Mish’s Daily: DOGECOIN – Surely, You Must Be Joking?
Mish’s Daily: DOGECOIN – Surely, You Must Be Joking?
Written by Michele ‘Mish’ Schneider
On the heels of Meme Stocks Mania that literally lasted less than a week, and with so much in the news this week, I figured it was time to revisit this meme coin.
Dogecoin was launched on December 6, 2013, as a joke.
Within the first 30 days, there were over a million visitors to Dogecoin.com.
On December 19, 2013, Dogecoin jumped nearly 300% in value in 72 hours. Three days later, it crashed by 80%.
In January 2021, Dogecoin went up over 800% in 24 hours. Attention from Reddit users plus encouragement by Elon Musk forced the short squeeze.
DOGE is mainly driven by speculation, and many believe is interest rate sensitive.
Hence the big rally in 2021 was partially due to meme stock squeezes while interest rates were at zero.
Today, DOGE is the top Crypto meme coin by market capitalization with $24.90 billion.
I am now looking at the coin because…
- 1. Tesla rallied which could suggest Musk’s reputation is growing again.
- 2. GameStop, although back down, is in the news with RFK Jr buying $24,000 worth of the stock to spur “retail rebellion.”
- 3. Technically, DOGE looks better.
Beginning with the real motion indicator on the bottom of the page, Dogecoin shows momentum improvement.
While the momentum shows clearing the 200-DMA after a mean reversion, the 50-DMA has not cleared since early April.
On the price chart though, we have a confirmation above the 50-DMA and a confirmed phase change to bullish.
While there is some resistance at .1731, it is possible to see dogecoin trade back up to .22 where it was in March 2024.
Dogecoin cleared the 50 and 200-week moving averages for the first time since early 2023.
Should we get a golden cross, it would be the first in over 3 years. In early January 2021, that golden cross resulted in a four-month rally with prices surging over 8,000% to $.76 cents. Educational purposes only, not official trading advice.
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Mish in the Media
Singapore Radio What to expect from Nvidia earnings and the trouble with transportation 05-20-24
Business First AM The Sky High Club is missing Granddad Russell 2000 05-20-24
Kitco News Team Stagflation fears to drive gold and silver higher 05-17-24
CNBC Street Signs Singapore Mish talks about the opportunities and pitfalls in equities 05-17-24
BNN Bloomberg Momentum, Warning Signs and Commodities Thoughts 05-16-24
CMC Markets How to Trade CPI day in futures 05-15-24
Business First AM Gameplan for trading Alibaba 05-15-24
Final Bar with Dave Keller Mish and Dave discuss commodities, the move to all time highs in indices and a tariff pick 05-14-23
Business First AM Mish explains why these meme moves parallel the market peak in 2022 plus gives one stock pick 05-14-24
Cheddar TV Opening Bell Mish helps get viewers prepared for CPI, stagflation, earnings and trade war implications 05-13-24
Making Money With Charles Payne Mish and Charles discuss transportation index and Fed policy mistakes-plus a few picks 05-09-24
Coming Up:
May 22 China TV
May 23 Live Coaching with Mish
Weekly: Business First AM, CMC Markets, stockpick.app
ETF Summary
S&P 500 (SPY) Consolidating at all time highs
Russell 2000 (IWM) 210.80 ATHs remain slightly elusive
Dow (DIA) 40,000 now pivotal
Nasdaq (QQQ) Consolidating at all time highs
Regional banks (KRE) Can this clear the 23-monthly MA?
Semiconductors (SMH) Consolidating at all time highs
Transportation (IYT) 64 support 67 resistance-weak
Biotechnology (IBB) 135 support 140 next resistance
Retail (XRT) 75 key support
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 77.00 once again pivotal support
20240522
