Dogecoin (DOGE)
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Dogecoin Ð is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”, making fun of the wild speculation in cryptocurrencies at the time. It is considered both the first “meme coin”, and, more specifically, the first “dog coin”. Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the “doge” meme as its logo and namesake. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of over $85 billion on May 5, 2021. It is the current shirt sponsor (sleeve only) of Premier League club Watford.
Dogecoin.com promotes the currency as the “fun and friendly Internet currency”, referencing its origins as a “joke.” Software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of Bitcoin and the many other cryptocurrencies boasting grand plans to take over the world. With the help of Reddit, the site became an instant hit. Within two weeks, Dogecoin had established a dedicated blog and forum, and its market value has reached $8 million, once jumping to become the seventh largest electronic currency in the world. Dogecoin is based on Scrypt algorithm, and the transaction process is more convenient than Bitcoin. Dogecoin takes only 1 minute to confirm, while BTC takes 10 minutes.
RSI: 42.63 — as low as never before.
Potential growth: x11.78
Bitcoin Short Positions Worth $32 Million Wiped Out as Price Briefly Spikes to Mid-$27,000s – Here’s Where BTC is Headed Next
Bitcoin (BTC) futures positions worth over $44 million were wiped out on Monday in choppy trade that saw the spot price of the world’s largest cryptocurrency by market capitalization swing more than $1000 (over 4%) between session lows around $26,400 and new highs for the month around $27,400.
BTC was last trading in the $26,700s, up close to 1% on the day.
No specific news stories or fundamental catalysts could be precisely pinpointed as driving the price action.
A filing from an auditor of Binance.US, who said they found it “very difficult” to verify Binance’s collateralization of assets at times, could have led to some jitters that weighed on sentiment, leading to the pullback in the BTC price back below $27,000.
But underpinning the price action was 1) expectations for an interest rate hold from the US Federal Reserve later this week and 2) technical buying, with Bitcoin recently finding support at its 21DMA and at a downtrend that had been in play since early August.
As per coinglass.com, of the $44 million in futures position liquidations on Monday, around $32 million were of short positions, not too surprising after BTC hit its highest level so far this month.
That marked the biggest wipeout of Bitcoin bears since last Monday, when the BTC price fell briefly to its lowest level in three months under $25,000.
Bitcoin’s price outlook took a turn for the worse back in August when the cryptocurrency fell below its 2023 uptrend and 200DMA.
However, since breaking above its recent downtrend and 21DMA, things are looking brighter.
At the very least, BTC appears to have found a new $25,000-$28,000ish range.
For a retest of yearly highs to be on the cards once again, a break above key resistance in the $27,700-$28,500 area will be needed.
Where Next for the Bitcoin (BTC) Price?
Macro is likely to be a key driver of the Bitcoin price this week.
The Fed is widely expected to hold interest rates on Wednesday, but it also likely to keep the door open for another rate hike later this year.
The central bank will be releasing its new economic forecasts and a new dot plot summary of Fed members interest rate projections – these two releases will be closely scrutinized by traders, and will be used to assess the probability of further rate hikes in 2023, and on the timing of any potential rate cuts in 2024.
While most investors don’t expect another rate hike this year, the Fed’s communication that another rate hike is possible is preventing markets from getting overly excited regarding the pricing of rate cuts in 2024 and beyond and this is helping to keep US yields and the US dollar underpinned.
So, while this week’s Fed meeting might not provide a negative shock, it also probably won’t provide much of a boost to Bitcoin either, assuming the US dollar and US yields don’t reverse aggressively lower.
Bitcoin has a historically negative correlation to the US dollar and US yields.
The world’s largest cryptocurrency may well remain locked within its recent multi-month $25,000-$28,000 ranges.
Price analysis 9/15: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC
Bitcoin has been stuck inside a large range since April, indicating indecision about the next directional move. Efforts by the bears to sink the price below the support of the range were thwarted by the bulls on Sept. 11. However, Bitcoin
is not out of the woods yet.
Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence, told Cointelegraph that if the tightening cycle extends, followed by “an uptick in unemployment and more stress in the banking sector, then there could be a bit more pain for risk assets like Bitcoin.”
