Tag: dogecoin

Investors lost a whopping $830 billion in crypto crash last week, BFSI News, ET BFSI

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NEW DELHI: Last week was very volatile for cryptocurrencies with Bitcoins plunging to $30,000 level before recovering slightly. In the process, it lost nearly half of its total value, bankrupting many of those who invested in it.

Other coins also followed suit, crashing as much as 63 per cent in the last seven days. In essence, crypto investors lost a whopping $830 billion in the blowout last week. The total market cap of all cryptocurrencies stands at $1.49 trillion as of now.

Many exchanges across the world faced problems due to heightened volumes and sell orders. These included Binance, WazirX (owned by Binance), Voyager and Coinbase, among others.

There were two major reasons behind the crash. The first was the vehicle maker Tesla’s sudden decision to stop car purchases using Bitcoins, a measure they announced a couple of months back.

The company cited environmental concerns over the computational ‘mining’ process behind its move. Mining basically refers to the process in which computers solve complex mathematical puzzles to enable transactions using Bitcoins and in return generate more Bitcoins. This is a high energy intensive process, requiring electricity often produced by burning coal.

Bitcoin enthusiasts had hoped for its wider adoption as a currency after Tesla’s decision in March. But, the recent U-turn dashed those hopes. Besides, Tesla has also trimmed its Bitcoin investments, as per its latest quarterly report.

Another reason behind the sell-off has been China’s crackdown on mining rigs across the country. China reiterated a warning last week that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks.

According to some estimates, China is home to the largest concentration of world’s crypto miners. This results in high electricity consumption for a country which has been dealing with severe pollution.

Earlier in the week, Chinese authorities warned that financial institutions weren’t allowed to accept it for payment, curtailing hopes further.

Musk effect

Many investors and analysts have also blamed mercurial technocrat Elon Musk for the massive volatility in crypto assets. His tweets, sometimes in support and other times criticising the assets, are seen to have an immediate bearing on price movements.

Musk has been a fervent supporter of Bitcoin and Dogecoin (which actually started as an internet meme and has no fundamental basis like Bitcoin), but have also termed the mania around cryptocurrencies a “hustle”.

Many of Musk’s followers last week blamed him for their losses. In fact, some Twitter users claimed they became homeless after Dogecoin prices crashed following Musk’s advice.

As per the latest data, Bitcoin traded at $35,665, down 27 per cent in the last seven days. Ethereum was at $2,124 (down 45 per cent), Cardano $1.35 (down 43 per cent), Binance Coin at $269 (down 55 per cent), Dogecoin at $0.32 (down 40 per cent) and XRP at $0.84 (down 46 per cent).

Prices have recovered slightly in the last 24 hours but no one can comment on how they will behave next week. Volatility has been a characteristic property of the crypto assets and it will likely move in a wide range in the future as well, many commentators believe.



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Dogecoin’s popularity soars ahead of Nifty, mutual funds in India, BFSI News, ET BFSI

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MUMBAI: A joke well said is when everyone laughs or at least goes back home and Googles it. Mind-numbing rallies in the cryptocurrency world are not absurd, but the rise of the ‘Doge’ has confounded even the biggest of cryptocurrency lovers.

Dogecoin, a cryptocurrency born out of a light-hearted joke in 2013 with no revolutionary endeavours, such as those of Bitcoin creator, has soared 5,500 per cent in 2021 so far, despite having nearly halved its value over the past week.

Simply put, Dogecoin is an Internet meme currency with the symbol of the Japanese Shiba Inu dog for the meme generation, backed by individuals like Elon Musk, the founder of Tesla, SpaceX and Starlink.

And, Indians are intrigued.

The popularity of the meme cryptocurrency has been soaring among Indians since the beginning of April from virtually zero interest prior to that. Much of the interest has been driven by reports that pegged the digital currency’s returns at over 10,000 per cent year to date, something unheard of in the world of traditional investing.

More Indians were searching for the term ‘Dogecoin’ on Google on Friday than Bitcoin and mutual funds combined, data on Google search trends showed. The rise in popularity of the cryptocurrency has been such that it is threatening to overtake popular search terms in India’s investing landscape like ‘Nifty’ and ‘Sensex’.

Industry watchers in India said almost all of the interest in Doogecoin is being driven by young investors, who are ardent admirers of Elon Musk, given his image as a futurist and his involvement in the development of some of the most revolutionary companies of the 21st century.

