dogecoin

Tesla CEO Elon Musk Reaffirms Dogecoin ‘Has Potential as a Currency’ as Twitter Deal Is Put on Hold

14/05/2022 by Idelto Editor

Tesla and Spacex CEO Elon Musk says that dogecoin has potential as a currency. However, his Twitter buyout deal has been put on hold “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

Elon Musk Says Dogecoin Has Potential as a Currency

Tesla CEO Elon Musk has made another bullish statement about the meme cryptocurrency dogecoin (DOGE) despite massive sell-offs across the crypto market.

Musk affirmed that dogecoin “has potential as a currency.” His tweet was in response to a comment by dogecoin co-creator Billy Markus, who said that the reason he likes the meme cryptocurrency is because “it knows it is stupid.”

The Tesla CEO’s tweet reiterated his earlier statement that DOGE is the best crypto for transactions. In contrast, he said bitcoin is better suited as a store of value. Musk, who is known in the crypto community as the Dogefather, also said that dogecoin is “the people’s crypto.”

A longtime supporter of DOGE, Musk tweeted in April 2019: “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” The Tesla boss also revealed that he personally owns dogecoin in addition to bitcoin and ether.

Musk’s Twitter Deal Is on Hold

The Tesla boss has offered to buy Twitter for about $44 billion, which the social media company accepted. Since then, he has been discussing various ways to improve the platform.

However, Musk announced Friday that his Twitter buyout deal has now been put on hold, tweeting:

Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users

Nonetheless, he added that he is “Still committed to [the] acquisition.”

One of the biggest problems he’s trying to solve concerns cryptocurrency spam bots. Musk called it the “single most annoying problem on Twitter.” Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has suggested using dogecoin as a solution to solve the Twitter spambot problem. Musk responded by saying it is “not a bad idea.” He also indicated that dogecoin might be accepted for the Twitter Blue service.

What do you think about Elon Musk’s dogecoin comment and his Twitter deal being put on hold? Let us know in the comments section below.

Meme Token Carnage — DOGE, SHIB Prices Sink Lower, Dogecoin Down 82% Since Last Year

08/05/2022 by Idelto Editor

Today’s top meme coins have lost 4.8% in value against the U.S. dollar, as the crypto market carnage has wreaked havoc across the entire digital currency economy. While dogecoin had a phenomenal year in 2021, over the past 12 months, dogecoin lost 82.8% against the USD.

DOGE Tapped an All-Time High a Year Ago Today, Meme Coin Value Is Down 82% Since That Point

Meme coin assets are down this week following the rest of the crypto economy’s downward spiral. Statistics show that dogecoin (DOGE) has shed 14% in value during the past month and 30 day stats show shiba inu (SHIB) is down 24%.

In the last day alone, the $28.3 billion worth of meme tokens lost 4.8% in value. DOGE lost 1.7% over the last seven days and this week SHIB has dropped by 6.8%. DOGE is also down 82.8% from the crypto asset’s all-time high on May 8, 2021, which was exactly a year ago today.

At that time, DOGE reached an ATH of around $0.731 per unit. Six months ago, SHIB tapped an ATH at $0.00008616 per unit and today it’s down 78% since that price point. Both DOGE and SHIB make up most of the $28.3 billion meme token market capitalization by representing 95% with a combined market valuation of around $26.9 billion today.

Google Trends Data Shows Interest in Dogecoin and SHIB Is Low

While most of the meme coin economy has shed significant value in recent times, a relatively unknown meme token called litedoge (LDOGE) has gained 400% this week. Poodl token (POODL) is up 34.2% and dogefi (DOGEFI) is up 27.3% during the past seven days. However, jejudoge (JEJUDOGE) has lost 44.6% this week, lets go brandon (LETSGO) is down 43.3%, and shiba fantom has shed 28.9% in value against the USD.

Meme tokens were all the rage last year, but interest seems to be dwindling fast. After hitting a Google Trends (GT) score of 100 last May, this year during the same weekly timeframe, the search phrase “dogecoin” has scored a three. SHIB hit a 100 in October and GT data shows the search term “SHIB” has scored a four this week, according to worldwide statistics.

What do you think about the meme coin market carnage and the lack of interest in SHIB and dogecoin these days? Let us know what you think about this subject in the comments section below.

Derivatives, Spot Markets, Dex Swaps — 30 Day Crypto Trade Volumes Slipped Across the Board Last Month

02/05/2022 by Idelto Editor

Digital currency markets have been tumultuous during the past month as bitcoin shed 15.43% and ethereum dropped 17.49% against the U.S. dollar. Moreover, crypto spot volumes are down 18.95% lower than the month prior, and both futures and options volumes were down in April as well. Lower than average trade volumes typically suggest overall interest has declined, and investors may be waiting on the sidelines for lower prices.

April’s Crypto Market Spot Volumes Slip Close to 19% Lower Than Last Month

The crypto economy ended the month of April in the red, as most digital assets suffered losses during the last few weeks. At the time of writing, all ten of the top crypto assets are down significantly as they lost between 10.39% to 31.43% during the trailing 30 days. Metrics further indicate that April’s cryptocurrency exchange volumes dropped 18.95% lower than in March.

As of May 1, 2022, bitcoin lost 15.43%, ethereum dropped 17.49%, BNB slipped by 10.39%, solana slid 31.43%, and XRP lost 25.27% over the last 30 days. Trailing 30 day data indicates that terra is under 27.66%, cardano dropped 31.39%, but dogecoin only shed 3.46% this past month.

Statistics show that during the month of March, $739.4 billion in trade volume was recorded, in terms of overall crypto spot market volume. April’s spot volume, according to the Block’s Legitimate Index and Crypto Compare metrics, came in at $599.22 billion.