Daily cryptocurrency market performance. Source: Coin360
Cryptocurrency traders have also remained cautious. A Bitfinex report shows that the cryptocurrency industry witnessed capital outflows of $55 billion in August. The drop in liquidity has caused isolated events to “have a bigger impact on market movements,” the report added.
Will Bitcoin turn down and retest its pivotal support? Could Bitcoin’s weakness trigger further selling in altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin broke and closed above the 20-day exponential moving average (EMA) of $26,228 on Sept. 14, indicating that the downside momentum is weakening.
BTC/USDT daily chart. Source: TradingView
The 20-day EMA is flattening out and the relative strength index (RSI) is near the midpoint, signaling that the BTC/USDT pair may stay range-bound between $24,800 and $28,143 for some more time.
If bears want to make a comeback, they will have to quickly pull the price back below the 20-day EMA. Such a move will suggest that higher levels are being sold into. That could result in a retest of the strong support at $24,800.
Ether price analysis
Ether
plunged below the $1,550 support on Sept. 11, but the bears could not build upon this strength. This suggests solid buying at lower levels.
ETH/USDT daily chart. Source: TradingView
The bulls thereafter started a recovery, which has reached the 20-day EMA ($1,638). This level is likely to witness a tough battle between the bulls and the bears. A break and close above the 20-day EMA could trap several aggressive bears, resulting in a short squeeze. That could propel the price to $1,745.
Instead, if the price turns down from the 20-day EMA, it will suggest that the bears remain in command. The sellers will then make another attempt to sink the ETH/USDT pair below $1,550 and resume the downtrend.
BNB price analysis
BNB
bounced off the psychological support near $200 on Sept. 12, indicating that the bulls are active at lower levels.
BNB/USDT daily chart. Source: TradingView
The recovery has reached the 20-day EMA ($215), which is an important level to watch out for. If the BNB/USDT pair turns lower from the current level, it will indicate that the sentiment remains negative and traders are selling on relief rallies. That will increase the risk of a breakdown below $200.
Contrarily, the RSI is forming a positive divergence, indicating that selling pressure could be falling. A rise above the 20-day EMA could open the doors for a retest of the 50-day simple moving average (SMA) at $225.
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XRP price analysis
XRP
has been trading between $0.41 and $0.56 for the past several days. The price has recovered to the 20-day EMA ($0.50), which is an important level to keep an eye on.
XRP/USDT daily chart. Source: TradingView
If buyers thrust the price above the 20-day EMA, it will indicate that the selling pressure is reducing. That could start a sustained recovery toward the overhead resistance at $0.56. This level may again act as a roadblock.
If the price turns down from $0.56, it will indicate that the range-bound action may continue for some more time. The next trending move is likely to begin after bulls push the price above $0.56 or bears sink the XRP/USDT pair below $0.41.
Cardano price analysis
The strong selling in Cardano
pulled the price to $0.24 on Sept. 11, but the bears could not break the crucial support.
ADA/USDT daily chart. Source: TradingView
The rebound off $0.24 on Sept. 12 reached the 20-day EMA ($0.26) on Sept. 15. This level is likely to witness a tussle between the buyers and sellers. If the ADA/USDT pair turns down sharply from the 20-day EMA, it will indicate that every minor rise is being sold. That could increase the risk of a drop to $0.22.
Contrarily, if buyers shove the price above the 20-day EMA, it will signal the start of a stronger recovery to $0.28.
Dogecoin price analysis
Dogecoin
continues to trade between the 20-day EMA ($0.06) and the solid support at $0.06. This tight-range trading is unlikely to continue for long, and a breakout may happen soon.
DOGE/USDT daily chart. Source: TradingView
If buyers kick the price above the 20-day EMA, it will suggest that the sellers may be losing their grip. That could start a relief rally to the 50-day SMA ($0.07), where the bears are expected to intensify selling.
Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it will enhance the prospects of a break below $0.06. If this support breaks down, the DOGE/USDT pair may plummet to $0.055.
Solana price analysis
Solana’s SOL
has been swinging between $14 and $27.12 for the past several months. The price has reached the 20-day EMA ($19.51), where the bears are likely to pose a stiff challenge.
SOL/USDT daily chart. Source: TradingView
If buyers thrust the price above the 20-day EMA, the SOL/USDT pair could reach the overhead resistance at $22.30. This level may again act as a strong hurdle, but if bulls overcome it, the pair could climb to $27.12.
