Bloomberg Senior Macro Strategist Mike McGlone on $DOGE and $SHIB
Bloomberg Intelligence Senior Macro Strategist Mike McGlone sounded the alarm on the potential perils of investing in meme cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), amidst a brewing economic storm.
Dogecoin Emerges as Top Performer Among Top 20 Cryptocurrencies With Help from Elon Musk's Influence
Dogecoin (DOGE), the original meme cryptocurrency, is currently the best performing digital asset in the top 20 cryptocurrencies list. DOGE is currently trading at $0.088, up over 6% in the last 24 hours, according to CoinGecko.
Biggest Movers: DOGE Snaps Losing Streak as SOL Hits Fresh 6-Week High
Dogecoin snapped a two-day losing streak on Thursday, as sentiment in crypto markets remained bullish. The meme coin moved to a one-week high, moving away from a key price floor in the process. Solana rose for a fifth straight session.
Dogecoin Surges 5.8% as Traders Anticipate Elon Musk's Next Move
Dogecoin has risen 5.89% following Twitter's deal with eToro to offer crypto trading. Twitter CEO Elon Musk has often touted dogecoin as one of his favorite cryptocurrencies, dedicating a segment to it on an appearance on Saturday Night Live in 2021. Twitter also briefly changed its logo to the dogecoin logo last week to spur a rally that gained as much as 37% for some traders. The popular meme coin had previously slumped by 22.64% as the hype surrounding Twitter's logo change subsided. It is currently trading at $0.0877.
Musk Offers 1M Dogecoin for Proof of Emerald Mine Ownership
Elon Musk, the founder of SpaceX and CEO of Twitter, has offered a 1 million Dogecoin (DOGE) reward to anyone who can provide evidence to the widely circulated claims that he owns an Emerald mine. The recent disclosure is part of Musk's efforts to demonstrate his advocacy for DOGE every chance he gets. Musk revealed this bounty in a recent tweet and aimed to demonstrate his unwavering advocacy for Dogecoin while expressing his confidence that he does not own the mine. The recent bounty demonstrates Musk's readiness to express his Dogecoin advocacy when the opportunity presents itself.
Crypto Evening Briefing: Crypto Regulation by Enforcement Is ‘Really, Really Bad,’ Says Binance CEO
Binance CEO Changpeng Zhao has said that regulation, rather than lack of clarity, is a better option for the crypto industry. However, he added that regulation by enforcement is bad.
Twitter Will Be Added to Dogecoin Ponzi Scheme Litigation If Elon Musk Cannot Get Case Dismissed
Twitter may be added as a defendant in a class action lawsuit alleging that dogecoin is a Ponzi scheme being manipulated by Elon Musk, according to a lawyer in the case. Although Musk had been named personally as a defendant, Twitter itself has not yet been sued, but Musk's recent antics, including changing Twitter's logo to that of a shiba inu dog, could drag the social media platform into the case. The case was brought by investors who lost money when the price of dogecoin collapsed between 2019 and 2021, after Musk appeared to stop supporting the memecoin.
FTX Will Receive All of Ren Protocol's Pegged Assets, Including Bitcoin and Dogecoin
Ren Protocol has transferred all its assets and shares to cold wallets controlled by FTX Trading, according to a tweet by the protocol. FTX had directed the protocol to transfer all assets to debtor wallets for safeguarding in advance of possible shutdowns of infrastructure and systems. The assets will be held on separate, segregated cryptocurrency wallets different from those used for other debtors. Ren allowed users to transfer tokens such as bitcoin, ether, and dogecoin among different blockchains and became one of the most popular decentralized finance protocols in the 2021 bull run. The protocol was acquired by Alameda Research in February 2022, and in November, Ren Protocol said it was impacted by FTX Group's Chapter 11 proceedings and had no funding to last beyond 2022 for the previous version of its service. Ren's REN token fell as much as 11% in the past 24 hours after the developers tweeted the move.
Bitcoin Holds Above US$28,000, Dogecoin Rises Most in Top 10 Cryptos
Bitcoin and Ethereum experienced gains on Monday afternoon in Asia, alongside most other top 10 non-stablecoin cryptocurrencies by market capitalization, with Dogecoin recording the most significant increase. The global crypto market capitalization rose 1.02% to $1.18 trillion, while the total crypto market volume gained 4.09% to $29.18 billion in the last 24 hours. Asian markets were mixed on Monday amid speculation that the US Federal Reserve may raise interest rates again in May. The US dollar index saw a 0.2% slide, while the euro rose 0.14% as investors expect another interest rate hike from the European Central Bank. Gold retreated 0.43% to $1,999 per ounce.
On-Chain Analysis Signals Potential Bullish Momentum for Bitcoin, Analysts Predict Higher Price Levels
Bitcoin has been in a major consolidation phase, struggling to break past the $28,000 level but with limited downside volatility. On-chain analysis signals a potential bullish momentum ahead, with the Adjusted SOPR (aSOPR) for Bitcoin suggesting explosive growth.
1.4B DOGE Dumped by 2 Whales After Elon Musk Changed the Twitter Logo to Dogecoin: Data
Twitter’s new owner is known as a keen proponent of the original memecoin, having pushed its price higher numerous times in the past through various engagements. The latest example came earlier this week when he changed the Bluebird Twitter logo to the dog picture of Dogecoin. Expectedly, the asset’s price exploded by 25% in minutes and over 30% within the next day. It soared above $0.1 for the first time in months. The Bluebird logo has returned since then, and DOGE has retraced notably. Data from the on-chain analytics platform – Lookonchain – informed that two of the five largest Dogecoin whales sold 1.4B DOGE amid the price surge (worth about $121 million).
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Dogecoin (DOGE) Price Tanks 9% As Twitter Restores Original Logo, Whales Dump
The party seems to be over for memecoin Dogecoin as the DOGE price tanked by over 9% just after Twitter restored its original blue bird logo. As of press time, DOGE is trading at a price of $0.085 and a market cap of $11.8 billion.