The surge in interest is despite Dogecoin giving up almost half of its value earlier this week following the Tesla Founder’s comments on a popular US comedy show that the cryptocurrency was nothing more than a ‘hustle’, confirming the suspicion of most.

Prior to Musk’s appearance on the Saturday Night Live last week, the interest in Dogecoin virtually broke the roof for the cryptocurrency market, as several cryptocurrency exchanges in India such as WazirX were unable to handle the deluge of orders.

WazirX, India’s largest cryptocurrency exchange, reported one of the highest single-day trading volumes of $350 million on May 7, a day prior to Musk’s appearance on the show. Some industry watchers suggested that much of the volumes were being driven by Dogecoin investors.

Musk has tried to make amends ever since his SNL gaffe by announcing the launch of a moon mission called DOGE-1, which will be funded entirely by Dogecoin.

Further, his Twitter poll earlier this week on whether Tesla should accept payment in Dogecoin or Bitcoin coincided with the shock announcement on Thursday that the electric vehicle company will suspend acceptance of Bitcoin as payment due to environment-related concerns.

“…if Elon Musk is able to improve some of its technical flaws as he said, that could help it gain long-term value,” said Vikram Rangala, chief operating officer at ZebPay.

Dogecoin’s lack of fundamental value compared with other major crypto assets such as Bitcoin and Ethereum is not lost even on cryptocurrency experts, who argue that it has none of the traits such as fixed supply that have made Bitcoin popular.

However, when the world’s second richest man is himself on the driver’s seat, one can only expect people to hop on to the bandwagon.



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Have IPL ads led to a fresh clampdown on Indian crypto exchanges?, BFSI News, ET BFSI

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When dogecoin turned to be the new sensation on the crypto street, many Indian investors could just marvel at the image of the dog on the coin, but not buy it.

The reason was their purchases are not going through as some banks have directed payment gateways not to process cryptocurrency­related transactions.

Since early this month, leading banks, notably private sector lenders ICICI Bank and IndusInd Bank, have asked payment gateway partners to stop processing such transactions.

Axis Bank, Kotak Mahindra Bank, Citibank, and others are limiting their exposure to the cryptocurrency market.

Banks, the industry sources said, have stopped issuing merchant IDs to payment gateways, and have asked these intermediaries to tighten scrutiny while dealing with cryptocurrency exchanges in India.

The issue started in late February and according to experts, the recent surge in the market, dogecoin frenzy and advertisements by crypto exchanges during IPL led to a fresh clampdown on the cryptocurrency.

The aggressive marketing push by crypto exchanges on TV during the IPL, OTT channels and through social media influencers has caused the regulator to clamp down as the industry is not licensed in India.

Dogecoin trading volumes from India have more than trebled since April and platforms have witnessed record-breaking transaction volumes.

Regulator against it

According to reports, the Reserve Bank of India, is informally urging lenders to cut ties with cryptocurrency exchanges and traders as the highly speculative market booms, despite a Supreme Court ruling that banks can work with the industry.

The guidance comes as the Indian government is drafting a law to ban cryptocurrencies and penalise anyone dealing in them, which would be among the most sweeping crackdowns on the new investing fad in the world. But with the COVID-19 crisis engulfing the country, no one is sure when such a bill may be passed, adding to investors` confusion.

The Reserve Bank of India (RBI) in 2018 had forbidden banks from dealing in all transactions related to bitcoin and other such assets. That diktat was challenged by the crypto exchanges and in March 2020, India`s top court overturned the RBI ban and allowed lenders to extend banking facilities to them.

With investors continuing to rush into the hot new asset class, however, regulators appear to be gearing up for another try.

Earlier this year, RBI Governor Shaktikanta Das said that they have “major concerns (around crypto) from the financial stability angle.”.

Growing frenzy

Thousands of new users are piling into the system every day at a time when the prices of major digital currencies have been on the rise. There are over 10 million crypto investors in India with total holdings of over Rs 10,000 crore, according to industry estimates. No official data is available.

Crypto platforms, for their part, are in the process of sending a communication to all major banks about the Supreme Court ruling of February 2020 that revoked the banking ban and declared that the central bank cannot issue any formal guidelines or directly regulate these exchanges.



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Dogecoin surges on Elon Musk tweet as crypto rollercoaster continues, BFSI News, ET BFSI

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By Yakob Peterseil

Dogecoin jumped on renewed support from Elon Musk, adding to a volatile week for digital currencies that’s been whipped up largely by the Tesla Inc. chief executive officer himself.