On the contrary, if the price turns down from the 20-day EMA, it will signal that demand dries up at higher levels. The bears will then try to resume the downtrend and yank the price to the vital support at $14.
Related: Japan to allow startups to raise funds by issuing crypto instead of stocks: Report
Toncoin price analysis
Toncoin (TON) snapped back from the 20-day EMA ($1.75) on Sept. 12, indicating that the bulls are viewing the dips as a buying opportunity.
TON/USDT daily chart. Source: TradingView
The price reached the first resistance at $1.98 on Sept. 13, where the bears are trying to halt the up move. A minor advantage in favor of the bulls is that they have not ceded ground to the bears. This suggests that the bulls are in no hurry to book profits as they anticipate the up move to continue.
If the $1.98 level is taken out, the TON/USDT pair could reach $2.07. This is an important level for the bears to defend because a break above it could propel the pair to $2.40. On the downside, a slide below the 20-day EMA could tilt the advantage in favor of the bears.
Polkadot price analysis
Polkadot's DOT
has been trading below the breakdown level of $4.22 for the past few days, which is a negative sign.
DOT/USDT daily chart. Source: TradingView
The bulls are trying to start a relief rally, but that is likely to face strong selling at $4.22. If the price turns down from the overhead resistance, it will suggest that bears remain in control. The sellers will then try to sink the DOT/USDT pair below $3.90. If they succeed, the pair could collapse to $3.44.
If bulls want to prevent the decline, they will have to push and sustain the price above $4.22. If they do that, it will suggest that the markets have rejected the breakdown. The pair may then attempt a rally to the 50-day SMA ($4.61).
Polygon price analysis
Polygon’s MATIC
slipped below the critical support at $0.51 on Sept. 11, but the bears could not maintain the selling pressure. That started a rebound, which is nearing the 20-day EMA ($0.54).
MATIC/USDT daily chart. Source: TradingView
The bears will attempt to stall the recovery at the 20-day EMA and tug the price below $0.50. If they manage to do that, it will signal the resumption of the downtrend. The MATIC/USDT pair could then slump to $0.45.
Although the downsloping moving averages indicate advantage to bears, the positive divergence on the RSI suggests that the bearish momentum may be slowing down. If buyers clear the obstacle at the 20-day EMA, the pair may climb to $0.60.
Bitcoin price can hit $46K by 2024 halving — Interview with Filbfilb
Bitcoin
has a chance to end 2023 at $35,000 despite heading lower in between, veteran analyst Filbfilb believes.
In his latest interview with Cointelegraph, the co-founder of trading suite DecenTrader reveals some BTC price targets that should resonate with the long-term holder base.
Bitcoin faces multiple obstacles to its current uptrend, and the current cycle offers various key differences from those that came before it. It is not just the Bitcoin spot price exchange-traded fund (ETF) debacle; the entire macroeconomic environment looks markedly different from just a few years ago.
Filbfilb predicts that the April 2024 block subsidy halving will nonetheless have a cathartic effect on BTC price performance. BTC/USD could even trade as high as $46,000 by that time, but losses are “likely” to come next.
Filbfilb eyes “likely” BTC price dip to low $20,000 range
Cointelegraph (CT): On short timeframes, you recently predicted another BTC price dip to “crush the remaining hopium.” Where do you see the long-term floor?
Filbfilb (FF): This depends on circumstances; as we saw during the COVID-19 crash in March 2020, the floor was slightly north of $3,000, so I would expect the lows of around $16,000 seen following the FTX crash to be maintained. However, avoiding a black swan event, somewhere in the low $20,000s seems likely.
CT: Do you still expect a reversal in price behavior in Q4 as miners and smart money “buy the rumor” on the halving?
FF: Based on the previous cycles, we have seen a contraction of new emitted supply to market in advance of the halving. Coupled by increased speculative demand, this dynamic is likely to repeat in my opinion.
CT: Speaking of miners, what’s your stance on price versus hash rate, considering how the latter continues to see new highs?
FF: I’ve not been able to attribute a direct correlation between hash rate and price.
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CT: What’s surprised you about BTC price action this year compared to other pre-halving years?
FF: There has been a failure to break the 100-week moving average thus far, which is a notable difference. In the past, this has confirmed the bull market to some extent. Timing-wise, the uptick from the 2022 lows is in line with what we have seen previously.
