ALTCOINS TO BUY: Crypto experts share the best investing opportunities they’re seeing outside of bitcoin

In this photo illustration of the litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph
In this photo illustration of the litecoin, ripple and ethereum cryptocurrency ‘altcoins’ sit arranged for a photograph

  • Thousands of cryptocurrencies now exist.
  • It can be difficult to pick winners in such a saturated space.
  • Insider has asked several experts about where they see the biggest opportunities in altcoins.
  • See more stories on Insider’s business page.

Cryptocurrencies have exploded in popularity over the last several months. Of course, the most popular remains bitcoin.

But some other smaller cryptos are gaining serious steam as well, as the concept of digital currencies continues to seep into the public consciousness.

However, it can be difficult to know which cryptocurrencies to invest in, or whether you should in the first place. There are currently thousands of different types of coins on the market. And some – like dogecoin, which was founded as a joke – don’t appear to be serious. Others, like some built on the Ethereum blockchain, appear to have better use cases.

Crypto is an esoteric domain – its intricacies can be difficult to understand, especially for those new to the space.

To help cut through the noise, Insider has talked to several experts about which altcoins – cryptocurrencies other than bitcoin – they believe have the best upside. These experts also described the fundamentals and technicals that make these altcoins attractive. Their views are shared in the articles below.

This is a photo of Ran Neuner wearing a black t-shirt with a bitcoin logo on it and a black blazer standing in front of a white background.
Ran Neuner, host of Crypto Banter on Youtube and CEO of Onchain Capital

The biggest altcoin opportunity since 2018 is happening now, according to a crypto evangelist who says he sold some ether to buy in. He explains it, and shares 4 other cryptos the average investor should be buying.

Ran Neuner, the cofounder and CEO of blockchain investment fund Onchain Capital, is very excited about one crypto right now: solana (SOL). He told us why the ethereum competitor could be the biggest opportunity in crypto since 2018.

Adrian Zduńczyk
Adrian Zduńczyk.

5 altcoins that could surge 10-100x in the coming ‘legendary’ altcoin season that outshines bitcoin, according to a crypto technical analyst who’s holding them

Crypto technical analyst Adrian Zduńczyk says some altcoins due to outperform bitcoin in a “legendary” way. Zduńczyk is the founder and CEO of the Birb Nest, a trading platform. He shared five altcoins with us that he thinks could surge 10-100 times.

Matthew Sigel
Matthew Sigel is the head of digital assets research at VanEck.

The head of digital assets research at an $81 billion money manager breaks down 3 drivers fueling the $2 trillion crypto market’s latest bull run – and shares 3 competing altcoins to ethereum, including one that could nearly double in the next year

Ethereum is the second-biggest cryptocurrency at the moment, sitting behind bitcoin. But it has problems like expensive transaction fees. Matthew Sigel, head of digital asset research at VanEck, shares three altcoins to rival ether.

Bitcoin, Dogecoin, Ethereum cryptocurrency coins and a graph are pictured in Kyiv on 08 July, 2021.

Bitcoin is ready for a ‘monster run’ up to $85,000 if it clears a key resistance level, a crypto evangelist predicts – and shares 7 altcoins he’s bullish on now

Ethereum’s major upgrade in early August led to a 9.6% intraday price spike, and investors haven’t yet sold the positive news. That’s one reason why David Gokhshtein is bullish. He also told us his theses for six smaller altcoins he owns.

A local business in El Salvador that accepts bitcoin payments.
A local business in El Salvador that accepts bitcoin payments.

Why crypto crashed: 4 experts break down what Tuesday’s sudden drop might mean for the altcoin season and NFT frenzy – and share 12 high-quality tokens that are likely to continue rallying toward the year’s end

Various cryptos tumbled on Tuesday September 7 as El Salvador officially adopted bitcoin as legal tender. By the following morning, more than $3.25 billion in crypto positions had been liquidated over 24 hours, affecting more than 300,000 traders, according to Bybit. We asked experts what was driving the sell-off, and where they recommended buying dips.

