Dogecoin regains $0.45 after Gensler's departure

Dogecoin reached $0.40 on Friday following a week of consolidation that saw DOGE drop 13% from last week's top. The DOGE rise is linked to Gary Gensler's departure by derivative market reports.

Dogecoin regains $0.40 when Gensler leaves.
On November 12, Elon Musk's role in the anticipated Department of Government Efficiency (D.O.G.E) under the incoming Trump government propelled Dogecoin to a three-year high. Since then, DOGE has been consolidating for 10 days as traders took gains.

The data above shows DOGE price rising 185% between November 5 and 12 before falling 13% in the next 10 days.

DOGE commenced trading at $0.38 on November 21, down 13% from the three-year top of $0.44 when Trump announced the D.O.G.E. creation on November 12.

However, on Thursday, news sources claimed that SEC Chair Gary Gensler would resign on January 20.

Crypto aficionados welcomed the announcement since it ended a contentious regime that had included extensive monitoring and lawsuits against numerous crypto businesses and high-profile figures.

The global crypto market reached fresh highs exceeding $3.25 trillion within 24 hours of the news, sending Dogecoin, XRP, and Cardano into double-digit gains. DOGE pricing is over $0.42 as of November 22, up 13% in 24 hours.


On Friday, DOGE price broke $0.40 barrier, allowing optimistic traders to enter futures markets. The amount of leverage applied on Dogecoin futures contracts in the previous 24 hours outpaced the shorts, a move that generally indicates price breakouts.


Friday saw $355.5 million in long Dogecoin (DOGE) leverage and $162.6 million in short contracts. Bullish capital deployed is 118.7% more than shorts, with longs topping shorts by $192.9 million. Dogecoin bulls may have temporarily dominated derivatives markets.

Higher long holdings show traders' optimism about Dogecoin's short-term price. DOGE bulls supporting their heavily leveraged holdings with fast spot purchases might increase market volatility.


#DOGE $DOGE