#ElonMusk 's planned biography, which is scheduled to be released on September 12, is illuminating some hitherto obscure aspects of the billionaire's engagement with the cryptocurrency community, particularly the Dogecoin community. The biography reveals that Musk has been covertly sponsoring the creation of Dogecoin, the Wall Street Journal said.
The biography reveals that tech mogul Musk has been "quietly supporting" the creation of Dogecoin, highlighting the tremendous impact Musk has had on the joke coin's growth. This information confirms earlier rumours that Musk's remarks about Dogecoin play
A class action lawsuit filed earlier this year charged him with insider trading and boosting the price of the cryptocurrency. Musk, on the other hand, maintained his position and said that his tweets endorsing Dogecoin were lawful.
Musk's contemplation of developing a blockchain-based social networking platform with built-in payments is also highlighted in Walter Isaacson's book. His brother Kimbal, who proposed creating an entirely new social media network based on blockchain, was the source of the concept.
Musk joked that the platform's payment method may be Dogecoin. Unusually, Musk just made it clear that X, the renamed version of Twitter he bought for $44 billion, will "never" launch its own coin.
Curiously, the biography also discusses Sam Bankman-(SBF), Fried's the former CEO of the bankrupt cryptocurrency exchange FTX, unsuccessful investment attempt. SBF is said to have offered a $5 billion investment to support Musk's purchase of Twitter. Musk confirmed, however, that neither he nor Twitter had ever taken money from SBF or FTX after FTX's demise.
Although Musk's biography contains some exciting discoveries, Dogecoin's price trend appears to be unaffected. The price of #DOGE , which is currently $0.0633, is moving in a narrow range on the 4-hour chart, bouncing between the 23.6% and 38.2% Fibonacci retracement levels ($0.0626 and $0.0667), with the lower time frame showing a sideways trend (LTF).
The 1-day chart, which represents the higher time frame (HTF), presents a distinct image. The price of Dogecoin has been stuck in a steady downward trend since December of the previous year. This downward tendency, which is shown by a lowering trend channel, has not changed. Late in July, DOGE witnessed a rebound off this channel's upper trendline before starting to drop steadily again.
Important support levels, such as the 200-day EMA, have been violated, raising concerns about future negative momentum. There is a growing probability that DOGE might test its yearly bottom around $0.05593 once more based on the present trend patterns. A decline to the bottom border of the declining channel, around $0.05, appears feasible under a more gloomy scenario.
Yet, DOGE may offer a profitable entry point for potential investors if it can firmly defend its current price level. It's essential for DOGE to recover from this (new possible) bottom with considerable purchasing volume, setting its eyes on a price objective above $0.058, for a meaningful price bounce to occur.