Elon Musk support reverses dogecoin price drop

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Fortune 09 July, 2021 - 10:17am 21 views

What is baby Dogecoin?

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Read full article at Fortune

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Dogecoin and Elon Musk have stuck together for a long time. So much so that the tech giant has even stepped up to defend the project while pointing out the flaws in Bitcoin and Ethereum. On Friday, Musk tagged transactions on Bitcoin and Ethereum as “slow” with high costs.

This tweet was aimed to inform the community about the upcoming Dogecoin update. Replying to YouTuber Matt Wallace, Musk commented,

“There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.”

As expected, Musk gathered enough support from the DOGE community to be able to keep the momentum around an upgrade going. Back in May, he had claimed that the upgrade is “needed” for the digital asset to become the currency of Earth and beat Bitcoin “hands down.”

Criticism was quick to come though, with the likes of VanEck’s Gabor Gurbacs pointing out,

Elon criticizes Bitcoin and Ethereum base-layer transaction rates and costs and says doge has merits on those fronts. He forgets to mention that Dogecoin is merge-mined with Litecoin. Seems like an important fact to miss. lol We live in a simulation. https://t.co/tYAOKRXlN3

— Gabor Gurbacs (@gaborgurbacs) July 9, 2021

While Musk was trying to spur the Dogecoin community, he also sparked another debate due to what he said.

This part of Musk’s tweet irked quite a lot of people in the crypto-verse, with some trying to understand what he meant by the statement. Popular crypto-proponent Udi Wertheimer came to Musk’s support and stated that “exchanges have worked as de facto L2s for a decade.” However, many argued the legitimacy of that statement as exchanges are still prone to third-party risks and have been willing to give up privacy in most cases.

After arguing about the issue, Wertheimer concluded that it sounded like a “terminology issue.”

He added,

“People have considered exchanges and banks to be a “layer two” since the earliest days of bitcointalk. i was not informed of the definition being changed.”

Musk calling exchanges de facto layer 2 left many confused, but maybe Musk was projecting the age-old trust issues prevailing in the crypto-industry concerning third-party services. Wertheimer confirmed that Musk was promoting the use of custodial wallets, instead of depending on exchanges.

Here, it’s also worth noting that the Tesla billionaire’s tweet once again allowed the DOGE market to spike. At the time of press, DOGE’s price had pumped by 13% in two hours and was trading at $0.2169.

Source: Coinstats

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Assessing the possibility of Bitcoin falling to its 23 May swing low

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Dogecoin gains 8% after Elon Musk says DOGE payments compete with Bitcoin, Ethereum

Cointelegraph 09 July, 2021 - 04:01am

The billionaire’s latest public praise of Dogecoin yields few returns but a lot of mockery.

In a tweet on Thursday, “Dogefather” Musk argued that Dogecoin could do a better job at payments than Bitcoin (BTC) or Ether (ETH).

The latest in a long line of plugs, the Tesla and SpaceX CEO was responding to crypto YouTuber Matt Wallace, who revealed excitement about an upcoming protocol upgrade. 

“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high,” Musk claimed.

The proposal envisages Dogecoin having on-chain transactions as the norm, with exchanges essentially fulfilling the role that the Lightning Network does on Bitcoin.

Exchanges currently process large numbers of transactions internally without touching the blockchains of respective coins. These are then synced as necessary, resulting in fewer on-chain transactions and, therefore, fewer fees and less strain on the relevant blockchain.

Responding, Twitter users took issue with the concept that exchanges would be happy to fulfill such a role. 

Employing centralized trusted third parties as the backbone of a payment network, others hinted, was vastly inferior to the Lightning Network solution.

“Elon Musk and Jeff Bezos are pursuing a multi planetary space transport, but development is slow & cost is high,” podcast host Peter McCormack mockingly replied.

For all the attention, meanwhile, DOGE/USD once again moved only slightly, trading up 7.6% at just under $0.23 at the time of writing.

