A mysterious dogecoin whale who owns $15 billion of the cryptocurrency added another 420.69 coins

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  • 420.69 dogecoins were added to the world’s largest dogecoin address on Tuesday.
  • No one knows who is behind the address, but the address may have just signaled they are in tune with the jocular spirit of dogecoin, making a nod to meme numbers “420” and “69.”
  • The address currently holds 36.7 billion dogecoins worth $14.7 billion.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

420.69 dogecoins were just added to the world’s largest dogecoin holder, furthering speculation around the identity of the mysterious “whale” who has loaded up on the meme cryptocurrency for two years.

Data from Bitinfocharts shows that on May 18, the dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L added roughly 420.6899 Doge, worth $192.

The address has accumulated 36.7 billion dogecoins since 2019 and now holds about 28% of the total dogecoin supply. With the meme token at $0.3937, the address’ dollar amount currently stands at $14.7 billion.

Investors have been pondering for months who or what is behind the doge wallet. The address could belong to an individual, a market maker, or an exchange, though the nod to the meme numbers “420” and “69,” hint that a person who is in on the joke is making the purchases.

According to Noelle Acheson, CoinDesk’s head of research, a cryptocurrency exchange address would have inflows and outflows. She points out that this address has only been accumulating doge. The address sold 100 million coins on April 12, but that was its only sale in 2021.

Some online forums have speculated the address belongs to the “dogefather” himself, Elon Musk. The address added 28.061971 dogecoins three separate times, which reference Elon Musk’s birthday on June 28, 1971.

Though those transactions could simply be a homage to Musk rather than completed by Musk himself. The Tesla CEO warned in February that the biggest risk facing dogecoin is it’s extreme concentration among just a handful of digital wallets.

On Thursday Dogecoin spiked 15% in a matter of minutes on Musk published another yet another cryptic tweet referencing the meme cryptocurrency.

The coin has since pared back gains from but is still sitting up 6,500% year-to-date.

Read more: 7 crypto heavyweights told us what’s behind the sudden sell-off that erased over $400 billion from the market in just 24 hours – and whether now is the time to ‘buy the dip’

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A mysterious dogecoin whale who owns $15 billion of the cryptocurrency just bought another 420.69 coins

Humpback whale 50
.

  • The world’s largest dogecoin address-holder purchased 420.69 dogecoins on Tuesday.
  • No one knows who is behind the address, but the owner holder just signaled they are in tune with the jocular spirit of dogecoin, making a nod to meme numbers “420” and “69.”
  • The address currently holds 36.7 billion dogecoins worth $14.7 billion.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The world’s largest dogecoin address holder just bought 420.69 dogecoins, furthering speculation around the identity of the mysterious “whale” who has loaded up on the meme cryptocurrency for two years.

Data from Bitinfocharts shows that on May 18, the dogecoin address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L purchased roughly 420.6899 Doge, worth $192.

The address has accumulated 36.7 billion dogecoins since 2019 and now holds about 28% of the total dogecoin supply. With the meme token at $0.3937, the address’ dollar amount currently stands at $14.7 billion.

Investors have been pondering for months who or what is behind the doge wallet. The address could belong to an individual, a market maker, or an exchange, though the nod to the meme numbers “420” and “69,” hint that a person who is in on the joke is making the purchases.

According to Noelle Acheson, CoinDesk’s head of research, a cryptocurrency exchange address would have inflows and outflows. She points out that this address has only been accumulating doge. The address sold 100 million coins on April 12, but that was its only sale in 2021.

Some online forums have speculated the address belongs to the “dogefather” himself, Elon Musk. The address added 28.061971 dogecoins three separate times, which reference Elon Musk’s birthday on June 28, 1971.

Though those purchases could simply be a homage to Musk rather than completed by Musk himself. The Tesla CEO warned in February that the biggest risk facing dogecoin is it’s extreme concentration among just a handful of digital wallets.

