{"id":549911,"date":"2023-09-04T11:30:24","date_gmt":"2023-09-04T11:30:24","guid":{"rendered":"https:\/\/wncen.com\/?p=549911"},"modified":"2023-09-04T10:36:57","modified_gmt":"2023-09-04T10:36:57","slug":"dogecoin-slide-persists-elon-musk-bio-revelation","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin\/dogecoin-slide-persists-elon-musk-bio-revelation\/","title":{"rendered":"Dogecoin Price Slide Persists Despite This Elon Musk Biography Revelation"},"content":{"rendered":"

The upcoming biography of Elon Musk, set to be published on September 12, is shedding light on some previously unknown facets of the billionaire’s involvement in the crypto and especially Dogecoin world. According to a report by the Wall Street Journal, the biography discloses that Musk has been discreetly funding the development of Dogecoin.<\/p>\n

The tech entrepreneur Musk has been “quietly funding” the development of Dogecoin, the biography unveils, further emphasizing the significant influence Musk has had on the meme coin’s popularity. This revelation comes amidst previous suspicions that Musk’s comments on Dogecoin have been instrumental in swaying its market dynamics.<\/p>\n

Earlier this year, a class-action lawsuit accused him of insider trading and artificially inflating the cryptocurrency’s price. Musk, however, defended his stance, asserting that his tweets in support of Dogecoin were not illegal.<\/p>\n

The biography, penned by Walter Isaacson, also highlights Musk’s consideration of launching a blockchain-based social media platform with integrated payments. The idea came from his brother Kimbal, who suggested starting a completely new social media platform based on blockchain.<\/p>\n

Musk humorously contemplated using Dogecoin as the platform’s payment system. Remarkably, Musk recently clarified that X, the rebranded version of Twitter which he acquired for $44 billion, would “never” introduce its own token.<\/p>\n

Related Reading: Dogecoin And Bitcoin Become Latest Additions To Robinhood Wallet<\/a><\/div>\n

Interestingly, the biography also delves into a failed investment attempt by Sam Bankman-Fried (SBF), the former CEO of the insolvent crypto exchange FTX. SBF had reportedly proposed a $5 billion investment to aid Musk’s acquisition of Twitter. However, following the collapse of FTX, Musk clarified that neither he nor Twitter had ever accepted investments from SBF or FTX.<\/p>\n

Dogecoin Price Is Unimpressed<\/h2>\n

Despite the intriguing revelations from Musk’s biography, Dogecoin’s price trajectory seems to remain unaffected. Currently trading at $0.0633, DOGE’s price movement on the 4-hour chart appears to be in a tight range, oscillating between the 23.6% ($0.0626) and 38.2% Fibonacci retracement levels ($0.0667), displaying a sideways trend in the lower time frame (LTF).<\/p>\n

\"Dogecoin
DOGE trades sideways on the LTF, 4-hour chart | Source: DOGEUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

However, a look at the higher time frame (HTF), the 1-day chart, paints a different picture. Dogecoin’s price has been ensnared in a persistent downtrend since December of the previous year. This downtrend, characterized by a descending trend channel, has remained intact. In late July, DOGE experienced a bounce off the upper trendline of this channel, only to resume its steady decline.<\/p>\n

\"Dogecoin
DOGE downtrend continues on the HTF, 1-day chart | Source: DOGEUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Concerningly, pivotal support levels, including the 200-day EMA, have been breached, signaling potential bearish momentum. Based on the current chart patterns, there’s a looming possibility that DOGE might retest its annual low at $0.05593. In a more pessimistic scenario, a descent to the lower boundary of the descending channel, pegged roughly at $0.05, seems possible.<\/p>\n

Related Reading: Dogecoin Price (DOGE) Holds Strong \u2013 Why Bulls Could Aim Rally To $0.078<\/a><\/div>\n

Nevertheless, if DOGE manages to staunchly defend its current price level, it might present a lucrative entry point for prospective investors. For a significant price rally to materialize, it’s crucial for DOGE to rebound from this (new potential) low with substantial buying volume, setting its sights on a price target above $0.058.<\/p>\n

Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The upcoming biography of Elon Musk, set to be published on September 12, is shedding light on some previously unknown facets of the billionaire’s involvement in the crypto and especially Dogecoin world. According to a report by the Wall Street Journal, the biography discloses that Musk has been discreetly funding the development of Dogecoin. The tech entrepreneur Musk has been “quietly funding” the development of Dogecoin, the biography unveils, further emphasizing the significant influence Musk has had on the meme coin’s popularity. This revelation comes amidst previous suspicions that Musk’s comments on Dogecoin have been instrumental in swaying its market dynamics. Earlier this year, a class-action lawsuit accused him of insider trading and artificially inflating the cryptocurrency’s price. Musk, however, defended his stance, asserting that his tweets in support of Dogecoin were not illegal. The biography, penned by Walter Isaacson, also highlights Musk’s consideration of launching a blockchain-based social media platform with integrated payments. The idea came from his brother Kimbal, who suggested starting a completely new social media platform based on blockchain. Musk humorously contemplated using Dogecoin as the platform’s payment system. Remarkably, Musk recently clarified that X, the rebranded version of Twitter which he acquired for $44 billion, would “never” introduce its own token. Related Reading: Dogecoin And Bitcoin Become Latest Additions To Robinhood Wallet Interestingly, the biography also delves into a failed investment attempt by Sam Bankman-Fried (SBF), the former CEO of the insolvent crypto exchange FTX. SBF had reportedly proposed a $5 billion investment to aid Musk’s acquisition of Twitter. However, following the collapse of FTX, Musk clarified that neither he nor Twitter had ever accepted investments from SBF or FTX. Dogecoin Price Is Unimpressed Despite the intriguing revelations from Musk’s biography, Dogecoin’s price trajectory seems to remain unaffected. Currently trading at $0.0633, DOGE’s price movement on the 4-hour chart appears to be in a tight range, oscillating between the 23.6% ($0.0626) and 38.2% Fibonacci retracement levels ($0.0667), displaying a sideways trend in the lower time frame (LTF). However, a look at the higher time frame (HTF), the 1-day chart, paints a different picture. Dogecoin’s price has been ensnared in a persistent downtrend since December of the previous year. This downtrend, characterized by a descending trend channel, has remained intact. In late July, DOGE experienced a bounce off the upper trendline of this channel, only to resume its steady decline. Concerningly, pivotal support levels, including the 200-day EMA, have been breached, signaling potential bearish momentum. Based on the current chart patterns, there’s a looming possibility that DOGE might retest its annual low at $0.05593. In a more pessimistic scenario, a descent to the lower boundary of the descending channel, pegged roughly at $0.05, seems possible. Related Reading: Dogecoin Price (DOGE) Holds Strong \u2013 Why Bulls Could Aim Rally To $0.078 Nevertheless, if DOGE manages to staunchly defend its current price level, it might present a lucrative entry point for prospective investors. For a significant price rally to materialize, it’s crucial for DOGE to rebound from this (new potential) low with substantial buying volume, setting its sights on a price target above $0.058. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":549914,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[1785,7,79599,8375,4257,88681],"class_list":["post-549911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge","tag-dogecoin","tag-dogeusd","tag-elon-musk","tag-twitter","tag-x"],"acf":[],"yoast_head":"\nDogecoin Slide Persists Despite This Elon Musk Bio Revelation<\/title>\n<meta name=\"description\" content=\"The upcoming biography of Elon Musk is shedding light on some facets of the billionaire's involvement in the crypto and Dogecoin world.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Dogecoin Price Slide Persists Despite This Elon Musk Biography Revelation","url":"http:\/\/wncen.com\/news\/dogecoin\/dogecoin-slide-persists-elon-musk-bio-revelation\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/dogecoin\/dogecoin-slide-persists-elon-musk-bio-revelation\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/iStock-1351980781.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/iStock-1351980781.jpg?fit=2121%2C1414"},"articleSection":"Dogecoin","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["doge","dogecoin","dogeusd","elon musk","twitter","x"],"dateCreated":"2023-09-04T11:30:24Z","datePublished":"2023-09-04T11:30:24Z","dateModified":"2023-09-04T11:30:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Dogecoin Price Slide Persists Despite This Elon Musk Biography Revelation\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin\\\/dogecoin-slide-persists-elon-musk-bio-revelation\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/dogecoin\\\/dogecoin-slide-persists-elon-musk-bio-revelation\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/iStock-1351980781.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/iStock-1351980781.jpg?fit=2121%2C1414\"},\"articleSection\":\"Dogecoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"doge\",\"dogecoin\",\"dogeusd\",\"elon musk\",\"twitter\",\"x\"],\"dateCreated\":\"2023-09-04T11:30:24Z\",\"datePublished\":\"2023-09-04T11:30:24Z\",\"dateModified\":\"2023-09-04T11:30:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/iStock-1351980781.jpg?fit=2121%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549911"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=549911"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549911\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/549914"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}