Elon Musk says he’s working with Dogecoin developers to make the cryptocurrency more efficient

elon musk dogecoin pumping stocks 4x3
  • On Wednesday, Tesla stopped accepting bitcoin as payment for its electric cars.
  • The next day Tesla CEO Elon Musk said he was working to make dogecoin more sustainable.
  • Dogecoin uses less energy than bitcoin and has long been a Musk favorite.
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The day after announcing Tesla would no longer accept bitcoin as payment for its cars, Tesla CEO Elon Musk seemed to suggest dogecoin could become a more sustainable replacement.

“Working with Doge devs to improve system transaction efficiency,” Musk tweeted on Thursday. “Potentially promising.”

In his initial bitcoin announcement, Musk said the company was looking for a more carbon-neutral replacement to the top cryptocurrency.

Dogecoin sagged on Musk’s decision to eliminate bitcoin purchasing options but leapt from 43 cents to over 50 cents apiece following Musk’s commitment to making the meme coin more environmentally friendly.

The cryptocurrency, originally made as a joke between two engineers, has long been a Musk favorite and is known to consume less energy than bitcoin.

The energy consumption of cryptocurrencies are linked to the calculations a computer goes through every time a transaction is processed or a new coin is mined. In those moments, thousands of computers race to verify the transactions – a process that relies on large amounts of electricity and computing power.

While bitcoin consumes about 707 kilowatt hours for each transaction, dogecoin only requires about 0.12, as it uses fewer calculations to mine and trade coins, according to TRG data.

What’s more, much of the energy used to mine for bitcoin comes from coal (the fuel that emits the most CO2) as 75% of bitcoin mining takes place in China, a country where over half of its power comes from coal.

While dogecoin is more environmentally friendly than bitcoin, there are still several ways that Musk could contribute to eliminating the digital currency’s carbon footprint, including focusing on renewable energy sources for dogecoin mining processes, as well as further streamlining the calculations computers go through when minting and trading coins.

Musk’s decision to somewhat sever Tesla’s ties to bitcoin a mere three months after setting the cryptocurrency as a purchasing option could have serious ramifications for the future of crypto. After Tesla’s announcement, bitcoin slid 13% to around $50,000, down from its record high last month near $65,000.

In the past, the CEO’s tweets have been often linked to spikes in bitcoin and dogecoin. His decision for Tesla to invest in $1.5 billion of bitcoin caused a surge in demand for the digital currency, further hiking up demand for the coin, as well as its energy consumption.

Musk referenced the spike in energy used by bitcoin since Tesla invested in it as the primary reason the company would no longer accept the digital coin.

“To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” he tweeted.

The CEO’s focus on making dogecoin more sustainable will likely continue to add support to the meme coin, which has already had a record year. But, much like bitcoin, Musk’s support could also end up expanding dogecoin’s carbon footprint through heightening demand.

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Binance’s Indian exchange lists Shiba Inu coin a day after Ehtereum creator Vitalik Buterin’s $1 billion donation

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Changpeng Zhao is the CEO of the world’s largest crypto exchange Binance.

The largest cryptocurrency exchange in India has listed shiba inu coin for trading a day after ethereum co-creator Vitalik Buterin’s donation of about $1 billion worth of the tokens to India for COVID-19 relief.

Mumbai-based WazirX exchange, which is owned by Binance, listed the new token on Thursday, according to a blog post.

“We were receiving a lot of requests from our community to bring SHIB on WazirX, and hence, we decided to list it,” WazirX CEO Nischal Shetty told CoinDesk.

WazirX however will not accept direct SHIB deposits or facilitate its withdrawals. According to shiba inu’s website, the only place to buy or sell the dogecoin knockoff is on Uniswap.

Shiba inu, which was founded less than a year ago, took inspiration from a more established meme currency, dogecoin – even branding itself as a “dogecoin killer.” According to its website, shiba inu is an “experiment in decentralized community building.”

