Dogecoin was created in 2013 by two software engineers, Billy Markus and Jackson Palmer. It is a digital currency based on the Doge meme, a Japanese Shiba Inu dog, surrounded by grammatically incorrect phrases. The coin was launched in December 2013, initially as a joke to make fun of Bitcoin and other cryptocurrencies boasting grand plans to take over the world. Doge was transparent from the get-go and open that it had no great vision of how it would change the world. DOGE created a stir immediately upon launching, having over 1 million visits to their site in the first 30 days.
DOGE now has one of the strongest cult-like communities in the crypto sphere and, for reasons unknown, captured the heart of Elon Musk, aptly coined 'The DogeFather' and many others. The rise in DOGE is similar to the trading frenzies we've seen earlier this year, such as the now-infamous Gamestop short squeeze in another stand by the average man as a big F-U to the system.
Regarding the value behind holding DOGE, the rapid price increase seems purely speculative. There have been no improvements in the protocol. It appears as though there has been zero new functionality or code added in the last several years. The value has increased simply because those invested believe it holds value and that someone else will be willing to buy it from them at a higher price if it continues to rise.
Hate it or love it, DOGE has been one of the best-performing coins this year, with a YTD return of over 15,000%, reaching a high of $0.74, equating to a $90bn+ market cap. These unfathomable returns have made many millionaires from relatively small investments in an extremely short period of time.
Opportunity of the week - ALPHA
Bitcoin continues to fail to break the resistance above we have been covering in recent events. Ethereum has been leading the bullish pressure in the market and this morning pushed into a new all-time high above $4,000. On BTC, we are still waiting for a break of the last resistance we see holding on the 4H chart. Once we get a 4H break and close above the resistance of the pattern forming, we expect to see some large parabolic runs across the board.
Jonny is already in LINK (running +9% profit) and several other altcoins that were all covered in recent live events. Another ALT coin that is on the main watchlist is ALPHA. The daily chart had a decisive break, and we are now retesting the confluence area as support. The lower timeframes are still developing, and we will look to execute a long trade once the bullish momentum kicks in and we break to the upside. Jonny will be covering all other opportunities and live trades in tonight's live Insights episode.
As covered in the last TMC Hype 'What Now?', the USD was at a pivotal area where we would soon get some clarity on what is next for the leading currency. Our eyes were firmly on the FXCM USDollar Index, watching how price action developed. We formed a head and shoulders pattern before breaking down the neckline with a bearish engulfing to close last week.
As this development was occurring, we watched several USD pairs, looking at how we could best capitalize on the bearish price action forming. EURUSD gave the clearest entry with a decisive break and retest of all confluences on the daily chart. Jonny executed a long, using our SBO strategy on the lower timeframes when the bullish momentum started breaking out. This position is currently running over 4% in profit with zero risk exposure. This position was covered in full detail on May 5 Market Update by Irek.
TMC CLUB - Charlie Summerfield secures the bags!
Already this year, we have shared lots of our TMC members who have achieved funded status, securing bags from external sources and significantly increasing their assets under management. Charlie is another success story to add to the list.
Charlie started trading within the last 18 months, took it seriously, dedicated his time and efforts relentlessly to achieve consistency. Once achieving consistency, he realized that the only thing holding him back from massive growth was his AUM and started researching alternative methods to increase his capital. He settled on a prop firm he saw the most attractive offering from, went for the max funding possible, and today shared with us all he is now a fully funded trader and has enough capital to live solely from his future profits.
A huge congratulations to Charlie and all other members who have accomplished similar achievements this year. This is the beginning for you all to extreme prosperity, and we're so excited to be part of the journey. Charlie's story is an inspiration to all (see the screenshot below), and no doubt we will be sharing it in full in the months to come.
What's happening this week?
Mon, May 10th @ 1pm PDT
Insights w/ Jonny Godfrey
Wed, May 12th @ 1pm PDT
Market Update w/ Jonny Godfrey
All the best for the week ahead- see you in the club!
Jonny Godfrey & the TMC Team