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Memecoin

Elon Musk Subtly Promotes Dogecoin Again, Sparking Price Increase

by Ouess
written by Ouess

Elon Musk, the billionaire founder of Tesla and SpaceX, has once again drawn attention to Dogecoin (DOGE). In a recent post on his social media platform, X (formerly known as Twitter), Musk referenced a fictional “Department Of Government Efficiency,” which amusingly spells out DOGE.

While it’s unclear if this “department” will ever become a reality, some politicians are already backing Musk’s quirky idea. What is clear, however, is that Musk subtly promoted Dogecoin to his audience of nearly 200 million followers, continuing his unique support for the popular meme cryptocurrency.

Dogecoin Price Sees Bullish Momentum

As Musk’s mention of DOGE made the rounds, Dogecoin’s price responded positively. Since the start of the new trading day, DOGE’s previous decline was almost entirely reversed. The cryptocurrency has already gained 6.76% this week, following a bullish trend.

The price action of DOGE seems to be forming a falling wedge pattern, a technical indicator that could lead to a breakout. If the pattern completes, Dogecoin could reach $0.15, a 50% increase from its current price.

Will Musk’s Influence Boost Dogecoin?

While it’s still uncertain whether Musk’s latest reference to DOGE will drive the price higher, the current market conditions appear favorable. With the combination of bullish technicals and Musk’s ongoing endorsement, DOGE holders remain optimistic about reaching new highs.

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Memecoin

Why Shiba Inu and Dogecoin Prices Are Falling: 3 Key Factors

by Ouess
written by Ouess

The prices of Shiba Inu (SHIB) and Dogecoin (DOGE) have taken a hit due to the ongoing Bitcoin price crash and capital rotation towards newer tokens. Both meme coins, once top performers, are facing a rough patch. Dogecoin’s price dropped by 5.45%, while Shiba Inu saw a 3.3% decrease.

3 Reasons Behind Shiba Inu and Dogecoin’s Price Decline

The market downturn for these popular meme coins has left many puzzled. Despite Dogecoin’s roadmap update and a significant SHIB burn, their prices continue to slide. Here are the three primary factors causing this dip.

1. Profit-Taking & Capital Rotation

Both DOGE and SHIB have been dominant players in the meme-coin space for a while. However, with the introduction of new tokens, many investors are reallocating their capital to emerging cryptocurrencies for potentially higher returns. Recently, TRON-based tokens gained popularity, with one trader making $7 million from a modest investment. This shift has weakened the performance of DOGE and SHIB, exacerbated by a lack of strong bullish momentum.

2. The September Slump

Historically, September has been a challenging month for cryptocurrencies, and this year is no different. Traders have been hesitant to place new trades as market sentiment has shifted toward fear. A report by Rekt Capital shows that Bitcoin has already seen a 6.19% decline in just seven days this month. This historical trend, seen consistently for the past nine years, is now impacting both Bitcoin and altcoins like Dogecoin and Shiba Inu.

3. Bitcoin’s Price Crash

Bitcoin’s performance heavily influences the entire crypto market. The flagship cryptocurrency has been struggling, dropping to as low as $53,000 before slightly recovering to $54,252.53. This ripple effect has pulled down other coins, including DOGE, which now sits at $0.0937, and SHIB, which is at $0.00001297. Whenever Bitcoin struggles, the rest of the market follows suit.

Final Thoughts

The current price drops of Shiba Inu and Dogecoin are part of a broader market crash, driven by weak Bitcoin performance and unfavorable US nonfarm payroll data. The slump has also been fueled by the September decline, a recurring pattern in crypto history. Traders remain cautious as the market navigates through this challenging period.

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Bitcoin

Bitcoin Breaks $61K as Market Awaits Jackson Hole Symposium

by Ouess
written by Ouess

Bitcoin (BTC) surged past $61,000 early Tuesday, driven by significant activity in U.S. spot exchange-traded funds (ETFs) holding the asset. Traders are now closely watching the upcoming Jackson Hole symposium, where Federal Reserve Chair Jerome Powell is set to speak.