The WazirX listing comes a day after Buterin donated 50 trillion SHIB tokens worth around $1 billion to a crypto-based COVID-19 relief fund for India. The token has skyrocketed and gained almost 1,000% over the past week but plunged after news of Buterin’s donation broke.

Shiba inu was last at $0.00002035 on Friday morning, up by 15%, according to CoinMarketCap data. It is the 25th largest cryptocurrency in circulation based on its current market value of over $7.9 billion.

The listing of meme tokens is often seen as a sign of legitimacy in the cryptocurrency community.

On Thursday, Coinbase said it will list the dogecoin in six to eight weeks. Other exchanges that allow dogecoin trading include Kraken and Robinhood.

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Dogecoin spikes 30% after Elon Musk says he might take it as payment for Tesla

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Dogecoin, a meme cryptocurrency, has spiked this year.

Dogecoin spiked 30% after Elon Musk said on Thursday that he might accept it as a payment method for Tesla. That followed his announcement on Wednesday that he’d stop allowing bitcoin payments for Tesla products over environmental concerns.

Dogecoin had risen by 30.2%, to $0.54, as of 8:20 a.m. on Friday in New York, according to CoinBase. It initially jumped on Thursday evening after Musk tweeted about considering the cryptocurrency as a payment method for Tesla.

“Working with Doge devs to improve system transaction efficiency,” he said. “Potentially promising.”

Dogecoin is the fourth-largest cryptocurrency by market capitalization. After Musk’s tweet, the value of the dogecoin market rose by over $10 billion, to about $67 billion, as trading volume accelerated.

The token, which started as a joke in 2013 and is often described as a “meme coin,” has rallied since early April, reaching a record high of $0.731578 on May 8. It has made year-on-year gains of 20,987.6%.

After Musk said Tesla would no longer accept bitcoin, the world’s largest cryptocurrency, the coin fell by as much as 15% and dragged crypto stocks down with it.

Musk said he’d look into more environmentally friendly cryptocurrencies to use instead of bitcoin. He said that while he believed in crypto, he was concerned about fossil fuels used in mining.

On top of dogecoin, Musk could explore cryptocurrencies including ether, Cardano’s ADA, XRP, and chia, all of which have a smaller environmental footprint than bitcoin.

Researchers and the crypto community are divided on bitcoin’s environmental impact. Cathie Wood’s Ark Invest published research on Thursday arguing that bitcoin mining actually helped the environment, whereas Bank of America said earlier this year that bitcoin used more energy in a year than American Airlines.

Tesla shares were up by 1.98% in premarket trading on Friday.

Read more: ‘Nothing is more supremely irritating than watching your neighbors get rich’: Legendary investor Jeremy Grantham breaks down the psychology of investing in bubbly assets like Dogecoin – and shares where long-term investors can find cheap assets

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Dogecoin continues to defy gravity – getting a fresh boost from Coinbase trading and hype-man Elon Musk

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Coinbase said it would add dogecoin on Thursday.

Dogecoin continued to defy critics – and gravity – on Friday, after major boosts from the world’s biggest cryptocurrency exchange Coinbase and its main hype-man Elon Musk.

Coinbase, which went public in a coming-of-age moment from the crypto world in April, said on Thursday it planned to start offering dogecoin trading on its app in six to eight weeks.

The exchange’s chief financial officer Alesia Haas told CNBC: “We want to offer all assets that meet our listing standards and we hope to be the place where you can come and trade anything that you want to trade.”

It followed moves by trading platforms eToro and Gemini to add dogecoin, fueling the rally earlier in May and showed the growing acceptance of the joke cryptocurrency.

But it was Musk’s latest tweet that powered the newest rebound in dogecoin, which had slipped considerably from all-time highs of above $0.70.

Musk has halted Tesla payments with bitcoin but has said he is looking for more eco-friendly alternatives. He tweeted on Thursday night: “Working with Doge devs to improve system transaction efficiency. Potentially promising.” Dogecoin promptly soared and was up 33% to $0.53139 on Friday morning.

