Lucie (Shitcoin Marketing Officer) recently ignited market discussions by revealing the inside story of centralized cryptocurrency exchanges when Binance launched NEIRO. She publicly questioned the transparency of exchanges on social media, pointing out that there was a lot of manipulation, which further weakened investors' already fragile confidence. She mentioned: "Although I believe that the bull market will eventually come, the current political environment makes exchanges reluctant to promote new coins, and even Elon Musk no longer supports Dogecoin."
It’s no accident that Musk is now distancing himself from Dogecoin.
Due to the scandal involving investor fraud and insider trading in Dogecoin, the market atmosphere has become extremely cautious, which is also reflected in CoinMarketCap's fear and greed index. The price of Dogecoin has therefore been under pressure, falling 0.8% in the last 24 hours and continuing to fall this week. Although Musk's tweets used to easily push up Dogecoin, the effect is not as good as before. He even publicly warned against trusting cryptocurrency projects that use his image to promote, and emphasized that his support for DOGE is only based on personal preference, not investment advice.
Despite this, according to AMBCrypto’s analysis, 70.99% of Dogecoin holders are still in profit, suggesting that the coin may have upside potential in the future.
After the Federal Reserve cut interest rates on Thursday, the price of Bitcoin (BTC) broke through $62,000 for the first time in September, driving a continued recovery in altcoins. Among them, Dogecoin (DOGE) indicates that a bull run may occur in the short term. The leading meme coin currently has a fully diluted valuation of $15 billion, with an average daily trading volume of about $706 million, and has risen nearly 3% in the past 24 hours. The price remained above 10 cents on Thursday.
Dogecoin network activity is also increasing. Dogecoin supporters are looking forward to its integration with the Elon Musk-backed X platform for its upcoming payment function. Musk previously revealed that Dogecoin will soon support payment for Tesla and Starlink goods, which will further promote the development of the meme coin.
According to on-chain data analysis provided by IntoTheBlock, the Dogecoin network processed more than 1.93 million transactions last week, the highest level since July. As a result, the proof-of-work (PoW)-secured blockchain has processed more than 350 million transactions since its inception.
Additionally, the Dogecoin network has over 7.4 million on-chain holders.
Where DOGE price is headed next
The price action of Dogecoin is showing a fractal pattern similar to previous bull cycles. According to the weekly chart, the price of Dogecoin against the US dollar is showing strong support as it retests the 100-day simple moving average (SMA), which could set the stage for a major bull run in the future.
While the 50-day and 200-day moving averages (MAs) have formed a so-called "death cross" on the daily chart, which is generally seen as a bearish signal, DOGE's price appears to be forming a reversal pattern. In addition, Dogecoin has established strong support around $0.094, which, coupled with the rising divergence of the relative strength index (RSI), suggests that significant volatility and price breakthroughs may be in the near term.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