After Musk tweeted on Thursday that he is working with Dogecoin developers to “improve system transaction efficiency,” the Shiba-Inu-themed token with no practical uses surged from about 43 cents to 51 cents in a matter of minutes. It’s up by about 30% in the past 24 hours, according to Coinmarketcap.com.

Bitcoin fluctuated on Friday, and was trading at around $50,700 as of 10 a.m. in New York. The largest digital token is on course for a weekly slump of more than 10%.

Tweets from the billionaire electric car CEO have roiled crypto markets this week and raised questions about his motives. Musk started the week calling Dogecoin “a hustle” and continued with a series of tweets criticizing crypto mining, which at one point sent Bitcoin down as much as 15%.

Dogecoin, which tumbled after Musk’s Saturday Night Live appearance, has now clawed its way back to being the fourth-largest cryptocurrency with a market cap of $67 billion, according to Coinmarketcap.com. Sentiment was also boosted by news that Coinbase Global Inc., the largest U.S. crypto exchange, plans to offer Dogecoin on its trading platform in six to eight weeks.

Around the same time as his Dogecoin tweet, the Tesla CEO lobbed more criticism at crypto mining following a decision to suspend Tesla car purchases using Bitcoin. Musk said that he worries about a “massive increase” in coal and other carbon-intensive energy to generate electricity needed to mine digital currency.



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Roaring crypto cacophony drowns out rest of Wall Street, BFSI News, ET BFSI

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By Brandon Kochkodin

Wild stock swings, spikes in Treasury yields, startling economic readings? Interesting, sure. But if you really want to get people’s attention right now, you need to tell them a story about crypto.

And there have been a lot of those. Even for a market that’s famous for its wild volatility and gimmicks, the past week’s cryptocurrency news set new records for jaw-droppers.

It began with Elon Musk’s highly anticipated appearance as host on “Saturday Night Live.” Dogecoin owners watched hoping that the “Dogefather” would further propel the digital currency that had soared this year from less than a penny to 74 cents before he took the stage.

What they got instead was a skit in which he laughed after calling the coin a “hustle.” Since then, the Shiba Inu-branded coin created as a joke has lost almost half of its value.

Dogecoin wasn’t the only canine-themed coin to take a tumble.

Shiba Inu coin — yes, a meta joke about the joke that is Dogecoin — soared earlier in the week as it was added to exchanges like OKEx and Binance. It and other Dogecoin imitators’ popularity reached such heights that transaction fees on the Ethereum network hit an all-time high, according to CoinDesk.

The rally faded quickly. The cryptocurrency plunged Wednesday after the Wall Street Journal reported that Ethereum creator Vitalik Buterin donated more than $1 billion of the coin to a charity that is fighting the spread of Covid-19 in India.Then that night, Musk struck again. He announced that Tesla Inc. would no longer accept Bitcoin as a form of payment for its cars. In a tweet, Musk said that the carmaker was “concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

While his tweet left Bitcoin holders wondering what spurred the change — the facts of the coin’s energy profile hadn’t changed since Tesla announced in March that it would accept it as payment — the market reacted swiftly. Bitcoin plunged from nearly $57,000 before his flip-flop to $46,000 within two hours.

Thursday brought some good news for crypto die-hards. Point72, the hedge fund run by billionaire New York Mets owner Steve Cohen, was set to make a sizable move into the market. Bitcoin gained 2.5% following the news.

The rally didn’t last long.

Tether, the crypto stablecoin that says it’s backed one-for-one by fiat currencies, released a reserves breakdown for the first time that showed a large portion in unspecified commercial paper. The company has faced questions over both its reserves and whether it was used to manipulate cryptocurrency prices. In February, Tether settled a legal dispute with the New York Attorney General’s Office and paid a fine of $18.5 million.

After that, reports surfaced that Colonial Pipeline Co. paid nearly $5 million in untraceable cryptocurrency to the hackers that infiltrated the company’s network and forced the shutdown of its infrastructure, setting off widespread gasoline shortages up the U.S. eastern seaboard.

At about the same time, Bloomberg reported that Binance Holdings Ltd., the world’s biggest cryptocurrency exchange, was under investigation by the Justice Department and Internal Revenue Service in relation to possible money-laundering and tax offenses.

