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.
Ethereum and Dogecoin Primed for Breakouts As Crypto Markets Gear Up for Bullish December, According to Analyst Justin Bennett
Crypto analyst Justin Bennett says that December could bring rallies to the digital asset markets, with Ethereum (ETH) and Dogecoin (DOGE) potentially at the forefront.
The analyst tells his 91,000 Twitter followers that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is flashing a bullish signal for the crypto markets.
A weaker DXY often signals higher prices for many assets. Bennett notes that DXY may have just had a failed breakout, and could now be facing downward momentum.
“DXY looks good for a crypto rally heading into December.
Friday’s close back inside this channel indicates weakness. Now for a close below 95.80.
Bennett also has his eye on the chart for the total market cap of crypto (TOTAL). According to him, TOTAL is nearing the end of a large bullish descending wedge. He also notes a divergence between the rising relative strength index (RSI) and the downward price movement. A rising RSI during a downtrend is often interpreted as a hint of a bullish reversal.
“TOTAL falling wedge and bullish divergence developing on the intraday charts.
Something to keep an eye on.”
Looking at Ethereum, the analyst says that next month looks good for the world’s second-largest crypto. Bennett says ETH is “poised to do well in December,” and could already be jostling for a breakout, as long as it sees more volume.
“ETH approaching a breakout level.
Just add volume.”
Also joining the rallies, according to Bennett, is leading memecoin Dogecoin (DOGE). He says DOGE is in the middle of a breakout, with its first key resistance at $0.25, and a final resistance level at all-time highs above $0.75.
“DOGE is breaking out.”
Binance Exchange Resumes Dogecoin (DOGE) Deposit and Withdrawal
- Dogecoin deposit and withdrawals and now opened on Binance exchange.
- All the deposits and withdrawal crises have been resolved on Binance.
Binance team just announced that they have now resumed all Dogecoin deposits and withdrawals services on their exchange. According to them, they have resolved all the disheartening network problems that occurred during their DOGE wallet upgrade with Dogecoin Core maintainers. This means that DOGE holders can now experience a new level of Dogecoin-related services from today.
After the quarrel between musk and cz, Binance announced today that all the problems have been resolved, and DOGE has resumed deposits and withdrawals. 1634 users have received duplicate transactions. https://t.co/kF73YT75Mi— Wu Blockchain (@WuBlockchain) November 29, 2021
Citing from the report, as soon as Binance exchange and Dogecoin Core maintainers resolved the problem, more than 1634 users received a duplicate DOGE transaction in their wallets.
In a separate announcement, the Binance team explained that the issue wasn’t from their side and moreover, they never intended for such an unforeseen issue to occur. Additionally, the team even gave quick scenarios on some factors that could lead to this kind of issue.
Your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4) and then updated to v1.14.5 — you can have an issue.
The announcement further assured users that Binance and the Dogecoin Core team will work together to diagnose, solve, and prevent similar issues from occurring in the future. Furthermore, this Dogecoin withdrawal issue caused a slight clash between Elon Musk and Binance CZ.
Dogecoin price analysis: DOGE rejected at $0.207. What’s next?
- The Dogecoin price analysis is bearish.
- Resistance is found at $0.209.
- Support is present at $0.203.
The Dogecoin price analysis is bearish today. After the 26th November flash crash and hitting November’s low, DOGE recovered slowly for two days and again faced rejection at $0.207 today, which is already a quite lower price level for DOGE/USD. Overall, DOGE is on the decline from 29th October and has not been able to break out of the bearish cycle.
The broader cryptocurrency market has been bullish for the last 24 hours, along with Bitcoin and many altcoin‘s turning green reporting handsome profits. However, many coins are observing a reversal today, and even Bitcoin, after swinging high, has reverted back to some degree which may also turn negative in the coming hours.
DOGE/USD 1-day price chart: DOGE needs to consolidate to stop further downside
The 1-day Dogecoin price analysis shows the coin has covered a downwards range today again after recovering a little for the last two days, but the recovery was not sufficient enough to change the trend, and the coin continued downside today again. Doge has not been able to enter consolidation as the market sentiment continues to be negative. DOGE/USD is trading hands at $0.205 at the time of writing.
However, due to the positive price function for the last two days, the coin reports a 2.89 percent increase in value over the last 24 hours, the only reason being the last spike in price just four hours ago. The real picture is that the coin has lost 7.86 percent over the last week. The trading volume has also turned down by a little more than four percent.
The volatility is high for DOGE, with the Bollinger bands covering more area, the upper band is present at the $0.273 mark, and the lower band is at the $0.191 mark representing a support zone for DOGE. The mean average of the indicator at $0.232 represents the resistance zone for DOGE.
The moving average (MA) continues to trade above the price level at the $0.214 level complementing the bearish trend. The relative strength index (RSI) is also at a lower level of index 35, trading on a downwards slope indicating more selling activity in a low momentum market.
Dogecoin price analysis: Recent developments and further technical indications
The 4-hour Dogecoin price analysis shows a countable decrease in price as well. The overall trend on the 4-hour chart is also downwards, with a clear pattern of smaller steps upside followed by steep plunges on the downside; however, a high spike was observed during the last four hours of yesterday’s session, which helped in marking a green candlestick on the 1-day chart as well, indicated by a longer second last green candlestick on the 4-hour chart.
The MA here is below the price level at the $0.202 mark, and the RSI is also at a better score of 45 due to the price spike observed recently but still in the lower half of the neutral zone and again trading on a downwards slope.
Dogecoin price analysis: Conclusion
The Dogecoin price analysis concludes the DOGE has followed Bitcoin’s pattern pretty basically. If Bitcoin tanks which is already on a decline since 9th November, then all crypto follows. DOGE has spiked high whenever Bitcoin breakouts to ATH, as is obvious from May, June, and then from October bull run of DOGE, so if Bitcoin continues downside towards $48k range, then we see DOGE test $0.170 range. For intraday trading, the coin is expected to continue downside for the next 20 hours.