Category: dogeusdt

Divisive meme token Dogecoin will get a Coinbase listing within the next six to eight weeks.

The comments came from Coinbase CEO Brian Armstrong, who was discussing how the firm can move forward following its worse-than-expected first earnings report as a public company.

However, with Dogecoin struggling to recover after Elon Musk’s SNL blunder, in which he called it a “hustle,” not forgetting the saturation of Dogecoin clones flooding the market, one has to ask, is this the correct strategy for Coinbase?

Is The Dogecoin Narrative Changing?

In implementing a Dogecoin listing, the Coinbase boss is hoping to turn things around at the company. He added there’s a general need to accelerate the process of new token listings.

It’s reasonable to assume that Armstrong believes more choice is a factor in increasing its revenue. There are currently 207 markets available on Coinbase Pro. This falls way short of Binance, which offers users 1,232 markets.

While choice could make Coinbase more appealing to users, selecting the appropriate projects is equally important.

Few tokens have been as influential as Dogecoin this year. It may have started as a joke about an overly serious industry, but its meteoric price rise now puts it in a whole different light.

Regardless of what serious investors think, 10,000% gains YTD suggests public sentiment has a far more significant impact than fundamentals alone.

In the past, earning a Coinbase listing was seen as a milestone achievement. The platform’s quality over quantity approach gave listed tokens an air of legitimacy.

With that, given Dogecoin’s up-and-coming listing on Coinbase, should we now accept that DOGE has transcended its original purpose?

Answering yes means Dogecoin belongs in the same bracket as Bitcoin, Ethereum, and Litecoin. But for some, that remains a step too far.

Source: DOGEUSD on TradingView.com

COIN Stock Continues To Sink

Coinbase released its first-ever quarterly earnings report as a public company on Thursday.

Revenue was $1.8 billion versus an expected $1.81 billion. Earnings per share (EPS) came in at $3.05 versus an expected of $3.09.

In a statement, the firm mentioned it missed out on revenue due to the unavailability of certain crypto assets on its platform.

“Our competitors are supporting certain crypto assets that are experiencing large trading volume and growth in market capitalization that we do not currently support, as well as offering new products and services that we do not offer.”

While actual revenue and EPS were not massively off from expectations, as the first major crypto company to go public, Coinbase is being held to a higher standard.

This shows in its sinking stock price, which is down 19% from its mid-April NASDAQ debut.

Source: google.com

Lisa Ellis of MoffettNathanson said it’s easy to be negative on Coinbase. But she maintains that it’s still early days.

According to The Telegraph, a senior Goldman Sachs executive has quit the firm after making millions from Dogecoin. Aziz McMahon, the Head of Emerging Market Sales, resigned after 14 years with the investment bank.

It’s reported McMahon has opened a hedge fund with his gains. But an exact figure on how much he made is unknown at this time. Since the start of the year, the value of DOGE is up approximately 10,000%, forcing a new narrative over what constitutes sound investing.

While the naysayers continue to blow cold on the idea of investing in DOGE, its popularity has spawned a new subcategory of doggy coins. At this stage, it’s difficult to know what to make of things.

The Dogefather Crashes and Burns

The price of Dogecoin posted an all-time high, of $0.74, during the weekend. But the euphoria was short-lived as DOGE tanked, by as much as 30%, following Elon Musk’s appearance on SNL later that day.

Weeks before his appearance on the show, speculation was building on whether he would mention Dogecoin, and he did over several scenes.

But, rather than send DOGE to the moon, markets instead headed south to find a local bottom at $0.41.

Source: DOGEUSD on TradingView.com

Despite that, there’s still no denying DOGE’s unreal gains to date. A fact not lost on McMahon, who was able to escape the corporate rat race thanks to Dogecoin.

The CEO of Galaxy Digital, Mike Novogratz, said the Dogecoin phenomenon has spawned into a movement whose overriding sentiment is to stick it to the system.

“When you think about the whole spirit of what this crypto revolution is, there’s something pure in what dogecoin has done… It’s a little bit of a middle finger to the system. People are unhappy with the current financial system. They just are.”

Dogecoin Mania Goes Barking Mad

Such is the popularity of Dogecoin that several imitators have come to market, including Dogelon Mars, Dogefi, and DogeMoon, to name a few.