On Thursday Dogecoin spiked 15% in a matter of minutes on Musk published another yet another cryptic tweet referencing the meme cryptocurrency.

The coin has since pared back gains from but is still sitting up 6,500% year-to-date.

Read more: 7 crypto heavyweights told us what’s behind the sudden sell-off that erased over $400 billion from the market in just 24 hours – and whether now is the time to ‘buy the dip’

Read the original article on Business Insider

Elon Musk continues to talk up dogecoin – to the dismay of bitcoin bulls

Elon Musk
Elon Musk

Elon Musk tweeted about improving the dogecoin network on Sunday and said “obnoxious” bitcoin bulls made him want to go all-in on the joke cryptocurrency, before hinting Tesla may sell its bitcoin holdings.

Musk replied to a number of tweets with comments that suggest he believes dogecoin could become a serious cryptocurrency – despite being started as a prank in 2013.

The Tesla chief executive triggered a plunge in bitcoin on Sunday evening when he suggested the electric car company might sell its holdings, after buying $1.5 billion worth in January. He later clarified that it hadn’t sold any bitcoin.

After facing criticism over his stance on cryptocurrencies, he replied to one tweet saying: “Obnoxious threads like this make me want to go all in on Doge.”

Musk also responded to a tweet which said: “Elon is choosing $DOGE because Dogecoin is better than #Bitcoin in many fundamental ways.”

Musk replied: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

He added: “For those bad at math, 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become currency of Earth.”

Musk’s tweets came days after he announced Tesla would stop taking bitcoin as payment due to the “insane” amount of energy it takes to create new coins and secure the network.

The Tesla boss said in the same message he was looking for low-energy alternatives. Then on Thursday, he tweeted: “Working with Doge devs to improve system transaction efficiency. Potentially promising.”

Musk’s interest in dogecoin has angered many bitcoin fans, who see the meme token as undermining the case for cryptocurrencies.

One Twitter account tweeted Musk saying: “Your recent poorly informed criticism of #bitcoin + support for Doge may be the perfect troll…or you might actually believe this (God I hope not).”

Dogecoin critics argue the coin’s network has a number of supply flaws, such as the fact that here is no cap on the number that can be created, in particular.

Despite Musk’s tweets, dogecoin was down 4.9% in the 24-hour period to 7.30 a.m. ET to trade at $0.50479. The token was up close to 20,000% over the last year, however.

Bitcoin traded 8% lower at $45,259, more than 30% off the record high touched in April.

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Elon Musk’s SpaceX has accepted dogecoin as payment for a Moon mission

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

SpaceX is launching a mission to the moon in 2022, and has accepted meme cryptocurrency dogecoin as payment to take a payload on the journey.

Geometric Energy Corp, an intellectual property, manufacturing and logistics firm, said on Sunday it had paid Elon Musk’s space company in dogecoin to take a kind of mini space-exploration satellite on the mission.

The mission will be called “DOGE-1 to the Moon”. Geometric Space Corp will collaborate with SpaceX to launch a 40kg satellite on a Falcon 9 rocket in the first quarter of 2022.

Musk tweeted: “SpaceX launching satellite Doge-1 to the moon next year. Mission paid for in Doge. 1st crypto in space. 1st meme in space. To the mooooonnn!!”

Dogecoin – a cryptocurrency started as a joke in 2013 – has shot to prominence in recent weeks after a breakneck rally.

The token is up more than 20,000% over the last year, according to CoinGecko, despite falling sharply at the weekend. It has been boosted by Musk and other celebrities and has captured the imagination of cryptocurrency enthusiasts.

Analysts said a key driver of the red-hot rally in recent days was Musk’s upcoming performance on “Saturday Night Live.” Many commentators said he could further drive up dogecoin by singing its praises on national TV.

Yet Musk ended up jokingly calling it a “hustle”, causing the token to tumble to a low of $0.43235, more than 25% off recent highs.