Dogecoin’s rally earlier in May captivated retail traders and unnerved many traditional investors, who saw it as a sign of irrational behaviour spurred on by huge amounts of stimulus from governments and central banks.

Many bitcoin enthusiasts quickly became tired of the joke token stealing the crypto headlines.

Barry Silbert, founder and chief executive of the company that owns Grayscale, the world’s biggest crypto fund manager, announced his company was betting against the token and tweeted: “Okay $DOGE peeps, it’s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC.”

Billionaire investor-turned-crypto-evangelist Mike Novogratz admitted he had misunderstood dogecoin’s appeal. But he nonetheless told Bloomberg TV he thought it’s “very dangerous to be invested” and that it was a “retail frenzy” with no institutional backing.

Analysts have consistently warned dogecoin is a purely speculative asset, and is even more risky than the already highly volatile bitcoin.

But predictions that dogecoin will suddenly crash have so far been wide of the mark, with the token continuing to draw life from celebrity buzz and online meme culture.

However, there are plenty of obstacles ahead for dogecoin and the cryptocurrency world as a whole. Not least Musk himself, who is liable to sudden changes of heart when it comes to his enthusiasms.

Nic Carter, founding partner of blockchain investment firm Castle Island Ventures, was scathing about Musk’s claim to be working with dogecoin developers, suggesting they don’t exist.

He tweeted a picture of a man talking to a brick wall, captioned: “Elon working with the doge devs.”

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Dogecoin gains over 25% after Elon Musk says he might take it as payment for Tesla

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

  • Meme cryptocurrency dogecoin gained over 25% in the past 24 hours.
  • The coin’s value jumped after Elon Musk said he was looking into dogecoin as a crypto payment option for Tesla.
  • Tesla had suspended the option to pay for their cars with bitcoin over environmental concerns on Wednesday.
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Dogecoin gained over 25% within 24 hours after Elon Musk said he might accept it as a payment method for Tesla, after having stopped payments for his company’s products in bitcoin over environmental concerns.

Dogecoin rose 25.7% to $0.538253 in the 24 hours to 03:57 E.T. according to CoinGecko. It initially jumped in value at 19:45 E.T. on Thursday after Elon Musk’s tweet about considering the cryptocurrency as a payment method for Tesla.

“Working with Doge devs to improve system transaction efficiency. Potentially promising.” he said.

Dogecoin is the fourth largest cryptocurrency in circulation based on market capitalization. After Musk’s tweet, the value of the dogecoin market rose by over $10 billion to around $67 billion, as trading volume accelerated.

The token, which originally started as a joke and is therefore often described as a “meme coin,” has rallied since early April and reached a record high of $0.731578 on May 8. It has made year-on-year gains of 20,987.6%.

Earlier in the week, Musk said his electric vehicle company Tesla would no longer accept bitcoin payments over environmental concerns. Bitcoin, which is the world’s largest cryptocurrency, fell as much as 15% after Tesla’s announcement and dragged crypto stocks down with it.

In his statement, Musk also said he would be looking into more environmentally friendly cryptocurrencies to use in place of bitcoin as he believed in crypto, but was concerned about the amount of fossil fuel used in the mining process.

On top of dogecoin, Musk may explore cryptocurrencies including ether, Cardano’s ADA, XRP and Chia, all of which have a less significant environmental footprint compared to bitcoin.

Researchers and the crypto community are divided on bitcoin’s environmental impact – Cathie Wood’s Ark Invest published research on Thursday arguing bitcoin mining actually helps the environment, whereas Bank of America said earlier this year bitcoin uses more energy a year than American Airlines.

Tesla shares were last up 1.98% in premarket trading on Friday, after Musk’s tweet about exploring dogecoin as a payment option.

