Altcoins like dogecoin and shiba inu coin drove a 54% surge in crypto users in the 2nd quarter, data shows

Representation of a Dogecoin cryptocurrency is seen alongside a Shiba Inu cryptocurrency logo
  • Altcoins drove a 54% surge in cryptocurrency users in the second quarter, data shows.
  • At the end of June, there were 221 million users compared to the 132 million towards the end of April.
  • It took just four months to double the number of global crypto users from 100 million to 200 million.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The popularity of altcoins like dogecoin and shiba inu coin drove a 54% surge in cryptocurrency users in the second quarter, data from exchange shows.

At the end of June, there were 221 million users compared to the 132 million towards the end of April.

Altcoins have gained traction in recent months thanks to the massive returns they promise due to wild price swings compared to older and more established digital assets, such as bitcoin and ether.

Dogecoin, now the eighth-largest digital asset, has rocketed 4,175% this year, far surpassing bitcoin’s 35% gain and ether’s 208% climb.

Shiba inu, a new coin founded in August 2020, has been trading flat, though the dogecoin knockoff peaked at $0.00003628 on May 10.

Both coins, which bear a shiba inu dog as their symbols, have gotten some semblance of approval from the wider crypto community.

Dogecoin can now be bought and sold through Coinbase, the largest cryptocurrency exchange in the US, while shiba inu coin was listed in Binance-owned WazirX, the largest cryptocurrency exchange in India.

Overall, the cryptocurrency space has been rapidly evolving as more institutions embrace digital assets. It took just four months to double the global cryptocurrency user base from 100 million to 200 million, whereas it took years before the 100 million milestone was even reached, according to data.

The second half of 2021, in particular, saw an acceleration in cryptocurrency adoption due to a confluence of events, from heavyweights such as Tesla accepting bitcoin as a mode of payment (a move it has since reversed) to MicroStrategy‘s continued investment in the cryptocurrency. El Salvador made history earlier this year as the first country in the world to adopt bitcoin as legal tender.

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‘I might pump but I don’t dump’: Elon Musk outlined his broad approach to crypto investing in a panel also featuring Cathie Wood and Jack Dorsey

Elon Musk
Elon Musk

  • Elon Musk on Wednesday said he is a supporter of bitcoin and wants to see the cryptocurrency succeed.
  • “If the price of bitcoin goes down, I lose money. I might pump but I don’t dump,” Musk said during “The B Word” event.
  • Musk spoke on the panel alongside Twitter chief Jack Dorsey and Ark Invest CEO Cathie Wood.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Elon Musk on Wednesday detailed his thoughts on cryptocurrencies, saying on a live panel that he is a supporter of bitcoin and would like to see the asset succeed.

“If the price of bitcoin goes down, I lose money. I might pump but I don’t dump,” Musk said during “The B Word” event, which also featured Twitter chief Jack Dorsey and Ark Invest CEO Cathie Wood.

He continued: “I definitely do not believe in getting the price high and selling or anything like that. I’d like to see bitcoin succeed.”

The Tesla boss also admitted that he holds “far more” bitcoin than dogecoin or ether.

“The doge community I think is somewhat irreverent obviously … and it doesn’t take itself too seriously,” he said. “The most ironic and entertaining outcome would be that the cryptocurrency that was started as a joke to make fun of cryptocurrencies ends up being the leading cryptocurrency.”

Apart from cryptocurrencies, he said he only owns stock of Tesla and SpaceX, and confirmed that both companies hold bitcoin in their balance sheets.

The energy consumed by bitcoin mining came under the microscope in May after Musk abruptly suspended the purchase of Tesla vehicles using bitcoin due to environmental concerns.

Since then, his influence over the cryptocurrency community has waned somewhat.

But Musk insisted his reticence on bitcoin’s energy usage is not financially motivated.

While he doubled down on the negative impacts of bitcoin mining on the environment, he did say during the panel that Tesla is open to accepting bitcoin as payment again.

