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Dogecoin Price Analysis: Is Dogefather right in speculating that Dogecoin is equivalent to real money?

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  • The press time price of DOGE/USDT is $0.20 established on the back of a 4.17% increase in the past 24 hours
  • Dogefather, Elon Musk attempted to ignite a rally by uploading another meme about the crypto asset

The Death Cross between critical EMAs takes a halt 

DOGE Price on the daily chart has been traveling in a prolonged downtrend after the SNL event. Thus, giving justice to the popular saying ‘Buy the rumor, sell the news.’

While trading inside the clutches of an impending Death Cross, DOGE Price is presently representing indecision amongst buyers and sellers. The sluggish momentum of the crypto asset has led to the 200 EMA invalidating the efforts of the bulls to plunge the price back up. To avoid the bearish crossover between the 20 and the 200 EMA, DOGE bulls are expected to sustain above the nearest support cushion of $0.20.

Below the dynamic resistance of the 200 EMA, the DOGE price is vulnerable to a further decline. The impending crossover is most likely to catalyze the price to revisit its June lows which lie at the support of $0.16. A glance at the Stochastic RSI tells us that the asset has dismissed the opportunity of a reversal. That being said, the %K line and % D line are at the threshold of transpiring a bearish cross. A rejection from the overhead resistance will only provoke the crossover and give DOGE price a taste of the $0.18 support cushion.

DOGE/USDT on TradingView

A brief inspection of DOGE Price on the 4-hour chart provides us with a better perspective as to what the current price action is formulating. Courtesy of June’s flash crash, the price action of DOGE was caged inside a massive descending channel pattern. Only recently, the bulls were successful in breaching the resistance of $0.19, which was followed by a breakout of the bearish continuation pattern.

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Presently sustaining above the 50 EMA, DOGE Price has broken out of the bullish pennant on the 4-hour chart. The clean breakout demonstrates the prevalence of the bulls, who will now attempt to chase the resistance level of 0.382 FIB. A breach of that particular resistance level will be followed by an opportunity to catch up with the 200 EMA, which is bolstered by 0.5 FIB.

As of press time, the RSI has entered the pre-overbought territory, enhancing the odds of a pullback. A rejection from the overhead resistance of 0.382 FIB will be accompanied by a pullback which will give the RSI a chance to level bottom down. Nonetheless, DOGE Price seeks to continue its bullish outlook, provided that the price sustains above the support of $0.19.

Good news for Dogecoin Hodlers, Dogefather’s commitment is remarkable

The much-anticipated event of this month that took place on July 21st positively affected the market. Needless to say, the conference featured Elon Musk, who passionately expressed his commitment to scaling Dogecoin. This was a big break for the crypto market as a whole, after the fatal drop that had occurred as a consequence of Musk’s ‘U’ turn decision to accept Bitcoin as payment. While Bitcoin reclaimed the $30K support cushion, Ethereum’s price witnessed a nominal spike.

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More importantly, the Dogefather revealed that he intends to combine Dogecoin with Ethereum to maximize their potential. In our previous Dogecoin analysis of July 11th, we mentioned how Musk is keen on making Dogecoin a scalable asset. While Elon still stands by this project, he knows that the only way he can make this possible is by combining the two assets.

Just four days after the event, Dogefather took to Twitter to upload a meme-related joke on how Dogecoin is equivalent to real money. While the Dogecoin volume may have taken a hit when compared to the bull cycle of April, Dogefather’s efforts deserve an applaud. Only time can reveal how successful Elon Musk’s endeavors to make DOGE a viable asset will be. But, in the end, we are talking about a Multi Billionaire who is known for upholding projects that often seem far-fetched to the general public.

SUPPORT : $0.19

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RESISTANCE : $0.21

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Elon Musk Now Worth 861 Billion DOGE, He Plans to Use It to Extend Life to Mars

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Elon Musk’s net worth in Dogecoin totals 861 billion coins, he hopes that’s enough to start a permanent colony on Mars in the future

Centibillionaire Elon Musk, the wealthiest man in the world now, has a net worth of around 209 billion dollars. That is 861 billion Dogecoins.

While Elon Musk hopes this money will be enough to extend human life to Mars ultimately, some in the DOGE community dream about DOGE becoming the currency on the red planet in the future.

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Elon Musk is worth 861 billion Dogecoin

Dogecoin YouTuber Matt Wallace has bothered to calculate Elon Musk’s fortune into the DOGE equivalent. With the USD net worth being $209.4 billion, its equivalent in the most popular meme cryptocurrency is approximately 861 billion DOGE, according to Wallace’s tweet (actually, at the present exchange rate, that’s $205.9 billion in DOGE).

