Why Ethereum has a Chance to Blow Up Even Bigger & May Even Trump Bitcoin

ETH’s latest ATH came at $4,175, up 194% from the 2017 peak and nearly 0.07150 BTC.

Ether is simply refusing to take a breather as the price surpasses $4,000 to hit yet another all-time high at $4,175 on Coinbase.

US-based cryptocurrency exchange Coinbase has been recording a premium on ETH prices ever since December 2020, when the parabolic run of ETH first started taking place and reached an ATH of $110 last week. This suggests it is the US institutional investors behind this ETH rally, says Ki Young Ju of CryptoQuant.

“Every single investor I have spoken to is shifting allocation to ETH over BTC. All our mutual friends and that billionaire finance circle,” shared Raoul Pal, founder, and CEO of Global Macro Investor and Real Vision Group.

The same interest can be seen with several Ethereum vehicles coming to market institutions. As we reported, VanEck has filed for the first Ether ETF in the US while many are already trading on TSX.

With this latest move, about 56% of traders are now short on ETH, as per Bybt data. While the funding has started to pick up too finally, the highest Ether perpetual futures is still only 0.15% on BitMEX.

The search volume for Ethereum on Google has also been running hot to new highs showing increasing retail interest in the cryptocurrency so much so that Binance has “temporarily suspended” the withdrawals.

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The ETH balance of exchanges continues to dwindle, hitting a two-year low in favor of moving the coins to cold storage or putting them to work — 10.2 million ETH are currently locked in DeFi, and almost 4.43 million ETH are in ETH 2.0 deposit contracts.

Bigger than Bitcoin?

While in USD terms, there is clear space above to run for Ether, in terms of BTC, reaching 0.07150 BTC, ETH is nearing resistance in the range 0.07 and 0.085, so we might see a pullback here.

ETH may encounter some resistance around current levels, but the market is increasingly getting bullish on the digital asset and believe it can turn out to be more beneficial for the masses than Bitcoin and flip BTC while at it.

“As a liquidity bloodline powering other crypto assets, ETH is what BTC used to be,” said Chris Burniske of Placeholder VC. “Through the commodity theory of money lens, ETH is #1,” he added.

He notes how in the early days, crypto-assets were traded in BTC terms, but with the rise of stablecoins and more regulated exchanges, BTC has lost its share in this use case. Now, it is Ethereum that is powering financial and creative economies, settling twice the daily value as BTC.

“The primary reason: it’s where transitions happen, and therefore it’s the asset in which other stuff is denominated. It’s one side of almost every pair trade. It’s what you use to buy NFTs. It’s the asset which is locked fuel for Defi applications,” agrees Patrick O’Shaughnessy.

At its current valuation of about $472 billion, Ethereum has reached the level Bitcoin saw at the peak of the 2017 bull run. Currently, with $690 billion in total assets stored on Ethereum, it has reached 60% of the way to surpassing Bitcoin.

“The reason eth has a chance to blow up even bigger is that we have yet to really see business applications built on eth Smart Contracts start to happen. When they do, every company will be eth literate which will change the game. But L2s will have an important role to play too,” is Mark Cuban’s opinion on Ethereum becoming much bigger.

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Author: AnTy

Raydium (RAY) Alone Accounts for Nearly 90% of Solana Ecosystem’s TVL

Raydium (RAY) Alone Accounts for Nearly 90% of Solana Ecosystem’s TVL

The AMM has hit $1 billion in total value locked, the same as BSC-based stableswap AMM Nerve Finance, which launched on Solana to further its mission to “build the best DeFi products available to the most users.”

Thanks to its low fees and fast transactions, Solana blockchain is gaining traction and trying to level up with Ethereum and BSC.

While the tokens like STEP, SRM, and FIDA are driving the growth of the ecosystem, it is Raydium (RAY) which is accounting for much of the total value locked (TVL) in Solana (SOL).