“I do think long-term renewable energy will actually be the cheapest form of energy. It just doesn’t happen overnight,” he said. “But as long as there is a conscious and determined and real effort by the mining community to move towards renewables, then obviously Tesla can support that.”

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

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Dow falls 500 points as fears grow over spread of COVID-19 Delta variant

Stock Market Traders

US stocks fell Monday as investors eye a spike in global COVID-19 cases led by the Delta variant, creating a roadblock to a full recovery of the economy.

The Dow Jones Industrial Average fell over 500 points at the open.

The yield on the 10-year Treasury note was 1.217%, down 8.2 basis points on the day, reflecting the pickup in investor desire for safe-haven assets.

The rising cases, which may result in a new wave of lockdown restrictions, weighed on markets. The Delta variant, according to health experts, is the most transmissible variant yet.

“The market appears ready to take on a more defensive character as we experience a meaningful deceleration in earnings and economic growth,” Morgan Stanley strategists led by Michael Wilson said in a note on Monday. “Inventory builds are unlikely to offset if order books prove to be inflated as we suspect.”

On Friday, US stocks closed lower, recording their first weekly loss in a month.

Here’s where US indexes stood at the 9:30 a.m. ET open on Monday:

Billionaire investor Bill Ackman has scrapped his plan to buy 10% of Universal Music for $4 billion through his SPAC after federal regulators cast doubt on the proposed transaction, he told shareholders in a letter on Monday.

Robinhood is aiming to raise as much as $2.3 billion in its upcoming stock market debut, the company said in a filing with the Securities and Exchange Commission.

In cryptocurrencies, bitcoin has continued its slide, trading at $30,742.54 and inching near its widely viewed key technical support level of $30,000. All other major cryptocurrencies – ether, cardano, ripple, dogecoin, polkadot , and solana – were trading lower Monday morning.

Oil fell after OPEC+ reached a deal on supply, overcoming the deadlock between Saudi Arabia and the UAE.

West Texas Intermediate crude fell as much as 3.68%, to $69.17 per barrel. Brent crude, oil’s international benchmark, dropped 3.41%, to $71.08 per barrel.

Gold fell 0.63%, to $1,804.27 per ounce. The precious metal has shed roughly $30 compared to the monthly high on July 15.

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

GettyImages 1299388500
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.
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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.

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US stocks trade mixed as Powell reiterates in testimony that inflation will pass

Stock Market Bubble
A trader blows bubble gum during the opening bell at the New York Stock Exchange (NYSE) on August 1, 2019, in New York City.

US stocks rallied on Wednesday after Federal Reserve Chairman Jerome Powell reiterated that inflation will pass.

The benchmark S&P 500 index scaled close to all-time highs, while the Dow Jones Industrial Average also inched up. The Nasdaq composite fell slightly.

The yield on the US 10-year Treasury slipped 6.1 basis points to 1.353%.

The Fed chief said the US economic recovery still has further to go before the central bank considers tapering its asset purchases, according to prepared remarks ahead of his House Financial Services Committee testimony.

Powell said the US job market “is still a ways off” from the progress the Fed hopes to achieve, suggesting it would stick to its highly accommodative monetary policy even in the face of data showing inflation is on the rise.

Powell on Wednesday presented the central bank’s semiannual monetary policy report to Congress and took questions from lawmakers.

Here’s where US indexes stood at the 4 p.m. close on Wednesday:

Stocks have scaled to record highs in the past weeks as economic data continuously point to a strong recovery on top of robust corporate earnings.

Bank earnings continued Wednesday with Bank of America reporting revenue that fell short of Wall Street’s forecasts but blew past net income predictions.

Citigroup meanwhile posted earnings that came in above analyst estimates as the banking giant’s stock trading offset a miss in fixed income.

Big movers include Oatly, which fell 6.1% to an all-time low of $19.40 after short seller Spruce Point Capital Management accused the oat milk company of misleading investors on multiple fronts and overstating its revenue.

Peloton shares also dipped by 5.4% to $113.33 following a rating downgrade to neutral at Wedbush.