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Dogecoin is a ‘meme’ cryptocurrency, seemingly created as a joke

The chief economist of a blockchain data firm breaks down why the current dogecoin rally has more legs to run – and lays out why ‘anything is possible’ for the altcoin, including reaching $1

When dogecoin rose over 12,000% to $0.68 earlier this year, it shocked the investing community. It has since cooled off, though its price has picked up in recent weeks. It now sits around $.027. What will it do next? Chainalysis chief economist Philip Gradwell broke down why he think it will go to $1.

Crypto coins circle
crypto coins circle

WATCH: Crypto analyst David Grider and venture capital investor Ria Bhutoria discuss state of the market, under-the-radar altcoins, and outlook on regulation

Insider recently hosted a live webcast featuring two crypto experts. They broke down their views on everything from the recent slump to the possibility of regulation.

Lyn Alden Pic
Lyn Alden is the founder of Lyn Alden Investment Strategy

Bitcoin to $100,000 and ether to $5,000: Famed investment strategist Lyn Alden explains her bullish predictions for the largest cryptos in 2022, and why there are only 2 altcoins worth watching

Lyn Alden says most altcoins are “smoke and mirrors.” But there are at least two with interesting technologies that are worth watching.

Whale

A crypto evangelist explains why he’s going ‘all in on altcoins’ – and shares why he’s worried about bitcoin whales taking over that market

As some altcoins have shown, there is potential for huge appreciation in crypto outside of bitcoin. David Gokhshtein is one investor that’s looking to take advantage of these opportunities. He shared two altcoins he’s bullish on.

Mack Lorden and Lucas Dimos
Mack Lorden, left, and Lucas Dimos are TikTok crypto influencers.

2 crypto traders and TikTok influencers share their 6 go-to altcoins for riding out crypto bear markets – including one that’s up more than 11,000% since its launch in 2017

The broader crypto space just went through a rough patch after huge gains earlier this year. Like any asset class, it has its bull and bear markets. When crypto bear markets do come, crypto influencers Mack Lorden and Lucas Dimos told us that six altcoins in particular help them hedge losses.

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Many investors are excited about the Ethereum network’s uses.

The head of institutional coverage at crypto trading platform FalconX shares 9 Ethereum-tied digital tokens to take advantage of the DeFi revolution – and breaks down why Ethereum still has ‘significant’ upside

Many altcoins are built on top of the Ethereum blockchain. Aya Kantorovich, the head of institutional coverage at crypto exchange FalconX, shared nine coins built on top of the ethereum blockchain that she thinks have solid use cases.

“I personally always like coins with application,” Kantorovich said.

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Dogecoin extends its one-month surge to 100% after Elon Musk agrees with Mark Cuban’s bullish take on the crypto

Bitcoin and dogecoin cryptocurrency coins are pictured in Kyiv on 08 July, 2021.
  • Dogecoin spiked as much as 16% Monday to $0.351 after Elon Musk and Mark Cuban reiterated their bullish stances on the meme token over the weekend.
  • The price move brings dogecoin’s one-month gain to roughly 100% as it outpaces larger coins like bitcoin and ether.
  • Dogecoin’s continued climb also comes amid a broader cryptocurrency market rally.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Dogecoin spiked as much as 16% to $0.351 Monday on after receiving praise from some of its most prominent celebrity fans over the weekend.

The meme cryptocurrency has now rallied roughly 100% in the last month, outpacing larger coins like bitcoin and ether.

Dogecoin’s spike can be partly attributed to recent chatter from billionaire investor Mark Cuban and Tesla CEO Elon Musk. Cuban announced last week that his NBA team – the Dallas Mavericks – would offer special prices for customers choosing to pay with dogecoin in its summer sale.

The entrepreneur then told CNBC dogecoin is a medium that can be used for the acquisition of goods and services, saying “the community for doge is the strongest when it comes to using it as a medium of exchange.”

