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Dogecoin Is Difficult to Take Seriously, But the Doge Is Proving Skeptics Wrong

The cryptocurrency that began as a joke has skyrocketed in value due to memes, the promise of a big win.

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The cryptocurrency that began as a joke has skyrocketed in value due to memes, the promise of a big win.

Photo by Jaycee Xie on Unsplash

After rallying more than 6,000 percent this year, it remains essentially a joke — albeit one with a potentially darker punchline. There is no rationale for it to be beneficial. Dogecoin appears to have little commercial or investment intent other than facilitating speculative mania and the pursuit of profit. I assume that a large part of its appeal stems from the fact that it is incredibly inexpensive to buy and sell, compared to $60,000 for Bitcoin, making it much more approachable to a retail trader looking for a flutter.

The low nominal price is irrelevant — whether you invest $1,000 in a fraction of a Bitcoin or 3,333 Dogecoins, your risk is the same. However, as with penny stocks, the lower per-coin price is almost certainly psychologically appealing.

Particularly when so many people seem to be into Doge as much for the memes as for the money. Investors purchase Dogecoin to partake in a self-deprecating joke about their failure to invest prudently, which continues to grow in popularity as the price of an individual Dogecoin appreciates.

Doge Barking at the Moon — Elon Musk

What is a Dogecoin exactly? As with Bitcoin, it is a digital currency whose value is determined by how many other users are willing to pay or exchange it. Any other asset or company does not collateralize it, and it will never generate revenue. On the other hand, it lacks the primary characteristic of Bitcoin that attracts crypto enthusiasts: a finite supply. There is no hard limit on the collection of coins created using the Dogecoin programming code.

What it does have is an attractive logo inspired by the “Doge” meme — a Shiba Inu with a look somewhere between silly and knowing on its face. Even the cryptocurrency’s developers describe it as a joke. Dogecoin and its culture take pride in being friendly, enjoyable, and joyful. It was not created with any purpose, as shown by the fact that neither myself nor my co-founder benefited financially from its creation than other coins.

Additionally, Dogecoin has some history — it is a relatively young cryptocurrency. Tokens with a long track record will profit from increased visibility and an ever-growing pool of willing promoters. Dogecoin was there waiting to be discovered by retail investors as interest in cryptocurrency and trading, in general, grew this year.

The coin received a significant boost on April 20, also known as 4/20, a day commonly associated with marijuana. Dogecoin users chose to commemorate #DogeDay by increasing the price to 42, or 69 — another, uh, joke number — or even $1. They were partially successful, as the price rocketed to a record 41.9 on that day, according to CoinGecko.com. It is now down 21% from that high.

Dogecoin has also attracted celebrity billionaires, most notably Elon Musk, co-founder of Tesla Inc., and Mark Cuban, owner of the Dallas Mavericks. That is one use for Dogecoin, by the way: it can be used to purchase Mavericks merchandise. Musk shared a photo of himself carrying a Shiba Inu Lion King-style, as well as a mock-up cover of a fictional Dogue magazine. Users on Reddit and Twitter aided in the meme’s spread with photos such as “Elon Holding Doge High up in His Arms” and the Shiba Inu becoming increasingly buffed up.

The benevolent view of all of this is that it’s just for entertainment purposes. The Doge moment parallels the growth of non-fungible tokens used to validate ownership in digital media. Dogecoin could seem to be a collaborative art project into which you can invest as little as $20 instead of the millions of dollars others have invested in NFTs. Dogecoin is meaningless in the conventional sense, but as everybody knows, meaning is subjective. And there is an investor tribe, many of whom are millennials, who see it as a cause, a campaign.

However, Dogecoin’s rally appears to be a pump: an attempt by some Internet-savvy users to inflate the price by concentrating on a cheap commodity and encouraging one another to purchase. The trick is to exit with a pump before the meme dies, leaving behind newcomers who took things too seriously or sold too slowly. Since the ownership of Dogecoin appears to be concentrated in a small number of anonymous hands, it does not take much to compel the price.

The strange thing is that Dogecoin could be entertaining and a pump, with at least some buyers believing they are in on the joke. Cryptocurrency has shallow entry barriers; Dogecoin is available with the click of a button on many common zero-commission brokerage apps. You may lose your shirt, but there is no need to wager that much money. Cuban discussed Dogecoin on the Ellen Degeneres Show on April 27. He said that he enticed his 11-year-old with a $30 investment. “It is not always the best investment,” Cuban added. “However, you can purchase it on Robinhood, and both signing up and trading on Robinhood are completely free. Therefore, that is one thing.” Cuban continued, “It beats a lottery ticket.”

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Source: https://medium.com/illumination/dogecoin-is-difficult-to-take-seriously-but-the-doge-is-proving-skeptics-wrong-9280241a7975?source=rss——-8—————–cryptocurrency

Blockchain

Bitcoin.com exchange lists first AAA blockchain game Illuvium’s ILV token

Blockchain gaming is taking the industry by storm. Some of the most popular in-game items have sold for thousands of dollars on the top NFT marketplaces and new, incredibly entertaining games are laun

The post Bitcoin.com exchange lists first AAA blockchain game Illuvium’s ILV token appeared first on AMBCrypto.

