DOGE/USDT : IS DOGE can become a reliable crypto currency ?
Updated
DOGEUSDTHello everyone 😃
The answer is NO ! For more information, Please the caption carefully...
DOGE is trying to break the current bearish trendline.
Also it bounced nicely from EMA20 on 4H TF and MA50 is acted as a stiff support for DOGE !
Recent fundamentals are makes two different scenarios for DOGE and as you know, Technical analysis is not reliable for current situation.
- Elon Musk-Touted Dogecoin Becomes Available on Blockchain.com
- CARDANO Creator Says Dogecoin Is Existential Threat to Crypto Space
- Elon Musk-Touted Dogecoin Becomes Available on Blockchain.com :
Joke cryptocurrency Dogecoin has been listed on Blockchain.com, the company announced Thursday.
Blockchain team said : It's pretty amazing what can happen when you let people securely trade a meme. All we can say is: Wow. Much amaze. Such enjoyment.
Earlier this week, the cryptocurrency—which has been memed into becoming a $90 billion asset by the likes of Tesla CEO Elon Musk—was also added by popular Israeli online broker eToro and Winklevoss-helmed cryptocurrency exchange Gemini.
🔰 Based on Blockchain acts and other exchanges listings, They are pointing another space for DOGE to bounce again !
But on other hand; CARDANO Creator Says Dogecoin Is Existential Threat to Crypto Space :
In a new update on the state of CARDANO and the crypto markets, Hoskinson says DOGE isn’t sustainable and is likely to result in a systemic, catastrophic failure that will disenfranchise millions of investors.
He believes such an event could “destroy the reputation” of the crypto industry and even lead to more stringent regulations.
The Input Output Hong Kong (IOHK) chief executive says the root of the problem is that people aren’t buying Dogecoin for its utility.
“When someone buys DOGE, if you look at the commentary of the community, 99% is, ‘We’re going to get rich.’
The only way you get rich with DOGE is if you take your Dogecoin and sell it to someone else. So that other person, you have to ask – why are they buying it?
Are they purchasing that because they intend on using it for something? Or are they purchasing that because they want to get a 10x?
If that mentality persists, there are only so many doublings you can have before it doesn’t happen anymore and then a panic sale happens.”
🔰 Logically DOGE is not a coin with potential for natural growth, There are many repeated signs of 2018's crash...
- People are no investing into a coin with great technical overview or good events and projects, They are investing into a bubble which is made by key players !
📌 Basically; Technical indicators has reached their limits and there will be a huge cooldown for DOGE, We just can't predict the exact time of this incoming cooldown but it won't happens near this current level !
you may asks your self why is this level so important ?
According to recent publicly available data suggests relatively few people are actually using the blockchain, and those who do use it account for an incredibly large portion of its overall activity.
📚 Over 1.4 million transactions were counted on the Ethereum blockchain yesterday, according to data from Bitinfocharts, while close to 300,000 were counted on Bitcoin. Compare this to just 76,000 recorded on the Dogecoin blockchain, and an apparent wealth gap begins to emerge.
Indeed, when looking at Dogecoin’s average transaction value on the day in question, it stood at almost double that recorded on Bitcoin (BTC). The average DOGE transaction value stood at $800,000, compared to $420,000 on BTC. Its statistics relative to Ethereum paint an even more dire picture — Dogecoin’s average transaction value exceeded Ethereum’s by 8,000%, despite processing only 5% of the number of transactions.
📍 However, it should also be noted that the coin’s recent peak of $0.69 is the same price target set by Reddit traders intent on artificially pumping DOGE’s valuation.
The price point was originally intended to be reached on April 20 — a joke on top of a joke on 4/20 day.
Dogecoin only reached a price of $0.420 at the time (boom), but now, a little over two weeks later, it has finally achieved its jocular goals.
The ultimate price point being pursued by traders is $1.
❗❗❗ If more evidence is needed that markets are not always rational, look no further than this year’s GameStop pump, where the share price of a near-dead brand increased by over 9,000%.
“Dogecoin has always been a joke, and the joke keeps getting funnier,” stated the Galaxy Digital report. Author of the report and head of firmwide research at Galaxy Digital Alex Thorn did praise Dogecoin for its lack of pretense, noting that the coin’s fortunes weren’t tied to foundation announcements or developer promises and that its only goal was to elicit a reaction.
- Special thanks to Greg Thomson who provided us this great overview of DOGE's recent data...
Now you all know the reasons behind of all this bounces on this meme coin.
Whales has reached this level and they won't let the DOGE slips below it...
But you have to be hold with caution, Market makers won't give any opportunity to you !
If you see that Elon Musk is supporting it; Cause he likes jokes.. This is what Spencer Bogart, general partner at Blockchain Capital said on May.04 .
On February.04, Elon Musk's Twitted : Dogecoin is the people’s crypto
According to above data that I mentioned for DOGE's transactions, I don't think it's the people’s crypto..
🔺 What people really needs from crypt currencies and blockchain :
- People needs a community to learn
- People needs valuable sources and assets to invest
- People needs enough knowledge to invest on their own research
However there will be always a person who's searching for getting rich overnight.
🔴 I don't mean to criticize any other person, I just tried to help people on my own vision!
Hope I can help you to choose the correct way for investing !
Always do your own research...
Thanks.
Helical_Trades
Note
Grayscale founder went short on doge.Who warned you first ?
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