News
ByAuthor J.D. SmithPosted on
54
0

Elon Musk Says He Will Fully Support Dogecoin – If Crypto Whales Do One Thing

BY
img-ads

Tech billionaire Elon Musk says he will fully get behind Dogecoin (DOGE) if whales holding large amounts of the meme-based cryptocurrency are willing to accept one condition.

The Tesla founder and Bitcoin supporter tells his 47 million Twitter followers that the supply of DOGE is in the hands of the few which makes it very difficult for him to back the controversial crypto asset.

ADVERTISEMENT

“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue in my opinion.”

Musk doubles down on his tweet and says that he’s ready to put his money where his mouth is.

“I will literally pay actual $ if they just void their accounts.” 

Around 50% of DOGE’s supply is held by the top 20 addresses with one wallet holding 27% of all Dogecoin.

According to Binance CEO Changpeng Zhao, the concentration of DOGE’s supply in such a small number of holders makes the crypto asset centralized.

Musk previously sent shockwaves into the Dogecoin market in December when he tweeted: “One word: Doge.” He once joked about the fringe cryptocurrency overtaking the entire global financial system by storm.

The vocal crypto advocate’s tweets came just before Tesla’s $1.5 billion investment into Bitcoin and its plans to accept BTC for its fleet of electric vehicles.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

ADVERTISEMENT

ADVERTISEMENT

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/80’s Child

img-ads

Leave a Comment

Your email address will not be published.

You may also like

Bitcoin
ByAuthor J.D. SmithPosted on
4
0

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

BY

Decentralized finance and the numerous platforms offering investment services have been the talk of the cryptocurrency sector for several months, and this has resulted in investors capturing spectacular gains for some of the top DeFi tokens like Uniswap’s UNI and AAVE. 

The fast-moving prices and 1,000% annual percentage yield on staked tokens elicited cheers from investors when the market was going up, but the recent selling pressure seen as Bitcoin’s (BTC) price dropped below $45,000 shows that the highest fliers are often the quickest to fall as traders rush to exit their positions and lock in their gains.

Daily cryptocurrency market performance. Source: Coin360

On Feb. 22, Bitcoin’s price entered a sharp corrective phase that saw the top digital asset pull back by more than 20% from its all-time high of $58,274. As this occurred, the majority of altcoins also saw double-digit corrections, and DeFi tokens…

View More Article
Bitcoin Business
ByAuthor J.D. SmithPosted on
6
0

As Visa and Mastercard raise fees, merchants may look to crypto

BY

Credit card providers charge merchants a cut of the payments they accept, called interchange fees or swipe fees. With two major card providers aiming to elevate rates, could crypto become an alternative? 

“Visa Inc. and Mastercard Inc. are planning to raise swipe fees for some types of credit-card purchases in April,” the Wall Street Journal reported on Wednesday, adding:

“Though invisible to consumers, they [interchange fees] are glaring to merchants, which often end up paying fees of about 2% of their customers’ credit-card purchases. The fees are set by the card networks, such as Visa and Mastercard. Merchants pay them to the banks that issue the cards.”

As credit card fees rise, other options will become more attractive to merchants. That includes crypto. Digital assets also incur transaction fees, but some may be cheaper alternatives than the current credit card scene, especially if card fees continue rising.

Bitcoin (BTC),…

View More Article
Bitcoin Opinion Tech
ByAuthor J.D. SmithPosted on
6
0

Golem (GLM) price rallies 230% to hit a 3-year high after protocol upgrade

BY

Over the past few weeks, the price of Golem’s GLM network token saw a strong rally that pushed the token to a three-year high at $0.65. 

The altcoin also underwent a strong pump on Feb. 19, but most of the gains evaporated as Bitcoin (BTC) corrected below $45,000 during the past three days. Nevertheless, GLM still holds a 230% gain in February alone.

Golem is an Ethereum-based decentralized application that enables users to rent out computing power resources. Since November 2020, the project has been migrating from GNT to GLM tokens after deploying a new ERC-20 contract. Although most exchanges supported the move, it is still possible to find GNT activity and listings.

Golem provides an open-source cloud processing framework for both application registries and transactions. Thus, anyone can share and aggregate computing resources, as well as create applications using the network. Ultimately, the solution aims to compete with…

View More Article
Bitcoin
ByAuthor J.D. SmithPosted on
10
0

CME Bitcoin futures numbers saw a 57% uptick in January

BY

Bitcoin’s price rose significantly in January. The Chicago Mercantile Exchange, or CME, also hit record Bitcoin (BTC) futures trading numbers in the same month. 

“In January, BTC average daily volume (ADV) reached a monthly record of 17,549 contracts (87.7K equivalent bitcoin),” a CME representative told Cointelegraph. Each CME Bitcoin futures contract is worth the value of 5 BTC paid out in dollars.

“In December 2020, BTC average daily volume (ADV) reached 11,179 contracts (55.9K equivalent bitcoin),” the representative added. “This represents a 57% increase.”

In January, Bitcoin rose from $30,000 up to almost $42,000, according to TradingView data. The month before, the asset had broken its longstanding record high of approximately $20,000, surging up to nearly $30,000 by the end of 2020.

“We are continuing to see robust interest in our Bitcoin futures contracts, with a record 528 accounts added in January, helping drive BTC average…

View More Article
Bitcoin Business Investment Markets Opinion
ByAuthor J.D. SmithPosted on
13
0

Price analysis 2/24: BTC, ETH, BNB, DOT, ADA, XRP, LTC, LINK, BCH, XLM

BY

Institutional investors continue to pour money into the crypto sector even with the current dip below $45,000. On Feb.24, business intelligence firm MicroStrategy announced that it had recently purchased over $1 billion worth of Bitcoin (BTC) at an average rate of $52,765 per coin. This takes the company’s total holding to 90,531 Bitcoin.

Another company that bought Bitcoin during the current market correction is Square. The company said it had acquired roughly “3,318 Bitcoin at an aggregate purchase price of $170 million.”

These purchases by institutional investors show they are bullish on the long-term prospects of Bitcoin and believe that it is a good buy near $50,000.

Daily cryptocurrency market performance. Source: Coin360

While the institutional purchases are a bullish sign, traders must also remember that for every buyer, there is a seller. Glassnode data suggests that Bitcoin whales, holding…

View More Article
Bitcoin Blockchain Business
ByAuthor J.D. SmithPosted on
13
0

All of the Federal Reserve’s wire and ACH systems go down

BY

UPDATED 3:20 PM EST: This article has been updated to reflect that all Federal Reserve Bank Services with the exception of Account Services are now back online. 

Nearly all of the services available through the Federal Reserve’s online portal went down for more than an hour today. 

According to the Federal Reserve Bank Services website, the bank is currently experiencing a disruption in its Check 21, Check Adjustments, FedLine Advantage, FedLine Command, FedLine Direct, and FedLine Web services, which started at 6:18 PM UTC today. Its FedACH, Central Bank, FedCash, Fedwire Funds, Fedwire Securities, and National Settlement services went offline at the same time but were restored within two hours.

In addition, most of the access solutions that the Fed offers — FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, FedMail — were disrupted and later restored, with only FedLine Advantage offline at the time of publication. The FedMail system, which stayed online…

View More Article
%d bloggers like this: