Connect with us

Dogecoin

‘I Won’t Sell’ Dogecoin—Tesla Billionaire Elon Musk Reveals Where He Stands In ‘The True Battle’ Between The Dollar And Crypto

Published

on

Elon Musk, the meme-loving Tesla TSLA -1% chief executive that moves markets with his irreverent tweets, is apparently readying for war.

Musk, who’s recently gone all-in on the somewhat satirical cryptocurrency dogecoin—helping its price soar many thousands of percent to a mind-blowing $42 billion market capitalization—sees a “battle” coming between government-backed fiat currencies and protocol-based cryptocurrencies

.

Advertisement

“The true battle is between fiat and crypto,” Musk, who also runs the rocket company SpaceX, said this weekend via his preferred platform, Twitter. “On balance, I support the latter.”

Musk, who has said he plans to put a “literal dogecoin on the literal moon” with the SpaceX “DOGE-1 mission to the moon” early next year, has sent bitcoin and cryptocurrency prices on a roller coaster this year.

“I haven’t and won’t sell any [dogecoin],” Musk tweeted this week in response to an investing influencer’s claim Musk “has a large doge holding.”

In February, Musk sent bitcoin sharply higher when he announced Tesla had bought $1.5 billion worth of the cryptocurrency, boosting it still further when the company said it would accept bitcoin as payment. SpaceX has meanwhile said it will accept the meme-based dogecoin.

Advertisement

“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce,” said SpaceX vice president of commercial sales Tom Ochinero.

However, Musk was partly blamed for a bitcoin and crypto crash this month following his criticism of bitcoin’s energy use—leading Tesla to suspend bitcoin payments until bitcoin “transitions to more sustainable energy.”

Musk appears to have had his prior interest in crypto galvanized by coronavirus pandemic-induced government spending over the last year, with many economists increasingly concerned over soaring inflation and rock-bottom interest rates.

Advertisement

“When fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk said via Twitter back in February, adding: “bitcoin is almost as BS as fiat money. The key word is ‘almost’.”

The U.S. Federal Reserve, along with many other of the world’s major central banks, has gone on a spending spree over the last year in an attempt to offset the economic damage wrought by lockdowns and the pandemic, leaving many investors fearful their dollars will be devalued by the huge increase in the supply of money.

“The onset of huge stimulus packages in response to the pandemic will continue to expose fiat currencies as dangerously inflation-prone and unstable—and with interest rates at rock bottom, there is little to be done to stop inflation continuing to rise,” Jai Bifulco, the chief commercial officer at precious metals investor Kinesis, said via email.

Advertisement

“It is only a matter of time before the changing sentiment toward fiat currencies will bring to reality a world in which they move out of the mainstream.”

News Source

Advertisement

Dogecoin

Dogecoin holders in the US significantly outnumber the rest of the world

Published

on

• The meme crypto is trading over $0.24 today, the 23rd of October.
• Dogecoin touted as a perfect alternative for fast crypto transactions.

According to research from Finder, a cryptocurrency survey agency, Dogecoin has improved its adoptions among North American enthusiasts. The agency specifies that the purchase of the token has doubled so far this year, positioning the US as number one in DOGE adoptions.

Doge, a meme cryptocurrency developed in 2013, has gained fame with the CEO of Tesla Elon Musk alongside other celebrities on Twitter’s speculations. The research agency indicates that DOGE ranks high among the top three cryptocurrencies, alongside Ether and Bitcoin.

Advertisement

Dogecoin has become one of the favorite tokens for Americans

Dogecoin

Finder clarifies that Dogecoin is becoming one of the favorite cryptos for Americans after Bitcoin. The figures indicate that the adoptions wave in DOGE is 30 percent, which shows a large increase compared to last year.

The research also talks about ADA, a cryptocurrency developed by Cardano, which has been very famous among Australians. According to research, ADA would be in fourth place in adoptions in the United States, while 4 out of 10 people in the Australian region have it.

The study also focuses on the crypto adoptions wave in Asia, where Dogecoin is not as well-received as Bitcoin, Binance Coin, and Ethereum. Enthusiasts focus on Bitcoin’s highest value in this region, while another part seeks to profit from ETH.

The research is based on over 41,000 people surveyed in the United States and 21 other countries. According to the study, at least one in ten people have cryptocurrencies globally, showing that the adoption wave grows.

Advertisement

The reason for DOGE’s increease in adoptions

The new adoptions wave in Dogecoin could be due to many reasons, starting with the token’s value in recent weeks. According to CoinMarketCap, DOGE is trading at $0.2468, representing a rise of 3.24 percent of its price in less than 24 hours. The crypto website also specifies that the token has increased in price to over 2.69 percent in the last seven days.

After Polkadot, this high index makes crypto meme number nine among the top crypto outperforming USDC and LUNA. DOGE has also gained fame as the preferred crypto of Elon Musk. Musk recently posted a new tweet about Dogecoin that helped boost its value.

The cryptocurrency meme has also been taken as a great option for enthusiasts looking for speedy crypto transactions. DOGE has become the perfect alternative to tokens like Bitcoin because its demand is not that high. However, it is a long way from comparing itself to the higher-priced cryptocurrency, which recently surpassed the $66,000 range.

Advertisement

News Source

Continue Reading

Dogecoin

JPMorgan Has Bearish Warning About Dogecoin and Robinhood

Published

on

JPMorgan’s analyst maintains his bearish view on Robinhood due to low retail interest in Dogecoin

JPMorgan has maintained an “underweight” rating on the Robinhood stock, sticking to its $35 price target.  

In a Friday note, analyst Kenneth Worthington cites weak Dogecoin volumes as the key reason why he thinks that the leading online brokerage app is vulnerable.    

As reported by U.Today, the meme cryptocurrency accounted for a whopping 62%  of the firm’s crypto-related revenue in Q2.   

Worthington writes that, unlike cryptocurrency-focused trading platforms, Robinhood has failed to record an upsurge in trading volumes this October:

While 3Q21 volumes remain robust, they slowed down materially from 2Q21 levels.       

Dogecoin is only up a modest 15% this month, significantly underperforming its canine rival Shiba Inu. Yesterday, Robinhood CEO Vladimir Tenev seemingly dodged a question about listing plans for SHIB amid rampant speculation on social media.

In late September, Worthington also wrote that the company’s stock could experience significant selling pressure after the expiration of the lockup period on Dec. 1. More than half a million shares will be unlocked on that day.

Advertisement

Robinhood is set to announce its Q3 earnings on Oct. 26.  

News Source

Advertisement
Continue Reading

Dogecoin

Elon Musk Says He Will Become First Dogecoin Trillionaire

Published

on

The Tesla CEO says that he will become the world’s first trillionaire in Dogecoin

Tesla CEO Elon Musk claims that he will become the world’s first Dogecoin trillionaire in a recent tweet. 

Advertisement

Musk’s net worth has now swelled to $249 billion, according to the Bloomberg Billionaires Index. 

The entrepreneur is now worth more than the gross domestic product of New Zealand (and he’s close to surpassing Portugal).

His wealth has increased thanks to the renewed Tesla rally. The shares of the leading e-car maker hit a new all-time high of $910 earlier today.

Advertisement

Morgan Stanley predicts that Musk is on track to become the world’s first trillionaire thanks to SpaceX. 

In July, Musk revealed that he personally owns Bitcoin, Dogecoin and Ether. 

News Source

Advertisement
Continue Reading