On Saturday, in response to a CNBC article about Cuban’s claims, Elon Musk tweeted : “I’ve been saying this for a while.” The Tesla CEO has long supported dogecoin and the light-hearted, goofy community around it.

Dogecoin’s gain also comes amid a broader cryptocurrency market rally. On Sunday, the total value of all cryptocurrencies topped $2 trillion for the first time since May, according to Coinmarketcap.

As 9:55 a.m. ET Monday, Dogecoin traded around $0.3219. It’s the first time in nearly two months that the meme token has traded above 30 cents.

Read more: Ether to $14,000, doge above $1: The CEO of a payment platform breaks down why ethereum’s upgrade could drive up the prices of multiple cryptos and shares his forecasts for bitcoin and XRP

Read the original article on Business Insider

Billionaire Mark Cuban reveals he owns only $500 worth of dogecoin, despite his praise for the meme token

Mark Cuban
Mark Cuban.

Mark Cuban disclosed that he owns less than $500 worth of dogecoin, despite praising the cryptocurrency as the strongest medium of exchange.

The billionaire investor and “Shark Tank” star has previously said his NBA team, the Dallas Mavericks, is the meme-inspired token’s largest merchant after it began accepting dogecoin as payment for tickets and merchandise.

“The Mavs have what we sold in merch,” he said in a tweet on Sunday. “I personally own $494 worth of DOGE.”

Cuban was responding to a Twitter user who asked whether the billionaire’s portfolio includes more of dogecoin, or bitcoin. He has a net worth of $5.8 billion, according to the Bloomberg Billionaires Index.

The entrepreneur told CNBC Make It only last week that dogecoin is the strongest cryptocurrency because of its community, a claim backed by Elon Musk. “The community for doge is the strongest when it comes to using it as a medium of exchange,” Cuban said.

He thinks bitcoin is better as a store of value, rather than a currency. Yet, he said in a March podcast that his crypto portfolio consists of 60% in bitcoin, 30% in ether, and 10% in other unnamed coins.

The tech billionaire has built his fortune through a lifetime of business deals, including the $5.7 billion sale of his streaming site Broadcast.com, and his ownership of the Mavericks.

“Between the Mavs and my personal account, its let than $15k in DOGE,” he tweeted on Sunday, suggesting his team hasn’t sold too much merchandise in exchange for dogecoin.

Read more: A 15-year professional trader breaks down why bitcoin could surge to $45,000 in the next 2 to 3 weeks before dropping to the $32,000 to $35,000 range – and lays out 3 trades for ethereum and 2 altcoins as he predicts similar moves

Earlier this year, Cuban said he and his 11-year-old son owned 3,250 dogecoins that were worth about $1,700 at the time. Dogecoin was then trading around 50 cents per coin, but has plunged 34% since then to around 33 cents as of Monday. Still, the cryptocurrency is up about 7,000% so far this year, according to data from Tradingview.

If Cuban and his son still owned 3,250 dogecoins, their holdings would be worth about $1,100. The investor’s latest disclosure suggests either they sold some coins, or Cuban isn’t counting his son’s coins in his calculation.

Cuban has also said Amazon and Netflix are his biggest holdings, with “close to a billion dollars” in Amazon stock alone. He was asked on Twitter why he chooses to only cheer dogecoin, and not his other investments.

“I don’t pump anything other than Mavs merch,” he tweeted. “BUT, the DOGEsphere is fun. Their memes are great. They have fun. They make fun of themselves. It’s fun to be part of.”

Read the original article on Business Insider

A Premier League soccer team will sport the dogecoin logo on its jerseys as the meme token hits the soccer world, report says

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Dogecoin was started as a joke in 2013.

  • Premier League team Watford FC will feature dogecoin as its sleeve sponsor, according to a report.
  • The Athletic said the deal, part of a sponsorship with Stake.com, would be worth just shy of $1 million.
  • Crypto has boomed this year and is edging its way into the world of sports sponsorships.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Dogecoin may not be heading to the moon but it’s heading to the Premier League.