Bitcoin ETFs See Second-Highest Inflows of the Month

BTC ETFs recorded over $61 million in net inflows, marking the second-highest activity this month. BlackRock’s IBIT led the way with $92 million in inflows, while Bitwise’s BITB saw $25 million in outflows. Japan’s Metaplanet also made headlines by purchasing an additional $3.4 million worth of BTC, bringing its total holdings to 360.368 BTC.

Market Reactions: Major Tokens Follow Bitcoin’s Lead

Following Bitcoin’s rise, major tokens like XRP and BNB Chain’s BNB saw gains of over 7%. Solana’s SOL and Cardano’s ADA also climbed by 4%. However, Toncoin (TON) dropped by 0.8% over the past 24 hours.

Dogecoin (DOGE) jumped 5% after tech entrepreneur Elon Musk posted an AI-generated image referencing the token on X. Historically, DOGE tends to spike whenever Musk mentions it, although these price jumps are usually short-lived.

Meanwhile, PoliFi tokens remained flat as traders seemed to lose interest. The Trump-themed MAGA token fell by 0.3%, with a trading value of $2.5 million. On Polymarket, Kamala Harris leads Donald Trump 50%-49% in the Presidential election betting contract, which has now reached $650 million.

Traders Eye Jackson Hole for Market Catalysts

While the market was relatively quiet on Tuesday, many traders are looking ahead to Friday, when Powell will speak at the Jackson Hole symposium. “

Powell is expected to signal a shift towards lower borrowing costs next month, a move that could boost bullish sentiment. However, some short-term bearish sentiment persists, particularly due to the recent withdrawal of BTC ETF options by both NYSE and NASDAQ.

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Story

Bitcoin Falls to $60K, Ethereum and XRP Follow

by Ouess
written by Ouess

The cryptocurrency market experienced a sharp downturn today, with Bitcoin (BTC) leading the decline as it slipped to the $60,000 mark. This drop in Bitcoin’s price was accompanied by similar downward trends in other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), and XRP, as market volatility surged.

Bitcoin Price Dips Amid ETF Outflows

Bitcoin’s price faced significant pressure, falling 1.46% over the past 24 hours to settle at $60,512. Throughout the day, Bitcoin fluctuated between a low of $59,587 and a high of $61,464. Despite this volatility, Bitcoin’s market dominance saw a slight increase, reaching 56.48%. However, the pressure on Bitcoin was intensified by ETF outflows totaling $89.73 million, contributing to the broader market’s decline.

Ethereum Price Impacted by Whale Dumps

Ethereum also saw a notable decrease in value, dropping 3.27% to $2,604. This decline aligns with significant whale activity, with large amounts of ETH being transferred to major exchanges like Coinbase and Kraken. Ethereum’s price movement fluctuated between a low of $2,555 and a high of $2,706, with its market cap now standing at $313.1 billion.

Solana Price Dips Amid ETF Talks

Solana (SOL) experienced a 3% drop in price, reaching $154.20. The crypto saw its 24-hour low at $151.23 and a high of $159.57. While Solana’s price dropped, there is growing speculation about the potential approval of a Solana ETF in the U.S. Matthew Sigel, Head of Research at VanEck, suggested that the U.S. might need a regulatory adjustment before such an ETF gains approval.

XRP Price Declines with Whale Activity

XRP followed the broader market trend, falling 4.09% to $0.5912. The asset’s price movement ranged from a low of $0.569 to a high of $0.616. On-chain data revealed substantial whale activity, with millions of XRP being moved to and from Binance, reflecting uncertainty and contributing to the bearish sentiment surrounding the asset.

DOGE and SHIB Prices Slide

Other popular cryptocurrencies also saw declines. Dogecoin (DOGE) dropped 2.01%, trading at $0.1038, while Shiba Inu (SHIB) fell by 0.97% to $0.00001397. Additionally, PEPE, WIF, and BONK recorded drops of 3% to 4%.