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Blockchain gaming is taking the industry by storm. Some of the most popular in-game items have sold for thousands of dollars on the top NFT marketplaces and new, incredibly entertaining games are launched almost every day. There has been, however, a lot of talk about the quality of these. While most have led in their implementation of the new technology, few have provided players with fully immersive experiences.

Illuvium is an Ethereum-based game that promises to deliver on this end. Its open-world fantasy RPG format and crisp 3D graphics have led some to call it the first AAA blockchain game. For many, it represents a steep improvement from the current 2D projects that populate the space.

Players of Illuvium are launched to a vast multi-region landscape in search of creatures known as Illuvials. These 3D monsters are designed by some of today’s leading artists and can be owned by players after defeating them in battle. Every captured Illuvial becomes part of the player’s roster and can then be used to fight other creatures.

More importantly, all Illuvials are NFTs with a finite supply. This gives each creature a unique value that players can then trade for ETH on the Illuvium Exchange.

The game recently launched its native ILV token on May 3rd with USDT and BTC pairs on Bitcoin.com Exchange. This in-game currency is earned through game achievements and gives players participation in Illuvium’s DAO governance mechanism.

A supply of 10 Million ILV has been allocated to the game’s flash pools, rewards, liquidity pools, treasury, launchpad seed, pre-seed capital, and the game’s 40-person professional development team. 

Bitcoin.com Exchange CEO Danish Chaudhry has shared his outlook on the project. “Entering the AAA gaming space is no small task, becoming the first AAA blockchain video game is just another step in the right direction for the industry. Illuvium is addressing some of the most pressing challenges in the gaming industry, including scalability or a lack of detailed artwork.”

As one of the most popular trading platforms, Bitcoin.com counts with more than 500K active traders per month. The exchange will give ILV holders access to a secure trading environment with high liquidity, 24/7 multilingual support, and dozens of other trading pairs.

Besides Bitcoin.com Exchange, other early backers of Illuvium include influential blockchains investment firms such as Quantstamp and Moonwhale.

Disclaimer: This is a paid post and should not be treated as news/advice

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Source: https://ambcrypto.com/bitcoin-com-exchange-lists-first-aaa-blockchain-game-illuviums-ilv-token

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Ethereum Co-Founder Triggers a Rug Pull for Meme Coins, Is Meme Coin Mania Over?

Ethereum co-founder Vitalik Buterin earlier today donated $1 billion towards the COVID relief in India and the proceeds of the donation came from the sale of meme coin Shiba Inu. A majority of these meme coins were donated by the founders of the project to Buterin’s wallet as a promotional gesture to gain more mainstream traction.

The post Ethereum Co-Founder Triggers a Rug Pull for Meme Coins, Is Meme Coin Mania Over? appeared first on Coingape.

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Ethereum co-founder Vitalik Buterin earlier today donated $1 billion towards the COVID relief in India and the proceeds of the donation came from the sale of meme coin Shiba Inu. A majority of these meme coins were donated by the founders of the project to Buterin’s wallet as a promotional gesture to gain more mainstream traction. However, this massive sell-off has triggered a selling spree that threatens to end the meme coin frenzy seen over the past month.

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Merchant Token

After selling a significant portion of $SHIBA from his $8 billion holdings, Buterin is now selling Dogecoin too. And people are following the Ethereum co-founder’s lead and panic selling as well.

Dogecoin is currently trading at $0.39 down 20% over the past 24 hours and nearly 50% from its ATH. The meme currency started the meme coin frenzy after rising from $0.045 to a new ATH Of $0.76 on several exchanges. The massive price surge was pre-dominantly aided by Elon Musk’s continuous shilling followed by may til toke traders buying in the frenzy. The massive success of Dogecoin led to the creation of several other meme currencies such as Shiba Inu and Akita Inu and they gained instant success as well.

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Is it End of Road for Meme Currencies

This bull season has seen various types of altcoins surge to new highs in different phases that started with Ethereum, NFT tokens, privacy coins, and now meme coins. Each altcoin bull cycle came to an end and this seems to be the end of the road for meme currencies.

Shiba Inu hugged the limelight for its mammoth 1500% surge over the past week, and the founders have sent a significant portion of the market supply to Buterin’s wallet that rose to a valuation of over $8 billion. While these meme currencies have no particular use case and an infinite supply, the recent surge has led to many organizations adding Dogecoin as a payment. However, crypto proponents have been warning against these tokens as well as amateur investors heavily investing in them and the recent rug pull is evident enough that those warnings were genuine.

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Source: https://coingape.com/ethereum-co-founder-triggers-rug-pull-meme-coins-meme-coin-mania/

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Blockchain

Ethereum Co-Founder Triggers a Rug Pull for Meme Coins, Is Meme Coin Mania Over?

Ethereum co-founder Vitalik Buterin earlier today donated $1 billion towards the COVID relief in India and the proceeds of the donation came from the sale of meme coin Shiba Inu. A majority of these meme coins were donated by the founders of the project to Buterin’s wallet as a promotional gesture to gain more mainstream traction.