Players for Watford FC, which was promoted to the world’s richest soccer league this year, will wear a dogecoin logo on their sleeves for the 2021/22 season, The Athletic reported on Saturday.

The initiative is part of a sponsorship deal with gambling company Stake.com. It will be worth just shy of $1 million to the team, according to The Athletic, a sports news website.

Watford FC did not respond to Insider’s requests for comment on Sunday.

Watford, which is based just north of London, is no stranger to the crypto world. It sported a bitcoin logo on its shirts as part of a sponsorship deal with Sportsbet.io for the 2019/20 Premier League season, which saw the side get relegated.

Cryptocurrencies are digital currencies that aren’t controlled by a centralized authority, such as a commercial or central bank. Instead, they are secured using complex cryptographic technology.

Crypto has boomed in 2021, with the entire value of the market now standing at around $1.95 trillion, according to Coinmarketcap. Yet regulators have repeatedly warned that cryptocurrencies are highly risky.

Read more: A 20-year-old crypto market-maker who skipped college breaks down his Reddit-inspired approach to trading – and outlines why he sees ether displacing bitcoin as the ‘king cryptocurrency’

Dogecoin was started as a joke in 2013 and uses the image of the meme Shiba Inu dog known as Doge. But it has since captured the imagination of many crypto fans and has garnered the support of celebrities – most notably Tesla boss Elon Musk.

The meme cryptocurrency has risen 8,185% over the last year, according to Coingecko. Fans like to say it’s heading to the moon – but the highly volatile token is down 60% since an all-time high of $0.732 reached in May.

Sports and crypto tie-ups are becoming more common as companies reap the rewards of the crypto boom.

The Aston Martin Formula 1 team is sponsored by exchange Crypto.com, and soccer star Lionel Messi’s new contract with Paris Saint Germain includes some PSG “fan tokens”.

The Premier League is a hot target for sponsors. It’s the most lucrative soccer league in the world, with 5.86 billion euros of revenue in 2019 – around $6.92 billion at today’s exchange rates – according to UEFA.

Read the original article on Business Insider

How to mine cryptos like bitcoin, ether, and doge: Your complete guide to getting set up and earning profits

Bitcoin
Crypto mining is seeing a surge in interest as people scramble to participate in the market.

The surge in cryptocurrency prices over the past year has spurred renewed interest in the multiple ways to profit from the asset class.

Crypto mining remains one of the most viable ways to participate in the upside of digital currencies without buying them directly. In practice, miners’ computers compete by solving complex mathematical equations that help verify digital currency transactions and update the shared ledger called the blockchain. Their reward for solving these problems is a share of the cryptocurrency that’s associated with the blockchain they are part of, such as bitcoin or ethereum.

Since cryptos are decentralized, meaning that no appointed intermediaries are recording each transaction, miners are essential to keeping the crypto ecosystem alive.

But mining is not without current and future roadblocks. The environmental impact of its electricity usage is a hotly contested issue. Miners are fleeing China, a historically important location for facilities, after the government banned mining in some provinces. And the infrastructure bill making its way through the US Congress could introduce more stringent tax-reporting requirements for miners.

Additionally, mining is not a guaranteed golden ticket for crypto: payouts vary and are subject to the volatility that’s synonymous with this budding asset class.

Despite these hurdles, crypto mining could continue to grow as digital currencies stretch further into the mainstream. The global market-research firm Technavio estimated that the market for ASIC hardware and graphic processing units (GPUs) will grow by $2.80 billion at a compounded annual rate of over 7% from 2020-2024.

Insider has interviewed several miners who explained their processes from start to finish. We learned how they initially got smart on cryptocurrencies, the specific equipment they got started with, how they manage electricity costs, the amount of crypto they earn as rewards for maintaining the blockchain, and much more.

Bitcoin

Mining the world’s most popular cryptocurrency is one way to earn it at a potentially lower cost while participating in its upside.

The practice may conjure up images of long LED-lit rows of computers, similar to the high-frequency trading systems that are out of the financial reach of most retail investors. But these facilities do not represent the full spectrum of bitcoin mining.

