As the world waits for Elon Musk’s Saturday Night Live appearance — and a possible nod to crypto’s best friend — an exchange listing proves that real news can also propel DOGE to new heights.
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, bit-cointalk.com/?via=vortecsrep”>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 coin’s momentum (second red circle).
At this point, it becomes challenging to attribute the price dynamic to one of the two events, since the Coinbase announcement’s effects hadn’t yet expired (the system looks at 72-hour returns) when Bithumb’s kicked in.
Those bit-cointalk.com/?via=vortecsrep”>Markets Pro subscribers who quickly acted on either of the NewsQuakes™ are likely fine with not knowing the exact contributions of each listing, however. In both cases, the value of being first to the news is clear from the immediate positive price action.
Telcoin (TEL) Analysis
This analysis wouldn’t be complete without a word about Telcoin (TEL), which rallied dramatically to ascend from just $0.11 to over $0.48 shortly after a Markets Pro member suggested adding the cryptocurrency to the platform.
While VORTECS™ Scores can take time to generate, they still look at the entire trading history of the newly-listed asset — thus when Telcoin’s first VORTECS™ Score was displayed, the algorithm already had clear confidence in bullish conditions for the token.
As seen in the chart below, VORTECS™ continued to identify strong bullish momentum even as the price rose, peaking at an almost-unprecedented score of 95 around 48 hours before the final push towards the $0.48 price spike.
The VORTECS™ Score is available exclusive to Cointelegraph Markets Pro members, and includes sentiment analysis, tweet and trading volume, and price action as components of the algorithm — which are then weighted according to a proprietary formula based on how similar these are to historical conditions. If there is a similarity in these factors, the score will be higher when historical precedents have most consistently led to higher prices.
VORTECS™ Score returns since January 3
The Markets Pro team has been tracking 42 sample strategies since January 3 2021, based on entering a position when the VORTECS™ Score crosses a threshold, and exiting it either when another score is reached or after a set period of time. The following data is taken from a snapshot on May 8th 2021 at 1pm ET. The full methodology is available here.
Holding Bitcoin: 79% return
Holding Top 100 altcoins: 485% return
Best-performing time-based VORTECS™ strategy (Enter 80 / Exit 24 hours): 2,467% return
Best-performing score-based VORTECS™ strategy (Enter 80, Exit re-crossing 80): 2,800% return
Cointelegraph Markets Pro is bit-cointalk.com/?via=vortecsrep”>available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.
Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. bit-cointalk.com/terms”>Full terms and conditions.