Dogecoin

Elon Musk wants to bring Dogecoin back to Tesla online store

Published

2 months ago

August 31, 2024

Dogecoin, which Tesla CEO Elon Musk called his “fav cryptocurrency” back in 2019, could be making a comeback as a payment option on the electric vehicle maker’s website.

Recall January 2022, when Tesla began accepting the meme token as a payment option for certain merchandise (i.e., apparel and accessories) in its online store.

At some point, Dogecoin (DOGE) mysteriously disappeared as a payment option, prompting fans to inquire on X.com about possibly bringing it back.

Musk, who owns X.com and a majority of Tesla stock, is interested.

“Me,” Musk wrote in reply to an X user who asked whether anyone would like Tesla to “reinstate the option of”bring back the Dogecoin payment option” for merchandise. See below.

Currently, the Tesla store only accepts credit cards as a payment. It’s not clear when or why Dogecoin stopped being a payment option. The Austin, Texas-based company never broadly accepted Dogecoin for car payments, and there wasn’t a formal announcement about “removing” it as a payment option.

Musk the environmentalist?

Tesla’s crypto-as-a-payment policy is especially confusing, considering — in 2021 — Musk posted that the company intends to “use [Bitcoin] for transactions as soon as mining transitions to more sustainable energy.”

See below.

Cryptocurrencies like Bitcoin and Dogecoin require significant amounts of electricity to process transactions and ensure their respective networks remain secure.

Environmentalists and investors pointed out how the carbon footprint associated with cryptocurrency transactions was seemingly at odds with Tesla’s clean energy initiatives.

It’s also worth noting that Musk is a staunch supporter of former President and current Republican nominee Donald Trump, who pledges to roll back clean energy initiatives if re-elected.

Legal drama

Musk’s affirmation for Dogecoin came less than 24 hours after U.S. District Judge Alvin Hellerstein dismissed a federal lawsuit that accused the Tesla chief of defrauding investors through insider trading and market manipulation of Dogecoin.

The suit alleged that Musk misused his position as the world’s richest man to inflate the price of Dogecoin over “36,000%” and then let its price crash, leading to losses for investors.

The plaintiffs argued that Musk’s actions could be justified as a “Dogecoin Pyramid Scheme,” where he promoted the cryptocurrency to profit from the volatility he allegedly created.

The price of DOGE once reached an all-time high of $0.73 but has yet to reach those price levels again.

Hellerstein said any statements made about Dogecoin are “aspirational and puffery, not factual” and that “no reasonable investor could rely upon them” for making investment decisions.

The judge also found that the facts did not support the plaintiffs’ allegations of a “pump and dump” scheme, market manipulation, and insider trading, underlining that it was “not possible to understand the allegations that form the basis” of these claims.

Whether the Dogecoin lawsuit dismissal bodes well for Tesla fans to once again use the dog-themed coin as a payment option when buying, say, a Cybertruck t-shirt, remains to be seen.

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Altcoins

Risk-To-Reward on Ethereum Looking ‘Too Good To Pass Up’ According to Crypto Analyst – Here’s Why

Published

2 days ago

November 5, 2024

admin

A popular on-chain strategist says Ethereum (ETH) is showing a great risk-reward ratio setup.

Analyst Ali Martinez tells his 76,900 followers on the social media platform X that ETH appears to be forming a bullish ascending channel on the weekly timeframe.

“The risk-to-reward ratio on Ethereum is too good to pass up for a long position! I’ve set my stop below $1,880 and am aiming for a target of $6,000.”

Looking at his chart, the analyst suggests ETH is holding the bottom trend line of the ascending channel as support and could soon re-test the upper bound at around $6,100.

However, fellow crypto trader Benjamin Cowen tells his 819,000 YouTube subscribers that based on a historic pattern of Ethereum bottoming out during the fourth quarter, he’s anticipating ETH drops to its logarithmic trendline, potentially as low as $1,000.

“When I look at the cycle, I see ETH at $2,400 and I just think that there is a really high probability that within a couple of months, probably in less than two months, we will look back at this and see that Ethereum finally went home and it took until Q4 of 2024 to do so…

In 2016, you can see that Ethereum finally entered the lower logarithmic correction trendline in basically early to mid-November. In 2019, it entered it in August but then it got back above it and then didn’t really durably stay in it until almost late September and October.”