This week, Raydium hit the milestone of $1 billion in TVL. “No slowing down now. Still a long road ahead!” tweeted the team on Tuesday.

Currently, it is sitting around $900 million, while the entire Solana ecosystem has $1.01 billion worth of assets locked in it.

A Uniswap alternative, Raydium is an automated market maker (AMM) and liquidity provider built on the Solana blockchain. It also supports LP farming to provide liquidity for the Dapps and incentivizes users to join through rewards.

In late February, the project was launched to capture the massive opportunity presented by DEX Serum’s launch on the Solana blockchain, which boasts high speed with extremely low transaction costs. Raydium said at the time,

“This new paradigm presented a massive opportunity to solve the biggest issues in DeFi, by building a fast, efficient AMM that could leverage the existing Serum order flow as well as supply the liquidity in its own pools to the rest of the ecosystem.”

In a matter of just over two months, the protocol has amassed over a billion dollars in assets.

Again, this is thanks to the fact that “the user experience is lightning-fast and costs next to nothing to use,” as put by Joe McCann in “The Unofficial Guide to Yield Farming on Raydium.” Also, it is offering juicy yields, with APR in three digits.

The project had started research on the additional market-making models and partnerships with other protocols as its Q2 2021 goal, followed by leveraging external oracles for improved market-making and governance model ideation in collaboration with partners in the next quarter.

Another project, Nerve Finance, has hit $1 billion in TVL. Launched two months back as the first stableswap AMM on Binance Smart Chain (BSC), last week, Nerve Finance announced its launch on Solana as well.

While the “decision to launch on BSC was originally driven by the low gas fees and fast transactions on BSC, not by ideological beliefs,” the team said they “want to build the best DeFi products available to the most users,” and Solana will help them further this mission.

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Author: AnTy

Layer 2 Scaling Solution Polygon (MATIC) Sees Nearly $4B in TVL as QuickSwap Gains Traction

Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction

Increasing use of Ethereum, leading to extremely high fees on the network, has been resulting in BSC and Solana (SOL) getting traction. But it is not only layer 1 chains that are gaining support, but layer 2 solutions are getting just as much usage.

Polygon, previously known as Matic, is one such project that is working on transforming Ethereum (ETH) into a multi-chain ecosystem with secured Layer 2 chains and standalone chains. ETH 15.91% Ethereum / USD ETHUSD $ 3,425.84
$545.0515.91%
Volume 49.15 b Change $545.05 Open $3,425.84 Circulating 115.73 m Market Cap 396.46 b
4 h Canadian Fintech Firm Mogo Adds Another 146 Ethereum to Its Crypto Portfolio 5 h eBay CEO says Company Is Looking at Crypto as Payment Option & Selling NFT on the Platform 6 h Ethereum Co-Founder Vitalik Buterin is Now a Billionaire, Holding Over 333,520 ETH
BNB 8.83% Binance Coin / USD BNBUSD $ 676.92
$59.778.83%
Volume 5.28 b Change $59.77 Open $676.92 Circulating 153.43 m Market Cap 103.86 b
7 h Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction 9 h Another Binance Smart Chain (BSC)-based DeFi Protocol Gets Exploited for Over $30 Million 2 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum
SOL -2.45% Solana / USD SOLUSD $ 45.71
-$1.12-2.45%
Volume 609.8 m Change -$1.12 Open $45.71 Circulating 272.64 m Market Cap 12.46 b
7 h Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction 6 d BadgerDAO & RenVM Launch A ‘Bridge’ to Bring Bitcoin to Ethereum in ‘One Click’ 6 d USDT Supply on Tron Surpasses Ethereum as Tether Hits $50 Bln in Market Cap

Currently, the side chain has $3.88 billion of value locked in it, the highest among any other side chain. Next in line is ZKSwap, with under $600 million in value locked. Sidechain xDAi has under $200 million, while Optimism has just under $100 million locked on it.

