Last July, Musk’s Twitter account was hacked in order to promote a Bitcoin giveaway scam.
Shiba Inu Gears to Flip Dogecoin Anytime Soon
- SHIB might flip DOGE anytime soon.
- Countries accept SHIB as their mode of payment.
Shiba Inu (SHIB) continues to make noise that can be heard in all corners of the crypto world. In detail, SHIB has been aggressively increasing its market position in the past few days. At the time of writing, SHIB has recorded a 24-hour trading volume of almost $6 billion. This achievement of SHIB made crypto analysts think that maybe sooner or later SHIB can flip DOGE.
This made Watcher.Guru, a crypto enthusiast react in a tweet post:
This post made by Watcher.Guru gathered over 6k likes and 1k shares on Twitter. Furthermore, it also collected a lot of different opinions about SHIB’s possibility of flipping DOGE. There are some that agree and some that don’t, while some remain neutral.
Regardless, SHIB remains one of the top 15 crypto assets in CoinGecko. In addition, it has a market cap amounting to almost $18 billion. Through this, we can truly say that the SHIB army continues to walk strong and stand tall despite the challenges in the crypto world.
On the other hand, some countries are beginning to adopt SHIB as their mode of payment for goods and services. The country of Venezuela is one of the countries in the world where some of their shops accept SHIB as their mode of payment.