CT: A lot has been made about the outcome of the Grayscale vs. SEC lawsuit last week. How significant do you think the news really is? Do you see a U.S. Bitcoin spot ETF approval on the horizon?
FF: The SEC seemingly has a policy of “delay at all costs,” which has now included unreasonable rejection. If you look at how the room is behaving — i.e., BlackRock et al. putting in a number of filings for ETFs — it would seem highly unlikely that the biggest institutional asset managers will have done little due diligence and would anticipate failure. In my humble opinion, it is a matter of “when” it will be approved rather than “if.”
CT: You’ve called U.S. inflation the “elephant in the room” this cycle — how might this impact Bitcoin post-halving next year?
FF: The longer inflation and rates remain high, the less disposable income retail has to invest. Additionally, the cost of capital has generally increased due to the risk-free rate of return being higher; this means asset allocation toward riskier assets becomes less attractive. The longer this remains the status quo, the less capital will seek investments such as Bitcoin.
CT: What are your preferred noise-free metrics for tracking BTC’s price?
FF: On a high level, directional price momentum, coupled with market positioning (such as long/short ratios, funding rates and open interest), underpins what I am looking at in the market overall when determining shorter-term moves.
CT: What’s your BTC price target for the end of the year and at the 2024 halving?
FF: Assuming no black swan event, around $35,000 by the end of the year and possibly as high as $46,000 some time pre-halving in Q1 2024.
DOGE, XRP stand out among altcoins
CT: Bitcoin aside, are you surprised by the NFT market collapse? Does it have a future?
Related: Bitcoin price metric copies move that last came before -25% FTX crash
FF: I am unsurprised about the NFT collapse. I do think there is some utility in some forms of NFTs, such as for ticketing and music applications; however, massively overpriced works of “art” was never something I could understand.
CT: Are there any altcoins in particular that you think can moon particularly hard in the new cycle?
FF: At the moment, I am mostly focused on Bitcoin; altcoins tend to make their move after the halving. However, I would expect XRP
to do quite well next cycle due to its legal case with the SEC and effectively playing catch-up in market share. I’d also not rule out Dogecoin
doing well once again, particularly if Elon Musk integrates crypto into X.
Tracking profits and losses on crypto trades just got easier
All-in-one crypto trading solution TradeSanta has just unveiled its new crypto profit calculator to help users calculate fees, profits and losses before they open a trade.
In a fast-moving market, keeping on top of your financial position isn’t easy. Just recently, Bitcoin
posted a fat green candle after Grayscale won a lawsuit against United States regulators.
Bitcoin’s valuation spiked following the Grayscale lawsuit. Source: Cointelegraph
A court ruled that the U.S. Securities and Exchange Commission was wrong to reject the digital asset manager’s application for an exchange-traded fund — with BTC/USD accelerating by $1,700 in just 30 minutes.
Of course, volatility is a two-way street. Bitcoin has also suffered sharp falls, especially during thin weekend trading. When the markets are erratic, traders often need to react fast to protect their capital. This isn’t always easy, as it isn’t just the spot price that needs to be taken into account. The original purchasing price needs to be factored in as well as any fees that may be incurred by selling up.
Now, a new tool has been launched that allows profits to be determined in a couple of clicks — across a multitude of cryptocurrencies.
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A new crypto profit calculator
TradeSanta’s Crypto Profit Calculator works across ten digital assets — Bitcoin, Ether
,
Ripple
, Cardano
, Solana
, Dogecoin
, Polkadot
, Shiba Inu
and Avalanche
— and delivers a simple form for crunching the numbers.
Users can type in the value of the investment they’d like to make, along with the initial price. Next, the eventual selling price can be inputted along with any investment fees and exit fees. Once the form is completed, the tool will break down profit in both dollar and percentage terms, as well as the total value of the position.
TradeSanta’s Crypto Profit Calculator. Source: TradeSanta
According to TradeSanta, this can end up being a valuable tool for traders who are planning their investments or calculating the hypothetical profit that they can make without the need to actually sell your asset.
Innovative crypto trading tools
The Crypto Profit Calculator is the latest tool from TradeSanta, which also offers bots for automated transactions — 24 hours a day, seven days a week. This can give enthusiasts a much-needed break away from their screens and allow their strategies to be executed faster. A mobile app is also offered for full control on the move, along with a mechanism for copying others. Existing bot templates can be utilized and customized.
