Avid proponents of Dogecoin (DOGE) and Litecoin (LTC) are likely responsible for crashing the website of a Canadian social platform after the company revealed its investment in DOGE and LTC mining. Dogecoin remains the quintessential meme coin amid social media backing by popular figures like Elon Musk and Mark Cuban.
Hello Pal Website Suffers Temporary Outage Following Dogecoin Mining News
According to an official communique released by Hello Pal on Thursday (Mar. 11, 2020), the company’s website was forced to go offline temporarily amid a surge of visitors. The traffic spike followed an announcement by the company of its 15% equity investment in a mining establishment that mines Dogecoin and Litecoin exclusively.
In its press statement, the Canadian social, e-learning, and travel platform revealed that the DOGE/LTC mining farm is the largest in the world dedicated to mining those two cryptocurrencies. The data center reportedly boasts a capacity of about 70 megawatts and is home to over 90,000 rigs. The facility also reportedly accounts for between 3 to 5 percent of the LTC/DOGE hash rate.
Following the announcement, Hello Pal said its website traffic went up by more than 1,000% overwhelming its capacity and causing a temporary outage. However, the company’s streaming platform and app service did not suffer similar outages despite recording massive online activity.
Apart from the equity investment, Hello Pal is also reportedly upscaling its mining inventory and has taken delivery of 51% of the over 12,500 mining rigs dedicated to Litecoin and Dogecoin.
Commenting on the incident, KL Wong, the Hello Pal CEO focused on the positives, stating:
“The sharp increase in activity on our website and the Hello Pal app validates the clear position we have taken on Dogecoin as well as on cryptocurrency in general.”
Hello Pal’s Dogecoin and Litecoin mining investment also constitutes an expansion of its crypto-related enterprise. The Canadian company already offers a proprietary cryptocurrency wallet service to its users.
The Power of the Meme
It is perhaps unsurprising to see a company announcing its involvement in Dogecoin triggering increased online visibility for the firm. Despite being a “meme coin,” Dogecoin continues to enjoy a cult following in the crypto space and even beyond with prominent figures outside the industry like Mark Cuban tweeting about the Shiba-Inu-inspired cryptocurrency.
While Elon Musk is a noted Dogecoin shill, the Tesla CEO has recently expressed concerns over the apparent ownership centralization of the cryptocurrency. Meanwhile, major crypto ATM maker CoinFlip has added support for DOGE across 1,800 of its machines.
Dogecoin price to explode 50% as Shiba Inu profits head to DOGE
- Dogecoin price is traversing a rising wedge formation, suggesting a short-term correction on the horizon.
- A breakdown of the lower trend line is likely to result in a retest of the $0.235 support floor.
- A bounce from this barrier will likely propel DOGE by 50% to the range high at $0.352.
Dogecoin price has been on an uptrend for roughly a month, but the ascent seems to have evolved to a pattern that hints at a correction. Therefore, investors need to be aware of a short-term pullback for DOGE, which eventually results in a 50% climb.
Dogecoin price prepares for massive uptrend
Dogecoin price created three higher lows and two higher highs as it rallied 44% from September 29. Connecting trend lines with these swing points reveals the formation of a rising wedge. This technical formation forecasts a 19% descent to $0.207, obtained by adding the distance between the first swing high and swing low and adding it to the breakout point at $0.256.
However, investors can expect Dogecoin price to stabilize around the $0.236 support floor. The profits from the meme coin investors are eventually going to cycle to other dog-themed cryptocurrencies, out of which Dogecoin is a strong contender. Therefore, a potential spike in buying pressure around this barrier will likely trigger an uptrend for DOGE.
If this run-up manages to climb past the 50% Fibonacci retracement level at $0.273, it will confirm the start of a bull rally. In such a case, Dogecoin price will retest the $0.30 barrier followed by the range high at $0.352.
This ascent from $0.236 to $0.352 will constitute a 50% move.
DOGE/USDT 1-day chart
While things are looking dull for the meme coin, a breakdown of $0.236 will indicate weakness among buyers. If the resulting retracement falls below $0.225, the bullish thesis will face invalidation as it would create a lower low.
In this situation, Dogecoin price will retest the intended target at $0.207 and, in a bearish case, the range low at $0.194.
Is Elon Musk a Shiba Inu Holder? Tesla CEO Says He Owns These Three Crypto Assets
Tesla CEO and tech mogul Elon Musk says he owns only three crypto assets.
Earlier this month, Tesla CEO Elon Musk tweeted a photo of his Shiba Inu puppy, which sparked speculation about his support for the surging Ethereum-based memecoin. However, when a Twitter user quizzed Musk about his SHIB holdings on Sunday, Musk said he doesn’t own any of the Dogecoin (DOGE) competitor.
None— Elon Musk (@elonmusk) October 24, 2021
SHIB is trading at $0.00004275, up a staggering 49,268,197.7% in the past year, according to CoinGecko. Despite Musk’s revelation, Shiba Inu is up more than 14% in the past 24 hours.
Musk also revealed he still holds the same three crypto assets that he said he owned in July.
“Out of curiosity, I acquired some ASCII hash strings called ‘Bitcoin, Ethereum and DOGE.’ That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.”
The Tesla chief executive also elaborated on why he’s been so vocal about supporting Dogecoin (DOGE).
“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own DOGE. They aren’t financial experts or Silicon Valley technologists.
That’s why I decided to support Doge – it felt like the people’s crypto.”
Musk is currently the wealthiest person in the world with a net worth of $255.2 billion, according to Forbes.
Shiba Inu (SHIB) Reaches New All-Time High, Inching Closer to Surpassing Dogecoin
With Shiba Inu’s market cap topping $19 billion, the meme coin flippening no longer appears to be a pipe dream for SHIB holders
Shiba Inu (SHIB) hit a new all-time high of $0.00004860 at 12:17 p.m. UTC on the Binance exchange.
It is up by 19.2% over the past 24 hours, becoming one of the best-performing altcoins yet again, according to CoinMarketCap data.
With a market cap of $19 billion, it is currently the 11th biggest cryptocurrency overall.
Dogecoin, which is only up by a modest 2.26%, is in 9th place, followed by USD Coin (USDC)
Shiba Inu remains the most-traded cryptocurrency on Coinbase, nearly doubling Bitcoin’s volume.
The crypto king is currently in the red after failing to gain footing above the pivotal $63,000 level.
Over the past week, Shiba Inu, an arcane canine token, has gained widespread press coverage, with CNN being among the mainstream outlets that reported on the cryptocurrency’s eye-watering gains.
The token is up by a stunning 571% this month alone.