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Net Detectives Wonder if This DOGE Whale Is Actually Elon Musk

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Internet sleuths are speculating that arch crypto trickster and the world’s richest man – the Tesla and SpaceX supremo Elon Musk – may be the secret owner of a crypto wallet crammed to brim with the token du jour: dogecoin (DOGE).

The meme-based token has recently rocketed into the top 10 per market cap thanks to a coordinated pump, and much talk on social media platforms is now centering on a single wallet that holds a cool DOGE 34.9 billion, some 27% of the current total supply of the coin – now worth a cool USD 1.2 billion.

But after Musk had stoked the flames of bitcoiners’ fervor by adding bitcoin (BTC) to his Twitter profile in late January, he promptly executed a volte-face yesterday – removing bitcoin references and posting a series of DOGE-related memes and calling the token “the people’s” token, turning the market on its head.

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But as the crypto world asks itself if Musk is trolling it or if the Tesla chief really is serious about crypto, redditors have been playing Sherlock Holmes, hunting for clues in the wallet’s transaction history.

One pointed out that Musk’s birthday, June 28, 1971 (06281971), is frequently used in transaction amounts on the account – an indication that it could perhaps be Musk, using the account to “shill his bags” with a DOGE pump.

Another claimed that the authorities would likely clamp down hard on Musk – who has already had brush-ins with regulators in the United States – if he were indeed proven to be behind the pump. Market manipulation on any asset (even a meme-based token) would likely land an individual of Musk’s profile squarely in hot water.

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Another still opined,

“I think Elon is smart enough to not put his birthday as one of his transaction amounts. This is probably a troll with a ton of DOGE that might want to make a killing.”

The original poster also opined that Musk, who has previously indicated, per The Verge back in 2017, that he is a fan of leetspeak number-themed gags including numbers like 1337 and 69 – and that these numbers also feature in the wallet’s transaction history.

Musk also famously smoked cannabis on a podcast hosted by Joe Rogan back in 2018, and the number 420 also appears frequently in the transaction records. The number is often used as shorthand for marijuana smoking in the United States.

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The transaction history also shows that the wallet holder – be they Musk or someone else – got into DOGE relatively recently, with the first recorded DOGE move on the account dating back to February 2019.

In a tweet, the Binance chief Changpeng  “CZ” Zhao called Musk dogecoin’s “PR manager,” and claimed that the token was currently both “centralized” – in that one wallet controls such a huge chunk of its market cap – and “decentralized,” due to the fact that the token has “no core team.”

DOGE fans have been speculating on the ownership of the wallet for over a year, with one user writing in 2020 that they “wanted” the token to belong to Musk, while another claimed,

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“Most of the top addresses account for hot wallets, cold wallets, long term platform storage and the migration of assets generally userfunds related.”

Musk has been engaging al all manners of crypto-themed Twitter horseplay in recent times.

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In Argentina, several businesses accept payments in BTC, DOGE, other cryptos

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Imagine going on vacation and being able to pay both your Uber driver and Airbnb host with crypto. This sounds like a fantasy for many but is reportedly now a reality for users in Argentina.

Regional news publications announced that the crypto company Bitrefill was offering 138 prepaid cards in order to pay to different businesses. Some taking part in the initiative include Frávega, Lacoste, Dexter, Isadora, Cheeky, Airbnb, Uber, Movistar, Claro, and Personal.

Users can pay in six different cryptocurrencies, which are Bitcoin [BTC], Ether [ETH], Dogecoin [DOGE], Litecoin [LTC], Tether [USDT], and Dash [DASH]. However, in order to use the card, assets are first converted to dollars or euros, and then converted again to Argentine Pesos [ARS] to complete the transaction.

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Analyzing Argentina

What does Bitrefill’s initiative reveal about the state of crypto adoption in Argentina? Data may hold the answer. The Blockchain LatAm Report 2021 by Sherlock Communications stated,

“…66% of respondents were most concerned with protecting their savings. This reflects recent inflation rates in the country: 36.1% in 2020 and 53.8% in 2019, the highest in 28 years.”

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Furthermore, as people in Argentina are legally restricted from buying more than a small and taxable amount of U.S. dollars every month, the attraction of crypto is easy to understand. Adding to this, there are around 20 legal crypto exchanges in the country, and one of them – Ripio – hit a million users in 2020.

However, it’s worth noting that there is a tax of 15% on income gained from selling digital currencies. At the last count, there were 12 Bitcoin ATMs/tellers in Argentina. Out of these, 11 were located in Buenos Aires.

Not just a shopping spree…

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Apart from crypto adoption, companies are also eyeing the country as a destination for Bitcoin mining. One major reason for this is the cheap cost of electricity in Argentina, with subsidies for the same.

In October, the Canada-based Bitfarms announced that it was constructing a 210 megawatt BTC mining farm in Argentina. More than 55,000 new mining rigs are expected to be on-site. According to the Cambridge Bitcoin Electricity Consumption Index, Argentina’s share of the average monthly hashrate in August 2021 was 0.05%.

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Dogecoin Price Prediction: DOGE poised for 64% breakout if this key level breaks

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  • 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. 

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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.

DOGEUSDT

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. 

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DOGE IOMAP

DOGE IOMAP

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. 

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Elon Musk Denies That His Associate Is Affiliated with Dogecoin Foundation

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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.

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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.      

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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.

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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.

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