The YouTuber tweeted that this is more than the net worth of Warren Buffett ($101.6 billion) and Bill Gates ($132.4 billion) put together.

Tesla and SpaceX CEO responded that he hopes his current fortune is enough to set up a permanent colony on the red planet. He is believed to be one of the largest Dogecoin holders in the world and Musk has recently admitted that he does hold DOGE. However, the amount of the meme coin he owns has not been disclosed.

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Recently, Elon Musk sent Amazon founder Jeff Bezos a silver medal emoji on Twitter with a 2 on it, trolling Bezos regarding the size of his fortune compared to Musk’s net worth – $192.2 billion versus $205.9 billion.

Some Dogecoin fans in the comment thread tweeted that DOGE may well become an official currency on Mars in the future.

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Musk is keen on DOGE to evolve

As reported by U.Today earlier, Tesla chief stressed the importance of DOGE fees dropping and he has been also working with the Dogecoin team on it.

Earlier this week, he supported the tweet of DOGE co-founder Billy Markus, in which the latter urged members of the Dogecoin community to run DOGE nodes on their computers.

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Assessing the odds of Gensler, SEC targeting DOGE, SHIB next

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In one of our recent commentary issues, we analyzed why sticking it to Coinbase and Ripple wasn’t really the best move on the SEC’s part. In this month’s issue, however, we’ll be assessing which class might end up being the next target of the same regulatory agency. 

In April this year, when the Senate confirmed Gary Gensler as the Chairman of the Securities and Exchange Commission, most people from the U.S. crypto-community seemed to be quite relieved. It’s a well-established fact that investors from the States have been plagued by clouds of regulatory uncertainty for long periods now.

After exhibiting a keen interest in the crypto-space, referring to blockchain technology as a “catalyst for change” and teaching about the same at MIT, Gensler was expected to deliver as soon as he was handed over the baton. However, the SEC chief has predominantly remained ambivalent. Less than a month back, for instance, he ended up equating stablecoins to poker chips.

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Even though his broader perception mostly seems to be anti-crypto, his crafty persona and schematic plans, in conjunction, have managed to fill in the otherwise regulatory void.

In fact, Gensler recently ruled out the probability of the U.S. implementing a crackdown on crypto, similar to that of China. Effectively, the space has been provided with a certain degree of decisiveness. At the end of the day, some certainty is better than uncertainty, right?

Too much on the chief’s plate

By and large, the SEC has been given the responsibility of overseeing the corporate sector, capital market participants, securities, and investment markets. The comparatively novel crypto-space, in retrospect, is just an infinitesimal part of the agency’s broader regulatory ambit.

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Being the head of the SEC, Gensler is obviously expected to bifurcate his attention. So now, as far as Wall Street is concerned, the chief has quite ambitious plans. In fact, the SEC has been laying out one of the most solid agendas in its history.

However, the 49-odd proposals lying on the table have already invited opposition from public companies, exchanges, and brokers, among others. Even so, Gensler continues to remain undeterred. In fact, he has started laying out renewed regulatory plans for other financial sub-sectors as well.

What’s more, the Chief recently went on to assert that he is confident that the SEC could move ahead on “many issues” at once. After emphasizing that everything is at the “top” of the list, Gensler underlined that he had no priorities as such. He said,

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“Don’t ask me about my three daughters and which one I spend more time with.”

No favoritism indeed

To a fair extent, the Chief has honored his word. Leaving aside the Wall Street developments, a major crypto-related stride was made of late.

People in the States had been waiting for a Bitcoin ETF to be approved for ages. Quite surprisingly, the SEC gave a green flag to Volt Equity’s Crypto-Stock ETF less than a fortnight back. Even though this was not exactly what the crypto-industry had been waiting for, the approval was well-received with pomp and excitement.

After Gensler’s recent comments on how he isn’t opposed to the idea of a Futures-based Bitcoin ETF like that of Valkyrie or BlockFi, analysts now believe that actual BTC ETFs would also get a nod sooner rather than later.

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That, of course, is great news. So, what next? Would the SEC and Gensler continue dedicating more time to the crypto-space?

Likely, yes. Consider this – In one of his recent testimonies, the Chief listed out five areas the SEC intends to work on:

Source: Gensler’s testimony transcript

Reading between the lines, it can be claimed that the SEC, under Gensler, aspires to legitimize the crypto-ecosystem by lending it further credibility.

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Strictly sticking to recent developments and Gensler’s assertions, one can infer that the crypto-space wil end up becoming even more streamlined in the future. The progress, however, needs to be taken with a pinch of salt because people in power, more often than not, end up changing their stance by sugarcoating it with sheer diplomacy.