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Polygon’s Proof of Stake sidechain also sees a significant increase in its transaction volume, so much so that it is exceeding Ethereum’s transaction count by nearly 20%.

“Polygon is currently doing ~1M daily txs and has onboarded numerous DeFi blue chip projects, including AaveAave, which has >$2B in liquidity there — disproving the “Ethereum can’t scale” narrative,” noted Spencer Noon, general partner at Variant.

Compared to Ethereum’s 150 million unique addresses and BSC’s 61 million, Polygon still has only about 400k unique addresses. And top 3 addresses sent 573,000 transactions last week, with arbitrage trades making up a large majority of it, as per Nansen. Also, only 25% of all Polygon addresses ever sent transactions on Ethereum.

One of the primary reasons for the growth in transactions can be attributed to its native DEX Quickswap, which is accounting for half of those transactions.

A big increase was seen at the end of last month, seeing as much as $260 million in volume and over half a billion dollars in liquidity on QuickSwap.

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As a result of this growth, the tokens are also enjoying an uptrend. Quick is currently trading at $1,053, near its all-time high of $1,590 hit on Friday, presenting a 500% gain in the last week.

The same day, Matic hit a new ATH of $0.937. Currently, at $0.8118, MATIC is up from $0.3 at the beginning of last month and $0.0176 at the start of the year.

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Author: AnTy

Edward Snowden’s Charity Auction of ‘Stay Free’ NFT Sold for Nearly $5.5 Million

Edward Snowden’s Charity Auction of ‘Stay Free’ NFT Sold for Nearly $5.5 Million

Bitcoin supporter Edward Snowden, who is the president of Freedom of Press, held a charity NFT auction this week which was concluded late on Friday.

The digital artwork called “Stay Free” (Edward Snowden, 2021) was sold for 2,224 ETH, worth $5,384,548.64 to an anonymous PleasrDAO.

PleasrDAO, a decentralized autonomous organization (DAO) formed just a few weeks ago, was also the one that bought the Uniswap v3 launch video NFT for about $500k.

Now, it owns the unique, signed digital artwork that combines the entirety of a landmark court decision ruling the National Security Agency’s mass surveillance violated the law, with the iconic portrait of the whistleblower by Platon. It is the only known NFT produced by Snowden.

The auction of the non-fungible token was done by the NSA whistleblower Snowden on behalf of the non-profit organization Freedom of the Press Foundation, where he has been serving as president of the board of directors since 2016.

Snowden has been a vocal advocate for Bitcoin and cryptocurrencies to secure journalists, readers, and members of the general public. Snowden said,

“Emerging applications of cryptography can play an important role in supporting our rights. This auction will drive the development of valuable and privacy-protecting uses of encryption, to safeguard press freedom and serve the public.”

100% of the auction proceeds will be used to develop and improve technology that can protect journalists and their sources, like their open-source whistleblower submission system SecureDrop, said Trevor Timm, executive director of the organization.

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Author: AnTy

Turkish Lira (TRY) Crashes 15% in a Single Day; Bitcoin (BTC) Starts A Green Week Above $58k

This big fall in Turkish Lira against USD to nearly record low from November has the country’s people curious and searching about Bitcoin.

The price of Bitcoin is on the rise today, going above $58,000 after a drop to just under $55,500 over the weekend.

While it has been a bad weekend for the Bitcoin longs, trader and economist Alex Kruger says, “we are up for a strong week.” From cryptocurrencies, stocks, bonds, to metals, everything will be up while the dollar makes its way down.

His reason for a risk-on week is the stimulus checks that Americans have been receiving since last week. Also, because bonds rallied on Friday’s major negative news, the Federal Reserve declined to extend its Covid-19 capital break-in, which is “very positive for tech, which dominates risk sentiment.”