Insider has interviewed mining experts who run the gamut, from the founder of a company with facilities in three states to a TikToker who went viral for his $875 mini rig.

Read more:

Ether

The second-largest crypto by market cap recently underwent a software upgrade called the London hard fork that contained five Ethereum Improvement Proposals, or code changes. The most important one for miners was arguably EIP-1559, which mandated a minimum base fee that all users must pay to execute their transactions. Under the new system, these fees will be burned from the network instead of being rewarded to miners.

In short, the upgrade means that ether miners, whose revenues had surpassed that of bitcoin miners, will be paid less. We’re tracking the unfolding impact of this new development, as well as how ether miners continue to earn passive income.

Read more:

Other altcoins: Doge and helium

Altcoin mining has become a hobby for people like Dason Thomas, who became interested after seeing TikTok videos of others and recognizing mining as an avenue to build wealth.

Thomas’ equipment includes 12 Antminer l3+’s that mine scrypt algorithms, a type of cryptography used in hashing various altcoins including dogecoin and litecoin. He also has a mini dogecoin miner that he bought for $699. This relatively cheap entry point illustrates how easy it can be to get started earning cryptos without buying them directly.

Read more:

Read the original article on Business Insider

Dogecoin trading volumes shot up 1,250% in the 2nd quarter to almost $1 billion a day as big exchanges cashed in

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Dogecoin is a cryptocurrency based on the Doge meme.

  • Dogecoin trading volumes shot up 1,250% to close to $1 billion in the second quarter, data shows.
  • Overall global trading volumes rose 32% to $18.82 billion a day on average amid volatile markets.
  • High volatility benefits exchanges but there are signs that the crypto crash is weighing on volumes.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Dogecoin trading volumes soared 1,250% in the second quarter of the year on the world’s major cryptocurrency exchanges, according to figures compiled by Coinbase and seen by Insider.

The average trading volume for dogecoin shot up to $995 million per day in the April to June period, from just $74 million a day in the first quarter, as exchanges such as Coinbase, eToro and Gemini added the token amid booming interest.

Coinbase’s Q2 market barometer showed that ether trading volumes rose 53% quarter-on-quarter to an average of $3.25 billion a day on global exchanges. Meanwhile, bitcoin’s daily volumes fell 14% to $4.01 billion.

Cryptocurrency prices hit record highs in the second quarter before falling sharply as China cracked down on bitcoin “mining” and Elon Musk turned against the biggest cryptocurrency over its energy use.

Dogecoin started the year at around $0.004 but soared more than 15,000% to above $0.70 in May. It has since slid to around $0.18 on Friday. Bitcoin fell from a record high of $65,000 in April to Friday’s price of around $32,000.

Read more: 3 catalysts that could send doge to $1, according to a ‘dogecoin millionaire’ who’s holding on to the crypto despite its recent plunge

However, the period may still have been a profitable time for crypto exchanges, despite the plunge in prices.

Overall global trading volumes rose 32% to an average of $18.82 billion a day in the second quarter, boosted by a 44% rise in volumes in Asia to $8.98 billion a day. Coinbase’s figures cover crypto-fiat trades, but not crypto-crypto trades.

Last week, Goldman Sachs analysts said in a note that “significantly elevated crypto asset volatility” could be good for Coinbase’s second-quarter earnings by boosting trading volumes and fees, Coindesk first reported. Just under 90% of Coinbase’s revenue came from transactions in the first quarter.

Yet, a report from CryptoCompare said trading volumes at the biggest crypto exchanges fell 43% in June as prices consolidated at a lower level and volatility dropped.

Read the original article on Business Insider

Bitcoin edges lower for its worst weekly performance in over a month as as cryptocurrencies struggle to recover from heavy sell-off

Representations of virtual currency bitcoin are placed on US dollar banknotes taken May 26, 2020.
Representations of virtual currency bitcoin are placed on US dollar banknotes taken May 26, 2020.

Bitcoin slipped Friday to clock worst weekly performance in more than a month as the world’s largest cryptocurrency by market cap inches closer to a key support level of $30,000.

