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

GettyImages 1232802181
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.”

Read the original article on Business Insider

Gemini announces customers can now trade dogecoin and says the meme token is ‘no joke’

GettyImages 1299388392
Dogecoin was started as a joke in 2013.

  • Gemini said customers can trade dogecoin starting on Tuesday, a day after eToro added the meme-based coin to its platform.
  • Gemini joins a growing list of platforms showing support for the meme token from Coinbase to Kraken.
  • Dogecoin jumped to a new all-time high above $0.58 on Tuesday.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Cryptocurrency exchange Gemini said its customer can trade dogecoin starting Tuesday, joining a growing list of platforms showing support for the meme-inspired cryptocurrency that was started as a joke in 2013.

“Dogecoin is the people’s money,” Tyler Winklevoss, Gemini CEO, said in a statement. “It’s organic, irreverent, and fun.”

He said he acknowledged that dogecoin is a meme coin, but that money also operates like a meme.

“Over the multi-millennia history of money, the majority of money (be it shells, beads, precious metals, etc.) has been what we the people say it is and believe it is,” he said.

The move by Gemini to add dogecoin comes after trading platform eToro added the meme cryptocurrency Monday.

Gemini, founded in 2014, offers over 40 cryptocurrencies for trading.

Other exchanges that allow dogecoin trading include Kraken and Robinhood.

Robinhood in April lowered its minimum dogecoin order size to one coin from 10 coins as the meme-based asset’s popularity shot to new heights.

Dogecoin this year has seen a blistering rally, thanks in part to well-known backers such as Elon Musk, Mark Cuban, rapper Snoop Dogg, and Kiss member Gene Simmons.

But some, such as billionaire and bitcoin bull Mike Novogratz, don’t believe the hype.

“No, you shouldn’t buy dogecoin,” he said in an April interview with Earn Your Leisure. “You should sell dogecoin probably now that it’s gone up to 42 cents. But there’s a lot of uneducated investors that feel the energy of this moment and want to participate.”

As of Tuesday, dogecoin jumped to a new all-time high above $0.58, soaring more than 19,200% over the last year and 760% over the last 30 days. It boasts of a $70 billion market capitalization as of Tuesday, making it the fourth largest cryptocurrency, just after bitcoin, ether, and Binance coin, according to CoinGecko.

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

While dogecoin protocol issues a fixed amount of 5 billion tokens every year, Winklevoss said this fixed and annual issuance will represent a much smaller percentage of dogecoin’s overall money supply.

“In other words, Dogecoin’s money supply is disinflationary,” Winklevoss said, comparing it to ether. “Recently, demand for dogecoin has outstripped its supply. As a result, its price has been mooning.”

The Shiba Inu-themed token has also benefitted from huge amounts of stimulus from governments and during the COVID-19 crisis as well as pandemic-stricken boredom in retail investors.

“Momentum in online forums has caused a flurry of investment as people aim to pump doge to the price of $1,” said Ben Weiss, CEO at CoinFlip, which itself added dogecoin to its network in March.

But Weiss added: “Major players and corporations are unlikely to buy in and manipulate the market or understand that it could be a viable currency.”

Read the original article on Business Insider

The New York-based crypto exchange owned by the billionaire Winklevoss twins added 7 new tokens to its platform after an explosion of interest in digital art and NFTs

Tyler Winklevoss Cameron Winklevoss
Tyler Winklevoss and Cameron Winklevoss.

Gemini, the digital currency exchange founded by the Winklevoss twins, announced on Monday that it added seven new digital tokens that support decentralized finance, gaming, NFTs, and the decentralized web.

The six tokens that are entirely new to its platform include Bancor, 1inch, Loopring, The Sandbox, Skale, and The Graph. The token Enjin is already supported for custody purposes, but will now be available for trading.

The latest additions raise Gemini’s total supported cryptocurrencies to 33. Another 10 are supported under its custodial services.

A fresh interest in the DeFi revolution, digital art, and NFTs has contributed to Gemini’s expansion into crypto projects. The exchange only recently counted more than $20 billion in crypto under custody.

Bancor is a payment token that allows users to convert virtual currency tokens without the need for a counterparty to facilitate the exchange. The 1inch token is associated with a platform that provides the best crypto prices across decentralized exchanges. Loopring offers a pool of open-sourced software to help build decentralized exchanges. The Sandbox is a virtual world where users can monetize their gaming experiences, similar to Enjin. Skale and The Graph allows developers to build decentralized apps in cost-effectively.

Enjin last month launched a web game with Microsoft that introduced NFTs for use on one of the world’s most popular games, Microsoft.

“We look forward to providing further access to new crypto projects as our industry grows to new heights, and as we continue to build the infrastructure to support the future of finance,” Gemini said in a statement.

Read the original article on Business Insider