Whales Suddenly Move Over 776,000,000 Dogecoin Following DOGE Bounce
Large Dogecoin transactions worth hundreds of millions of dollars are being moved by wealthy crypto investors as the memecoin rebounds from its monthly low. Whale Alert, a blockchain-monitoring platform, detected the transfers, including one involving a crypto whale moving 308,390,532 DOGE worth $19.22 million from Binance to an unknown wallet.
Dogecoin chief developer: PoS mechanism has inherent flaws, if Dogecoin switches to PoS, it will exit
A contributor and chief developer of Dogecoin (DOGE), he hinted on Twitter that he might quit the project's development work if Dogecoin tries to transition to PoS consensus. He believes that the PoS mechanism has inherent flaws that may conflict with Dogecoin's core principles.
Mishaboar pointed out that many PoS chains have not met expectations, showing a trend towards centralization, encountering catastrophic failures, or becoming difficult to use. <br>
Dogecoin Lianchuang: Dogecoin is "Bitcoin in dog clothes"
Billy Markus, co-founder of Dogecoin, recently interacted with the crypto community on social media platform X, revealing his personal preferences for virtual currencies and disclosing the technical foundation of Dogecoin. Markus emphasized the importance of cautious investment and stated that his first principle for investing in cryptocurrencies is to never invest more than you are willing to burn in the fire.
In addition, Markus revealed that he favors Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies in terms of market value.
Markus expressed his opinion on Dogecoin straightforwardly, likening it to "Bitcoin wearing a dog costume" and emphasizing the fun spirit of Dogecoin.
253,419,377 DOGE Transferred From Robinhood to Unknown Wallet
At 6:40 am Beijing time today, 253,419,377 DOGE (worth about $16,052,287) was transferred from Robinhood to an unknown wallet.
Data: Around $7.91 Million in DOGE Moved From Robinhood to Unknown Wallet
According to Whale Alert monitoring, 129,673,539 DOGE (worth $7,908,094) was transferred from Robinhood to an unknown wallet.
Comedy Cartoon Futurama Introduces Bitcoin and Dogecoin
American comedy animated series Futurama has incorporated cryptocurrency into its latest plot. The episode aired on Hulu on August 7th. The episode is set in the year 3023, where people are still mining Bitcoin, but its price is still unstable. Therefore, people are trying to find new ways to make money, such as mining thallium and selling it to miners.
The show also jokingly addresses concerns about the high energy consumption involved in Bitcoin mining and features a "cryptocurrency nation" called "Doge City" named after the popular Dogecoin (DOGE).
Bitcoin Rises Slightly After PayPal Launches Stablecoin, NFT Trading Volume Picks Up, Outflows Continue for Digital Asset Investment Products
Bitcoin experienced a slight rise following the launch of PayPal's stablecoin, PYUSD, which is fully backed by U.S. dollar deposits. However, other top 10 non-stablecoin cryptocurrencies remained flat or decreased, with Dogecoin being the biggest loser. The Forkast 500 NFT index increased as NFT trading volume picked up. Digital asset investment products experienced outflows totaling US$107 million in the week ending August 4, with Bitcoin-related products seeing the largest weekly outflows since March. However, outflows into Bitcoin short positions stopped for the first time in the past 14 weeks, suggesting institutional investors may be adjusting their Bitcoin strategies.
Elon Musk Denies Rumors of X App Creating Its Own Cryptocurrency
Elon Musk, the boss of X app (formerly known as Twitter), has denied rumors that the company is developing its own cryptocurrency. Musk stated that no "X coin" will ever be created or launched. While speculation about crypto payments on the platform has been circulating since Musk's purchase of Twitter last year, the company has only introduced a Subscription feature for micropayments in fiat currency. Despite the community's hopes for Dogecoin payments, Musk has not clarified whether they will be implemented.
Dogecoin Community Warned of Scammers Creating Tokens with DOGE Name on Various Chains
Mishaboar, a respected leader and contributor in the Dogecoin community, has issued a warning to fellow enthusiasts about the proliferation of numerous tokens carrying the DOGE name on various chains. These tokens are not affiliated with genuine Dogecoin and are instead created by scamming teams using deceptive tactics to lure unsuspecting investors. One concern is the use of a large decoy wallet by these scamming teams, which creates the illusion of not participating in dumping activities. The rise of DOGE imposters coincides with rumors about the integration of Dogecoin into Elon Musk's X platform, which has fueled speculation that scammers are taking advantage of the hype and attention.
Crypto Analyst Predicts Dogecoin Could Drop 30% in Worst-Case Scenario
According to a popular crypto analyst, Dogecoin (DOGE) may experience a significant downward movement after its strong performance last month. The analyst, known as Rekt Capital, believes that DOGE appears bearish after failing to break through the resistance of a falling wedge pattern. In the worst-case scenario, DOGE could drop to the diagonal support of the pattern at around $0.055. Rekt Capital also shares insights on Bitcoin, Ethereum, and TomoChain, stating that BTC is still bullish, ETH needs to stay above $1,863 to rally above $2,000, and TOMO may be poised for a correction after closing below its high timeframe resistance at $1.60.
Dogecoin Price Shows Positive Signs Above $0.075 Resistance Against US Dollar
Dogecoin is currently trading above the $0.075 resistance against the US Dollar and could continue to rally if it breaks the $0.0835 resistance zone. The price is trading well above the $0.0765 zone and the 100 simple moving average (4 hours), with a major bullish trend line forming with support near $0.0760 on the 4-hours chart of the DOGE/USD pair.
