Tesla CEO, Elon Musk is back at it with DOGE boosting tweets. Last week, Musk had tweeted about starting a new university in Texas known as the Texas Institute of Technology & Science, or as Musk would call it, ‘TITS’. Following his previous tweet’s thread, he added last night that tuition fees for his university will be accepted in Dogecoin, further announcing that people with a dog will get special discounts. However shockingly, DOGE price has not surged exceptionally, or even enough after Musk’s tweet.
Tuition is in Dogecoin & u get a discount if u have a dog— Elon Musk (@elonmusk) October 31, 2021
Dogecoin Vs Shiba Inu
According to CoinGape’s last week’s reportage, DOGE price surged approximately 46% upon competing with Shiba Inu, which overtook Musk’s favorite meme coin and is now positioned at No. 9, while DOGE struggles at No. 10. Shiba Inu’s price is consistently rising and currently stands at $0.000069, with a market cap of $37.8 billion. However, Dogecoin has not seen any extraordinary improvement and stays at $0.26, with a market cap of $35.25 billion, at the time of reporting. Nevertheless, Shiba Inu may have to fight Tesla CEO’s social media influence to maintain its position. Musk’s support for the meme currency, Dogecoin on social media has been evident and frequent. Recently, the DOGE community saw a surge after Musk called DOGE “people’s crypto”.
“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”, Musk tweeted.
Musk on Dogecoin at the B-Word
Musk has balanced his support for DOGE after getting backlash for his comments on the meme coin, earlier this year, during the B-Word conference. While Musk said that the dogecoin community was “irreverent”, and only complimented their “hilarious memes”, he also mentioned that he likes how DOGE “does not take off too seriously.”. Furthermore, Musk shared, he likes both, “dogs and memes”, henceforth he has added DOGE to his crypto portfolio. However, this raised manifold questions on Musk’s reason to support DOGE, questioning whether he expects genuine growth, or it is just one of his practical jokes that he will not take seriously a decade later.
Dogecoin Price Analysis: DOGE breaks September low, finds support at $0.186
- Dogecoin price analysis is bearish today.
- DOGE/USD lost over 18 percent from the last high.
- Support was found at $0.186.
Dogecoin price analysis is bearish today as we expect further tests of downside to follow after a slight recovery from the $0.186 low. Likely, DOGE/USD will not react higher for long as sellers are still strong in the market.
The market overall saw bearish momentum return over the last 24 hours. The market leader, Bitcoin, declined by 7.56 percent, while Ethereum lost almost 9 percent. Meanwhile, Dogecoin (DOGE) follows, with a loss of a little over 5 percent.
Dogecoin price movement in the last 24 hours: Dogecoin drops overnight, finds support at $0.186
DOGE/USD traded in a range of $0.1954 – $0.2288, indicating strong volatility over the last 24 hours. Trading volume has increased by 87.15 percent, totaling $2.36 billion, while the total market cap trades around $26.88 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE looks to recover today’s loss
On the 4-hour chart, we can see the Dogecoin price action reacting higher after further downside was rejected over the last hours.
Dogecoin price has seen continuous decline so far in November. After a spike to $0.34 at the end of September, DOGE/USD saw a strong reversal over the following days.
Since then, a series of lower lows and highs have been set until the $0.215 mark was reached on the 18th of November. The support prevented further downside for more than a week, while lower highs were still being set.
Yesterday, we saw the Dogecoin price set lower high again before starting to rapidly move lower. The $0.215 support was finally broken earlier today, leading to the $0.186 set as the new low. Over the past hours, a slight reaction higher followed, however, we should see DOGE/USD retest the low later today.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bearish today as we expect further downside to be tested after the current reaction higher ends. Likely we will see DOGE/USD look to retest the newly set low as sellers are still active.
While waiting for Dogecoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
Whales Are Buying Dogecoin According to Smart-Contract Activity
Dogecoin on-chain activity suggests that traders might be trying to enter the coin at lows
The smart contract activity is one of the indirect ways of determining the number of actions that take place on-chain of one or another asset. In the case of Dogecoin, it has entered the top 10 most actively used smart contracts on the Ethereum chain.
According to the provided data, Doge took 7th place among the most actively interacted smart contracts on the chain. The meme-coin shared the top with coins like Binance Smart Chain, Binance USD and Chia Coin.
📰 #Dogecoin is on the top of most used smart contracts by the top 1000 BSC wallets
🐳 Whales are buying dips. How about you #DogeArmy ?
Source: https://t.co/IwpiW9WTip#DoOnlyGoodEveryday pic.twitter.com/IRe1pPD334— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) November 26, 2021
The usage of smart contracts usually implies increased buying activity since, in order to utilize a coin’s smart contract, users have to own a certain amount of tokens or coins.
While Doge’s on-chain data suggest that more people are starting to use it, the market data suggests the opposite. According to TradingView, Doge/USD trading pairs are losing up to 10% of their value.
At today’s low, Doge reached 15% in certain hours and tested the $0.188 support. The last time Dogecoin was trading at the same level was back at the end of September. Rapid growth in coins’ value was followed by the overall bullish cycle on the cryptocurrency market.
Elon Musk Acts on Behalf of Dogecoin Holders, Grabs the Attention of Binance CEO Changpeng Zhao
Elon Musk has grabbed Binance CEO Changpeng Zhao’s attention on Twitter as Dogecoin (DOGE) holders face withdrawal issues on the world’s largest exchange.
Binance suspended the withdrawal of DOGE on its platform on November 11th due to an issue caused by an upgrade. The exchange says it is suspending withdrawal transactions for up to 14 days as it continues to resolve the problem.
“The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users.
Since the incident occurred, DOGE Network has been providing us with support, but we have to rebuild the wallet entirely, which is causing a delay that we expect may last another week or so. It’s a long and complex process, but the team is working hard.”
In a series of tweets, Musk gave Zhao his take on Binance’s DOGE withdrawal suspension, calling the situation “shady.” Zhao apologized for the inconvenience while pointing to the technical nature of the issue. Zhao then took the opportunity to cast some shade himself.
Elon, we are pretty certain it is an issue with the latest #doge wallet. We are in communications with the devs. Apologies for any inconvenience that may have caused you.
What happened here? 👀https://t.co/g2J50zqbEu— CZ 🔶 Binance (@cz_binance) November 23, 2021
Binance also says that it is working to fix the problem and clarifies that the issue is “not shady.”
The company acknowledges that users are upset they cannot withdraw their DOGE coins, but assures Musk that it is working to resolve the issue and will provide round-the-clock customer support to affected users.
The Tesla CEO says that he is not a Binance user and is just voicing concern on behalf of other Dogecoin holders.
“I don’t use Binance (tried at one point, but signup was too many hoops to jump through), so no inconvenience to me personally. Just raising this issue on behalf of other Doge holders.”