ETH is trading for $2,409 at time of writing, down 2.1% in the last 24 hours.

Next up, the analyst says that Dogecoin (DOGE) is signaling a bullish reversal on the TD Sequential indicator, which traders use to predict potential trend reversals for tokens based on the closing prices of their previous nine or 13 bars or candles.

“The TD Sequential indicator has flashed a buy signal on the Dogecoin four-hour chart! If DOGE holds above the $0.141 support, we could see a rebound to $0.162.”

He also suggests that if DOGE flips the $0.169 level into support, the next resistance level would be in sight.

“If Dogecoin DOGE breaks above the $0.169 resistance, we could see a 27% rally up to $0.209!”

DOGE is trading for $0.162 at time of writing, up 7.4% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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doge

Dogecoin (DOGE) Poised for a Move: Will It Start a Fresh Increase?

Published

3 days ago

November 4, 2024

admin

Dogecoin started a downside correction from the $0.180 zone against the US Dollar. DOGE tested $0.1420 and is currently recovering losses.

DOGE price started a fresh decline from the $0.180 resistance level.
The price is trading below the $0.1650 level and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh increase if it clears the $0.1550 and $0.1580 resistance levels.

Dogecoin Price Eyes Fresh Increase

Dogecoin price started a fresh decline after it failed to clear the $0.180 resistance like Bitcoin and Ethereum. DOGE declined below the $0.1720 and $0.1650 support levels.

The price even declined below $0.1550 before the bulls appeared. A low was formed at $0.1422 and the price is now attempting a recovery wave. There was a move above the $0.150 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1790 high to the $0.1422 low.

Dogecoin price is now trading below the $0.1550 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1550 level. The next major resistance is near the $0.1580 level. There is also a key bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair.

A close above the $0.1580 resistance might send the price toward the $0.1600 resistance. Any more gains might send the price toward the $0.1650 level or the 61.8% Fib retracement level of the downward move from the $0.1790 high to the $0.1422 low. The next major stop for the bulls might be $0.1720.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1550 level, it could start another decline. Initial support on the downside is near the $0.1480 level. The next major support is near the $0.1420 level.

The main support sits at $0.1400. If there is a downside break below the $0.1400 support, the price could decline further. In the stated case, the price might decline toward the $0.1320 level or even $0.1300 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1480 and $0.1420.

Major Resistance Levels – $0.1550 and $0.1580.

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algo

Analyst Names Two Altcoins That Can Soar About 600% This Cycle, Updates Outlook on Dogecoin

Published

3 days ago

November 4, 2024

admin

A closely followed crypto analyst believes that two altcoins have the potential to skyrocket by as much as 5x before this cycle is over.

Pseudonymous analyst Altcoin Sherpa tells his 228,100 followers on the social media platform X that he’s extremely bullish on the altcoin market.

According to the analyst, even average altcoins will see massive price rallies if conditions turn bullish for crypto.

Specifically, the trader sees the decentralized oracle network Chainlink (LINK) and the layer-1 protocol Algorand (ALGO) printing gains between 400% and 600% before the current cycle comes to a close.

“Market average for sh*tcoins from here on out: probably about 3-5x for this cycle on the low end and 5-10x for prices on the high end.

Meaning: If you buy pretty much anything at this point in time, I expect it to go 3-5x.

Here are two examples with LINK [and] ALGO.”

Looking at the trader’s chart, he seems to predict that LINK will surge by over 350% to revisit all-time high levels. As for ALGO, Altcoin Sherpa shares a chart suggesting that an over 300% move will not even take the coin close to its all-time high of $3.56.

Turning to the top memecoin Dogecoin (DOGE), Altcoin Sherpa thinks the altcoin is taking a breather before sparking a new leg up.

“This is the bottom you want to see for DOGE in my opinion.

Lots of volatility and a range forming.”

At time of writing, DOGE is trading for $0.159.

Altcoin Sherpa also names other coins that he thinks will do well once the market enters full-bull territory.

“Mid-cap memes are taking a lot of mindshare and I still think stuff like BONK/PEPE/WIF probably outperforms a great percentage of utility coins. But if you’re looking for utility, I would prob go:

-New coins like EIGEN
-High float/older coins like FTM (+rebrand)
-new infra coming out like monad/berachain
-new coins that came out and down only (never pumped) aka REZ, ZK and those types

Lots of different ways to play the upcoming alt pump; be flexible and prepared.”

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