Shiba Inu and Dogecoin See Growth While Pepe Struggles, Bone ShibaSwap Re-enters Top 100 Club
Shiba Inu (SHIB) and Dogecoin (DOGE) saw significant growth in the past week, with Bone ShibaSwap (BONE) also experiencing promising growth and re-entering the top 100. However, Pepe (PEPE) struggled to maintain its price. The positive price action of SHIB and DOGE resulted in a surge in positive sentiment, while BONE's chart reflected excitement around the upcoming Shibarium mainnet launch.
Dogecoin's Daily Active Users Up by 28.63% Amid Broader Market Freefall
Most altcoins, including Dogecoin, have experienced a significant drop in value as the top tokens try to recover from losses incurred in the past week. Despite a 2.49% drop in the past 24 hours, Dogecoin has seen a 2.75% gain in the last seven days, and its daily active users have increased by 28.63% to 66.42K, indicating robust activity and positive retail interest. While Dogecoin's use as a payment token is limited compared to Bitcoin or Litecoin, its active community and Elon Musk's influence have helped to boost its growth. The current freefall of Dogecoin may face resistance due to its broader growth boosters.
PEPE Investors Switching to Dogecoin: What's Driving the Trend?
The price of PEPE has dropped by over 45% since its peak in July, with investors selling off their holdings to invest in Dogecoin instead. This shift in investment has resulted in a decline in PEPE's network activity, with daily active addresses dropping by 61% in just two weeks. Additionally, PEPE's network growth has also declined, indicating a loss of market share to competitors in the memecoin world. If investors continue to sell off PEPE in favor of Dogecoin, the price of PEPE could drop even further.
Dogecoin Surges in Price and Social Dominance, While Other Memecoins Lag Behind
Dogecoin's price has experienced a significant increase, which may be attributed to Elon Musk's recent actions and rumors that DOGE may have a larger purpose for his website X.com. Despite regulatory scrutiny and market instability, traders and investors continue to accumulate DOGE, resulting in a 25% increase in its price over the past two weeks.
Dogecoin Liquidations Spike, Majority Are Short Contracts
Data reveals that Dogecoin futures liquidations have been the highest in the cryptocurrency market in the past 24 hours due to the coin's upward trend. The surge in Dogecoin's value has attracted speculators, resulting in high liquidations, with short contract holders being the majority. Elon Musk's cryptic hints about possible Dogecoin integration on Twitter have contributed to the asset's positive signs and momentum.
Coinbase Lists 8 Altcoins for Trading in Germany, Dogecoin Continues to Rise
Coinbase, the leading US-based cryptocurrency exchange, has announced that eight altcoins are now available for trading in Germany. These tokens include Helium (HNT), Blur (BLUR), Arbitrum (ARB), MultiversX (EGLD), 00 Token (00), Audius (AUDIO), Lido DAO (LDO), and Automata (ATA). Users can buy, sell, convert, send, receive, or store these assets on Coinbase.com and the Coinbase iOS and Android apps. Meanwhile, Dogecoin's price continues to rise following its Twitter rebranding to X and speculation about its potential integration as a payment currency on X Payments.
Dogecoin Jumps 10% Amid Speculation of Integration into Elon Musk's X Payments System; Price Predictions Become Bullish
Dogecoin (DOGE) has seen a 10% surge in value, with weekly gains reaching almost 15%. This is due to speculation that the cryptocurrency may be integrated into a future X crypto-based payments solution, following Elon Musk's support and advocacy of the token. Technical developments suggest that Dogecoin's bear market may be coming to an end, with a potential retest of 2023's highs in the $0.16 area, marking gains of nearly 100% from current levels. Additionally, a new token called BTC20, which runs on an eco-friendly, low energy consuming Proof-of-Stake Ethereum blockchain, is gaining hype as an alternative to Bitcoin.
Elon Musk's Twitter Rebranding Could Hurt Twitter's Value, Experts Say
Elon Musk has stated that he is willing to lose money in order to speak his mind, following the Tesla shareholder meeting in May 2023. However, experts believe that the recent rebranding of Twitter to X is solely for Musk's ego, and could be counterproductive for the social media company. While the Dogecoin price has risen since Musk announced the rebranding plans, brand experts believe the renaming exercise could eventually affect Tesla stock as well. Despite Twitter's transformation into a global marketplace, Musk faces the challenge of recovering the platform's advertising revenue, which has dropped by over 50% since October 2022.
Altcoins Dominate July 2023 as Bitcoin's Dominance Drops by 8%: Kaiko Data
Altcoins have dominated the market in July 2023, with Ripple's victory over the SEC lawsuit and Bitcoin consolidating. Bitcoin's transaction volume dominance decreased by 8% in July, while altcoins like Dogecoin have gained popularity. Bitcoin's dominance across all top 25 centralized exchanges is at its lowest level since April 2023, and offshore exchanges have seen a decline in BTC trading activity due to a surge in altcoin trading volume in South Korea. Altcoin liquidity has also slightly increased since the beginning of July, with the 1% market depth for the top 10 altcoins by market cap growing by around $20 million. Dogecoin has seen a surge in trading volume and price, becoming the seventh-largest cryptocurrency by market cap.
