Bitcoin

Догецоин је пао за 75% у односу на Битцоин од појављивања Елона Маска у СНЛ-у

09/18/2022
Битцоин Етхереум Невс

Догецоин (DOGE) may be back in the top-ten cryptocurrency by market capitalization, but its loses in both USD and Bitcoin (BTC) terms since Elon Musk’s SNL appearance are considerable.

Dogecoin loses Musk-effect

The DOGE/BTC trading pair has fallen 75% after peaking out at 1,287 satoshis on May 9, 2021, a day after Musk was a guest host on Saturday Night Live, including a sketch titled “The Dogefather.”

ДОГЕ/БТЦ дневни графикон цена. Извор: ТрадингВиев

Before his appearance, the billionaire entrepreneur was relentlessly tweeting Dogecoin memes, images, which helped DOGE — a cryptocurrency that started out as a joke — to attain a market capitalization north of $90 billion in May 2021.

That’s more than 36,000% gains in just two years. But things have gone downhill ever since. 

Investors reflected hopes that even an optimistic wink from Musk on SNL toward DOGE would prompt his 106 million followers to buy the meme-token. But Musk did an unforeseeable thing: he called Dogecoin a “hustle.”

One day later, DOGE’s price began its decline from its all-time high. It continues its downtrend to this day, changing hands for about 300 satoshis versus its peak value of 1,287 satoshis.

Simultaneously, the price of Dogecoin has crashed by more than 90% against the U.S. dollar after peaking out at $0.76 in May 2021.

Elon Musk’s efforts to keep Dogecoin relevant

Musk has made multiple efforts to revive people’s interest in Dogecoin ever since.

Он је у мају 2021 открила he had been working with Dogecoin developers to improve its blockchain’s transaction efficiency since 2019. Additionally, Musk’s Tesla and SpaceX also почео да прихвата DOGE payments for their merchandise, prompting a sharp but short-lived price rally.

Moreover, Musk изјавио during a market crash in March 2022 that he would not sell his crypto holdings, including DOGE and Bitcoin. Nonetheless, Tesla продато 75% of its Bitcoin holdings three months after Musk’s declaration.

The prospect of adding a DOGE могућност плаћања to Twitter also collapsed after Musk backed away from buying the social media giant.

У септембру 2022. Тесла покренуо Cyberwhistle, a limited-edition collectible inspired by its Cybertruck vehicle, which users can purchase only via Dogecoin.

Will Dogecoin rebound, then?

Traders have started ignoring Musk’s celebrated association with Dogecoin, given their half-hearted reactions to his DOGE-related updates lately.

Instead, it appears that traders have been more focused on macro catalysts lately, primarily the Federal Reserve’s back-to-back interest rate hikes that have put downward pressure on cryptocurrencies, stocks, and similar risk-on assets in 2022 and beyond. 

Релатед: Догецоин постаје друга највећа ПоВ криптовалута

The technical setups also suggest the same. For instance, on the weekly chart, DOGE/BTC now tests 307 satoshis as its interim support, given the level’s history as a strong price floor since November 2021.

DOGE/BTC weekly price chart. Source: TradingView

A decisive break below 307 satoshis would have DOGE/BTC test its 200-week exponential moving average (200-week EMA; the blue wave) near 244 satoshis as its downside target in 2022 — a 20% decline.

A 40% decline against the dollar

DOGE price has been trending inside a broad descending channel against the U.S. dolla since it topped in May 2021, now eyeing its lower trendline as the next downside target.

ДОГЕ/УСД недељни графикон цена. Извор: ТрадингВиев

The target appears to be in the range defined by $0.048 and $0.036, given these levels’ history as support. Therefore, DOGE could drop by roughly 40% against the dollar in Q4 2022.

Овдје приказана стајалишта и мишљења су искључиво становишта аутора и не одражавају нужно ставове Цоинтелеграпх.цом. Сваки потез улагања и трговања укључује ризик, приликом доношења одлуке требало би да спроведете сопствено истраживање.