In cryptocurrencies, bitcoin, dogecoin, and cardano’s ada token hit their lowest price in three weeks before recovering slightly. Ether touched a two-week low.

Powell in his testimony challenged the need for cryptocurrencies if the central bank were to issue its own digital currency.

“You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies, if you had a digital US currency,” the Fed chief said.

Oil prices slid after Saudi Arabia and the United Arab Emirates reached a compromise allowing the latter to boost its output, Reuters reported.

West Texas Intermediate crude slipped 3.20%, to $72.84 oil per barrel. Brent crude, oil’s international benchmark, fell 2.56%, to $74.53 barrel.

Gold edged higher for the second straight session, rising 1.08% to $1,825.56 per ounce.

Lumber continued its five-day slide to at $642 per thousand board feet.

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Brokerage eToro says client holdings of dogecoin vaulted above bitcoin and ether in the 2nd quarter

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

Holdings of meme token dogecoin vaulted above bitcoin and ether among eToro clients in the second quarter, according to data from the brokerage.

After cardano, which held the top spot in both quarters, dogecoin zoomed past the two largest cryptocurrencies by market capitalization to claim second place, according to a June 30 snapshot from eToro.

Bitcoin for the second quarter held the fifth spot, tumbling from second in the first three months of the year.

Ether meanwhile, held the fourth spot for the second quarter, also lower from the previous quarter’s third place ranking.

Consistently in the top five is altcoin tron, which was founded in 2017. Its native cryptocurrency is TRX.

Q2 2021 Cryptocurrency Q1 2021
1 Cardano 1
2 Dogecoin N/A
3 Tron 4
4 Ether 3
5 Bitcoin 2

The decision of eToro to add dogecoin trading to its platform only came in May this year, after much contemplation, according to Yoni Assia, CEO of eToro. He told Insider that it did not feel “sensible” to list the shiba inu-themed token at first due to its background.

Dogecoin, which started as a joke in 2013, has seen a blistering rally in 2021 even taking into account recent steep declines, thanks in part to well-known backers such as Elon Musk and Mark Cuban.

The coin was boosted this year by listings on numerous cryptocurrency exchanges, including eToro, Coinbase and Gemini. It was also named “asset of the year” by the billionaire founder of crypto exchange FTX.

Most recently, in an S-1 filing for its upcoming IPO, Robinhood revealed that the trading platform generated nearly $30 million in revenue from customers trading dogecoin in the first quarter of 2021 – a figure expected to have further ballooned in the second quarter when dogecoin’s price spiked more than 1,375%.

The rise of altcoins has been closely documented as bitcoin’s share of the total crypto market drops below 50% for the first time in three years. It stands at 43%, according to data from CoinGecko.

“People are looking at the broader universe of altcoins for alpha relative to the very crowded BTC trade,” Jack McDonald, CEO of fintech firm PolySign, told Insider. “While there’s an obvious correlation between BTC and the rest of the market, altcoins represent an opportunity to diversify one’s exposure.”

Buying and holding altcoins, especially those founded relatively recently, also show a greater trust in the ecosystem, Everett Kohl, founder of, a company in the NFT space, told Insider.

For some, though, like Eloisa Marchesoni, co-founder and COO of Blockchain Consulting, investing in altcoins comes with more risks.

“Unless you’re taking profits as you go, you risk sitting on a load of dead or stagnant capital hoping they survive crypto winter and regain their price action,” she told Insider. “Historically just a few of them make it from one bull run to the next.”

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Israel is seizing cryptocurrency wallets from the Palestinian militant group Hamas, which has been using them to raise funds from donors worldwide

GettyImages 1233193877
Hamas stages an anti-Israel rally in the northern Gaza Strip after a ceasefire between Israel and Palestine.

  • Cryptocurrency wallets used by the military wing of Hamas are being seized by Israel.
  • Israel’s defence minister ordered security forces to seize 84 Hamas-controlled crypto wallets.
  • Most deposits were found to be in tether and bitcoin, according to a tracking firm’s analysis.
  • See more stories on Insider’s business page.

