Be Observant of the DOGE
Let me begin this by saying its going to be a pretty futile attempt on the part of PPC (and its fans) to try to hang onto 3rd spot on the charts from here, but oh well here's to hoping they try in the next few days, at least from now till 6-8 February hey ;-) . . .
Lets begin shall we, Exhibit A (and the Only):
https://www.dropbox.com/s/ttsazn5uv9jz2h5/DOGE-Market-Cap-Move.jpg
Market Cap Chart for the DOGE, extended through time on into late February 2014.
First thing to notice following the recent DOGE runup.
Total failure at the Fib Retracement of 50-62% (red dashed line).
Why is that?
Because since 17 Jan 14, if you have been observing as I have, the miners have been absolutely mauling DOGE and bringing 1 Billion coins into existance every day since then. So even if the price of the DOGE goes sideways or down the market cap goes up. Thus we have a green trend line for the DOGE Market Cap.
Yes, so what? Well the so what part is there are as of this moment only 60 Billion or 60 days left of the DOGE left to mine.
Observation: Over at multipool.us, when the pool switches over to some other coin to mine which is more profitable than the DOGE (e.g. as is shown recently with the MOON), guess what? They Ain't Following. Still over 80% of the miners are sticking to mining the DOGE. Tells me they are no longer part of the Pool, but dedicated to port 3352, just as my Mining Rigs are right now.
This is a first, so far as I have observed . . . Most times its just the sheep following blindly . . .
So if we look at the Market Cap for the DOGE, even though its price over the last 5-6 days has been stagnant to down, people are mining the crap out of it.
So from this illustration we have some trend lines. A green support line and a red one, which I will call a resistance line.
Between the two we have a funnel, lets call it a Buy, Mine and Hold Funnel. Anywhere in there on the Market Cap and you just accumulate and hold the DOGE. If ever the Market Cap falls below the green line, you buy for your life, and anywhere outside the funnel to the upside, you sell the DOGE and take profits, and then await a price retracement down and buy back in.
Enter the date 12 Feb 14.
The DOGE Block Reward Halves . . . in other words all these miners will suddenly discover that their mining rewards will halve in terms of actual coins discovered, hashed and mined. Which should mean the DOGE finds a sudden bit of upwards price pressure.
So then what? Green dashed lines. Either heaps of DOGE Miners will abandon ship and the bottom dashed line for the Market Cap applies, or else Miners will continue mining and others will jump on board due to the sudden price rise and the upper dashed line for the Market Cap applies.
In either case, come 12 Feb 14, upwards price pressure should come into play, and whether one likes the fact that there will soon be 100 Billion DOGE's in existance or not, its going to happen!
So OK, Peercoin? What about Peercoin through all of this? Well right now as I type this the PPC Market Cap is at around $117 Million, so lets call it $120 Million (look left on the graphic for the PPC Coin Icon).
Obviously from what you see before you, if the DOGE remains stagnant in price through the next 20 days or so, and 20 Billion new DOGE's are mined into existance, then PPC will be relegated to 4th spot on the charts. Full stop, end of story, its done and dusted!
But PPC is moving up in price right now, won't this have an effect? Of course it will, but how high of an upward move would PPC naturally allow right now particularly since BTC is moving sideways? Realistically, little to none.
So just sayin'
1. DOGE's claim to 3rd Spot on the Market Cap list is a fait accomplis already, just a matter of when, and PPC can't do nothing about that, although I am hoping the suckers with the big fat BTC accounts will try to alter history.
2. PPC? Will it rollover and die? I doubt it will, but just how much upwards price pressure will its devotee's accomodate before it decides to rollover and die?
When you figure out the answer to Question 2, let me know and I will set my Sell Stops there. Deal? Deal!
Oh yes, come 1 April 2014 . . . LTC, get ready for the Bronze Medallion!!! Because its coming. Network Effect promise proven to be dying last 30 days (just look at the dying charts!), its down down from here, or better put DOGE will give you a big fat sloppy Shiba Inu Kiss as it passes you between here and there . . . MWAAAAAH!
Forgot the best part . . . Notice the MOON of late when the DOGE isn't the most preferred miner . . . Off the Charts in profitability! Well we will get to that one later won't we . . .