News of the investigation sent Bitcoin and Ethereum, the two largest cryptocurrencies, down by more than 7% each as fears were stoked about the Biden administration taking a tougher approach toward an industry that has largely operated outside of the gaze of regulators.

Then at 4:00 p.m. New York time, Coinbase Global, Inc., the biggest U.S. crypto exchange, reported first-quarter earnings. Its revenues fell just short of consensus estimates and the company projected flat user growth. Coinbase also plans to offer Dogecoin trading on its platform. The exchange’s shares fell as much as 6.5% in after-hours trading before recovering.

Friday in Asia is already bringing further drama, beginning with more comments from Musk. The billionaire in a tweet said he “strongly” believes in crypto but that “it can’t drive a massive increase in fossil fuel use, especially coal.”

Not long after, he followed up with another post saying that he’s working with Dogecoin “devs to improve system transaction efficiency,” describing the effort as “potentially promising.”



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Bitcoin falls below $50,000 as Musk calls energy use ‘insane’, BFSI News, ET BFSI

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By Yakob Peterseil and Dana Hull

Tesla Inc.’s Chief Executive Officer Elon Musk doubled down on his attack on Bitcoin’s energy demands, calling recent consumption trends “insane.”

Musk posted a chart on Twitter from the University of Cambridge showing Bitcoin’s electricity consumption has skyrocketed this year. It’s the second day he’s criticized crypto mining for using fossil fuels and comes after an announcement that Tesla would suspend car purchases using Bitcoin.

The turnaround by one of crypto’s loudest believers took investors by surprise and sent prices tumbling across the board. Bitcoin plunged 10% in early U.S. trading to below $50,000. Exchange operator Coinbase Global Inc. sank 2% in the premarket and other tokens including Ether and Dogecoin slumped.

“Bitcoin is also a manifestation of the value of the internet, and hence it stands to reason that social media and the cult of celebrity has, and will continue to have, an effect on driving demand,” said Stephen Kelso, head of markets at ITI Capital.

Mining the token consumes 66 times more electricity than it did back in late 2015, according to a recent Citigroup Inc. report.

Musk signaled on Wednesday that Tesla might accept other cryptocurrencies if they are less energy intensive, and said the company won’t sell any of its Bitcoin.

It’s unclear what prompted the decision and Musk and Zachary Kirkhorn, Tesla’s chief financial officer, didn’t immediately respond to an email inquiry for comment. Kirkhorn in March added the tongue-in-cheek title “Master of Coin,” according to a regulatory filing.Still, Musk’s tweets raise questions about Bitcoin’s attractiveness as an investment at a time when institutional firms are increasingly vocal about climate change and environmental issues.

“Surely he would have done his diligence prior to accepting Bitcoin?” said Nic Carter, founding partner at Castle Island Ventures, and a leading voice among defenders of Bitcoin’s energy use. “Very odd and confusing to see this quick reversal.”

Musk’s decision in February to buy $1.5 billion in Bitcoin and plan to accept it as a form of payment has been a major catalyst in the crypto bull market. In the eyes of analysts, it helped add legitimacy to the token and usher in new investors.

Musk’s crypto tweets have often been in jest, and his attention toward Dogecoin brought the joke token into the mainstream. He’s quipped about being the “Dogefather” in the past, and tweeted on Tuesday, “Do you want Tesla to accept Doge?”



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Elon Musk | Bitcoin: What crypto insiders think about Elon Musk’s bitcoin U-turn, BFSI News, ET BFSI

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Cyptocurrency enthusiasts got a nasty shock Wednesday when Elon Musk, founder of Tesla Inc. and the second-richest person on the planet, announced on Twitter that his automaker wouldn’t accept payment in Bitcoin any more due to environmental concerns.

After all, this is the same man who just a few months earlier said Tesla bought into Bitcoin, to the tune of $1.5 billion. He tweeted “True” in response to a thread citing research that mining the token might actually spur the uptake of renewable energy, from Ark Investment Management LLC. Bitcoin mining is known to be energy-intensive, with the industry prizing cheap and plentiful power supplies.

Bitcoin slid as much as 15 per cent to nearly $46,000 before recovering. It was down 6.4 per cent at $51,039 as of 2:45 p.m. in Hong Kong.

