Gary Gensler cited the “Wild West of the crypto markets” that was “rife with noncompliance” in requesting more than $2.4 billion for the commission’s 2024 fiscal budget.
Popular cryptocurrency Dogecoin (DOGE) experienced another price surge following a tweet from Tesla CEO Elon Musk. The dog-themed cryptocurrency saw a 4% jump just a few minutes after Musk’s post. Musk has previously supported DOGE on multiple occasions via his Twitter account, often posting memes and comments about the cryptocurrency. His tweets have been known to cause significant price movements in the market, with DOGE often surging by double-digit percentages following his endorsements. Musk’s Tweet Causes Another Dogecoin Surge, But Will It Be Short-Lived? Despite experiencing a surge in price following Elon Musk’s tweet, DOGE’s value remains considerably lower than its July high of $0.07518. At its peak, the cryptocurrency rose from $0.069 to $0.072 but soon lost some of its gains. Related Reading: Bitcoin Has Broken This Open Interest Pattern, Quant Explains Currently, DOGE is trading around the $0.070 mark, at $0.0687 at the time of writing. Nonetheless, DOGE is still up by 3% in the 24-hour timeframe. It’s important to note that DOGE’s recent price movements have been encouraging. Despite being range-bound for the past two weeks, DOGE’s price has managed to maintain above its 200-day Moving Average (MA), which is a positive sign for the potential continuation of bullish momentum. In addition, DOGE’s average directional movement index (ADX) indicator is pointing towards another attempt to breach and regain its July high. The ADX is currently peaking to the upside, which indicates that the altcoin is gaining strength. Furthermore, DOGE’s Squeeze Momentum Indicator suggests that the cryptocurrency is entering another potential uptrend phase, which its ADX also supports. All these factors combined could help DOGE regain the $0.01 mark it reached in April. Nevertheless, despite its recent surge in price, DOGE may face challenges in maintaining its uptrend due to low trading volume. In addition, the cryptocurrency is expected to encounter significant resistance in the near term. If DOGE can sustain its uptrend, it will likely face challenges from the 50-day Moving Average (MA) currently at $0.07481. Furthermore, DOGE must overcome a resistance wall at $0.0752 to regain its July high. Related Reading: Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion According to Token Terminal data, DOGE’s market capitalization is $9.83 billion, with a circulating supply of tokens. Its fully diluted market capitalization is also $9.83 billion. However, DOGE’s price-to-fully-diluted ratio (P/F ratio) is currently at an extremely high level of 16,006.25x, indicating that the cryptocurrency is trading at a premium relative to its fully diluted market capitalization. The P/F ratio has increased by 226.7% over the past 24 hours, suggesting that there may be increased demand for DOGE in the market. In conclusion, while DOGE’s recent surge in price can be attributed to Musk’s tweet, it remains to be seen whether it will continue to experience significant price movements in response to social media mentions and other media attention. Featured image from iStock, chart from TradingView.com
A popular Bitcoin price model returns to center stage as BTC’s next halving approaches.
There are “traps” lying in wait for innovators at the vanguard of fintech and quantum computing, according to researchers.
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With the possible start of the next bull run just around the corner, I felt the need to share this important message once again. First things first, don't beat yourself up if you missed out on holding a project or didn't jump in at the perfect moment as some random person suggested. Just take a…
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He Follows, If the USA/SEC had followed their example by setting clear regulations that required the separation of customer and business funds and clear wallet requirements, NO ONE HERE WOULD HAVE LOST MONEY ON FTX. But of course they chose to litigate to regulate. You need to face the fact of the matter that crypto…
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With all the euphoria of moons lately I think it’s important to remember this phrase. There are so many people saying things like “I’m up by xxx dollars” or “my net worth has increased by xxx ” or words to that effect. Just try not to get carried away and remember: It’s all “paper money”…
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Bitcoin’s failure to rebound off strong support levels increases the risk of a deeper correction that could also negatively impact altcoins.
Publishing the ETF applications in the official journal of the U.S. government gives the SEC up to 240 days for final approval or denial — until March 2024.