Israel has begun seizing cryptocurrency wallets used by the Palestinian militant group Hamas, the Associated Press and Al Jazeera reported.

Defence minister Benny Gantz said the group had been pursuing an online campaign to raise finances in the aftermath of the 11-day Gaza conflict, which killed more than 200 Palestinians, including dozens of children and more than 12 Israelis.

“The intelligence, technological and legal tools that enable us to get our hands on terrorists’ money around the world constitute an operational breakthrough,” Gantz said Thursday.

Israel’s national bureau of counterterrorism issued a seizure order on Wednesday against cryptocurrency addresses believed to be controlled by Hamas.

The 84 wallets hold a mix of digital assets including bitcoin, dogecoin, cardano, and ether, according to tracking firm Elliptic. Most of these addresses have been linked to Hamas’s military wing, the Al-Qassam Brigades, Elliptic’s analysis found.

Officials didn’t specify how much cryptocurrency has been seized. But Elliptic’s report showed Hamas collectively received over $7.7 million in crypto-assets.

A majority of deposits were found to be placed in tether and bitcoin, the report showed.

Value of cryptocurrencies received by addresses listed in the seizure order.
Value of cryptocurrencies received by addresses listed in the seizure order.

The militant group had seen a spike in crypto donations, especially bitcoin, since its renewed armed conflict with Israel, a senior Hamas official told the Wall Street Journal earlier this year.

To keep its financial woes in check, it had issued an appeal for donations via bitcoin from supporters in late 2019.

Gantz authorized the seizure order late June, saying he was convinced the wallets were linked to Hamas or used to carry out a “severe terror crime.”

As many believe crypto transactions maintain anonymity, cryptocurrencies are regarded as being safe to carry out illegal transactions. But thinking they are untraceable is one of the stupidest things to do, according to crypto ATM operator CoinFlip’s CEO Ben Weiss.

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Sites pushing suspected dogecoin scams have skyrocketed in lockstep with the meme token’s nearly 4,000% rise this year, study shows

Dogecoin and other gold coins on black background
Cryptocurrencies that are set to see the most growth are backed by strong fundamentals

Sites pushing suspected dogecoin scams have skyrocketed in 2021, rising in lockstep with the meme token’s nearly 4,000% rally since the beginning of the year.

Domain registrations relating to dogecoin – or some semblance of the cryptocurrency’s name – jumped 744% from January to May, according to data from cybersecurity firm BrandShield.

In January 2021, only 143 domains were tagged as suspicious registrations compared to the 1,207 in May. Just 25 registrations were identified in December 2020, a year before the joke crypto token began its astounding surge.

Domain registration is the process in which a person or a company “reserves” a name on the internet for a specific timeframe.

The suspicious domains that contain the word “dogecoin” tracked by the company are usually used for phishing scams or other kinds of fraudulent online activity, Yoav Keren, BrandShield co-founder and CEO told Insider.

While bitcoin has more suspicious domain registrations at 1,764 as of May 2021, registrations for the world’s largest cryptocurrency by market capitalization actually slipped by 60% from the 4,308 in January.

Ether also saw a similar downward trend, with 286 suspicious domain registrations in May 2021, an 11% decline from the 323 in January.

Domain registrations of bitcoin, ether, dogecoin per month. Data by
Data registrations per month.

Keren said the rise in dogecoin fraud can in part be attributed to prominent figures constantly stirring up social media chatter over the meme token. He singled out Elon Musk.

The Tesla CEO, who appointed himself the DogeFather, is famous for his market-moving tweets, which at one point pushed the price of dogecoin by 25% with a single word.

Apart from the three cryptocurrencies, the Israeli cybersecurity startup looked into six other coins – polkadot, ripple, litecoin, cardano, tether, and stellar – although found that these did not get as much traction as the more famous tokens.