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Ethereum creator Vitalik Buterin donated $1 billion to a COVID relief fund for India using Shiba Inu – a tiny token that has gained 1,000% in a week

Vitalik Buterin
Founder of Ethereum Vitalik Buterin during TechCrunch Disrupt London 2015

  • Vitalik Buterin, Ethereum’s creator, donated Shiba Inu coins worth $1 billion to a COVID-19 relief fund for India.
  • The dogecoin-inspired Shiba Inu token has gained almost 1,000% over the past week.
  • The crypto COVID-19 relief fund for India was set up last month as the pandemic escalated in the country.
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Ethereum creator Vitalik Buterin donated $1 billion to a crypto-based COVID-19 relief fund for India using the dogecoin-inspired Shiba Inu coin. The token has skyrocketed and gained almost 1,000% over the past week, but plunged after news of Buterin’s donation broke.

Buterin donated over 50 trillion Shiba Inu coins to the fund, which aims to provide healthcare and basic-needs items to people affected by COVID-19 in India. At time of donation, these coins were worth around $1 billion but the significant donation panicked investors and caused the value of Shiba Inu to drop by around 34%.

“We plan to do a thoughtful liquidation to ensure we meet our COVID relief goals. We have decided to convert the donation slowly over a period of time.” CryptoRelief tweeted in response to concerns that erupted from Shiba Inu holders.

“We will not do anything which hurts any community specially the retail community involved with $SHIB, Sandeep Nailwal, the fund’s creator added.

Shiba Inu was last at $0.00001833 on Thursday according to Coinmarketcap data. It is the 27th largest cryptocurrency in circulation based on its current market value of over $7.3 billion.

Buterin also donated 500 ether tokens to the fund, which are worth almost $2 million based on ether’s value of $3,851.79 at the time of writing.

The COVID-19 relief fund Buterin donated to, CryptoRelief, was set up last month by Nailwal, co-founder of Ethereum platform Polygon and has since attracted donations from various crypto heavyweights. Buterin himself had already donated tokens worth almost $650,000 when the fund launched, as well as another $3 million last week according to Nailwal’s tweets.

Nailwal had set the fund up in response to the escalating COVID-19 situation in India, which saw global record numbers of cases and deaths as the healthcare system was unable to cope with patients and provide the care many needed due to shortages of medication, food and oxygen.

At the time, Nailwal tweeted that he had ways to get oxygen, food and vaccines into the country and to those who require them. Some of the crypto donations have since been liquidated and turned into US dollars, according to CryptoRelief’s website. The funds have been donated to various organizations and charities in India that have used them to tackle the oxygen shortage and purchase medical equipment, including personal protective gear and ventilators, according to CryptoRelief’s website.

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Dogecoin slumps 20% after Tesla’s bitcoin shock – while other tokens like Ethereum’s ether and litecoin also slide

Dogecoin icon on phone

Dogecoin and other cryptocurrencies sank on Thursday after Elon Musk suspended bitcoin payments for Tesla cars.

The meme-inspired digital asset tumbled 20% to trade around 40 cents. Litecoin fell 14%, while Ripple’s XRP and Ethereum’s ether lost 11% – having each dropped more than 20% from their peaks.

Bitcoin dropped as much as 15% on Thursday, prompting a knock-on effect for other digital currencies, as the entire crypto market value wiped off as much as $365 billion at one point.

The sell-off is being driven by a number of factors, according to Simon Peters, a crypto-asset analyst at investment platform eToro.

“Valuations were at or near all-time highs earlier this month, so there will naturally be some profit-taking, while we are also seeing a general sell-off among risk assets – such as technology stocks – as economies start to unlock post the pandemic and investors fret over potential rate rises and higher inflation,” he said.

But he expects buyers to return to cryptocurrencies in the coming weeks to take advantage of lower prices.

An overall drop in the crypto market saw “#cryptocurrencies” trending on Twitter with many users reacting to the sudden surprise that Musk delivered.

Musk, who has regularly tweeted about dogecoin, said he was concerned about “rapidly increasing use of fossil fuels for bitcoin mining and transactions.” Only earlier this week, he teased that Tesla could accept payments in dogecoin.