Here’s what some people in the crypto industry have to say about the development:

New Highs Await?
“This may be the selloff that sets Bitcoin up for new all-time highs,” said David Grider of Fundstrat Global Advisors LLC. “We think the news is overblown and wouldn’t be surprised if Tesla is signaling plans to make crypto ‘greener.’” In a note Wednesday, Grider said Bitcoin has been consolidating for months as its market dominance has waned, but he’s still bullish, with a target of $100,000.

Seeking an Explanation
“The most logical answer is that he’s feeling pressure” from people who think “that one can’t be green and own crypto,” said investor Michael Terpin, calling that position “uninformed.”

“First, there’s virtually no energy expending in SENDING Bitcoin; and the mining of new coins to keep the network secure is still a far lower amount of energy (and 70 per cent of it from renewable sources) than the amount of energy expended to mine the world’s gold or power the global banking systems.”

Watching Other Cryptocurrencies
It wasn’t lost on some pundits that Musk might have his sights set on boosting a rival coin with a greener, perhaps even fluffier, profile. One of the most-liked replies on Twitter to Musk’s original statement was from Billy Markus, the co-creator of Dogecoin — the Shiba Inu-themed cryptocurrency that started as a joke in 2013. That token has become a favorite of Musk’s, and a darling among the retail set of investors and enthusiasts.

“If only there was a merge-mined cryptocurrency that had a much smaller carbon footprint than Bitcoin, and also had a dog on it,” Markus said.

Doesn’t Add Up
“Broadly it’s a bit surprising given Tesla bought Bitcoin for their treasury in January and the argument is the same whether you’re using Bitcoin as a store of value or for transactional purposes,” said Vijay Ayyar, head of Asia-Pacific at Luno Pte., in an email. “So it doesn’t add up. Usually in such cases there are unknown motives at play.”

It Can’t Be
For some, the reaction bordered on disbelief.

“Tell me your account got hacked without telling me your account got hacked,” said Yassine Elmandjra, crypto analyst at Ark, in a reply to Musk’s tweet.

Chance to Buy
“In retrospect, it was a great buying opportunity,” quipped longtime crypto enthusiast and co-founder of Gemini Trust Co. LLC, Cameron Winklevoss, on Twitter.



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Elon Musk sends bitcoin tumbling with shock u-turn on payments, BFSI News, ET BFSI

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Tesla Inc.’s Chief Executive Officer Elon Musk said the electric-vehicle manufacturer is suspending purchases with Bitcoin, triggering a slide in the digital currency.

In a post on Twitter Wednesday, Musk cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signaling that Tesla might accept other cryptocurrencies if they are much less energy intensive. He also said the company won’t be selling any of the Bitcoin it holds.

The largest cryptocurrency dropped as much as 15% in Asian trading, sliding below $50,000, before paring some of the drop. It was down about 8% to $50,190 as of 10:53 a.m. in Tokyo. The were reports of outages at digital-token exchanges as people rushed to sell.

Musk’s move comes after Tesla disclosed in February that it had purchased $1.5 billion in Bitcoin and planned to accept it as a payment. That announcement added legitimacy to the cryptocurrency as an increasingly acceptable form of payment and an investment, especially coming from a large member of the S&P 500 with a high-profile CEO who commands a big following among retail investors and the general public.

Tesla’s website, which had a support page dedicated to Bitcoin, noted that Bitcoin was the only cryptocurrency that Tesla accepts in the continental U.S. Musk has also tweeted frequently about Dogecoin, a cryptocurrency started as a joke in 2013 — and he quipped about being the “Dogefather” before and during his stint hosting the “Saturday Night Live” show on May 8. He tweeted on Tuesday, “Do you want Tesla to accept Doge?”

Tesla’s addition of Bitcoin to its balance sheet was the most visible catalyst during this year’s rally in the digital currency. Bitcoin jumped 16% that day, the biggest one-day gain since the Covid-19 inspired financial markets volatility in March 2020.

Optimism grew after Mastercard Inc., Bank of New York Mellon Corp. and other firms moved to make it easier for customers to use cryptocurrencies, fueling the mainstream resurgence that took Bitcoin from about $29,000 at the end of last year to as high as almost $65,000 in April.

Bitcoin mining is consuming 66 times more electricity than it did back in late 2015, and the carbon emissions associated with it will likely face increasing scrutiny, according to a recent Citigroup Inc. report.

Musk is no stranger to considering the issue of crypto’s environmental impact.

