What can you say about Dogecoin that hasn’t been said before? How about this: Elon Musk’s tweets aren’t the only thing that let the DOGE out.
This week, right in the middle of the retail trading frenzy that has turned everyone’s favorite cartoon puppy into a rabid bull-doge, Cointelegraph Markets Pro subscribers had the opportunity to chow down on a NewsQuake™ from Bitfinex, which can be seen as further exciting a rally all the way from $0.48 to $0.68.
Dogecoin (DOGE) Analysis
In the chart below you can see where the news was delivered to Markets Pro members via Discord and their mobile notifications (the red circle) and the immediate and dramatic price rise that followed.
NewsQuakes™ are sourced from a real-time aggregation engine, collated from over a thousand primary sources every minute and analyzed by an AI algorithm to determine the historical significance of the news. NewsQuakes™ are trained on staking announcements, exchange listings and key partnerships, and because they are delivered without human intervention, they can often be the fastest way for market participants to learn about major events in the cryptocurrency space.
In this case, everything seems to have worked as if it was a regular coin: A listing on a big exchange resulted in immediate price action that began to recede after roughly a day. Yet, when dealing with Dogecoin-related news, it doesn’t hurt to exercise caution and remember that this asset’s relationship with the news cycle is unlike any other.
iExec (RLC) Analysis
On the subject of NewsQuakes™ there was another perfect example this week of how the early trader gets the profits.
iExec (RLC) was hit by two consecutive NewsQuakes™, helping the asset add around 70% of value over the week. On May 4 came the announcement of a Coinbase listing – traditionally a very powerful type of news (first red circle in the chart below).
A similar announcement from Bithumb came in just 36 hours after the first, compounding the…