The post Ethereum Co-Founder Triggers a Rug Pull for Meme Coins, Is Meme Coin Mania Over? appeared first on Coingape.

Avatar

Published

on

advertisement
Pointpay


Ethereum co-founder Vitalik Buterin earlier today donated $1 billion towards the COVID relief in India and the proceeds of the donation came from the sale of meme coin Shiba Inu. A majority of these meme coins were donated by the founders of the project to Buterin’s wallet as a promotional gesture to gain more mainstream traction. However, this massive sell-off has triggered a selling spree that threatens to end the meme coin frenzy seen over the past month.

advertisement

Merchant Token

After selling a significant portion of $SHIBA from his $8 billion holdings, Buterin is now selling Dogecoin too. And people are following the Ethereum co-founder’s lead and panic selling as well.

Dogecoin is currently trading at $0.39 down 20% over the past 24 hours and nearly 50% from its ATH. The meme currency started the meme coin frenzy after rising from $0.045 to a new ATH Of $0.76 on several exchanges. The massive price surge was pre-dominantly aided by Elon Musk’s continuous shilling followed by may til toke traders buying in the frenzy. The massive success of Dogecoin led to the creation of several other meme currencies such as Shiba Inu and Akita Inu and they gained instant success as well.

advertisement

Is it End of Road for Meme Currencies

This bull season has seen various types of altcoins surge to new highs in different phases that started with Ethereum, NFT tokens, privacy coins, and now meme coins. Each altcoin bull cycle came to an end and this seems to be the end of the road for meme currencies.

Shiba Inu hugged the limelight for its mammoth 1500% surge over the past week, and the founders have sent a significant portion of the market supply to Buterin’s wallet that rose to a valuation of over $8 billion. While these meme currencies have no particular use case and an infinite supply, the recent surge has led to many organizations adding Dogecoin as a payment. However, crypto proponents have been warning against these tokens as well as amateur investors heavily investing in them and the recent rug pull is evident enough that those warnings were genuine.

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Handpicked Stories

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://coingape.com/ethereum-co-founder-triggers-rug-pull-meme-coins-meme-coin-mania/

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Vitalik Buterin Donates Over $1 Billion worth of SHIB to India Covid Relief Fund 

Ethereum creator donates $1 billion worth of meme coins to India

Ethereum creator donates $1 billion worth of meme coins to IndiaVitalik Buterin, the Russian-Canadian founder of Ethereum and vocal proponent of a wealth tax,  donated Ethereum and “meme coins” worth over $1billion to India’s Crypto Covid Relief Fund and a range of other charities. He contributed on Wednesday by offloading massive amounts of dog-themed meme tokens. Is Buterin Shipping Out SHIB Buterin contributed 50 trillion

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Vitalik Buterin, the Russian-Canadian founder of Ethereum and vocal proponent of a wealth tax,  donated Ethereum and “meme coins” worth over $1billion to India’s Crypto Covid Relief Fund and a range of other charities. He contributed on Wednesday by offloading massive amounts of dog-themed meme tokens.

Is Buterin Shipping Out SHIB

Buterin contributed 50 trillion SHIB tokens worth $1.2 billion in a single transaction as of May 12 to the India Covid Relief Fund formed by Indian entrepreneur Sandeep Nailwal. Nailwal is popularly known as the co-founder and COO of Polygon, a protocol that aggregates scalable solutions on Ethereum in a multi-chain system.

After the donation, Nailwal took to Twitter to thank Buterin. He assured SHIB investors the funds would be used responsibly.  He added that they would not engage in activities that hurt any community, especially the retail community involved with SHIB.

Marked Donations

A few weeks ago, Buterin donated almost $600,000 in ether and maker (MKR) tokens to the fund. 

Other significant donations worth millions of dollars include gifts to Methuselah Foundation, which focuses on extending the human lifespan, GiveWell, a non-profit charity evaluator,  and Machine Intelligence Research Institute, targeting the development of safe artificial intelligence (A.I.) technologies.

Back in April, anonymous developers of SHIB announced they had gifted half all SHIB in circulation to Vitalik.  They did this to legitimize the token and protect the circulation. However, most people suspected that this was likely a publicity stunt. The tokens were gifted to Buterin on the account that he would not sell them.

Rugging The Dogs

If you’re the developer of SHIB, you would possibly hope you could sell most of your holdings while the price was high, basically, a pump and dump. You could also expect Vitalik would choose not to sell out his goodness or respect for your currency’s future. That’s not what happened.

The dog-themed race up the cryptocurrency charts came to an unexpected end on May 12. Buterin’s actions have significantly affected the prices of the tokens. Coinbase established that Shiba Inu tumbled by 36%, Dogelon Mars is down 65%, and Akita Inu is down more than 50% in just a couple of hours as of press time.

This development will make donations received by the charities to be much less than the intended amounts.

Buterin still holds over $1 billion in ether. However, he had transferred virtually all of his holdings to another address right before making the donations in one of the biggest-ever individual philanthropy efforts.

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Source: https://btcmanager.com/vitalik-buterin-1-billion-shib-india-covid-relief-fund/

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