Conclusion

Today’s crypto market downturn highlights the ongoing volatility and the impact of whale activity and ETF outflows. With Bitcoin leading the decline, other major cryptocurrencies like Ethereum, Solana, and XRP have followed suit, reflecting broader market challenges.

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Memecoin

Dogecoin Integration with X Payment Service: Facts vs. Rumors

by Ouess
written by Ouess

Mishaboar, a prominent figure in the Dogecoin community, recently addressed the ongoing speculation about Dogecoin being added to X’s payment service. Despite widespread interest, there is no concrete information confirming its inclusion.

Speculation on Dogecoin’s Integration

No Confirmation Yet

Mishaboar acknowledged the excitement surrounding the potential integration of Dogecoin into X’s payment service. However, he emphasized that there is currently no confirmed information about its inclusion. Although X, owned by Elon Musk, has received a money-transmitter license in North Dakota, the details about Dogecoin support remain speculative.

Acquiring Licenses Nationwide

X is in the process of obtaining licenses across all U.S. states to launch its payment service. Despite this progress, Mishaboar pointed out that any connection to cryptocurrency and Dogecoin remains in the realm of rumors and speculation.

Mishaboar’s Views on the Cryptocurrency Market

Market Risks and Speculation

Mishaboar also shared his insights on the broader cryptocurrency market. He highlighted the speculative nature of the market and warned against the proliferation of new tokens, many of which he considers to be scams.

Dogecoin’s Unique Position

Amid recent statistics showing over 1.5 million meme cryptocurrencies created since the launch of the Solana-based Pump Fun app, Mishaboar stressed Dogecoin’s unique status. Unlike other meme tokens, Dogecoin is a decentralized and permissionless cryptocurrency with its own blockchain.

Investing in Dogecoin

Dogecoin’s Unusual Growth

Mishaboar pointed out that Dogecoin was not initially designed for profit. Its significant market cap growth is unusual and unlikely to be easily replicated. He advised limiting exposure to well-known coins and using reputable exchanges to mitigate risks.

Conclusion

While the potential for Dogecoin integration with X’s payment service sparks interest, there is no official confirmation yet. Investors should remain cautious and focus on reputable cryptocurrencies and exchanges.

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Memecoin

Dogecoin Sees $1.1 Billion Whale Activity Amid Network Surge

by Ouess
written by Ouess

The recent surge in Dogecoin’s network activity has caught many eyes. According to IntoTheBlock data, Dogecoin (DOGE) reported a massive $1.1 billion in large transaction volume, indicating significant whale activity.

Large Transactions and Whale Activity

Large transactions, those over $100,000, are often linked to whales or institutional players. In the past 24 hours, Dogecoin experienced a 29.27% increase in large transaction volume, totaling 8.15 billion DOGE. Typically, such surges suggest active buying or selling by large holders.

Increased Network Activity

This spike in large transactions aligns with a notable jump in Dogecoin network activity. Data from IntoTheBlock shows a significant rise in the number of transactions, nearly doubling from 95,390 on July 26 to 196,300 on July 27.

Dogecoin Price Action

All eyes are now on Dogecoin’s price as it anticipates its next major move. At the time of writing, Dogecoin had decreased by 5.32% in the last 24 hours, sitting at $0.13, which mirrors the general market trend. However, trading volume has surged 87% to $1.28 billion as traders actively buy and sell Dogecoin.

After four days of decline, Dogecoin rebounded strongly on July 26. However, bulls could not maintain this momentum, facing resistance at $0.1389 on July 27. Since then, Dogecoin has retreated and is on track for a second consecutive day of losses if it closes in red today.

Potential Price Movements

If a rebound occurs, bulls might push Dogecoin above $0.14. Success in this area could see prices surge past $0.18, although strong selling pressure from bears is expected. Conversely, if Dogecoin drops from current levels, the $0.12 level is anticipated to act as support. A dip below this threshold could lead to increased selling, potentially sending Dogecoin down to $0.10, where bulls are likely to step in.

