Crypto enthusiasts unite to attack the U.S. inflation rate and media coverage together.
Elon Musk and creator of the Doge meme-coin Billy Markus, also known on Twitter as Shibetoshi Nakamoto, expressed their opinions on United States inflation rates that have increased significantly since the beginning of the year.
Previously, Elon Musk has posted a meme-related tweet saying that “420 has gone up by 69” due to inflation, which received a lot of endorsements from Musk’s community. The post was also noticed by the Blockworks account that posted the purchasing power of $100 over time.
Inflation is the most regressive tax of all, yet is advocated by those who claim to be progressive— Elon Musk (@elonmusk) November 15, 2021
According to their tweet, the dollar lost 91% of its purchasing power in the last 70 years. The post garnered the support of Elon Musk, who called inflation “the most regressive tax of all,” referring to the impact that inflation has on the wealth of average citizens who can lose up to 50% of their earnings.
The Dogecoin developer joined Musk and, in his satirical tweet, added that the mainstream media in the U.S. is trying to cover the real impact of inflation on the country’s economy by saying that it is somehow “good.”
Two posts attracted a great number of cryptocurrency enthusiasts, saying that Bitcoin and other digital currencies “fix” the inflation problem by being decentralized, deflationary or issued with a limited total supply.
Previously, the United States Department of the Treasury reported unpleasant inflation numbers for October with consumer prices increasing by 0.8%. The annual inflation rate skyrocketed almost to its 1990s maximum of 6.29%.
Dogecoin Community Also Join Bitrise After Bitcoin Plunges 20%
Dogecoin has been one of the most successful meme coins in 2021. Ranking #11 in terms of market capitalization, at the time of writing, the coin has managed to create a massive crypto community. In the last few days, there has been a movement of Dogecoin community members joining other crypto coins.
- Very Attractive token investors Rewards.
- Innovative and investor rewarding token economics.
- One of the highly potent DeFi project.
Among the crypto coins attracting Dogecoin investors is Bitrise, a still mooning coin that is exciting the crypto community. The number of Dogecoin members joining the coin has increased significantly, especially after Bitcoin plunged 20%. This is because Bitrise was one of the less affected coins by the price shock.
Apart from Bitcoin plunge, there is more about Bitrise coin that’s making the Dogecoin community join this coin in large numbers. Bitrise is rated as one of the most highly potent crypto projects in the market. The team is developing a DeFi protocol on Binance Smart Chain. For the last four months, the team has accomplished so much for a coin that launched on 28th July 2021. These accomplishments have caught the attention of the Dogecoin community.
In just three months of the launch, the team had developed Bitrise Audits, Techrate Audit, and dApp wallet as products running on the Bitrise ecosystem. The recent news is that the exchange is launching in Q1-2022. The fast development of Bitrise project is attracting many crypto investors, not just Dogecoin holders.
But the promising rewards for investing in $BRISE tokens are one of the reasons for the Dogecoin community during the recent plunge. Bitrise has one the most innovative and investor-rewarding tokenomics. As a hyper-deflationary token, the platform uses a contract to automatically buy tokens from the liquidity pool and burns them immediately.
Every 5% of the 12% fee on all transactions on the Bitrise ecosystem is sent directly to the buyback contract. The buyback and burning process creates token scarcity, which increases the demand and price of the tokens. That’s how Dogecoin members will get money from owning the tokens.
Dogecoin investors are also eyeing the 4% of the tax that is redistributed to all token holders as a reward for holding tokens. This reward is in BNB and is automatically sent to holders’ wallets every 60 minutes. Dogecoin holders joining this coin want to enjoy this static income.
It is clear that the soon-to-be-launched Bitrise token staking has attracted many, and Dogecoin members are some of them. The staking will be launched soon, and Dogecoin members want to get a part of the 80% APY revenue shared among the staked tokens. With the multiple products on the Bitrise ecosystem, the staking investors will be getting a good passive income from staked tokens.
These are just some of the reasons that can explain the surge in the number of Dogecoin holders joining Bitrise coin every day. Follow Bitrise social media platforms to keep up with the latest updates!
