YEREVAN (CoinChapter.com) — This week, U.S. Congress witnessed intense debates on cryptocurrency regulation, focusing significant scrutiny on SEC Chairman Gary Gensler. Accusations flew, labeling him as potentially the most forceful and arbitrary SEC chairman to date, due to his approach of regulating through enforcement. One major discussion was brought forth by Dogecoin co-founder, Billy Markus.
Dogecoin Co-Founder Seeks Non-Security Status from SEC, Citing Bitcoin’s Classification
During the ongoing discussions regarding the SEC’s classifications of various cryptocurrencies, Dogecoin (DOGE) co-founder Billy Markus, known as Shibetoshi Nakamoto, stepped forward with a major request. He urged Gensler to classify Dogecoin as a nonsecurity, mirroring Bitcoin’s status. This appeal followed Gensler’s recent confirmation on CNBC that Bitcoin does not fall under the SEC’s security guidelines.
Shibetoshi Nakamoto on DOGE’s Status. Source: X Exploring DOGE’s Supply Flexibility: A Potential Shift Towards Bitcoin’s Model
Critics often point to Dogecoin’s unlimited supply as a distinguishing factor from Bitcoin, which could complicate its classification. However, Markus countered this by suggesting that a simple code update could limit Dogecoin’s supply, similar to Bitcoin’s fixed supply model. He emphasized this change would require approval from the network’s miners, showcasing the adaptability of blockchain technologies.
Debate on DOGE’s Code Flexibility. Source: X
The outcomes could significantly influence the regulatory framework for cryptocurrencies, especially with the looming November elections.
Dogecoin’s Potential Rally: Analyst Predicts Surge if $0.11 Resistance Is Broken
Dogecoin (DOGE) has experienced a notable increase of approximately 30% since September 7, according to cryptocurrency analyst Ali. Recent data suggests that if DOGE can sustain and surpass the $0.11 resistance level, it might see an additional 30% rise. The meme coin initially dropped to a multi-week low of $0.089 in early September, but recovered, reaching $0.114. This represents a 28% increase from its lowest point.
Dogecoin Breaks $0.111 Resistance: A Path to $0.150. Source: @ali_charts
Moreover, Ali highlighted that over 62,000 wallets currently hold more than 36 billion Dogecoin (DOGE) purchased at around $0.111, marking it as a significant psychological resistance point. If these investors choose to hold onto their assets rather than sell for quick profits, DOGE’s price could potentially climb further. Ali also noted the absence of significant supply barriers ahead, which could facilitate the coin’s advance towards $0.15. Additionally, large-scale investors, or “whales,” have recently acquired around $140 million in DOGE, further supporting the potential for another price rally.
Massive Dogecoin Acquisition: Whales Buy $140 Million in 48 Hours. Source: @ali_charts
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