The Fed said it would allow a change to the supplementary leverage ratio (SLR) to expire March 31, when announced in April 2020; this allowed banks to exclude Treasury and deposits with Fed banks from the calculation of the leverage ratio.

According to some, it could be a signal that the central bank won’t buy $120 billion of bonds a month indefinitely.

However, Kruger said, the concerns in the form of portfolio rebalancing outflows for equities, crypto regulatory FUD re-emerging, and that the crypto curve steepens too fast can hurt the bulls.

Aggressive Moves

The gains to mark the start of the week are coming as the US dollar eases down after surging past 92 level, aiming for an early March level of 92.5, which was seen in late November before that, on Sunday. The greenback rallied on the back of higher Treasury yields following the Fed’s pushback against speculation over interest rate spikes but is having a slight red start of the week.

The US economy is heading for its strongest growth in about 40 years, with inflation expected to jump to 2.4% this year, above the central bank’s 2% target as policymakers pledge to keep on supplying aid, said Fed Chairman Jerome Powell.

According to BofA, US 10-year Treasury yields could rise to 2.15% by year-end, having revised its target citing “much more aggressive” US fiscal stimulus impulse and rapid vaccinations in the US.

Amidst all this, the Turkish Lira (TRY) crashed 15% on Monday, approaching its record low from November, and dollar bonds sold off following President Tayyip Erdogan’s decision to oust a central bank governor.

Turkish stock index also slipped 9% to a three-month low after the appointment of Sahap Kavcioglu, a former banker and ruling party lawmaker, which sparked fears of a reversal of recent rate hikes. Ulrich Leuchtmann, head of FX at Commerzbank said,

“It may well be that interest rate hikes are once again permitted by Erdogan in a phase of crisis-like lira depreciation, but the recent developments should have shown currency traders that even then a sustainable monetary policy regime change is not to be expected.”

“The calming effect of interest rate hikes has probably been largely destroyed.”

The South African rand has also slipped ahead of the central bank meeting, where the South Africa Reserve Bank is expected to keep the rates unchanged. Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation noted,

“A nation of 82 million sees its currency crash 15% in a single day. No coincidence that Turkey has some of the highest per-capita Bitcoin usage in the world. A growing number of Turks are peacefully choosing a different monetary system that their oppressors can’t control.”

Interestingly, the fall in Turkey’s fiat currency coincides with a surge in Google searches for the term “Bitcoin.” Ever since October, it has been on an uptrend and took a big jump today before normalizing.

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Author: AnTy

Mega Chop is Expected in Bitcoin Market Amidst “Continued Appetite” from Big Investors

What’s notable is Bitcoin recovers fast. It actually went from $10k to nearly $60k in just five months. And a similar rally can take us to $250,000 per BTC in July.

The cryptocurrency market continues its up and down movements entering into the weekend following the deep losses in the stock market, which bounced back on Friday.

However, the digital asset still continues to outperform every other traditional asset class by a wide margin. And “if Bitcoin can demonstrate continued resilience, while tech unwinds, it will demonstrate that it has become the lifeboat from a sinking ship,” said Charlie Morris, founder of ByteTree.

For now, BTC/USD is trading around $48k and Ethereum around $1,550. However, the market is still expecting more losses ahead. Trader SmartContracter is pondering a scenario where Bitcoin chops not only bears but also bulls to find its bottom between $38k and $42k. Another trader NebraskanGooner is also expecting very much the same scenario as he says,

“Mega freaking chop. Going to be a while until this correction fully resolves, and then once everyone lets their guard down it’s going to moon faster than ever before.”

On-chain activity shows ”very strong” support at the $47,000 price level as it was around here that 500,000 BTC moved. And this level is important to be held in order to avoid a trip down under $40k. The Spent Output Profit Ratio (SOPR) indicator is actually pointing to high HODLing conviction from new investors as coins that were bought this year did not move at a loss during the recent dip, per Glassnode. On-chain analyst Willy Woo said,

“BTC bouncing off super strong support in this region. If it breaks below, ~$40k is the floor price which would be a gift to buyers.”