Geometric did not reveal in its statement how much dogecoin it had paid SpaceX as part of the deal.

“Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector,” Geometric Energy’s chief executive officer Samuel Reid said.

Many regulators have warned cryptocurrencies are highly risky and could plummet to zero. But many analysts have made even stronger warnings about dogecoin, saying the joke token has no use cases and is pure speculation.

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Elon Musk says dogecoin might be the future of cryptocurrencies – but tells fans they should still invest carefully

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Elon Musk has been at the centre of 2021’s wild cryptocurrency boom.

Elon Musk has said dogecoin could ironically become the future of cryptocurrencies, which could themselves become the future currencies of earth.

Despite the bold claim, the Tesla billionaire struck a somewhat measured tone, tweeting to his millions of followers on Friday: “Cryptocurrency is promising, but please invest with caution!”

Musk’s tweet linked to a video from celebrity news website TMZ, in which he warned: “First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that’s unwise.”

Yet Musk added: “If you want to sort of speculate and, I don’t know, maybe have some fun, I mean, there’s a good chance that crypto is the future currency of earth.”

Asked about dogecoin, Musk said: “The point is that dogecoin was invented as a joke, essentially to make fun of cryptocurrency.”

He added: “Fate loves irony‚Ķ What would be the most ironic outcome? That the currency that was invented as a joke in fact becomes the real currency.”

Yet Musk admitted there were problems with dogecoin – the meme asset that has rallied more than 25,000% over the last year to become the fourth-biggest cryptocurrency.

Asked whether dogecoin’s unlimited supply poses a danger to its price compared to bitcoin, which has a fixed supply, Musk said: “Yes, it does.” But he later repeated the mantra of dogecoin investors: “To the moon!”

Musk, the co-founder and chief executive of electric car company Tesla and the world’s second-richest person, has been right at the centre of the 2021’s wild boom in cryptocurrencies.

Tesla’s announcement in February it had bought $1.5 billion of bitcoin laid the foundations for a monster rally in the world’s most famous crypto asset. And his frequent tweets about dogecoin have been perhaps the main driver of the buzz around the meme token.

Analysts said the recent breakneck rally in dogecoin had come in part because of people trying to get in before Musk appeared on “Saturday Night Live” on May 8, where many predict he will riff on cryptocurrencies.

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Dogecoin soars another 40% to a fresh high – with one analyst saying Elon Musk’s upcoming SNL appearance is driving buying

Elon Musk
Tesla CEO Elon Musk has been a key driver of dogecoin.

Dogecoin continued its red-hot rally on Wednesday, rising more than 40% to a new all-time high near $0.70.

Edward Moya, senior market analyst at trading platform Oanda, said it seemed people were piling into the asset ahead of Elon Musk’s upcoming appearance on Saturday Night Live on May 8.

Musk’s pro-doge tweets have been one of the main drivers of the breakneck rally, and traders do not want to miss out on any SNL-based price action, Moya said.

The Shiba Inu-themed token smashed through the $0.50 mark on Tuesday for the first time after the eToro exchange said it would add the option to trade the meme cryptocurrency, opening it up to its 20 million users. Gemini, the crypto exchange founded by the Winklevoss twins, followed suit on Tuesday.

Dogecoin was up 32% to $0.66433 as of 8.10 a.m. ET on Wednesday, according to CoinGecko, having earlier hit a record high of $0.68602.

“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live,” said Oanda’s Moya.

He said he thought Musk is likely to have a sketch about cryptocurrencies that could go viral, driving up prices. Musk has already hinted at such a sketch, tweeting on April 28: “The Dogefather. SNL May 8.”

But analysts at Mike Novogratz’s Galaxy Digital argued in a research report that Elon Musk is not the only thing behind dogecoin’s rapid rise.

