The meme coin was one of the first breakthrough stars of the year, and influential celebrities like Elon Musk and Mark Kuban helped drive up the price of Dogecoin (DOGE).
The meme coin was one of the first breakthrough stars of the year, and influential celebrities like Elon Musk and Mark Kuban helped drive up the price of Dogecoin (DOGE). The success of DOGE has finally spawned the massive stack of dog-themed layers that now populate the Mem coin pack. This week the pack is running again after Shiba Inu (SHIB) hit a triple digit break and DOGE looks poised to climb to the top. Bitcoin (BTC)'s sudden move above $55,000 seems to have started, and even as the price dropped to test base support, the meme token was still emitting a bullish signal. In addition to the recent Bitcoin breakthrough and protocol-specific news, the coin rally appears to have started after Elon Musk tweeted a picture of a Shiba Inu puppy.
According to CoinGecko, Shiba Inu (SHIB) has earned the best of the top 5 coins with memes in the past week, with its price rising 400% from a low of $0.00000700 on October 4 to a multi-month high of 0.0003529 on October 6. The increase in the price of SHIB is due to the fact that the ecosystem behind the token has grown to include the ShibaSwap exchange, which purportedly offers lower exchange fees than Uniswap and many opportunities for token holders to generate returns by providing liquidity or collateral. SHIB also benefits from being one of the few memes listed on a number of major cryptocurrency exchanges, including Coinbase and Binance, which provides sufficient liquidity and trading volume for traders interested in SHIB. The Shiba Inu community is also showing growing interest in the upcoming introduction of the Shiboshi NFT protocol.
SHIB may have generated the highest profit margins, but DOGE remains the best dog with the largest reach and market cap of $33.26 billion. Markets Pro VORTECS™ data opens up a bullish outlook for DOGE on October 1 ahead of the recent price gains. VORTECS™ results, are algorithmic comparisons of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity. Dogecoin (DOGE) co-founder Billy Marcus has turned his attention to incompatible tokens (NFT) and bridges from Ethereum to Dogecoin to support mass adoption of the meme coin.
On Twitter on Thursday, Marcus emphasized the importance of completing the Ethereum-Dogecoin bridge so assets can be integrated with the best Ethereum-based NFT platforms such as OpenSea, enabling must-have purchases with DOGE. Marcus said there is "high demand" for NFT purchases within the crypto community and allowing NFT purchases with DOGE "greatly enhances its usability". The development of the Dogecoin-Ethereum bridge will allow users to send DOGE from the Dogecoin blockchain to the Ethereum blockchain and trade assets in sectors such as decentralized finance (DeFi) and NFT through DOGE's ERC-20 token contract.
Bridge will add value to DOGE as it can be a fun alternative to Ether, which dominates NFT payments, while increasing transaction volume and spread through its use across various Ethereum DeFi protocols. In an interview with Lex Friedman's podcast on June 4, Ethereum co-founder and DOGE investor Vitalik Buterin also highlighted the bullish potential the Ethereum Bridge could have for DOGE, noting: "If DOGE wanted to somehow connect to Ethereum and then people could trade DOGE thousands of times per second in a single cycle, that would be awesome."
In Marcus' Twitter topic, he was asked if the bridge was operational and replied that "the guys on the DOGE-ETH bridge are working, yes" without giving a name. Organizations like DogeLabs, a developer collaboration focused on the Dogecoin chain, announced on January 1. DogeLabs also said it plans to develop a DOGE incineration portfolio where developers can "create applications that deliver a small portion of Doge to the public incineration portfolio to help build a deflationary regime around DOGE inflation growth". Marcus retired from working on Dogecoin in 2015, selling his stash for the equivalent of a used Honda Civic. However, one of the founders is a member of the advisory board of the Dogecoin Foundation, which was reinstated in August. Buterin is also a member of the advisory board. The non-profit foundation supports and advocates for the development of Dogecoin while protecting its brand from copyists such as Dogecoin 2.0.
While global regulators continue to keep an eye on the cryptocurrency industry, Tesla CEO Elon Musk has voiced support for crypto, calling it indestructible. "I don't think it's possible to destroy cryptocurrencies, but it's possible for governments to slow their progress," Musk said at a code conference in California, CNBC reported Tuesday. According to the Tesla CEO, the decentralized nature of cryptocurrencies could pose challenges for the Chinese government, which declared a new war on crypto last Friday. "I think cryptocurrencies are primarily aimed at reducing the power of centralized governments," Musk said, adding, "They don't like that." The problem of electricity production in the country".
“Some of it could actually be caused by electricity shortages in many parts of China. Much of southern China is currently experiencing accidental power outages as electricity demand is higher than expected […] Crypto mining can play a role,” he said. While Musk doesn't call himself a "great cryptocurrency expert," the tech mogul is adamant that regulators shouldn't try to delay cryptocurrency adoption. When asked if the US government should get involved in regulating crypto, Musk said: I would say, "Don't do anything."
Musk has been a significant influence on cryptocurrency prices on Twitter, with many experts attributing his posts to the price movements of massive symbols such as the Shiba Inu (SHIB), Dogecoin (DOGE) and Bitcoin (BTC). The Tesla CEO has received widespread criticism in the crypto community after he stopped paying Tesla BTC payments in May 2021 due to alleged environmental concerns regarding Bitcoin mining. Previously, Musk generated great optimism in the crypto market, announcing in February that he would buy Bitcoin for $1.5 billion.
Musk has received widespread criticism in the community since announcing the suspension of Tesla's BTC payment options amid environmental concerns over Bitcoin mining, which cut BTC by nearly $30,000 in mid-May. Musk has emerged as a key driver of Bitcoin price on Twitter after previously announcing a $1.5 billion Bitcoin purchase in February sparking optimism in the market. After Musk suspended payments from BTC to Tesla, he hinted that the company could remove its Bitcoin holdings from the balance sheet.