However, it is worth noting that it doesn’t take long for Bitcoin to recover and start to rally back again. The price of BTC actually went from $10k to nearly $60k in just five months. And a similar rally can take us to $250,000 per BTC in July, points out analyst PlanB. ParabolicTrav added,

“Knowing parabolas, the next phase of the parabola should be of a faster pace than the base.”

Continued Appetite

While the price is chopping, there is no lack of bullish news for Bitcoin with institutions, family offices, and banks jumping on this train. As we reported, JPMorgan is recommending Bitcoin as a “portfolio diversifier” to its clients.

Goldman Sachs also revealed in its recent interview that they have “fielded well over 300 conversations” with corporate treasurers, asset managers, hedge funds, macro funds, banks, insurance, and pension funds. Matthew McDermott, the firm’s head of digital assets, told TheBlock,

“You know, we see continued appetite both internally and externally through the private banks.”

“So, yes, we see a huge amount of demand institutionally, but we’re also seeing that reflected in the private wealth management space as well.”

The baking giant is also rebooting its Bitcoin trading desk to focus on CME features and non-deliverable forwards.

Crypto firms are also taking advantage of the bigger picture, which is the “super cycle,” and declaring their plans to go public. Bitcoin mining firm Cipher Mining Inc joined in as it plans to go public through a merger with blank-check firm Good Works Acquisition Corp. “to get to market the quickest,” with a valuation of just $2 billion.

Bakkt, a cryptocurrency platform, also agreed earlier this year to go public through a SPAC firm.

Other crypto firms are also pushing ahead with similar plans despite the regulatory uncertainty. The biggest US cryptocurrency exchange Coinbase has moved closer to the listing of its shares on the Nasdaq, with a valuation of $100 billion.

Another crypto exchange Kraken is on track to go public but not this year. However, the company doesn’t want to go the SPAC route or with a mere $10 billion valuation, said its CEO, Jesse Powell.

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Author: AnTy

Coinbase Premium Tanks to an All-Time Low During Bitcoin Sell-Off

But soon it skyrocketed to nearly +$500.

The price of cryptocurrencies continued its downwards journey until a good bunch of longs was liquidated, and the price of Bitcoin went under $50k.

BTC went down as low as $48,250, down 27.5% from Sunday’s all-time high around $58,300.

With this latest dip, the leading digital currency has turned the old ATH of $46,700 into new support, noted analyst and trader Rekt Capital. However, the trader says this is not a Bitcoin correction because, historically, the trend tends to between 30% to 40%.

“But there are many more dips along the way which are much shallower than -30%,” added Rekt Capital.

This pullback pushed Coinbase Premium, the gap between Coinbase Pro price (USD pair) and Binance price (USDT pair) to an all-time low of -$1,020. Soon after, this premium skyrocketed to +486. Coinbase whales are actually the ones driving the market, and they took this opportunity to accumulate more BTC.

MicroStrategy and Tesla also availed Coinbase’s services to make their Bitcoin purchases.

This means, “Even if there are more corrections, it’s unlikely to go down below 44k,” said Ki Young Ju, CEO of CryptoQuant.

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Source: CryptoQuant

While after a wild rally that pushed us past the $1 trillion dollar market cap, correction is sometimes expected, we are also to blame for this correction because last week, the Crypto Twitter (CT) went crazy with red lasers, quipped another trader Josh Rager.

What actually exacerbated this sell-off was the degens that were trading with high leverage. In the last 12 hours, $3.64 billion worth of liquidation happened. In the past 24 hours, it was nearly $4 billion, as per Bybt.

Binance lead in these liquidations, accounting for $1.58 billion of them, followed by Huobi ($878.53 million), OKEx ($426.63 million), and Bybt ($322.49 million). Bitfinex and Deribit saw the least amount of liquidations at 8.74 million and $55.14 million, respectively.