Executives in the project argue that using long and short trading bots can enable traders to capitalize on bull and bear markets alike — all while managing risk by setting a stop loss or TradingView stop signals.TradeSanta’s infrastructure is compatible with major crypto exchanges including Binance, OKX, Coinbase, ByBit, Kraken and XGo, with accounts connected through API keys.
Other features that are designed to boost confidence include take-profit targets and trailing take-profit, which can also ensure that trades are closed at the right time, removing emotion and spontaneity from the process.
According to TradeSanta, bots can be set up in under 10 minutes, and its technology supports every cryptocurrency that’s listed by exchanges. Crucially, users remain in control of their funds at all times, as trading bots do not store funds.
Given how tax agencies are keeping a close eye on crypto traders, calculators that offer precise insight into profit and loss positions can be hugely beneficial for recordkeeping. With new features continually being rolled out, TradeSanta is billing itself as a one-stop shop for every investor’s needs.
99% of Nigerians are crypto aware — ConsenSys report
A global survey featuring respondents from 15 countries indicates that Africa’s largest economy, Nigeria, has the most cryptocurrency-aware population in the world.
ConsenSys and YouGov released the findings from the global Web3 perception survey, which sought to provide both macro and regional insights into the perception of different countries toward cryptocurrencies and the broader Web3 ecosystem.
A key takeaway from the data obtained from the qualitative survey was that two African nations rank highest for awareness of cryptocurrencies. According to the survey, 99% of Nigerians and 98% of South Africans are more knowledgeable about Web3 than people in major economies like the United Kingdom, the United States, Japan and Germany.
Survey question and responses. Source: Consensys/YouGov Global Web3 Participation Survey
The survey included 15,158 individuals living in 15 countries, aged between 18 and 65. Of the Nigerian respondents, 70% said they understood the fundamental concepts of blockchain technology.
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Nigeria’s knowledge of the cryptocurrency sector is mirrored by crypto ownership among its population. Of the 1,001 respondents from Nigeria, 76% either held or previously held cryptocurrencies. Bitcoin
and Ether
were the most commonly owned, while BNB
and Dogecoin
ranked higher than the world’s largest stablecoin Tether
.
Related: Nigeria to tax crypto, digital assets 10% on capital gains — Experts react
90% of the Nigerian respondents expressed interest in investing in cryptocurrencies in the next year, while 65% noted that cryptocurrency offered a means to hedge against hyperinflation and monetary devaluation.
Considering that the Central Bank of Nigeria cut ties between cryptocurrency exchanges and firms and local banks in February 2021, 50% of respondents indicated that regulators should create laws that encourage participation while protecting investors.
Screenshot of a question from the survey. Source: ConsenSys/YouGov Global Web3 Participation Survey
ConsenSys has published data and insights relating to all 15 surveyed countries. Of United States respondents, 95% said they were aware of crypto, while 42% had heard of the sector but lacked a clear understanding. Only half of the American respondents indicated that they own or previously owned cryptocurrencies.
Arkham IDs Robinhood as 5th-largest ETH holder
Crypto analytics platform Arkham Intelligence has revealed financial services company and crypto trading platform Robinhood as a leading holder of Ether
and the owner of the fifth-largest ETH wallet, which contains about $2.54 billion of the cryptocurrency.
Arkham stated on X (formerly Twitter) that its recognition of Robinhood possessing the third-largest Bitcoin wallet garnered significant attention. However, it said less attention has been paid to its identification of Robinhood as the holder of the fifth-largest ETH wallet. In a separate update, Arkham emphasized that these funds are user balances under custody.
The largest Bitcoin
wallets in the world, according to BitInfoCharts, are reportedly owned by Binance and Bitfinex.
Our identification of Robinhood as the owner of the third-largest Bitcoin wallet was widely covered.
But most coverage missed that we’ve also identified them as the owner of the 5th largest ETH wallet, holding $2.54B of ETH.