Read more: Ex-Ark analyst James Wang breaks down his bull case for Ethereum as its token breaches an all-time high of $3,300 – and explains why it could eventually reach $40,000

Dogecoin’s appeal lies in the fact that it is a joke “mocking a frothy market with its playful indifference,” the report said.

The cryptocurrency had risen 1,047% over the 30 days to Wednesday and 26,623% over the last year, CoinGecko’s data showed.

However, the more traditional parts of the financial world are far more skeptical about dogecoin. Many analysts have warned potential investors that it is simply a huge bubble in an asset with no use cases.

Read the original article on Business Insider

Dogecoin extends record-shattering weekly gain to 520% after another inscrutable tweet from Elon Musk

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  • Dogecoin spiked roughly 200% to another record on Friday after an inscrutable Elon Musk tweet appeared to reference it.
  • The coin has now climbed 520% over the past week, according to Coinbase data.
  • Experts warn of a bubble waiting to burst caused by “just a surge in interest from people looking to get rich quick.”
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell

Dogecoin spiked more than 200% on Friday to a record high after Elon Musk tweeted another inscrutable message that appeared to reference the meme currency.

At 12:33 a.m. ET on Friday, the Tesla CEO and SpaceX founder published a tweet to his 51 million followers saying “Doge Barking at the Moon.” Attached was a photo of a creature that resembles a dog staring at an object that resembles a moon.

The caption of the billionaire executive is a version of the “to the moon” slang dogecoin bulls use in reference to the astronomical rise in dogecoin’s price.

Dogecoin hit a 24-hour high of $0.43 around 9:45 a.m. ET and was trading at $0.38 as of 10:35 a.m. ET, according to data from Coinbase.

For the week, the price of the token portrayed by a Shiba Inu dog has skyrocketed 520%.

“The Dogecoin rally once again defies all expectations,” Konstantin Boyko-Romanovsky, CEO and founder of Allnodes, a non-custodial service provider, told Insider. “It feels like a black swan event on the crypto market because of how unpredictable it is. A market correction should follow this type of sudden gain.”

Some experts have expressed concern about a bubble waiting to burst. Freetrade analyst David Kimberley said the latest uptick is not indicative of any “meaningful value the cryptocurrency offers” but rather “just a surge in interest from people looking to get rich quick.”

“When everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time. And it’s almost impossible to say when that’s going to happen,” he said. “And if you’re the one left holding on to the coins when the market tanks, you may regret taking a punt in the first place.”

Read more: A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades, and shares how to find the best opportunities

The jump in dogecoin’s price isn’t only prompted by the newly self-appointed Technoking of Tesla, though he has spurred the price to skyrocket in the past. In February, Musk published a one-word tweet that sent dogecoin up by 25% in minutes.

Rather, dogecoin was also lifted by a broader cryptocurrency rally ahead of Coinbase’s direct listing on the Nasdaq on Wednesday viewed by many as a milestone for the digital currency ecosystem.

The token spiked as much as 34% on Tuesday, bringing its total market capitalization above $11 billion – making it more valuable than a number of large companies – in lockstep with bitcoin hitting a new record that day, as well as ether.

“There are many different reasons that people are buying it, and it’s more or less gone mainstream at this point,” said Billy Markus, an IBM engineer and a cocreator of Dogecoin, told Insider. “It’s one of the most volatile assets you can make a bet on, but people right now have a lot of reasons to make that bet, and that is being reflected in the market.”

Dogecoin, which started as a joke in 2013 created by Markus and Jackson Palmer, has shot to fame thanks to well-known backers such as Musk, but also rapper Snoop Dogg and Kiss member Gene Simmons. Both intended dogecoin to be a fast and cheaper alternative to bitcoin.

It also has a strong community on Reddit that started in 2013 with members cheering each other on whenever the price rallies. Satoshi Street Bets also on Reddit started in 2020-a take on the famed Wall Street Bets-also discusses dogecoin although it includes the broader cryptocurrency market.

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