Mooners & Shakers: Will Elon Musk send DOGE (and the rest of crypto) to the moon?

The US Dollar Index has been trending up, so Bitcoin has been trending down. Meanwhile, Elon Musk continues to give Dogecoin more bite.

'Fly DOGE to the moon … da-da da dee-dee do da dum …' Picture: Getty Images

The US Dollar Index has been trending up for the past five days, which will have something to do with why Bitcoin is in the doldrums this week.

But never mind that, the crypto buzz over the past 24 hours or so appears to be around Dogecoin amid speculation Elon Musk is planning on integrating it heavily somehow into his rebranded X social media “everything app” platform.

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Please, not another dog coin meme season … Is it happening already? Yep, there are signs.

Never mind that DOGE itself is easily the top percentage performer (+7.1 per cent) in the top 10 crypto majors over the past 24 hours in a pretty deflated week for crypto prices, but something called HarryPotterobamaSonic10Inu is going ballistic (+78.6 per cent).

Yep, sorry to subject you to that. Is it a dog coin? It’s tacked “Inu” on the end, so suppose so. Otherwise, you’d best do your own research on it, because it’s actually making our heads hurt to even try.

But back to Dogecoin for a minute, which almost seems entirely sensible these days and even a bit boring in comparison to some of the weirder, whackier, more desperate-for-attention stuff out there in crypto meme land.

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The word is (in part backed up by Musk’s oft-stated love of DOGE plus his signalling of the crypto’s symbol on his X profile) that the eccentric tech billionaire is gearing up to turn the rebranded social-media app into a broader-service platform that’s conducive to making digital payments – very much including crypto.

Popular pseudonymous crypto analyst Kaleo (594k Twitter X followers) is certainly predicting the DOGE integration into X, along with a decent move up in price.

If I had to guess, Elon takes another few days, maybe even another few weeks to actually say how he plans on integrating DOGE into X.

I think there’s a solid chance he actually does something this time though, and him including it in his bio at the same time as the X rebrand…

— K A L E O (@CryptoKaleo) July 25, 2023

Before that, move (above $US0.10 Kaleo reckons), however, he’s predicting a dip back in price for the leading dog coin. Why? Because, well, he says so. So take it for what it is, speculation, and with a grain of salt.

“In the meantime, Dogecoin cools off a bit and catches up with the blood we’re seeing across the rest of the market,” noted Kaleo.

“Why? People are impatient and they want immediate results. Rumours and hope only holds up for so long in a bear market.

“So, I think it’s a pretty solid move to continue to accumulate on any dips we get from here. The charts continue to look great, and should even after a minor correction. Just gotta be a little patient.”

Top 10 overview

With the overall crypto market cap at $US1.22 trillion at noon Wednesday (AEST), up 0.5 per cent since the same time on Tuesday, here’s the state of play among top 10 tokens – according to CoinGecko.

Source: CoinGecko

Uppers and downers

Some of the biggest 24-hour gainers and losers at noon Wednesday (AEST). Stats based on CoinGecko.com data.

PUMPERS (11-100 market cap position)

• Compound (COMP), (market cap: $US453 million) +5.9 per cent
• Theta Network (THETA), (market cap: $US827 million) +5.1 per cent
• Maker (MKR), (market cap: $US1 billion) +4.9 per cent
• Shiba Inu (SHIB), (market cap: $US4.64 billion) +2.4 per cent
• KuCoin (KCS), (market cap: $US570 millikon) + 2 per cent

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SLUMPERS (11-100 market cap position)

• XDC Network (XDC), (market cap: $US742 million) -7.7 per cent
• Flex Coin (FLEX), (market cap: $US373 million) -5.7 per cent
• Pepe (PEPE), (market cap: $US536 million) -5.1 per cent
• Optimism (OP), (market cap: $US9800 billion) -4.5 per cent
• Fantom (FTM), (market cap: $US647 million) -4.3 per cent

Around the blocks

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

Well, despite the dip in Bitcoin and crypto broadly so far this week, we’re still seeing positive vibes here and there. More “chop-solidation” for the rest of the year, as we very slowly cut our way through an intense macro-dominated period? Very possibly.

On the edge of the biggest bull cycle in history for #Crypto and #Bitcoin.

— Michaël van de Poppe (@CryptoMichNL) July 25, 2023

BLACKROCK: The optimal #Bitcoin allocation is 84.9% of a portfolio. 🤑

h/t @theemikehobartpic.twitter.com/VnKuDaxfNt

— Bitcoin Archive (@BTC_Archive) July 25, 2023

JUST IN - 🇯🇵 Japan's Prime Minister: We are creating an environment to promote #Bitcoin and crypto.

'It can transform the Internet' pic.twitter.com/rpJgRBI9Ra

— Bitcoin Magazine (@BitcoinMagazine) July 25, 2023

Rebranding from Twitter to X was a brilliant business move by @elonmusk

A lot of people think this is a mistake, but they couldn't be more wrong.

By the end of this thread, you will understand why 🧵 pic.twitter.com/FDIMmNUoKK

— Alex Valaitis (@alex_valaitis) July 25, 2023

This content first appeared onstockhead.com.au

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