Elon musk tweets, Dogecoin falls
Tesla and SpaceX CEO caused a huge drop in Dogecoin price after his last tweet. He had previously tweeted and caused a drastic rise in its price.
DOGE has been in the spotlight for the past couple of days and enjoying great popularity which was initially created through a tweet by Mr. Musk. And it saw a sharp increase in its price since that tweet. However, the good days for this coin came to an end with another tweet from him causing a 23% fall in its price.
This drop happened right after Elon Musk criticized DOGE by talking about the distribution of its tokens in his tweet. He also had an offer stating that if huge holders sold their Dogecoins, he would support the coin fully. Here’s the original tweet;
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”
The price of Dogecoin was $0.063 before this tweet and it sank by 23% about 7 hours after this tweet. He had impacted the price of Bitcoin previously, so this is not his first time to influence the crypto market. However, in Monday’s fall, his impact was not as tangible as BTC and DOGE as the global market capitalization saw $103b departing it simultaneously.
As a result of an enormous pullback, altcoins experienced more than 20% loss among the crypto market cap rankings which according to analysts has been because of BTC’s pushing to a new all-time high (ATH).
It’s not easy to determine the exact distribution of a particular cryptocurrency since public blockchains are pseudonymous or anonymous by nature. However, according to a couple of available sources, all the Dogecoin supply is held only by 100 addresses.
Dogecoin founder, Billy Markus, who started Dogecoin as a joke in 2013 from a meme “Shiba Inu dog” has said that he had to sell all his Dogecoin holdings in 2015 when he faced lots of financial difficulties after he lost his job. Going even further, he can’t figure out how the coin that has no value or real utility saw a meteoric rise, he says.
He has a not-so-serious approach towards DOGE but Elon Musk has been messing with Dogecoin through memes. He once appointed himself as Dogecoin CEO.
ADA stands at $2 prior to Cardano smart contract announcement
Since May, this is the first time ADA hits $2 which is interesting because it happened before the introduction of Cardano smart contract. ...
SEP 13, 2021
The hacker returned almost all of the $600M and rejected the $500K reward from Poly Network
In a white hat gesture, Poly Network hacker gave back all of the money and said that he is neither interested in the bounty nor in responding to the offer. ...
AUG 12, 2021
$600 million was stolen in an exploit on Poly Network
In an exploit, hackers managed to steal $600 million from the Poly Network across three chains. ...
AUG 10, 2021
Bitcoin breaks $43K and crypto fans are optimistic once again after months of stress
After weeks of wait, finally, the crypto market rises from its ashes and breaches the $43K level, and records the highest price in the last months. ...
AUG 06, 2021