Bitcoin on Friday morning was trading at $31,363 as of 8:30 a.m. ET, according to data from CoinMarketCap.

An eventual break below this level will be crucial, Julius de Kempenaer, senior technical analyst at StockCharts.com, told Insider.

“If and when this happens, $20,000 is on the cards as the next level of support to watch,” said.

The selling pressures began on Thursday when the digital asset suffered its biggest drop in about 10 days. Bitcoin in the past month has been trading in a range at just around half its April peak price of nearly $65,000.

Alongside bitcoin, other cryptocurrencies have slid in the last 24 hours:

Cryptocurrencies have struggled to rebound from a massive crash in May when the value of the total market dropped by nearly half in just seven days.

A number of headwinds have been blowing against the crypto market since the brutal sell-off.

Federal Reserve Chair Jerome Powell on Thursday told the Senate Banking Committee that cryptocurrencies have failed to become a viable payment method. A day earlier, he also said the US won’t need stablecoins and cryptocurrencies if the central bank were to issue its own digital currency.

There have also been problems plaguing the the world’s largest cryptocurrency exchange, Binance, which is weathering an intensifying regulatory crackdown. Italy most recently joined a growing list of nations to issue a warning against the exchange, saying it is not authorized to do business in the country.

Bitcoin is also under increasing fire for its impact on the environment from critics who points to the heavy energy consumption of bitcoin mining.

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An Alabama Congressman bought the dip in dogecoin and piled into ether and cardano amid crypto market volatility

Dogecoin (DOGE) cryptocurrency logo is seen on a smartphone and a pc screen.
Dogecoin (DOGE) cryptocurrency logo is seen on a smartphone and a pc screen.

  • Alabama Representative Barry Moore recently scooped up dogecoin, ether, and cardano, filings show.
  • Prices of the three cryptos are trading lower than when Moore bought them.
  • Moore bought between $1,000 and $15,000 of dogecoin on June 13, when the meme token was 58% off it’s all-time-high.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Alabama Representative Barry Moore recently scooped up dogecoin, ether, and cardano amid a dip in some of the cryptocurrencies’ prices, trading disclosure filings show.

According to disclosures filed with the clerk of the House of Representatives on July, Moore scooped up between $1,000 and $15,000 of doge on June 13. Dogecoin traded between $0.3079 and $0.33 June 13, about 58% lower than its all-time-high in May.

The meme token is hovering around $0.23, meaning Moore hasn’t reaped any gains yet.

The Republican congressman also bought between $1,000-$15,000 of Ether (misspelled as Etherium in the filings) on May 5. The token traded around $3,200 that day, significantly higher than current prices but still about $1,000 lower than the coin’s all-time high.

Moore also made three purchases of cardano on May 10, 11, and 13, each with a range of $1,000 to $15,000 per buy. Cardano is currently down 27% from the highest point on May 13.

In total, the Congressman bought between $5,000 and $75,000 of cryptocurrency from these filings. The congressman is required to disclosure these trades under the “Stop Trading On Congressional Knowledge Act.”

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Dogecoin has plunged more than 70% since Elon Musk’s SNL performance in May, shedding $70 billion in market cap

Elon Musk hosts SNL
Elon Musk hosted the May 8, 2021 episode of ‘Saturday Night Live’.

  • Dogecoin has dropped more than 70% since the hype peaked around the token when Elon Musk appeared on SNL in May.
  • It was the worst-performing major cryptocurrency on Tuesday, as investors fled the asset.
  • Cryptocurrencies have crashed since May after Musk criticised bitcoin and China cracked down.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Dogecoin continued to plunge on Tuesday as cryptocurrencies tumbled in the wake of a fresh crackdown by Chinese authorities.

The meme cryptocurrency lost 20% over 24 hours to hit $0.19431, according to CoinGecko. That was around 74% lower than its record high of more than $0.70, reached in May amid expectations that Elon Musk would use his “Saturday Night Live” performance to pump the token.