But most successful to date has been Shiba Inu, which launched in August last year, but started gaining traction last month. Having posted an all-time high of $0.00003791 on Monday, a sell-off ensued, calling into question the sustainability of Doge-mania in general.

Binance listed the $SHIB token on Monday. But CEO Changpeng Zhao distanced himself from the decision, saying he believes people should be free to trade it if they please. He added that it’s a high-risk token, and listing it is not a personal endorsement on his part.

Looking to catch the doggy trend, Yearn Finance developer “banteg” recently tweeted about the up-and-coming Woofy token. This resulted in the YFI price spiking to $89.7k off the back of a rumored airdrop for Woofy.

Out of all the pretenders, Woofy holds the most credibility due to Yearn Finance’s established reputation in the crypto space. However, with the sheer number of Dogecoin clones, one has to question whether things have gone too far?

Justin Sun has enquired with SpaceX to launch Tron and BitTorrent satellites on his behalf. He added that he’s willing to pay $50 million in Dogecoin to make it happen.

In conjunction with Geometric Energy Corporation, SpaceX wishes to make DOGE the “unit of account for lunar business in the space sector.” By supporting this setup, Sun is hoping to champion the Dogecoin cause.

“@elonmusk I am serious. I would like to pay $50 million worth $Doge for this launch and you should consider my offer since @SpaceX need first satellite deal transaction paid with doge from customer order.”

Dogecoin To The Moon, Literally

Following his SNL appearance on the weekend, which coincided with a downturn in the DOGE price, SpaceX CEO Elon Musk restated his plans to literally put Dogecoin on the moon.

In Q1 2022, the SpaceX Doge-1 moon mission will embark on the first-ever commercial lunar payload, all of which will be paid for in Dogecoin. Partnering with Geometric Energy, the Falcon 9 rocket will carry a 40kg CubeSat into orbit for the purposes of research.

SpaceX Vice President of Commercial Sales Tom Ochinero billed the Doge-1 mission as a tester for the application of cryptocurrency off-planet, and even the beginning of space commerce.

“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”

Keen to be a part of this campaign, Sun said he wants SpaceX to launch Tron and BitTorrent satellites. However, at this stage, it’s not clear for what purpose he intends their use.

Over the years, Sun has earned himself a reputation for being a flamboyant marketer. Milestone events in cryptocurrency often involve Sun. This includes being narrowly outbid on buying the world’s most expensive NFT, Beeple’s The First 5000 Day, as well as paying $4.6 million for lunch with Warren Buffett.

Skeptics Continue Sounding The Alarm Over DOGE

Many believe Dogecoin has transcended blockchain to become a cultural movement. This would go some way in explaining its unreal price performance despite a lack of fundamentals.

Equally, concerns remain that it will all end badly. IOG CEO Charles Hoskinson has been a vocal member of the anti-DOGE crowd. Recently, he shared his opinion on the matter, saying he doesn’t like Dogecoin because he sees it as harmful to cryptocurrency.

“I don’t like things that destroy the reputation of my industry, make my job harder, and ultimately harm people. I really, really don’t. And it’s my belief that what’s going on with DOGE is a) not sustainable, b) will result in a systematic, catastrophic failure of that cryptocurrency, and c) will create millions of people who are disillusioned, disenfranchised…”

At the same time, as evidenced by SpaceX and Geometric Energy using Dogecoin to fund lunar missions, DOGE is starting to develop qualities that add to its stability and overall health.

For now, the decline of DOGE was halted by finding strong support around the $0.41 level. As of today, DOGE is up 16% to $0.48 at the time of writing.

Source: DOGEUSD on TradingView.com

The Tesla and SpaceX CEO Elon Musk said he plans to launch the Doge-1 satellite in Q1 2022. This project will be funded entirely using Dogecoin, making it the first cryptocurrency and meme in space, in Musk’s words.

This comes following the negative market reaction to Musk’s SNL appearance during the weekend, in which he mentioned Dogecoin on several occasions. Add to that short-sellers coming out of the woodwork, and the immediate outlook for DOGE looks uncertain.

SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space

To the mooooonnn!!https://t.co/xXfjGZVeUW

— Elon Musk (@elonmusk) May 9, 2021

Musk Is Not Done With Dogecoin

In the run-up to last weekend’s SNL show, Musk was expected to mention Dogecoin, which he did during his opening monologue, and again during a Q&A describing it as a “hustle.” But markets reacted by selling off, tanking the price by as much as 30% at one point.

DOGE has since posted a recovery of sorts. But it’s still some 20% off the $0.74 local high going into the weekend.

Source: DOGEUSD on TradingView.com

Nonetheless, that hasn’t dampened Musk’s enthusiasm for Dogecoin. Back in April, he mentioned that SpaceX would put a “literal Dogecoin on the literal moon.” Late Sunday evening, he reiterated these plans in a tweet, accompanying his message with the “official” Dogecoin song.

The SpaceX Doge-1 moon mission is in collaboration with Geometric Energy Corporation. It will see a 40kg satellite launch, as a rideshare, on the Falcon 9 lunar mission early next year. The firm said it intends to monitor lunar spatial intelligence using cameras and sensors onboard the satellite.

Geometric Energy’s CEO Samuel Reid said Dogecoin has “solidified” itself as the go-to currency for space travel. Adding, its qualities of speed, reliability, and security make it sophisticated enough for financing commercial moon projects.

“Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector.”

DCG Short Selling DOGE

Dogecoin’s amazing performance this year has split the cryptocurrency community. While the pro-DOGE faithful maintains that it’s the people’s cryptocurrency, the skeptics point to a lack of fundamentals and development.

The latter group warns that DOGE’s position is unsustainable and may even result in a crypto clampdown by the authorities should a significant selloff occur.

The Digital Currency Group (DCG) Founder, Barry Silbert, revealed his firm had opened a $1 million short position, betting that the DOGE price will decline.

“Okay $DOGE peeps, it’s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC“

Enabling this trade, Silbert used a margin token called DOGEBEAR available on crypto derivatives exchange FTX.

At this point, Dogecoin has proven itself a cultural phenomenon, bringing much-needed exposure to the cryptocurrency space. But, with DCG going short, should the rest of us take this as a sign of what’s to come?

In accounting for Dogecoin’s phenomenal rise, Mike Novogratz, the CEO of Galaxy Digital, said it’s a middle finger to the system. He added that many people, Millennials and Gen Z, have turned to it because they are unhappy with the current financial system.

The market cap of Dogecoin is now $75 billion, which is more than many well-known firms that are titans in their respective industries, including Dell, Capital One, and Nintendo. As a project with no active development, or definitive purpose, does Dogecoin’s success call into question the validity of cryptocurrency as a whole?

Dogecoin As The People’s Crypto

Dogecoin’s unreal growth is drawing serious attention. It turns out, investing stimulus money, totaling $3,200, into DOGE at the time of payment would have returned over half a million dollars.

This astonishing performance has propelled Dogecoin into the fourth spot on CoinMarketCap. What’s more, Binance Coin is in sight for an overtake. Given the momentum behind the movement, it would not be a shock if that happened.

Novogratz sees Dogecoin as a movement. He drew parallels between it and the GameStop saga orchestrated by the WallStreetBets crowd earlier this year. In their desire to teach Wall Street a lesson, they drove up the price of GME, resulting in the loss of billions for the predatory short sellers.

“I think we should all listen to what Dogecoin is saying. It’s the same thing we heard when we saw GameStop. There is a group of young people, a lot of them, that are singing out their voice loud and clear, saying, “Hey we’re going to put our money behind this.”

Novogratz points out that it’s the coordinated action of many DOGE supporters that’s behind the logic-defying growth. Much like GameStop, Dogecoin has come to represent a protest, but this time against financial disparity.

“When you think about the whole spirit of what this crypto revolution is, there’s something pure in what dogecoin has done… It’s a little bit of a middle finger to the system. People are unhappy with the current financial system. They just are.”

Is This A Joke… Coin?

There comes the point when a joke stops becoming funny. In the case of Dogecoin, given the show of strength behind the coin, that time is perhaps now.

Data on the Korean Composite Stock Price Index (KOSPI) shows an average daily volume of $9 billion. However, such is the demand for DOGE in Korea that Dogecoin volumes far exceed the KOSPI, with the last 24-hour volume of DOGEKRW trading coming in at $32 billion.

