Group items tagged

"Dogecoin was originally a joke cryptocurrency, taking its name from the "doge" internet meme: a picture of a shiba inu dog talking in Comic Sans font. The idea was to have fun and be silly with a cryptocurrency that was cheap enough to mess around with-each coin was worth a fraction of a cent. Dogecoin fans (nicknamed "shibes") gathered on the Reddit forum /r/dogecoin. They would tip each other dogecoins for amusing comments."

Elon Musk announced that Tesla will begin accepting Dogecoin as payment for "some" merchandise to "see how it goes." The Tesla CEO has a long and well-established relationship with meme cryptocurrency Dogecoin. In May of this year-around the same time he reversed course on Bitcoin-Musk said that Dogecoin could beat Bitcoin "hands down."

Dogecoin (DOGE) became the 5th most valuable crypto-asset today after the total market cap of DOGE crossed $50 billion. DOGE received substantial support on social media from different celebrities, including Tesla CEO Elon Musk and rapper Snoop Dogg. Dogecoin became a trend on Twitter yesterday amid massive support from retail traders.

Dogecoin reached a record above $0.73 on Saturday before dropping as low as $0.51 cents during the show "Saturday Night Live" where Elon Musk called the crypto-asset a "hustle". "He had helped drive the coin to new heights on Friday and Saturday after tweeting a picture of himself and a Shiba Inu on the set of the iconic NBC show... Dogecoin... [which] started as a joke in 2013, has surged more than 20,000% in the past year. Musk has been among its biggest boosters, along with Mark Cuban, Snoop Dogg and Gene Simmons.

"Now that you've gotten a handle on the GameStop stock madness, it's time to learn about Dogecoin. Why is the retail investor hivemind pumping up the obscure cryptocurrency with a Shiba Inu dog for a mascot? Why, for the Lolz. With the help of Reddit and Elon Musk, Dogecoin has increased in value by 600% in the last 24 hours. As a trading move, it makes way less sense than the GameStop frenzy-but that's also kind of the point. Here's a look at what's going on."

Elon Musk tweeted that Tesla will accept meme-based cryptocurrency dogecoin as payment for its merchandise such as the "Giga Texas" belt buckle and mini models of electric vehicles. The move, which sent dogecoin prices 14% higher, comes a month after Musk said Tesla would test out the digital token as a payment option.

"While Dogecoin and Feathercoin seem like an entirely new phenomenon, I'd suggest that they're both really just an updated version of a fairly old financial instrument. You may remember those chain letters your parents used to get in the mail. "Send $5 to each person on the list, then copy it (adding your name to the bottom) and send to their friends," the letter would say. "Then wait for the money to flow in.""

Geometric Energy Corporation (GEC) announced the first-ever commercial lunar payload paid entirely with Dogecoin. Its DOGE-1 Mission to the Moon will involve Geometric Space Corporation mission management collaborating with SpaceX to launch a 40kg cubesat as a rideshare on a Falcon 9 lunar payload mission in Q1 2022. The payload will obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems. Dogecoin has been chosen as the unit of account for all lunar business between SpaceX and GEC.

Dogecoin jumped today from around 46 cents to as high as 54 cents after Elon Musk posted a survey on Twitter asking "Do you want Tesla to accept Doge?" Within about thirty minutes, the survey had 750,000 respondents.

"What if the costs of cryptocurrencies weren't so opaque? Say that each Dogecoin owner had to pay miners a minute-by-minute fee out of their own pocket. True anti-centralization connoisseurs would happily pay up. But mainstream users, confronted for the first time with a transparent price for distributed ledger services, would panic and quickly exit their Dogecoin positions. The same goes for Litecoin and Bitcoin."

Coinbase's announcement today that it will soon allow trading of the fourth-largest token by market cap has revived Dogecoin's fortunes. DOGE, which traded for as low as $0.38 at one point on Thursday, is now going for $0.50 across exchanges where it is listed, including Binance, FTX, and Kraken.

Flare Networks has announced that it will integrate Stellar Lumens (XLM) with its smart contract platform, thereby offering compatibility with the Ethereum blockchain. Users will be able to create XLM-backed tokens and use those tokens with Ethereum-based DeFi projects. While Stellar already supports native smart contracts, its own contracts are not compatible with the Ethereum Virtual Machine (EVM). Flare Networks has previously announced integration with XRP (XRP), Litecoin (LTC), and Dogecoin (DOGE).

Thailand's Securities and Exchange Commission has announced new rules that restrict crypto exchanges from providing services related to meme tokens such as Dogecoin, fan tokens or tokens issued by influencers, non-fungible tokens and exchange tokens (proprietary coins issued by crypto exchanges that can be used to trade and pay fees). After publication in the Government Gazette, the Notification has become effective from 11 June 2021 onwards without retrospective effect. https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=8994

The paper looks at six occasions when Elon Musk tweeted about cryptocurrency and attempts to measure the resultant impact on the trading volume and spot price of the coins in question. Of the six tweets, four were related to Dogecoin and two were related to Bitcoin. The paper concludes that all six events had an impact on the trading activity of both cryptocurrencies, specifically their trade volume. Not every tweet sent out by Musk affected the price of Doge or Bitcoin, but two did result in significant "cumulative abnormal returns."

Stock and cryptocurrency trading app Robinhood is making plans to add the Bitcoin Lightning Network to its platform for speedier Bitcoin transactions. It also shared that eligible users from its beta crypto waitlist can now send and receive crypto through its crypto wallet feature. Robinhood currently offers trading in Bitcoin, Ethereum, Dogecoin, Litecoin, Ethereum Classic, Bitcoin Cash, and Bitcoin SV, with adding crypto deposits and withdrawals being the next natural step the company is taking into crypto.

Last year, Bitcoin's use at merchants that use BitPay dropped to about 65% of processed payments, down from 92% in 2020. Ether purchases accounted for 15% of the total, stablecoins were 13% and new coins added to BitPay in 2021 -- Dogecoin, Shiba Inu and Litecoin -- accounted for 3%. The alternative coins' use surged partly as more businesses have begun using stablecoins for cross-border payments. Also many investors may also have chosen to hold onto Bitcoin instead of spending it.