“The problem with the crypto industry, in general, is how it’s an anonymous industry,” Keren told Insider. “So if you’re defrauded, there’s nothing you can do about it. You can’t know who’s behind that wallet, you can’t go back to your credit card company.”

BrandShield also analyzed five cryptocurrency trading platforms – Coinbase, Binance, Bisq, Bitfinex, and CoinMarketCap – and found that these were also popular targets for cybercriminals, who register fraudulent versions of these domains to trick crypto investors.

Coinbase saw the largest number of suspicious domain registrations, according to BrandShield.

In May 2021, the largest cryptocurrency exchange in the US saw suspicious domain registration rise 323% to 585 from just 138 in January.

Binance, the world’s largest cryptocurrency exchange, came in a close second. Suspicious domain registrations rose 123% to 308 over the same period from 138 at the start of the year.

Once the phishing or scam sites are identified, Keren said his firm uses artificial intelligence and machine learning to continue analyzing them, before having his team report these to the relevant service providers.

“As cryptocurrency receives more mainstream coverage, it shouldn’t surprise anyone that cybercriminals are following the money and targeting retail investors,” Keren said.

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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.
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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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Elon Musk is losing his power over the crypto community after his latest tweets failed to boost dogecoin or bitcoin

Elon Musk and dogecoin

The “Elon Musk Effect,” a phenomenon that roiled the crypto ecosystem this year, when every little tweet from the Tesla boss could send token prices skyrocketing or plunging, seems to be losing its luster.

The billionaire has been a key driver of the volatility in bitcoin and dogecoin after announcing Tesla’s $1.5 billion bitcoin bet and praising the meme-inspired asset’s potential. More recently, his break-up with bitcoin dragged it back to values not seen since the start of the year.

But coming into the second half of 2021, Musk’s influence doesn’t seem that relevant any longer.

Musk tweeted in support of dogecoin on Thursday by saying “Release the Doge!” alongside a Godfather-inspired meme depicting actor Marlon Brando. The coin’s price lifted slightly, but not as much as it would have a few months ago. For instance, dogecoin surged 20% in May when he ran a Twitter poll to ask whether people wanted Tesla to accept the token as payment.

Musk sent out another tweet on Friday with an image of a man on his laptop, seemingly laser-focused on dogecoin and the game Polytopia on the screen.

“It seems that investors are no longer listening and are finally realizing that the tweets of one man should not be the deciding factor for whether they buy or sell their assets,” Alexandra Clark, sales trader at UK-based digital asset broker GlobalBlock, said on Friday.

Several investors have piled into dogecoin via trading app Robinhood, which on Thursday said the meme token accounted for 34% of its crypto revenue in the first-quarter this year. The company warned its business could be adversely affected if demand for the coin declines and isn’t replaced by interest in other cryptocurrencies.

As of Friday, dogecoin’s price has dropped about 65% to about 24 cents since its peak of 68 cents in May.

Critics have slammed Musk and his tweet storms for sending prices on a rollercoaster and allegedly manipulating the market. With millions investing in cryptocurrencies now, for one individual to have so much power in their hands is potentially dangerous, as it could encourage investors to make decisions based on minimal, or no research.

Ever since Musk’s break-up with bitcoin, the world’s most popular cryptocurrency has been going through somewhat of a lull. It didn’t react much when the billionaire suggested a “promising” outcome of a bitcoin miners’ discussion to make the asset more environmentally-friendly, or when he said Tesla would return to accepting it as payment when miners prove they’re using 50% clean energy.

Bitcoin was last trading around $33,000 on Friday, down almost 50% from its peak in April. It’s still up around 15% so far this year.

It gets hard for investors to make investment and balance the skills to be quick on the uptake to beat the crypto market amid a flow of information from one influential voice. But it seems likely that the crypto community may have grown tired with Musk’s tweets, possibly making their influence fade away as just another passing fad.

Read More: The investment chiefs at $1.2 trillion money manager Nuveen spell out ‘best ideas’ for how investors should build their portfolios in 5 major asset classes for success in the second half of 2021

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