Add to that the growing narrative of Dogecoin as a payment method, and it seems as though a purpose is being built out for DOGE. There are unconfirmed rumors that KFC Canada will accept DOGE. A tweet saying, we accept cash, card, and Dogecoin,” has since been deleted.

While it was likely a joke, it still emphasizes Dogecoin’s now massive scale of influence.

Source: DOGEUSD on TradingView.com

The epic rise of Dogecoin continues to split the crypto community. But one thing that’s not being disputed is DOGE’s unreal performance. In fact, investing stimulus money into DOGE shows a significant outperformance over Bitcoin.

With a seemingly unstoppable surge, is now the time to admit we were wrong about Dogecoin?

Source: DOGEUSD on TradingView.com

Dogecoin Outperforms Bitcoin By A Significant Margin

Much has been made over the dollar growth of stimulus money invested into Bitcoin as a point of difference between fiat and crypto. According to @BitcoinStimulus, the original $1,200 payment made on April 15, 2020, is worth $10,211. That’s a 750% increase.

But the scale of difference between Dogecoin and Bitcoin gets highlighted when the same calculation is applied to DOGE.

A $1,200 DOGE investment in April 2020 would now be worth $439k, which equates to a 37,900% increase. This makes Dogecoin 50 times more profitable than Bitcoin.

If an investor had used all of their stimulus money to buy DOGE on receiving each of the three stimulus payments, they would be holding 787,250 tokens. At today’s price, that investment would be worth a staggering $536k.

Binance CEO Changpeng Zhao said he underestimated DOGE, amongst others. Blockfolio points out DOGE is worth more than BMW now. As much as crypto purists may sneer at the meme token, the numbers do the talking.

Even so, not everyone is convinced. Host of the Profit Maximalist podcast, Luke Martin, drew attention to the precarious position of DOGE investors. He mentioned the fleeting “Elon effect,” and the hold that whales have as reasons why trading DOGE is like playing musical chairs.

Trading $DOGE is like an advanced game of musical chairs except:

•Elon decides when the music starts
•The top 1% of wallets decide when music stops
•There’s $70billion on the line
•More than 50% of players won’t find a chair

One of the most interesting coins for this alone.

— Luke Martin (@VentureCoinist) May 4, 2021

Nearly 1 in 10 Americans Bought Cryptocurrency With Stimulus Money

Missing the Dogecoin train is a point of regret for many people. While it’s easy to say things with hindsight, more people used stimulus money to buy crypto than you think.

According to The Harris Poll, of the first stimulus payment, 15% invested part or all of the money, with 7% specifically going into cryptocurrency. Regarding the second payment, respondents to the poll held steady, with 7% saying they invested some, or all, of the money in cryptocurrency.

In respect of the most recent payment, the poll concluded that Americans are not planning spending sprees as a whole. Instead, a significant proportion will save or invest the money, with 7%-8% of respondents saying they will buy cryptocurrency.

“It’s clear, though, that right now, getting back to spending is not the sole focus for Americans. Although most of those who expect to receive the next stimulus payment do see themselves in need, a large plurality plan to put at least some of the money into their savings (40%) or invest the funds (17%). Of those who plan to invest money from the new stimulus check, 53% plan to invest in cryptocurrencies.”

Based on yearly performance, investing in Dogecoin would have eased much of the current financial anxiety people face. However, as Martin points out, there may not be long before fundamentals catch up.

In a testament to how crazy markets have become, Dogecoin is now worth more than Twitter. While it looked like the DOGE train had run out of steam during late April’s sell-off, its market cap has gone on to nearly double, to just below $50 billion, in less than two weeks.

Elon Musk’s involvement is a factor in all of this. The Tesla billionaire is reportedly going to mention Dogecoin during his up-and-coming appearance on Saturday Night Live on May 8. On a fundamental level, there’s also the fact that more merchants are beginning to accept the meme token as a payment method. While critics maintain DOGE lacks fundamentals, who’s having the last laugh now?

Dogecoin Stuns The Market With Ever-Increasing Price Tear

In defiance of convention, Dogecoin continues its incredible run, even managing to flip Cardano in the process. YTD gains currently stand at 7,800%.