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Memecoin

Dogecoin Influence: FLOKI Poised for Growth Amid Memecoin Surge

by Ouess
written by Ouess

Dogecoin’s recent rally is making waves across the memecoin market, according to Elon Musk, who views this uptrend as transformative for other dog-themed cryptocurrencies like FLOKI.

Exploring FLOKI’s Potential

Historically, FLOKI has mirrored Dogecoin’s movements, and analysts expect this trend to continue. Currently, a quarter of FLOKI’s circulating supply (2.39 trillion FLOKI) is locked, effectively reducing available tokens for trading.

FLOKI’s ecosystem includes a fee-collecting bot that buys and burns tokens, further limiting supply and potentially supporting price levels.

FLOKI USD Hourly chart

The correlation between Dogecoin and FLOKI is well-established, with FLOKI typically following Dogecoin’s price spikes.

Broader Market Dynamics and FLOKI’s Position

Investors often seek opportunities in related assets, creating a ripple effect. FLOKI, with its distinctive features and active community, emerges as a strong contender for growth.

Elon Musk’s endorsement significantly bolsters this sentiment, given his track record of influencing cryptocurrency markets through social media.

His recent endorsement underscores potential gains in FLOKI, reigniting investor interest. The combination of locked supply and the buy-and-burn mechanism could propel FLOKI’s valuation upward.

DOGE USD Hourly chart

Implications and Market Outlook

Reducing token circulation increases the scarcity and value of remaining tokens. Coupled with heightened demand fueled by Dogecoin’s rally, FLOKI appears poised for a positive trajectory.

Dogecoin’s surge sets the stage for a bullish phase in FLOKI and other memecoins. With historical correlations, reduced supply dynamics, and influential endorsements, FLOKI shows promising prospects.

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Memecoin

Dogecoin Price Recovers to $0.1 Despite Whale Selloff

by Ouess
written by Ouess

The Dogecoin price recovers significantly today, regaining the crucial $0.1 support level with a solid 15% rally. This recovery follows a massive selloff by two major Dogecoin holders, who moved over 500 million DOGE to exchanges during a broader crypto market crash.

Market Volatility and Whale Activity

Despite the selloff, Dogecoin has bounced back. Two prominent Dogecoin holders, often referred to as “whales,” transferred a combined total of over 500 million DOGE to exchanges. This significant movement happened during a recent crypto market crash, increasing market volatility.

Whale Transactions and Market Speculation

Whale Alert, an on-chain transaction tracker, identified two large DOGE transactions. The first, from a wallet labeled “DU8gP….guBr5,” moved 370 million DOGE, worth around $39.34 million, to Binance. The second whale, with the address “DGyy2…RJ15g,” transferred 137 million DOGE, valued at $13.9 million, to Robinhood. These substantial movements have sparked various speculations within the crypto community about the motivations behind these selloffs.

Possible Reasons Behind Whale Selloffs

Some analysts suggest that these whales engaged in panic selling, reacting to the broader market downturn to minimize potential losses. Others argue that these large-scale investors might have seized the opportunity to book profits, capitalizing on the recent price recovery and renewed momentum in the DOGE market.

Dogecoin’s Price and Performance

The timing of these whale activities has fueled speculation. During a broader market correction, the sale of over 500 million DOGE by major holders added to the tense atmosphere. However, Dogecoin’s quick recovery to its $0.1 support level highlights its resilience and strong community backing.

Impact of Whale Actions on Market Dynamics

Crypto experts note that whale actions often significantly impact market dynamics. Large transfers can lead to price fluctuations and increased volatility, as seen in the recent DOGE scenario. Despite the pressure from substantial selloffs, Dogecoin’s recovery suggests robust support from retail and smaller investors, helping the meme coin regain lost ground quickly.

Current Market Status

At the time of writing, Dogecoin has rallied 14.68%, trading at $0.1082. Its trading volume fell nearly 35% to $1.06 billion. Over the last 24 hours, Dogecoin touched a low of $0.09415 and a high of $0.1092, reflecting the volatile market scenario.