Gensler’s ‘DADDY’ issues

Well, people usually take a dig at bureaucrats for their ‘bossy’ and ‘commanding’ nature. Quite recently, Senator John Kennedy questioned Gensler about why he acts like a “daddy” of the people and companies he regulates as Chairman.

Reverting back to the same, Gensler highlighted that he is merely trying to take the oath of office seriously and intends to “promote investor protection” and “facilitate capital formation.”

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Classic Gensler response!

His sober explanation to the question above is an authentication of the non-impulsive approach he employs. Throughout the Q&A session, in fact, Gensler did exhibit ‘fatherly’ traits by correcting the Senator’s misconceptions and gleefully acknowledging the concords.

His ability to debunk fallacies and parallelly recognize the actual essence of the same aspect would come in handy in the final stages of crypto-regulatory drafting. He’d be THE perfect devil’s advocate.

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Genuine targets

A lot has happened in the financial space this year. One key area that is yet to be under Gensler’s focus is the equity market’s ‘meme-stock’ subset.

The unbelievably high trading numbers have put firms like Robinhood and Citadel Securities at risk. Congruently, the hype-driven surges of AMC Entertainment and GameStop have also amassed political attention. If the proposed regulations lying on the table end up being excessively intense, it’d only result in bizarre consequences for both the firms and their investors. In effect, the future prospects would be massively dented.

With meme-stocks already under the radar, it perhaps shouldn’t be a surprise if the meme-coin category from the crypto-space gets targeted next. Owing to Musk’s SNL appearance, DOGE made headlines earlier this year while SHIB’s recent price movements offer another testament to the typical ‘pump and dump’ nature of such coins.

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Thus, to foster its investor protection agenda, the SEC might as well target DOGE, SHIB, and other coins in the same meme boat. The ripple effects would obviously be unfathomable – HODLers would get ‘rekt,’ a lot of capital will be drained out, and the space will end up losing a fair share of its credibility.

However, there’s a silver lining to this too.

Talks are going on that Gensler might end up delegating a part of the regulatory responsibility to other financial bodies. Decentralized cryptos have a high chance of being overlooked by the CFTC while banks could be thrust with the responsibility of stablecoins. In effect, the SEC might solely end up assuming the responsibility for other tokens that share characteristics similar to that of investment contracts.

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If such a bifurcation indeed happens, where would meme-coins fit? While some argue that the value of dog-themed coins is sort of pegged to Musk’s tweets (DOGE and FLOKI, for instance), their values seldom remain stable. Ergo, the stablecoin category is ruled out for now.

Also, it’d be a joke if they’re equated to investment contracts and would be an insult to other decentralized projects if they’re brought under the same umbrella.

We’re eventually left with no option… Looks like Gary would have to set up the Meme-coin Board of America [MBA] to solely cater to the meme-coin subset! 

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Banter aside, if meme-coins manage to find a safe haven within the regulatory cracks, then, well and good. Nevertheless, if they fail to do so, the joke will be on them because illegitimate projects will be swept out of the space. In retrospect, the same would be a blessing to amateur investors who blindly pour capital into their so-called favorite meme projects.

Nothing less than a nightmare though

Ripple is already fighting a legal battle against the agency and Uniswap has also been targeted. Even though there hasn’t been any outright official proclamation of meme-coins being the next casualty, market participants need to remain wary.

According to a recent Bloomberg report, executives who’ve met with the SEC officials have been “privately cautioned” that the broader financial market structure rules being developed may be “extreme.” On any day, such oblique warnings coming from ‘inside’ the agency shouldn’t be taken for granted.

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Now, one might argue that the executives are talking only about traditional market regulations. Oh, you wish! 

Signing off by dropping the truth-bomb: 

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Comedy-Doc About Dogecoin and Shiba Inu Raises Funds in Less Than One Day

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“Bull Run” is the first Spanish movie financed through tokenization.

“Bull Run,” a Spanish comedy-documentary about cryptocurrencies, has secured funding in less than a day through tokenization, Deadline reports.

The Immigrant, a Los Angeles-based film and television production studio, is responsible for producing the project in partnership with Cosabona Films.

Director Ana Ramon Rubio will be exploring the murky world of cryptocurrencies amid their surging popularity.

As the Dogecoin-inspired “Wolf of Wall Street” poster suggests, the key focus will be on the meme coin mania that resulted in the rapid rise of such cryptocurrencies as Dogecoin and Shiba Inu.

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Image by wearetheimmigrant.com

Rubio claims that she became passionate about cryptocurrencies during the lockdown. Her interest in the industry did not fade despite her father’s protestations about crypto being a Ponzi scheme.

Strapped for cash, movie makers turn to blockchain to search for innovative ways of financing and content distribution.

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A thriller featuring two-time Oscar-winner Anthony Hopkins was auctioned off as a non-fungible token in late September.

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