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Bitcoin S2F Creator: The Next 6 Months Will Make or Break the Model

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  • Bitcoin closed the month of June at a value of $35,037
  • According to PlanB, the monthly close was at the lowest boundary of his Bitcoin S2F model
  • Bitcoin had a similar close in January 2019 when it deviated by -61% from the model
  • The next 6 months will be a make or break time period for the Bitcoin stock-to-flow model
  • Bitcoin has dropped below $35k and is defending the $33k support zone

The creator of the Bitcoin Stock-to-Flow model, @100trillionUSD, also known as PlanB, has once again offered insights into the model’s possibility of being invalidated by BTC’s current price action.

According to PlanB, Bitcoin’s monthly close for June at $35,037 was at the lowest boundary of the model as was the case in January 2019. Additionally, the next 6 months will determine whether the model remains valid.

PlanB shared his insights into Bitcoin through the following statement and accompanying chart.

June closing price $35,037 .. as far below S2F model as in Jan 2019. Next 6 months will be make or break for S2F (again).

Bitcoin S2F Creator: The Next 6 Months Will Make or Break the Model 17

Bitcoin Has Deviated by -61% from the Stock-to-Flow Model

When asked by how much Bitcoin had deviated from his stock-to-flow model, PlanB responded that BTC has drifted away from the model by -61% as was the case in January 2019. His response has been highlighted in the screenshot below.

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Bitcoin S2F Creator: The Next 6 Months Will Make or Break the Model 18

Bitcoin Drops to the $33k Support Zone

At the time of writing, Bitcoin is trading at $33,100 and $2k lower than the monthly close of around $35k that was only hours ago. Bitcoin’s rejection at the latter price area also converges with the 50-day moving average (white) as seen in the following BTC/USDT chart.

Bitcoin S2F Creator: The Next 6 Months Will Make or Break the Model 19

From the chart, it can be observed that Bitcoin is still experiencing some side effects of the death cross that occurred in late June. The daily trade volume has also reduced tremendously and Bitcoin could be headed for a retest of $30k or lower in the days to follow.

However, such a bearish scenario can be averted if the Bitcoin bulls can manage to push BTC’s price above the aforementioned 50-day moving average. Such a feat would provide a signal for other traders to start buying the digital asset.

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Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account

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Owner of one of major Dogecoin Twitter accounts has promised that Elon Musk’s support to Dogecoin and its community will be mutually beneficial

Dogecoin account @itsALLrisky with over 183,000 followers has tweeted that the support given to Dogecoin by the Tesla CEO Elon Musk will not go unnoticed by the community.

The Twitter user referred to it as “a mutually beneficial relationship” and has promised that the community of the most popular meme coin will always support Elon Musk.

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He posted a picture of Boris Vallejo featuring Atlantis holding the Earth. The titan has Elon Musk’s face and there’s a Shiba Inu Doge character standing behind, offering his help.

Earlier this week, Elon Musk stressed the importance of making DOGE fees drop and supported the idea of the AMC cinema giant adopting Dogecoin for payments.

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Mapping how Dogecoin can make it in the big leagues

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While Dogecoin is still considered a meme coin by many, the premise of that joke is the apparent lack of use cases. Even so, yesterday’s news did fuel some sort of hope for Dogecoin fans.

Could this be the moment that puts DOGE on the map in the big leagues? Might this be the moment Dogecoin, the “joke crypto,” finally grows up and makes it big? 

DOGEing its way up

A few days ago, AMC Theatres CRO Adam Aron conducted a poll to discuss the possibility of the theatre chain accepting DOGE for payments. Not surprisingly, 77% of the 140k voters were in support. Additionally, the DOGEfather pitched in as well and said that DOGE needs to reduce the transaction fees for the system to be viable. 

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This is true since the average fee right now is around $0.5 and even peaked at $1.3, earlier last month. The transaction fees, at the moment, are higher than the price of 1 DOGE itself, trading at $0.2.

Dogecoin average transaction fees | Source: BitcoinInfoCharts

What’s more, even though the network is capable of processing 40 transactions per second and conducts transactions worth more than $1 billion every day, it’s lacking in participation. Presently, less than 6.5% of all the addresses hold any balance. 

Dogecoin total addresses vs those with balance |

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Source: Intotheblock – AMBCrypto

Plus, a rise in investors is observed usually when DOGE is in the news or hyped because of some reason or the other. However, it soon loses that traction.

This is apparent when the UTXOs are looked at. This week alone, UTXOs for less than a day rose from 0.45% to 5.94%. On the contrary, the same for between 1 day to 1 month fell by 7.5%.

Dogecoin UTXO age bands | Source: Intotheblock – AMBCrypto

Is this behavior common?

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As a matter of fact, it is. As previously mentioned, DOGE picks up strength in moments of hype. And, this can be observed from the data obtained from social behavior as well. Social volumes were low until the AMC announcement, following which, they suddenly spiked on the charts.

Similarly, Twitter users spiked to a 2 month-high over the same period, before eventually dropping once again. 

Dogecoin social users | Source: Santiment – AMBCrypto

Ergo, for some real value to pump in, this pattern needs to be changed.

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Of late, DOGE has also seen an increase in long-term holders. That is good for the crypto’s price. However, its velocity needs to increase as well to support daily use, especially since it has been dormant since the end of July.

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Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin

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The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.” 

BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable.  When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.

And what’s not to love about Dogecoin?  After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled. 

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For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.

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