Dogecoin Weekly Forecast December 6 — 10, 2021
Dogecoin ends the trading week at the level of 0.2025 and continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines, which indicates pressure from the coin’s sellers and a potential continuation of the fall. As part of the DOGE/USD rate forecast for the next trading week, we should expect an attempt to reduce the value of a digital asset and a test of the support area near the level of 0.1605. From where a rebound is expected again and an attempt to raise Dogecoin cryptocurrency with a potential target above the level of 0.4305.
Dogecoin Weekly Forecast December 6 — 10, 2021
An additional signal in favor of raising the DOGE/USD quotes in the current trading week on December 6 — 10, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the support level, as we see, prices have been pushing up from these levels for a long time. Cancellation of the option to raise Dogecoin cryptocurrency next trading week will be a fall and a breakdown of the 0.1005 area. This will indicate a breakdown of the support area and a continued fall in DOGE/USD quotes with a target below the level of 0.0505. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 0.3255, which will indicate a breakdown of the upper border of the bearish channel.
Dogecoin Weekly Forecast December 6 — 10, 2021 implies an attempt to test the support area near the 0.1605 level. Then continued growth to the area above the level of 0.4305. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.1005 area. This will indicate a continued decline in cryptocurrency with a target below 0.0505.
What are the chances for Dogecoin, Shiba Inu to be rescued by immediate recovery
Just like large-cap coins, the state of the market’s meme-coins too has been in dire straits over the past few hours. DOGE and SHIB had in fact shed more value in the past day when compared to the past 7-days in total.
Despite the massive dip, both the meme-coins were seen exhibiting signs of recovery, at press time. As can be seen from the chart attached below, the past three odd hours have fairly been good for both these coins.
DOGE managed to pull up its socks and register two green candles in the aforementioned timeframe. SHIBA’s recovery, on the other hand, looked even more concrete as it successfully managed to register three-successive green candles on its hourly chart.
Interestingly, their volumes too [depicted below the candlesticks] have been decently high over the last couple of hours. Thus, indicating that a fair share of participants has indeed started “buying the dip.”
So, will they start barking louder now?
Less than a week back SHIB broke above its descending channel and registered consecutive green candles. It however did dunk in value right after. The latest dip, in retrospect, didn’t seem to be too deep.
On the daily chart, SHIB was seen trading slightly below the 61.8% Fibonacci level, at the time of writing. If it continues to project green candles over the next couple of hours, it would manage to reclaim $0.00003798 as support.
However, if it fails to do so, then SHIB could fall to a level as low as $0.00002413. In such a scenario if bears manage to gain control over bulls, then HODLers can expect this coin to revisit any level around $0.00000648.
DOGE’s prospects, on the contrary, looked slightly bleak. Over the past day, the largest meme-coin had broken below most of its supports and was seen trading at a level reminiscent of what was recorded way back in July. Earlier during the day it, in fact, crawled to a low level that was last seen only in April.
So, if the downtrend continues for DOGE on its charts, and it manages to break below its $0.158 support level, then there are high chances of it paying a visit to $0.101.
Nonetheless, it managed to uphold its green-candle trend on the lower timeframe, it would gradually be able to negate its losses and inch back to $0.2 after crossing $0.182.
Well, the community usually plays a key role in helping meme-coins recover. At the time of writing, the sentiment data from Santiment projected quite an interesting trend.
Over the last couple of hours, DOGE mentions on social media have, by and large, been positive. In fact, the positive sentiment has successfully been able to out shadow the negative sentiment. If the trend heads in the same direction, then community members might successfully be able to aid the coin recovery, despite the sluggishness on its price chart.
A similar trend was observed with SHIB too. Now, this essentially means that the community members are still backing both DOGE and SHIB, despite whatever has happened over the past few hours.
Well, even though meme-coins usually tread on Bitcoin and other large-cap alts’ pre-carved path, they’ve managed to defy that trend a host of times in the recent past. So, irrespective of the state of the broader market at this stage, these two coins might end up surprising market participants. The odds of their recovery seem to slightly outweigh the odds of them continuing with their respective downtrends at this point.