30 Day Crypto Derivatives Volume Slide, Dex Volumes Slip, NFT Sales Increased by 64%

The same can be said for crypto derivatives markets as data indicates April saw $1.06 trillion in bitcoin futures volume, while $1.32 trillion was recorded in March. April’s statistics, in terms of bitcoin futures open interest, are lower during the past 30 days as well.

Today, there is $14.58 billion in futures open interest, and a month ago there was $16.59 billion in bitcoin futures open interest. Bitcoin options volume from Deribit, CME, Okex, Bit.com, Ledgerx, FTX, and Huobi was lower in April than the month prior. In March, there was $20.77 billion in bitcoin options volume, while April’s bitcoin options volume saw $15.81 billion.

Furthermore, the recent defi report covered by Bitcoin.com News indicates that April’s decentralized exchange (dex) trade volumes were 21% less than in March. In March dex trade volume was $117 billion, while April’s dex trade volume recorded $92.18 billion.

Non-fungible token (NFT) sales, on the other hand, saw a 39.25% increase during the last seven days, which bumped NFT sales over the last month up 64.44%. Moonbirds was the top-selling NFT collection this past month with $492 million in global sales.

What do you think about the crypto market action during the last 30 days? Let us know what you think about this subject in the comments section below.

Google Trends Study Shows SHIB Is the Most Popular Crypto in the UK

27/04/2022 by Idelto Editor

22 days ago, Bitcoin.com News wrote about a Coin Insider trends study that combed through Google Trends data in the United States. According to the report, dogecoin was the most Googled cryptocurrency in the country. Another study — published by askgamblers.com — has covered similar data, but concentrated on the U.K.’s and Europe’s Google searches. According to the report, while bitcoin is the most popular crypto asset in Europe, the study of the trends shows that the meme token shiba inu is the most popular in the United Kingdom.

Trends Study Highlights the Most Popular Crypto Assets in Europe, UK — Bitcoin Reigns in Europe, While Shiba Inu Takes the UK

This week Bitcoin.com News was sent a report from askgamblers.com that analyzes Google Trends (GT) data over the last year in order to find out what the most popular crypto assets are in the U.K. and Europe. According to the findings, bitcoin (BTC) is the most popular digital currency in Europe as it was the most searched crypto in 21 countries. BTC outpaced the competitors in the askgamblers.com study, as the leading crypto asset rules the roost in countries like Germany, Finland, Norway, Poland, Romania, and Belgium.

While bitcoin (BTC) was the top crypto across Europe, shiba Inu (SHIB) is the most popular cryptocurrency in the U.K., according to the researcher’s collected Google searches. The meme token SHIB saw a significant increase in popularity during the last 12 months. The study’s findings show SHIB commands six different countries and the United Kingdom. In fact, SHIB is huge in Russia, France, Spain, Ukraine, Italy, Hungary, and Switzerland, in terms of GT searches.

Additionally, ethereum (ETH) was the third most popular in the study capturing interest from Sweden, Czechia, Latvia, and Slovenia. Then cardano (ADA) held the fourth position in terms of GT search data, as Andorra, the Netherlands, and Bulgaria showed a lot of interest in ADA. With dogecoin (DOGE) being the most popular in the U.S., it is the fifth in Europe as the meme crypto is popular in Albania and Greece.

“With 38 million crypto users in Europe, and thousands of cryptocurrencies on the market to choose from, it is fascinating to see which one people are the most interested in investing in,” a spokesperson from askgamblers.com told Bitcoin.com’s newsdesk. “Although bitcoin is the most popular overall, the interest in shiba inu has grown to surpass bitcoin in major countries such as Russia and the U.K.”

In the U.S. research study published by Coin Insider, shiba inu (SHIB) only captured seven states across the country. Dogecoin was named the leader in that study as DOGE was the most popular in 23 states in the U.S., in terms of GT searches. SHIB’s popularity in the U.S., according to the data in that specific report, was ranked the fourth most popular crypto in the country.

What do you think about the popularity of bitcoin in Europe and the shiba inu interest in the U.K.? Let us know what you think about this research study in the comments section below.

Elon Musk Purchases Twitter for $44 Billion, Social Media Company Will Transition to a Private Company

25/04/2022 by Idelto Editor

On Monday, Twitter announced that Elon Musk has officially acquired the social media platform for $54.20 per share in a transaction valued at $44 billion. After the transaction completes, Twitter will transition to a private company.

Musk Acquires Social Media Platform Twitter — Aims to Enhance Free Speech and Unlock Twitter’s Potential

Tesla’s Elon Musk officially acquired Twitter on April 25, 2022, in a transaction valued at $44 billion. The deal came 21 days after Musk took a 9.2% stake in Twitter Inc. on April 4. The $54.20 per share price will give shareholders a 38% premium to Twitter’s closing stock price on the first of April. That was the last trading day Twitter had prior to Musk’s offer to purchase the social media firm.

“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Bret Taylor, Twitter’s independent board chair explained during the acquisition announcement. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

Elon Musk also made a statement during the acquisition announcement on Monday and he highlighted how free speech is needed in society. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk explained. The Tesla executive and now owner of Twitter further said:

I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.

Furthermore, last week Musk explained how he wanted to improve Twitter by making the account verification process easier, and possibly implementing dogecoin payments. Since the news broke earlier this morning indicating that Musk was negotiating with Twitter, dogecoin prices have surged by 26.3% today. Following the acquisition announcement, DOGE added 10% to its total 24-hour percentage gains.

What do you think about Elon Musk acquiring Twitter for $44 billion? Let us know what you think about this subject in the comments section below.