- Dogecoin co-founder Billy Markus has via the X platform urged SEC chairperson Gary Gensler to declare DOGE a non-security following Gensler’s declarations that Bitcoin is not a security.
- Peter Brandt is bullish about Dogecoin, suggesting that DOGE is breaking out of a prolonged downtrend.
This week, U.S. SEC chairman Gary Gensler was in the hot seat during heavy hearings from Congress on cryptocurrency regulation. Gensler, who has been accused by many prominent entities in the crypto landscape of aggressive regulatory practices, faced intense criticism for his “regulation by enforcement” approach, with some even labeling him “the most destructive and lawless SEC chairman in history.”
While trying to clarify his stance on a leading news outlet, Gensler boldly acknowledged that Bitcoin is not considered a security. This statement got bookmarked by many, especially Dogecoin co-founder Billy Markus, also known by his pseudonym Shibetoshi Nakamoto.
Markus noticing this, seized the opportunity and via the x platform highlighted that Dogecoin operates similarly to Bitcoin. As he pointed out, much of Dogecoin’s code is borrowed from Bitcoin, and both cryptocurrencies share fundamental operational principles.
he should say dogecoin isn’t a security also as it is mostly bitcoin code and works exactly the same way
— Shibetoshi Nakamoto (@BillyM2k) September 26, 2024
However, Markus was in a tough spot this time. One critic disagreed, highlighting Dogecoin’s unlimited supply, which is in contrast to Bitcoin’s fixed supply of 21 million coins. Markus countered this stating,
you can change it in the code and if miners accept it, it won’t issue any more tokens same exact process as bitcoin you aren’t smart
Dogecoin Poised for a Major Breakout
In light of this, renowned trader Peter Brandt has ignited a bullish spark in Dogecoin. In a recent tweet, Brandt highlighted that Dogecoin is breaking out of a downward channel after being in consolidation for roughly six months.
This breakout comes after a prolonged period where the meme cryptocurrency traded in a horizontal channel between $0.05 and $0.1181, reaching a high of $0.2100 in March before entering a descending pattern.
Brandt’s chart suggested that DOGE’s technical performance could signal the start of a new upward trend.
At the time of writing, DOGE is swapping hands with $0.127 marking an 8.82% and 20.83% surge in the last 24 hours and past week respectively. Additionally, Dogecoin’s market cap has seen a 7.00% surge stopping at $18.5 billion, not forfeiting its one day trading volume which has undergone a 33.47% surge leaving it at $1,542,414,279.
Additionally, Ali Martinez, a prominent cryptocurrency analyst, echoed Brandt’s bullish sentiment, noting that if DOGE holds its position above the $0.111 resistance level, a further upward movement could be confirmed, potentially driving the price toward $0.150.
Ali Martinez believes that the bullish outlook for Dogecoin is realistic because there are no major obstacles to supply. He also noted that large investors have recently purchased 1.4 billion Dogecoin from centralized exchanges, indicating their confidence in the cryptocurrency’s future.