The dogecoin market was worth around $94 billion at its peak, but had dropped to roughly $25 billion on Tuesday, according to CoinGecko – a $69 billion loss.

Dogecoin suffered the heaviest losses of any major cryptocurrency on Tuesday. Yet others didn’t fare much better, with binance coin and cardano off by around 12%. Bitcoin and ether, the two biggest cryptocurrencies, dropped but less sharply.

Cryptocurrencies have fallen dramatically since May after Elon Musk halted payments for Tesla in bitcoin, citing its “insane” energy use, and China started cracking down on crypto “mining.”

Yet dogecoin has been hit particularly hard, with the token plummeting back to earth after skyrocketing in the spring.

Analysts have long warned that dogecoin is a case of speculative mania, with the price influenced more by celebrity-induced buzz than anything fundamental.

Musk was one of the main drivers of the rally in dogecoin. But he hasn’t said anything about doge in a while, and let fans down when he called it a hustle on SNL.

“Many expected Elon Musk’s SNL appearance to send the already-soaring dogecoin even higher,” Michael Kamerman, CEO of crypto firm Skilling, said. “It had the opposite effect.”

“Combined with China’s crackdown on cryptocurrency, the ripple effects are being felt by all digital currencies.” He added: “Whether or not it goes up or down from here is anyone’s guess.”

Nonetheless, dogecoin remained more than 7,000% higher for the last year on Tuesday, according to CoinGecko.

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8 experts weigh in on what Coinbase adding dogecoin means for the meme cryptocurrency

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Cryptocurrency representations are seen in front of the dogecoin logo.

  • Dogecoin may have started as a joke in 2013 but the cryptocurrency has seen very real gains in 2021.
  • Coinbase in May responded to customer demands, and said retail users can sell, buy, and store dogecoin, joining the ranks of other major exchanges.
  • Insider asked eight experts what they think of dogecoin’s listing on the largest US crypto exchange.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Dogecoin may have started as a joke in 2013, but few are laughing at its hefty gains after the famous meme token catapulted to a market valuation of around $90 billion at one point in April.

More recently, Coinbase, the largest cryptocurrency exchange in the US, said retail traders can sell, buy, and store dogecoin. The company, with its 56 million verified users, paired the announcement with plans to give away $1.2 million worth of prizes in dogecoin to encourage users to take advantage of its newest cryptocurrency trading option.

The move came two days after Coinbase said Coinbase Pro users can transfer dogecoin into their accounts. Dogecoin surged 41% on the news.

A tweet from Elon Musk hours after further spurred the token’s rally.

Dogecoin has rocketed nearly 8,000% this year, far surpassing bitcoin’s nearly 30% gain and ether’s 260% climb.

The shiba inu-themed token goes through wild price swings but some analysts do not seem too bothered.

“The price action in doge is extremely volatile but is ultimately driven by supply and demand with real capital,” Jeffrey Wang, head of Americas of Amber Group, a crypto financial services firm, told Insider. “I think the price moves in doge are a great example of free capital markets in action.”

Coinbase joins Gemini and eToro, which both listed the meme token in May this year, as well as Kraken and Binance. Combined, the exchanges effectively open up the meme token to tens of millions of users worldwide.

While the listing is viewed as a stamp of approval by some, others like Peter Jensen, CEO at RocketFuel Blockchain, a global payments company, view the decision of Coinbase as just a strategic business move.

“Exchanges like Coinbase Pro and eToro have enlisted doge only because of the massive inflow of retail user base that dogecoin is getting, which in turn means it’s a profit-generating coin for exchanges,” Jensen told Insider.

Jensen added that unless a major technological upgrade is given to dogecoin, it will remain to be a highly speculative asset without any technological merits.

Here are what eight other experts think of dogecoin’s recent listing:

Wait, but why?