0x40B38765696e3d5d8d9d834D8AaD4bB6e418E489 pic.twitter.com/Sczj11uLlA
— Arkham (@ArkhamIntel) August 30, 2023
According to Arkham Intelligence, a wallet associated with Robinhood holds various other cryptocurrencies, such as 122,076 BTC ($3.3 billion), 34.1 trillion Shiba Inu
($277.8 million), 4.9 million of Chainlink’s
($29.7 million) and 2.6 million Avalanche
($29.6 million). Despite its prominence in stock trading, Robinhood’s cryptocurrency trading activity has declined, with second-quarter crypto revenue dropping to $31 million from the first quarter’s $38 million.
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On Wednesday, Aug. 30, the company announced the expansion of its wallet product, incorporating “custodial, sending, and receiving capabilities for Bitcoin and Dogecoin” alongside the existing feature of facilitating Ethereum swaps. This enhancement is a direct response to user demands for broader support, as stated by the company.
Related: Robinhood accumulates $3B of Bitcoin in 3 months — What does this mean for markets?
Upon its initial launch in March, Robinhood Wallet introduced self-custody services, catering to the Polygon and Ethereum networks. It also included various tokens like Compound’s
, Polygon
, SHIB, Solana
, Uniswap
, along with the USD Coin
stablecoin.
Can PEPE make a comeback? Traders, analysts and Pepe maxis weigh in
The biggest new memecoin of 2023, Pepe (PEPE), suffered one of the worst possible fates that can befall a new crypto asset — a partial rug pull after its anonymous developers abruptly sold nearly $16 million worth of the token on Aug. 24.
The official Pepe X (formerly known as Twitter) account explained the drop was due to “three ex-team members” going behind their back and selling the tokens without their knowledge — a move that saw the price of Pepe plummet as much as 26% in the days following, without much respite.
an announcement to the $PEPE community:
Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw
— Pepe (@pepecoineth) August 26, 2023
In the wake, crypto investors and memecoin enthusiasts are still scratching their heads — pondering if the frog-themed token could ever hope to return to pre-rug prices.
Speaking to Cointelegraph, crypto trader Reetika Trades saw some potential positivity for PEPE, despite admitting the manner in which the devs sold wasn’t ideal. She believes that the event will ultimately have “negligible effects” on the token’s outlook in the long run.
“It’s a memecoin with no promise of utility, so some devs leaving makes no difference to the token,” she said.
“By selling a lot of the coins now, the threat of the total number of potential coins the devs could dump on people has reduced in the future — which is healthier in the long run.”
However, Reetika also pointed out that Pepe is a memecoin that has made its name by being straightforward that it is fundamentally worthless and has no underlying value upon which to price it. As a result, the price of memecoins is prone to extreme volatility, and any investment in these assets should be treated as more akin to gambling.
Similarly, pseudonymous trader Horse said that getting the remaining supply of the tokens out of the hands of the developers who sold was a beneficial move long term, especially if it’s “attempting to become similar” to Dogecoin
.
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“I think it will make a comeback.”
These sentiments were echoed in a report from crypto data provider Kaiko, which noted that despite the sudden crash in price, the liquidity of the memecoin held up surprisingly well.
Pepe liquidity held strong despite the sudden plunge. Source: Kaiko
“It seems that the team’s potential abandonment of the project is not yet the death sentence that some have proclaimed,” Kaiko researchers concluded.
However, not everyone agrees that the future is distinctly bright for Pepe.
Pepe might not be coming back
Analysts from Santiment warned that traders should expect “higher volatility” despite Pepe becoming the top trending cryptocurrency in the wake of the rug pull allegations.
If you are riding the wave of #memecoins during these uncertain market conditions, #Pepecoin has quickly become the top trending #crypto topic this weekend. Former team members are accused of removing $16M. Expect even more high volatility than usual. https://t.co/iQLD7h224s pic.twitter.com/UOR4sTcWwv
— Santiment (@santimentfeed) August 27, 2023
Offering possible the most bearish take on Pepe was prominent trader Kaleo, who said he hoped that the memecoin “completely collapses.”
This may be a controversial take, but at this point I hope $PEPE completely collapses. While I understand a community has developed outside of the founders - the fact remains, as long as the coin survives and does well - the founders continue to do well with it.
And they don’t…
— K A L E O (@CryptoKaleo) August 26, 2023
Even following the announcement of the new direction from the Pepe team, Kaleo said he would remain on the sidelines. However, he admitted that Pepe would probably “rally to new highs from here just to spite me because I decided to take a perceived moral high ground and sideline myself.”
