Those predicting an eventful weekend for dogecoin (DOGE) were proved correct after the token reached all-time high status before slumping spectacularly – with massive sell-offs following Tesla and SpaceX supremo Elon Musk (jokingly or otherwise) calling the token a “hustle.”
At the time of writing, per Bybt data, almost USD 151m worth of DOGE trading positions in the derivatives market has been liquidated in the past 24 hours, more than any other token besides ethereum (ETH) (USD 172m) and bitcoin (BTC) (USD 169m). And while DOGE is on an almost even footing with BTC and ETH, no other altcoin has experienced anything like as much liquidation in the past day – the fourth-placed token on the liquidation stakes was EOS (EOS), with a relatively paltry USD 26m.
Musk had warned of fun and potential trouble ahead of the weekend, reposting a DOGE-themed video and saying,
“Cryptocurrency is promising, but please invest with caution!”
DOGE hit its new all-time high of USD 0.73 (per Coingecko) on Saturday and then crashed to USD 0.43 on Sunday (UTC time), before somewhat recovering. At 07:54 UTC, DOGE trades at USD 0.547 and is up by almost 3% in a day. The price more than doubled in a week and rallied by 791% in a month. It’s up by 21,162% in a year.
DOGE price chart:
Barry Silbert, the founder and CEO of the Digital Currency Group, wrote ominously:
“Okay DOGE peeps, it’s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC.”
Silbert, who pioneered the Grayscale Bitcoin Trust, added that the firm had “gone short DOGE” via a new offering at the FTX platform, which its masterminds described as “an ERC-20 token that seeks a return that corresponds to -3 times the daily return of dogecoin.”
Despite claiming that it would be “all paws on deck, all weekend” earlier in the weekend, the trading platform Robinhood said it experienced several “high trading and volatility”-related slowdowns after Musk’s appearance on the comedy show Saturday Night Live.
Also, the Gemini exchange gave DOGE HODLers some hope, announcing that it would be offering customers 2.25% annual percentage yield on the coin with its interest-yielding accounts program Gemini Earn.
Meanwhile, Musk played “Financial Expert Lloyd Ostertag” on a skit, where he asked to be referred to as the “Dogefather” – and repeated a number of DOGE-related slogans. He then talked about DOGE in detail, foundering when repeatedly asked to answer the question: “What is dogecoin?”
Eventually, his character was challenged to answer the question: “So it’s a hustle?” Here, Musk’s character conceded:
“Yeah, it’s a hustle.”
In his opening monologue, Musk added a DOGE-themed gag, with his mother joining him on stage to say: “I hope my Mothers’ Day gift isn’t dogecoin.”
To which, Musk responded,
“It is! It sure is!”
In either case, Musk’s strange love affair with DOGE is far from over, it would seem, as over the weekend, his SpaceX commercial spaceflight venture is set to take a DOGE rocket to the moon next year. Literally.
Per Bloomberg, SpaceEx will launch a cubesat-type research mini satellite with Canada’s Geometric Energy in a deal entirely funded by dogecoin payments – although neither party revealed the size of the payment.
The media outlet quoted Geometric as stating,
“DOGE has proven to be a fast, reliable, and cryptographically secure digital currency that operates when traditional banks cannot and is sophisticated enough to finance a commercial Moon mission in full. It has been chosen as the unit of account for all lunar business between SpaceX and Geometric Energy and sets precedent for future missions to the Moon and Mars.”
The mission has been named DOGE-1, and will see a 40kg cubesat loaded on a SpaceX Falcon 9 rocket.
Musk confirmed the news on Twitter, writing:
“First crypto in space. First meme in space. To the mooooonnn!!”
I think it might be simpler: it's a self-perpetuating joke. The more valuable it gets, the funnier the joke, and thus more attention it gets. The more attention it gets, the more money it gets — once you see your friends make a killing, you get in on it too.
— jude.btc — Democracy Extremist (@JudeCNelson) May 10, 2021
Literally anything can happen now. The stakes are so high https://t.co/6wYGOO46ja
— Ray “Adewale⚡️Uwaifo” Youssef (@raypaxful) May 10, 2021
Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account
Owner of one of major Dogecoin Twitter accounts has promised that Elon Musk’s support to Dogecoin and its community will be mutually beneficial
Dogecoin account @itsALLrisky with over 183,000 followers has tweeted that the support given to Dogecoin by the Tesla CEO Elon Musk will not go unnoticed by the community.
The Twitter user referred to it as “a mutually beneficial relationship” and has promised that the community of the most popular meme coin will always support Elon Musk.
He posted a picture of Boris Vallejo featuring Atlantis holding the Earth. The titan has Elon Musk’s face and there’s a Shiba Inu Doge character standing behind, offering his help.
Earlier this week, Elon Musk stressed the importance of making DOGE fees drop and supported the idea of the AMC cinema giant adopting Dogecoin for payments.
Mapping how Dogecoin can make it in the big leagues
While Dogecoin is still considered a meme coin by many, the premise of that joke is the apparent lack of use cases. Even so, yesterday’s news did fuel some sort of hope for Dogecoin fans.
Could this be the moment that puts DOGE on the map in the big leagues? Might this be the moment Dogecoin, the “joke crypto,” finally grows up and makes it big?
DOGEing its way up
A few days ago, AMC Theatres CRO Adam Aron conducted a poll to discuss the possibility of the theatre chain accepting DOGE for payments. Not surprisingly, 77% of the 140k voters were in support. Additionally, the DOGEfather pitched in as well and said that DOGE needs to reduce the transaction fees for the system to be viable.
This is true since the average fee right now is around $0.5 and even peaked at $1.3, earlier last month. The transaction fees, at the moment, are higher than the price of 1 DOGE itself, trading at $0.2.
Dogecoin average transaction fees | Source: BitcoinInfoCharts
What’s more, even though the network is capable of processing 40 transactions per second and conducts transactions worth more than $1 billion every day, it’s lacking in participation. Presently, less than 6.5% of all the addresses hold any balance.
Plus, a rise in investors is observed usually when DOGE is in the news or hyped because of some reason or the other. However, it soon loses that traction.
This is apparent when the UTXOs are looked at. This week alone, UTXOs for less than a day rose from 0.45% to 5.94%. On the contrary, the same for between 1 day to 1 month fell by 7.5%.
As a matter of fact, it is. As previously mentioned, DOGE picks up strength in moments of hype. And, this can be observed from the data obtained from social behavior as well. Social volumes were low until the AMC announcement, following which, they suddenly spiked on the charts.
Similarly, Twitter users spiked to a 2 month-high over the same period, before eventually dropping once again.
Of late, DOGE has also seen an increase in long-term holders. That is good for the crypto’s price. However, its velocity needs to increase as well to support daily use, especially since it has been dormant since the end of July.
Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin
The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.”
BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable. When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.
And what’s not to love about Dogecoin? After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled.
For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.
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