The Phemex cryptocurrency exchange has ended its Dogecoin (DOGE) giveaway campaign, an exercise that recorded success when the level of participation is profiled. The campaign was launched on March 1 in which the company, through a note to traders announced the launch of its DOGE/USD futures contract trading pair with up to a 20x leverage, and that it will be giving its newly registered users a fair share of 1,000,000 Dogecoins that can be used for the trading.
Dogecoin, a Shiba Inu themed cryptocurrency that was created as a joke back in 2013 has seen increased hype in the past weeks, coming off at a time as the most talked-about cryptocurrency on the Twitter social platform, the first time any altcoin will be beating Bitcoin to the record. Elon Musk, the iconic and vocal founder of SpaceX and the electric vehicle company, Tesla Inc, was at the forefront of the Dogecoin hype, often tweeting about the coin, an act that was seen as a bullish prompt by his crypto-savvy followers.
Coupled with a retail buying storm fueled by the Reddit group dubbed SatoshiStreetBets, with the aim of turning Dogecoin into the GameStop of cryptocurrencies, the coin saw increased demands, and exchanges around the world, including Phemex, had to adjust to the yearning of the retail army in the cryptospace.
The defined qualification for the Phemex Dogecoin giveaway involved completing three tasks including registration, following the exchange, and retweeting its Dogecoin post.
Massive Embrace of the Giveaway and Ensuing Adjustment
Phemex told Coingape that in 24 hours after announcing the giveaway, as many as 24,000 new users had registered on the platform, a figure that beats the projected 5,000 new users by the initially scheduled closure of the giveaway, which was the 15th of March.
The demand made the trading platform close the first exercise earlier than but, but in a bid to strategize and relaunched to give away a total of 4 million Dogecoin.
“Due to unprecedented engagement with our campaign, we have had to end the competition earlier than anticipated. We will now be giving away the equivalent of over 4 million Dogecoin thanks to all of your participation!” the exchange said in a March 10th revised update.
The prize’s expansion created room for more people to participate, and the exchange reported 46,000 new registrations. The prize, when adjusted for those who played by the books – those who completed the laid down three tasks – was paid out to a total of 20,080 new registered accounts.
The Phemex initiated Dogecoin giveaway exercise came with its challenges and was accompanied by massive requests to withdraw funds. The firm was able to communicate with its users and appreciated its community for contributing to the overall success of the exercise.
Adjusting to trends in the cryptocurrency ecosystem amidst the growing number of competing in the space has become the primary hallmark that defines a trading platform’s growth. With the exercise, Phemex’s commitment to the retail users was redefined, and a bar has been set for a sustained performance by the exchange.
JPMorgan Has Bearish Warning About Dogecoin and Robinhood
JPMorgan’s analyst maintains his bearish view on Robinhood due to low retail interest in Dogecoin
JPMorgan has maintained an “underweight” rating on the Robinhood stock, sticking to its $35 price target.
In a Friday note, analyst Kenneth Worthington cites weak Dogecoin volumes as the key reason why he thinks that the leading online brokerage app is vulnerable.
As reported by U.Today, the meme cryptocurrency accounted for a whopping 62% of the firm’s crypto-related revenue in Q2.
Worthington writes that, unlike cryptocurrency-focused trading platforms, Robinhood has failed to record an upsurge in trading volumes this October:
While 3Q21 volumes remain robust, they slowed down materially from 2Q21 levels.
Dogecoin is only up a modest 15% this month, significantly underperforming its canine rival Shiba Inu. Yesterday, Robinhood CEO Vladimir Tenev seemingly dodged a question about listing plans for SHIB amid rampant speculation on social media.
In late September, Worthington also wrote that the company’s stock could experience significant selling pressure after the expiration of the lockup period on Dec. 1. More than half a million shares will be unlocked on that day.
Robinhood is set to announce its Q3 earnings on Oct. 26.
Elon Musk Says He Will Become First Dogecoin Trillionaire
The Tesla CEO says that he will become the world’s first trillionaire in Dogecoin
Tesla CEO Elon Musk claims that he will become the world’s first Dogecoin trillionaire in a recent tweet.
*In Dogecoin— Elon Musk (@elonmusk) October 22, 2021
Musk’s net worth has now swelled to $249 billion, according to the Bloomberg Billionaires Index.
The entrepreneur is now worth more than the gross domestic product of New Zealand (and he’s close to surpassing Portugal).
His wealth has increased thanks to the renewed Tesla rally. The shares of the leading e-car maker hit a new all-time high of $910 earlier today.
Morgan Stanley predicts that Musk is on track to become the world’s first trillionaire thanks to SpaceX.
In July, Musk revealed that he personally owns Bitcoin, Dogecoin and Ether.
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.