But dogecoin was already suffering a bad week after Musk’s “Saturday Night Live” appearance, at which he called it a “hustle.” The digital asset is down 32% this week so far.

“Bitcoin will not last as a financial instrument with the underlying climate damage it causes through carbon emissions,” Jeff Schumacher, CEO and founder of New Asset Exchange, said.

“In a post COVID-19 world, as the focus of companies shifts back to climate concerns, bitcoin’s poor environmental credentials – the CO2 production it is responsible for – will make companies and governments unwilling to use it as they attempt to green their image and push towards a net-zero world.”

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Bitcoin plunges as much as 15% after Elon Musk halts Tesla payments – calling the token’s energy use ‘insane’

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Elon Musk has been one of the major drivers of the cryptocurrency boom.

Bitcoin tumbled as much as 15% after Tesla boss Elon Musk said on Wednesday night that the car company would stop accepting payments in the cryptocurrency because of concerns about its environmental impact.

Musk later doubled down on his major U-turn, tweeting a chart showing bitcoin’s energy use and calling it “insane.”

The world’s most-traded cryptocurrency then pared some of its gains and was down 8.7% to $49,758 at 9.30 a.m. ET. Bitcoin remained around 70% higher for the year, but was 22% lower than a record high of close to $65,000 touched in April.

Musk’s announcement shocked the cryptocurrency world. The Tesla founder and chief executive has been one of the biggest advocates of cryptocurrencies, and has previously appeared to dismiss concerns about their energy use.

The revelation that Tesla had bought $1.5 billion of bitcoin and would start accepting payment in the token sent the price soaring 16% in a single day in February and added legitimacy to the asset class.

Yet Musk appeared to have had a change of heart, tweeting a statement on Wednesday night saying: “Tesla has suspended vehicle purchases using Bitcoin.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Critics have long attacked bitcoin for its energy use. Bitcoin “mining” – the process of securing the network and creating coins using vast amounts of computing power – uses more energy each year than Sweden, according to Cambridge University researchers.

A Bank of America report estimated 73% of bitcoin mining takes place in China, where the majority of energy is generated by coal power.

Musk’s announcement sent other cryptocurrencies tumbling, too. Ether, the second-biggest coin by market size, was down 10.7% in the 24 hours to 9.30 a.m. ET. Dogecoin, XRP and Binance Coin all tumbled.

“Tesla accepting transactions bitcoin was viewed as a major step for the crypto market,” Daniel Ives, an analyst at Wedbush, said in a note.

“Now Tesla’s/Musk reversal will have a short-term negative impact on bitcoin and the crypto landscape as the market digests this confusing news from one of its biggest supporters.”

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Bitcoin plunges as much as 15% after Elon Musk halts Tesla payments, citing climate damage in major U-turn

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Elon Musk has been a key driver of the cryptocurrency boom.

Bitcoin tumbled as much as 15% on Wednesday night after Elon Musk said his electric car company Tesla would stop accepting payments in the cryptocurrency because of concerns about its environmental impact.

The world’s most-traded cryptocurrency then pared some of its gains and was down 7.3% to $50,534 at 4.20 a.m. ET. Bitcoin remained around 72% higher for the year, but was 22% lower than a record high of close to $65,000 touched in April.

Musk’s announcement shocked the cryptocurrency world. The Tesla founder and chief executive has been one of the biggest advocates of cryptocurrencies, and has previously appeared to dismiss concerns about their energy use.

The revelation that Tesla had bought $1.5 billion of bitcoin and would start accepting payment in the token sent the price soaring 16% in a single day in February and added legitimacy to the asset class.

Yet Musk appeared to have had a change of heart, tweeting a statement on Wednesday night saying: “Tesla has suspended vehicle purchases using Bitcoin.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Critics have long attacked bitcoin for its energy use. Bitcoin “mining” – the process of securing the network and creating coins using vast amounts of computing power – uses more energy each year than Sweden, according to Cambridge University researchers.

A Bank of America report estimated 73% of bitcoin mining takes place in China, where the majority of energy is generated by coal power.

