The upcoming biography of Elon Musk, set to be printed on September 12, is shedding gentle on some beforehand unknown sides of the billionaire’s involvement within the crypto and particularly Dogecoin world. Based on a report by the Wall Avenue Journal, the biography discloses that Musk has been discreetly funding the event of Dogecoin.
The tech entrepreneur Musk has been “quietly funding” the event of Dogecoin, the biography unveils, additional emphasizing the numerous affect Musk has had on the meme coin’s recognition. This revelation comes amidst earlier suspicions that Musk’s feedback on Dogecoin have been instrumental in swaying its market dynamics.
Earlier this yr, a class-action lawsuit accused him of insider buying and selling and artificially inflating the cryptocurrency’s worth. Musk, nonetheless, defended his stance, asserting that his tweets in help of Dogecoin weren’t unlawful.
The biography, penned by Walter Isaacson, additionally highlights Musk’s consideration of launching a blockchain-based social media platform with built-in funds. The concept got here from his brother Kimbal, who advised beginning a totally new social media platform primarily based on blockchain.
Musk humorously contemplated utilizing Dogecoin because the platform’s fee system. Remarkably, Musk not too long ago clarified that X, the rebranded model of Twitter which he acquired for $44 billion, would “by no means” introduce its personal token.
Curiously, the biography additionally delves right into a failed funding try by Sam Bankman-Fried (SBF), the previous CEO of the bancrupt crypto change FTX. SBF had reportedly proposed a $5 billion funding to assist Musk’s acquisition of Twitter. Nevertheless, following the collapse of FTX, Musk clarified that neither he nor Twitter had ever accepted investments from SBF or FTX.
Dogecoin Value Is Unimpressed
Regardless of the intriguing revelations from Musk’s biography, Dogecoin’s worth trajectory appears to stay unaffected. At present buying and selling at $0.0633, DOGE’s worth motion on the 4-hour chart seems to be in a decent vary, oscillating between the 23.6% ($0.0626) and 38.2% Fibonacci retracement ranges ($0.0667), displaying a sideways pattern within the decrease time-frame (LTF).
Nevertheless, a take a look at the upper time-frame (HTF), the 1-day chart, paints a unique image. Dogecoin’s worth has been ensnared in a persistent downtrend since December of the earlier yr. This downtrend, characterised by a descending pattern channel, has remained intact. In late July, DOGE skilled a bounce off the higher trendline of this channel, solely to renew its regular decline.
Concerningly, pivotal help ranges, together with the 200-day EMA, have been breached, signaling potential bearish momentum. Based mostly on the present chart patterns, there’s a looming risk that DOGE would possibly retest its annual low at $0.05593. In a extra pessimistic situation, a descent to the decrease boundary of the descending channel, pegged roughly at $0.05, appears doable.
However, if DOGE manages to staunchly defend its present worth stage, it’d current a profitable entry level for potential buyers. For a big worth rally to materialize, it’s essential for DOGE to rebound from this (new potential) low with substantial shopping for quantity, setting its sights on a worth goal above $0.058.
Featured picture from iStock, chart from TradingView.com