Following the recent market sell-off, a strong recovery from DOGE set in motion a steep uptrend in price. Today sees more of the same, gaining 7% since opening the day.

Analyst Kas1a charted DOGE on a 4-hourly, concluding that its run is “unstoppable.” His analysis shows a price trend respecting an upwards grind line that formed during the recent dip. Add to that a price level above the 13, 50, and well above the 200 and 800 EMAs, and the case for a $1 DOGE looks increasingly possible.

Source: TradingView.com

Dogecoin co-founder Billy Markus said a $1 DOGE is not something he can wrap his head around. By his admission, Dogecoin was created in a matter of hours and was always intended as a crack against the ultra-serious cryptocurrency industry, not a project outdoing Twitter.

It gets even more absurd. A look at current company market caps shows DOGE within striking distance of Volvo, Honda, and Philips Electronics. All of which provide tangible goods and services to millions of people.

Markus cannot explain how or why his creation has gotten to where it is today. However, he raises the possibility that we no longer live in reality. Given the divergence of stock markets from the real economy, he may have a point.

“Maybe it’s that Dogecoin can be a good barometer for how far from reality things can get.”

How Long Can DOGE Keep This up?

Commenting on Dogecoin’s rise, IOG CEO Charles Hoskinson labeled the situation a bubble. He attributes its price performance to Elon Musk and market manipulation by “clever whales.”

“Let’s be very clear, this is a bubble. The price of DOGE is not sustainable, it’s going to collapse and a massive amount of retail money is going to be lost very quickly.”

When things go south for DOGE, Hoskinson fears that regulators will be forced to take action, resulting in tougher regulation for the entire cryptocurrency industry.

Those comments were made two weeks ago. Since then, DOGE has proven more resilient than Cardano. Maybe it’s time to accept that fundamentals no longer matter.

A change.org petition requesting Amazon to accept Dogecoin for payment has reached over 140k signatures. The appeal was started four years, but the last two months have seen it pick up the pace, reaching 100k signatures in February. Since then, interest has snowballed further.

“It is time for Amazon.com to be one of the first major companies to see the power of Dogecoin and with the huge momentum the Dogecoin community is generating now is the time for Amazon to accept Dogecoin as a payment method!”

It may have started as a joke, but as the market downturn continues, Dogecoin is the only top ten cryptocurrency in the green today. This resilience bodes well for DOGE. However, does Amazon see it this way?

Dogecoin Defies the Odds

Near 8,000% gains year-to-date is no joke. Dogecoin’s performance in 2021 has destroyed any notion that fundamentals and sound tokenomics count.

Today is April 20, which is world “Weed Day.” However, Dogecoin holders are attempting to hijack this day with the intention of rallying support for a $1 DOGE.

The hashtag #DogeDay is currently trending number 2 on Twitter. With Reddit also a hotbed for the coup. In drumming up support, one user described hitting $1 as an inevitability, even saying that in itself is a small goal.

“$1 is inevitable, and we can take a pit stop at the moon, sure, but our lord and savior doge ought not be limited by such small goals. The moment is now. We can mother heckin do this.”

Based on growing sentiment around Dogecoin, who’s to say that $1 won’t happen? Billionaire Mark Cuban thinks it will. He even backed this up by accepting DOGE as payment for Mavs tickets and merch.

But despite the fun and positivity, a nagging problem exists in DOGE’s infinite supply. The inflation rate sees about 5 billion DOGE a year added to the supply. While this is fundamentally no different from fiat money, it still isn’t easy to reconcile this with a niche token within an unconventional industry.

What’s The Deal With Amazon and Crypto?

Amazon does not currently accept cryptocurrency for payment, let alone Dogecoin. Although the change.org petition has strong support, Amazon is not obliged to take action.

Is this something that will change in the future? Who knows, but what is known is that Amazon has plans to launch its own digital currency. The retail giant recently posted a job advert calling on suitable candidates to join its Digital and Emerging Payments division.

The job advert has since been pulled, but not before eagle-eyed observers noted it was for the Mexican market, with plans to roll out into other territories if successful.

At this stage, it’s difficult to determine what this project may mean concerning the cryptocurrency industry. But based on past offerings, the firm tends to wall its products within its own ecosystem.

Source: DOGEUSD on TradingView.com