Cathie Wood’s Ark Investment Management LLC published a report last month saying cryptocurrency mining can drive investment in solar power and make more renewable energy available to the grid. Twitter Inc.’s Jack Dorsey retweeted a post on the white paper with the comment that Bitcoin “incentivizes renewable energy.” Musk replied to Dorsey’s tweet, saying simply, “True.”

Musk’s tweet on Wednesday took many in the cryptocurrency community by surprise, including Nic Carter, a partner at Castle Investment Management, and a leading voice among defenders of Bitcoin’s energy use.

“Surely he would have done his diligence prior to accepting Bitcoin?’ Carter said. “Very odd and confusing to see this quick reversal.”

It’s unclear what prompted the decision and Musk and Zachary Kirkhorn, Tesla’s chief financial officer, did not immediately respond to an email inquiry for comment.



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Dogecoin crashes as Elon Musk appears on ‘Saturday Night Live’, BFSI News, ET BFSI

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Dogecoin retreated from a record earlier Saturday, declining during Elon Musk’s appearance on “Saturday Night Live,” where the billionaire jokingly called the digital asset “a hustle.”

The fourth-largest cryptocurrency by market value reached a record above 73 cents on Saturday before dropping as low as 51.4 cents during the show. It was down 23% over the past 24 hours to around 55.6 cents as of 12:56 p.m. in Hong Kong, according to pricing from CoinGecko.

Elon Musk, who said he’s the first person with Asperger’s to host the show, was asked repeatedly during the “Weekend Update” segment to explain what Dogecoin is. After reciting multiple facts about the cryptocurrency in the character of a financial expert, he was asked if Dogecoin was a “hustle.” He responded, “yea, it’s a hustle.”

Musk, 49, is the world’s second-richest person with a net worth of $183.9 billion, according to the Bloomberg Billionaires Index. He had helped drive the coin to new heights on Friday and Saturday after tweeting a picture of himself and a Shiba Inu on the set of the iconic NBC show.
There was a reference to Dogecoin during the opening monologue where his mother, Maye Musk, joined him on stage. The author and model said she was excited about her Mother’s Day gift, and she hoped it’s not Dogecoin — to which he said, “it is.”

In the Weekend Update segment, Musk was in character as a financial adviser trying to explain the concept of cryptocurrency. After being asked repeatedly what Dogecoin is, he agreed with one of the anchors that “it’s a hustle.”

Bitcoin, the largest cryptocurrency, retreated more than 1 per cent to around $58,000 as the show continued. Musk’s Tesla Inc. announced in February that it had bought $1.5 billion of Bitcoin, and Musk himself has spoken of the digital asset in favorable terms.

Cryptocurrencies are “promising, but please invest with caution,” Musk tweeted earlier on Friday, linking to a video that showed him talking about the merits of crypto, particularly Dogecoin. That follows months of Twitter posts from Musk about the likes of Bitcoin and Dogecoin, almost all favorable.

Musical guest Miley Cyrus wasn’t taking the host’s obsession with the coin too seriously, according to a tweet she posted on Saturday.



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Meme-based cryptocurrency Dogecoin soars 40% to all-time high, BFSI News, ET BFSI

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LONDON: Meme-based virtual currency Dogecoin soared on Wednesday to an all-time high, extending its 2021 rally to become the fourth-biggest digital coin.

Dogecoin, launched as a satirical critique of 2013’s cryptocurrency frenzy, has climbed 41% in the last 24 hours to a record $0.68, according to CoinMarketCap.

This year alone it has soared over 14,000%, from $0.00468 on Dec. 31, taking it past more widely used cryptocurrencies such as the Tether stablecoin and XRP to become the fourth-largest by market capitalisation.

Dogecoin – whose logo features a Shiba Inu dog at the centre of the meme – remains little used in commerce or payments. Like other digital coins, it is highly volatile and its price is heavily influenced by social media users.

On Tuesday, the New York crypto exchange Gemini said it would start letting users trade and custody the token.

Some cryptocurrency market players said its volatility was its main draw, with a mixture of retail investors and market makers fuelling its trading volumes.

“The ugly truth is that a lot of crypto valuations are divorced from reality anyway,” said Joseph Edwards, head of research at crypto brokerage Enigma Securities.

“Right now, (Dogecoin) is being seen as it’s always been seen – an asset with surprising staying power that provides opportunities to take advantage of volatility every year or so.”

Dogecoins are now cumulatively worth $88 billion, compared to bitcoin‘s $1 trillion and ethereum’s $391 billion.



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