Futures Market Interest

Additionally, CoinGlass data showed that Dogecoin Futures Open Interest rose nearly 7% to $523.3 million. This indicates heightened market interest in Dogecoin.

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Losers

Crypto Market Update: Major Tokens Slide Amid Profit-Taking and ETF Outflows

by Ouess
written by Ouess

The absence of short-term catalysts is likely weighing down token prices, according to one trader.

Major cryptocurrencies experienced declines, influenced by ongoing profit-taking and significant net outflows from U.S.-listed bitcoin exchange-traded funds (ETFs) on Monday. This has put a damper on bullish sentiment.

Key Movements in Major Tokens

TOTAL Market CAP

  • Bitcoin (BTC): Dropped to nearly $66,500, erasing all gains made on Monday. It has been fluctuating around the 50-day moving average of $66,000, challenging the medium-term uptrend.
  • Ether (ETH): Fell to $3,400, undoing all gains from the previous week.
  • Dogecoin (DOGE) and Solana (SOL): Both saw significant losses, with DOGE and SOL dropping as much as 9% over the past 24 hours, according to CoinmarketCap.
  • Ton Network (TON): Declined by 5%.
  • BNB Chain (BNB): Outperformed with a smaller loss of just 1.5%.

Recent Market Influences

Last week, Bitcoin dipped below the $65,000 mark for the first time in a month. This decline was linked to ETF net outflows exceeding $500 million and the Federal Reserve’s indication of only one interest rate cut in 2024.

Expert Insights

Neil Roarty, an analyst at investment platform Stocklytics, highlighted political uncertainty as a contributing factor. Emmanuel Macron’s unexpected decision to call a snap election in France strengthened the dollar, prompting traders to exit the euro.

“A strong dollar tends to put downward pressure on Bitcoin,” Roarty explained. He noted that lower interest rates and a weaker dollar would be necessary for BTC to approach the $70,000 mark.

Ethereum and Altcoins

TOTAL2 Total Market Cap excluding BTC

FxPro senior market analyst Alex Kuptsikevich noted generally bearish sentiment. Although positive developments regarding Ethereum ETFs briefly boosted ETH by over 6% last Friday, it has since lost nearly 1.5% since Monday morning.

“Ethereum’s brief recovery under optimistic ETF expectations didn’t sustain,” Kuptsikevich commented. “Increased liquidity during weekdays tends to favor bears, heightening selling interest.”

As the market navigates these challenges, traders remain cautious, closely monitoring political and economic developments that could impact future movements in the cryptocurrency sector.

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Forecast

Dogecoin Price Potential: Doubling Expectations Amidst Market Hurdles and Positive Momentum

by Ouess
written by Ouess

When it comes to the digital asset scene, few tokens hold as much fame as Dogecoin. Originally born as a playful riff on Bitcoin, it quickly carved its own space in the market, becoming what we now know as a ‘meme coin.’

And guess what? There’s a buzz in the air suggesting that Dogecoin might be gearing up for something big. Yep, word on the street is, if it tackles this one major challenge it’s facing, Dogecoin could potentially double its price.

According to Martinez, the big deal here is the convergence of a couple of key indicators: the 0.786 Fibonacci level and the 100-week and 200-week exponential moving averages (EMA). Martinez thinks that if Dogecoin manages to break through this barrier, it might just pave the way for a near doubling of its price, keeping that positive momentum going strong.

Martinez also points to a target price of $0.14 after such a breakthrough. What adds weight to this idea is the recent surge in Dogecoin’s popularity, with the count of DOGE addresses hitting 5 million. This basically screams that Dogecoin’s still a big player and has a solid grip on the market.

There’s been chatter about Dogecoin showing increased daily activity too, riding high on the wave of positive vibes about its performance. True, hurdling over the $0.87 mark won’t be a walk in the park, but hey, nothing’s impossible, right? Over the past week, Dogecoin’s value shot up by 11.02%, and on a monthly scale, it’s clocked an impressive 18.97% increase. All signs seem to point to the potential for overcoming this hurdle

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