Musk’s announcement sent other cryptocurrencies tumbling, too. Ether, the second-biggest coin by market size, was down 8.4% in the 24 hours to 4.10 a.m. ET. Dogecoin, XRP and Binance Coin all tumbled.

“For an asset whose price is driven mostly by psychological sentiment and momentum, bitcoin could have a hard time recovering from this and may never revisit [its] recent highs again,” Jesse Cohen, senior analyst at financial platform Investing.com, said.

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A crypto-trading platform being sued for fraud by New York stands accused of moving all of its clients’ assets into dogecoin without telling them

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Dogecoin was started as a joke in 2013.

  • The New York state attorney general this month took legal action to immediately halt the continued illegal and fraudulent operations of Coinseed.
  • The sate AG alleges Coinseed moved investors’ money into dogecoin without permission.
  • Over 130 complaints from investors have that reinforce the allegation have poured into the NYAG office.
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New York Attorney General Letitia James on May 6 took legal action to halt operations of cryptocurrency trading platform Coinseed.

The state AG alleges that Coinseed allocated investors’ money into dogecoin without permission.

Per the filing first viewed by Bloomberg, Coinseed on April 16 converted all investor assets into bitcoin “without notice or authorization” and disabled all functionality in the application, so that they will not be able to withdraw their money.

In the evening of the same day, Coinseed traded the bitcoins for dogecoin, described as “an extremely volatile virtual currency” in the filing, and which at that time was experiencing a sharp selloff.

“[The Office of Attorney General] has received dozens of complaints from investors describing that [Coinseed] conducted these unauthorized trades and transferred all investor assets into dogecoin,” the filing said.

An example of an investor complaint on April 17 was included. The investor alleged that Coinseed transferred all his cryptocurrency to dogecoin without his permission and blocked his ability to withdraw his money. From a $20,000 balance the night before, he said the transfer to dogecoin immediately dropped his balance to $7,000.

Four other complaints followed a similar narrative.

“Unregulated and fraudulent virtual currency trading platforms have no place in New York,” the Attorney General said in a statement.

She continued: “Three months ago, we filed this case against Coinseed and its executives alleging that they violated New York state laws and illegally squandered investors’ monies. However, in the months since we filed our suit, the greed perpetrated by Coinseed and its CEO has not only continued but grown.”

In February, the office of James filed a lawsuit against Coinseed and its two top executives.

At that time, James accused Coinseed of defrauding investors out of more than $1 million via undisclosed fees and through the sale of “worthless” CSD tokens. CSD tokens were Coinseed’s own cryptocurrency.

But in the last month, dogecoin has had a stellar performance. It is up more than 70% since the middle of April and is now the fifth-largest cryptocurrency by market capitalization according to CoinGecko. It may also be enjoying institutional backing soon.

Tesla chief executive Elon Musk tweeted a poll Tuesday asking if his followers want Tesla to accept the cryptocurrency as payment.

Still, James has alleged in her filing that Coinseed has “drained both bank and virtual currency accounts that held investor deposits and moved investor assets overseas.”

The AG said that in the nearly three months since James filed her lawsuit, they received over 130 complaints from investors regarding Coinseed’s conduct.

The Office has therefore asked the court to issue a temporary restraining order and a preliminary injunction. They have also asked the court to appoint a receiver to oversee all assets in an effort to safeguard investments as the lawsuit proceeds.

Coinseed CEO Delger Davaasambuu, however, told The Block that the complaints were “full of false accusations.” The CEO maintained that Coinseed left New York in 2019 and has not accepted any users from New York since 2018.

As the meme cryptocurrency with the Shiba Inu as its mascot skyrocketed an astronomical 10,000% year-to-date, more and more people are jumping in.

A report published by the blockchain intelligence provider TRM Labs on Monday detailed how fraudsters manipulated Musk’s dogecoin promotion during his anticipated hosting of the iconic Saturday Night Live Show on May 8 and pocketed dogecoin worth $5 million.

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