“Dogecoin’s popularity is really just a by-product of the meme-populist age. In essence, it’s a fun way for people to transact and get involved in crypto and investing. Doge is unlikely to have any “use-case” even in the loose sense of the term. It’s important to realize that even the creator Billy Markus sold off all of his dogecoin holdings. Doge can’t compete with bitcoin in the long run because bitcoin has limited supply, and is emerging as a sort of “digital gold.” It can’t square off against ethereum either due to ETH’s smart contract and decentralized app functionality. On its own, it has nothing to offer. So I don’t see this as a watershed moment for dogecoin legitimacy.” – Muneeb Jan, author, Macro Geek Newsletter

“Coinbase is just responding to this popularity. I don’t view dogecoin as being legitimized. Coinbase is an exchange, there are no institutions buying it seriously. Since its supply is unlimited, there are 10,000 new coins mined every minute. This makes it highly inefficient as a legitimate crypto coin except to those that use its volatility to trade it and hang on Elon Musk’s tweets to pump up its value. Even today, Musk’s tweets and mentions of dogecoin seem satirical, not serious. I’m not a fan of hype around dogecoin because it’s a distraction from the useful things being done in blockchain and in crypto, like DeFi.” – Andrew Kiguel, cofounder and CEO, Tokens.com

“We still view this as speculative at best. I think the biggest implication is that many small investors will lose money. The broad crypto landscape, in my opinion, is a combination between a pyramid scheme and the wild west. There are people that will make a lot of money, but there are also a lot of folks who will lose. There are some more legitimate currencies; however, there are also hundreds that are nothing more than ideas. Those that are looking at longer term placeholders for wealth will buy more established cryptos like ether or bitcoin and simply hold.” – Randy Carver, financial expert

“As more crypto brokers begin to offer dogecoin, I see its popularity increasing, but it will take time before it is fully accepted. While socially active, lower account size retail investors are interested in dogecoin and crypto’s in general, active retail investors who trade equities and equity options have largely stayed on the side of crypto trading. With only 50,000 permissible daily transactions of dogecoin, it is a generation away from wider acceptance with retail and institutional investors.” – Dan Raju, CEO, Tradier

It’s about time.

“While a little late, the Coinbase listing is yet another positive sign for the doge community. While it began as a joke, doge’s track record has earned it a place amongst ‘legitimate’ digital assets. While the technology itself hasn’t evolved much, doge has an incredible community and the power of that should not be underestimated. It may have taken Elon Musk and other influential figures to drive awareness and convince institutions of dogecoin’s legitimacy, but as a peer-to-peer network, it’s been widely used for nearly a decade.” – Jason Lau, COO, Okcoin

“The meme currency is now firmly in the mainstream. It’s likely that we’ll see even more interest and adoption from retail investors in the short term, as well as some current doge holders cashing out. Long-term, we simply don’t know; interest in doge may wane, or growing popularity may force traditional financial institutions to re-think what counts as a legitimate asset class. As global adoption continues, the cryptocurrency trading landscape is set to evolve with it. Dogecoin is a representation of how everyday internet users can shape markets when they have the opportunity.” – Philip Gradwell, chief economist, Chainalysis

“Dogecoin getting listed by Coinbase, Gemini, and eToro shows that cryptocurrencies with very strong communities and positive sentiment cannot be ignored, even if they are meme coins. At the end of the day exchanges make money from trades and listing popular cryptocurrencies is good for business as long they are not securities. Liquidity and wide exposure should help dogecoin reach an even larger audience. Originally a meme coin, dogecoin is now a more legitimate digital currency in the eyes of new crypto users than the rest of the field.” – Ian Balina, founder and CEO, Token Metrics

“With the listing of dogecoin on Coinbase, one of the most reputable exchanges, it creates a lot of momentum as well as liquidity. This drives the price up and creates a positive feedback loop on the momentum. I think Coinbase made a significant choice as it ultimately signals that even if coins are created initially as a joke, with enough momentum and a strong community, it can become something much greater. It’s no surprise that doge started as a joke, but with the recent momentum and price action, I think it has created a positive feedback loop of luring back in developers and entrepreneurs and institutions.” – Ben Weiss, CEO, CoinFlip

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