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Source: ByBt

The liquidation helped the funding rate on BTC perpetual contracts to come down between 0.0068% on Deribit and 0.0686% on Binance. On OKEx, funding is negative.

For now, the market has recovered from the lows as Bitcoin now trades around $52,644.

Amidst the red market, good news came from Vancouver-based cannabis company Vinergy that announced the expansion of its investment policy to include Bitcoin and cryptocurrencies as the “influx of investment and increased institutional adoption is creating a highly lucrative opportunity.”

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Author: AnTy

Ether’s Bullish Momentum Continues with Institutional Demand

Just like Bitcoin surged to a record high, nearly $52,700 on Wednesday, Ether has broken past the $1,900 level, hitting nearly $1,930.

For Bitcoin, “what stands out most is the trend that MicroStrategy started, and Tesla popularized: moving institutional balance sheets into Bitcoin to hedge against inflation,” said Nicholas Pelecanos, head of trading at NEM.

The Bitcoin futures market sees a lot of activity, with volume keeping above $50 billion this month and at times hitting $100 million.

CME Group is particularly getting traction, hitting a record $5 billion mark for the first time on Tuesday.

Interestingly, hedge funds continue to be record short on Bitcoin on CME, but at the same time, they are record long on Grayscale, capturing the premium on GBTC. They are also earning over 50% annualized funding from the basis trade on their USD.

As of writing, the price of Bitcoin on Coinbase was $51,525 and $52,090 on CME.

Earlier this month, CME also launched Ether futures, which started slowly, much like Bitcoin futures when they were listed in Dec. 2017.

But “it will likely not take as long for Ethereum futures to begin gaining traction as it initially took for Bitcoin futures, as investor interest in cryptocurrencies has had a few years to mature,” noted JPMorgan strategists.

Already daily trading volume of Ethereum futures on CME has doubled, and open interest surpassed $60 million.

The growing institutional demand for Ether can also be seen on Grayscale, the largest digital asset manager, which bought over 20k ETH in the last 24 hours, bringing its total holdings to 3.15 million ETH.

As we reported, the fundamentals of the second largest cryptocurrency are very strong. The fees are crazy high and never seen before levels of addresses continue to interact with Ethereum.

The network is also seeing an average of 1.2 million daily transactions and an average of 550k daily active addresses. Large transactions, more than $100k, that act as a proxy to institutional activity, have also recorded an increase of 45x in the past year.

Even on social media, conversations around ETH have nearly doubled since the beginning of the year, with over 20.6k tweets (on average) sent out about ETH every day, up from 10.9k on January 1st, as per data provider The TIE.

In that regard, the price of Ether is slow-moving, though it outperforms Bitcoin with 160% YTD gains compared to leading cryptocurrency’s 75%.

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Author: AnTy

Mark Cuban Praises DEX SushiSwap; Now Selling “Personalized, Tokenized Video” on Rarible

The explosion of interest in the NFTs has the trading volumes surging nearly 200% in February to past $7 million.

Billionaire Mark Cuban is all about DeFi and NFTs. Almost every other day, Cuban is talking about the digitized space in which he is personally invested as he revealed that besides Bitcoin, Ether, and Litecoin, which he initially said is worth less than a banana, now also owns AAVE and SUSHI.

In a video over the weekend, he praised the decentralized exchange (DEX) SushiSwap which has been doing more than half a billion worth of volume every day.

Cuban thanked everybody at Sushiswap for making him money while making it easy to yield farm, stake, and swap, all the things that are part of the new future of banking and financial world with DeFi, he said.

He is particularly getting more and more interested in non-fungible tokens, which he compares to his interest in basketball cards but even better. He explained the reason behind investing in digital collectibles saying,

“Once you realize the sense of ownership is the same for a digital collectible as a physical one you come to the realization that holding/maintaining/grading/shipping/buying/selling a physical good is a hassle. It’s fast and easy w digital.”