Related: PEPE price to zero? Pepecoin rug pull allegations put memecoin at risk
Meanwhile, in the wake of the turmoil with Pepe, one anonymous team has ventured to create yet another spin-off of the original Pepe token, one that they claim is free from the issues that came along with its predecessor.
Speaking to Cointelegraph, the team behind the project described the new PEPE token as the “true essence” of decentralized finance.
“The new Pepe token is essentially what the old Pepe token should have been; decentralized, community driven, no team tokens and deflationary,” they said.
Why is Dogecoin price up today?
Dogecoin
price is up roughly 5% in the last 24 hours, mirroring trends elsewhere in the cryptocurrency market.
Grayscale news pumps Dogecoin
Despite DOGE price being down 2.4% on Aug. 30, it's still up 5% from yesterday's lows, while the total crypto market capitalization has gained 4.5%.
Related: Why is Bitcoin price up today?
DOGE/USD versus crypto market capitalization daily performance chart. Source: TradingView
Dogecoin's price started rallying after the U.S. Securities and Exchange Commission's (SEC) crackdown on the crypto sector suffered a major setback.
On Aug. 29, a federal court ruled that the SEC randomly prevented Grayscale Investments, a crypto investment platform, from converting its Bitcoin
trust into an exchange-traded fund (ETF). Grayscale's win raised hopes that a spot Bitcoin ETF in the U.S. will become a reality.
99.99999% of the world doesn't know that the SEC has to decide on 7 BTC ETFs within the next 3 days:
-blackrock
-bitwise
-vaneck
-wisdomtree
-invesco
-fidelity
-valkyrie
the suits at our doorstep
— odin free (@odin_free) August 29, 2023
BTC price jumped nearly 8% on the day of the ruling, lifting other crypto assets with it, particularly as Bitcoin and Dogecoin remain in lockstep with a correlation of 0.96.
DOGE/USD and BTC/USD daily correlation coefficient. Source: TradingView
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Elon Musk acquires crypto license for X
Dogecoin's gains in the past 24 hours also coincide with Elon Musk's foray into payment services for X (formerly known as Twitter).
On Aug. 28, Rhode Island’s regulators granted X a currency transmitter license, enabling the social media giant to offer financial services, including crypto. The news started going viral on Aug. 29.
Just In! X (the artist formerly known as Twitter) has just received a license that will let it offer crypto services to store, swap, and transfer Bitcoin and other crypto.
Elon Musk about to intro 400 million users into the market. pic.twitter.com/hKLDC7PMdf
— Lark Davis (@TheCryptoLark) August 29, 2023
Musk, a self-proclaimed Dogecoin supporter, has previously hinted at adding DOGE payments on X. Since then, rumors about DOGE payments on the platform have boosted prices on several occasions.
DOGE price bear flag
From a technical standpoint, Dogecoin has traded inside what appears to be a bear flag pattern since Aug. 17. As a result, DOGE price remains inside a narrow range, which may result in a full-fledged breakdown in the coming weeks.
A bear flag as typically considered a bearish continuation pattern. It resolves after the price breaks below its lower trendline and falls by as much as the height of the previous downtrend (aka flagpole).
As a result, the bear flag target for DOGE/USD is around $0.051 by September, down over 20% from current price levels.
DOGE/USD daily price chart. Source: TradingView
Nonetheless, analyst Crypto Rover argues that Dogecoin's strong fundamentals can instead bolste Dogecoin price in the long term.
Related: Grayscale wins the court battle, but what does this mean for a spot Bitcoin ETF?
Notably, DOGE price is testing a multi-year descending trendline resistance as support seven weeks after breaking above it to potentially confirm the breakout.
DOGE/USD weekly price chart. Source: TradingView/Crypto Rover
Nonetheless, this DOGE price chart presents two key technical resistances: the 50-week exponential moving average (50-week EMA; the red wave) near $0.079 and the 200-week EMA (the blue wave) near $0.086.
DOGE/USD weekly price chart. Source: TradingView
Breaking above these key levels creates a price target of $0.106, which served as support in February 2022, and resistance in October 2022 and April 2023.
Therefore, a 60% price rally by 2023's end is on the cards, but breaking the two key resistance levels will be critical for the bulls in the coming weeks and months.