Cuban is actually hustling on NFT marketplace Rarible, on which he has previously sold his digital piece.

Now, the owner of Dallas Maverick is selling “personalized, tokenized video,” like Cameo but with a twist of the latest technology.

“What’s better than Cameo? A personalized, tokenized video that you can save or sell,” tweeted Cuban.

On buying the collectible video of his, the buyer unlocks an email address that can be used to send a request for a personalized video with a 30 MB file limit. Cuban, in response, records the video, mints it and then transfers the video to you.

While the buyer won’t have any commercial rights on it, they can resell it or keep it forever, “It will be a one of a kind.”

Twitter holder @Pranksy, co-founder of NFTBoxes, has bought 10 of these Cuban videos already. He also gifted Cuban a “Million Dollar Punk Draw ticket.”

As we reported, NFT space is exploding with celebrities like Mike Shinoda jumping in. All of this activity has the weekly NFT trade volumes surging nearly 200% from $1.86 million in early January this year to well past $7 million in the first week of February.

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Author: AnTy

Celebrities from All Industries Were Pumping DOGE to the Moon Over the Weekend

The latest trip to nearly $0.09 has DOGE becoming the 10th largest cryptocurrency with a market cap of $9.62 billion, worth more than the likes of Stellar (XLM), AAVE, Uniswap (UNI), EOS, Elrond, Tron (TRX), Tezos (XTZ), and Synthetix (SNX).

The meme cryptocurrency Dogecoin (DOGE) is back to pumping. The first pump was seen at the end of January when the price of DOGE went from $0.0073 to $0.073 on Bittrex, which soon fell to $0.03, but this month, DOGE has been slowly climbing up and yesterday went to nearly $0.09. Another retracement has been seen today to $0.062, but we are currently around $0.075.

These gains have DOGE at the 10th spot with a market cap of $9.62 billion, worth more than Stellar (XLM), AAVE, Uniswap (UNI), EOS, Elrond, Tron (TRX), Tezos (XTZ), and Synthetix (SNX).

Interestingly, over the weekend, while DOGE took off, yet again, other cryptocurrencies, including Bitcoin and Ether, experienced a correction.

All of this has been started by Tesla and SpaceX CEO Elon Musk and then carried forward by other celebrities. Musk has propelled DOGE prices higher previously on several occasions with his tweets, but this time, he went on a frenzy with his tweets about the meme coin.

As we reported, on Thursday, he tweeted, “Dogecoin is the people’s crypto,” and then in a separate one, “No highs, no lows, only Doge.”

In his appearance at the clubhouse, he had said, “the most ironic outcome would be Dogecoin becomes the currency of Earth in the future.” While this continued with “Ð is for Ðogecoin! Instructional video” tweet that he shared today, this might be it for the DOGE pump from Musk, for now, as he goes “back to work.”

But his DOGE mania did bring other celebrities in. Musician Gene Simmons, who recently announced his interest in cryptocurrencies and even bought some coins also promoted DOGE.

The “seven figure” Bitcoin HODLer, said he bought “six figures” of DOGE and tweeted about the cryptocurrency going to the moon.

Soon Rapper Snoop Dogg also jumped in with Kevin Jonas, chiming in, “All I’m saying… $doge.”

“If I had to choose between buying a lottery ticket and Dogecoin …..I would buy Dogecoin,” is how Shark Tank’s Mark Cuban announced he was also onboard the DOGE train. Cuban, who found more worth in a banana than cryptos, recently revealed that he owns Bitcoin, Ether, Litecoin, and popular DeFi tokens like AAVE and SUSHi, and he’s taking a special interest in NFTs as well.

Rapper Lil Yachty, who launched his social token in December, also said, “DOGE TO THE MOON AND WE NOT COMING BACK.”

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Author: AnTy