Against its all-time highs from May 8, when Musk went on Saturday Night Live to bring Dogecoin to a wider audience, the pair is still down 70%.

Musk has inadverently diverted attention from DOGE with his own social media campaigns.

Various tweets have spawned new dog meme-themed cryptocurrencies — a post about Musk adopting a Shiba Inu named “Flocki” quickly saw the emergence of a raft of Shiba Inu-related tokens.

Prior to that, Shiba Inu (SHIB) itself competed with DOGE as retail investors piled into the meme trades.

Elon Musk Explains Why Dogecoin Will Be Superior to Bitcoin and Ethereum After Its Big Upgrade

U.Today 09 July, 2021 - 03:10am

Meanwhile, Dogecoin is poised to maximize the speed of base layer transactions while minimizing costs.

We need to start building rockets with spit and paper. Definitely cheaper and more lightweight. Well... security won't be the same but sure it's a viable trade-off. https://t.co/UPQlgusjxa

Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.

What's Going On With Baby Doge Coin Today | Benzinga

Benzinga 08 July, 2021 - 09:23pm

Baby Doge Coin (CRYPTO: BABYDOGE) traded over 22% higher on Thursday night bucking the downward trend seen in the wider cryptocurrency markets.

What Happened: BABYDOGE soared 22.16% at 0.000000003176 over 24 hours at press time. The coin is up 80.37% for the week.

See Also: How To Buy Baby Doge Coin (BABYDOGE)

Against the two largest cryptocurrencies, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), BABYDOGE rose 21.95% and 31.19% respectively. 

BABYDOGE was among the top cryptocurrencies trending on CoinMarketCap at press time.

Why It Matters: BABYDOGE’s weekly returns have greatly outpaced those of its supposed “father” Dogecoin (CRYPTO: DOGE), which has declined 18.73% over the last seven days. DOGE traded 9.33% lower at $0.20 at press time over 24 hours.

Baby Doge Coin suffered heavy losses Wednesday night despite the revelation that the meme coin would feature on a NASCAR race car.

See Also: Dogecoin Is Now More Popular Than Bitcoin Among US eToro Users

At the beginning of the month, a tweet from Tesla Inc (NASDAQ:TSLA) CEO Elon Musk sent BABYDOGE soaring.

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Dogecoin Suddenly Crashes After Major Investor Backs A Radical New Crypto Coin—Sending Its Price 1,000% Higher

Forbes 08 July, 2021 - 04:50am

The dogecoin price is down almost 20% over the last week, dropping after YouTuber and dogecoin investor Matt Wallace announced he was buying a new Tiger King-branded cryptocurrency.

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"I feel like $tking (Tiger King coin) is going to go crazy when season two of Tiger King comes," Wallace tweeted over the 4th of July weekend, adding he's "buying it up fast."

The Tiger King-branded tking token has soared over 1,000% this week even though Netflix hasn't announced a second season of the hit show.

Tking, launched in May and traded on the decentralized Uniswap exchange, has been endorsed by an unverified Twitter account claiming to be the "official account for Joe Exotic," the star of the Netflix documentary series. Tking, with negligible trading volume of $7 million, isn't large enough to have a confirmed market capitalization on crypto price sites CoinMarketCap or CoinGecko.

Exotic is currently serving a 22-year prison sentence for animal abuse and attempting to hire someone to kill big cat rival Carole Baskin—who's launched her own cryptocurrency in recent months.

Despite Wallace going on to reaffirm his support of the meme-based dogecoin, a sell-off has sent the dogecoin price more than 30% lower over the last month.

"I am still holding my dogecoin and bitcoin despite the recent drops," Wallace posted to Twitter last night, following it up with: "Dogecoin actually is the future cryptocurrency of earth."

CryptoCodex—A free, daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every day

Dogecoin, after seeing its price explode in January amid trading restrictions being placed on so-called meme stocks, broke into the cryptocurrency top ten by value thanks to support from Elon Musk and other high-profile investors and influencers.

However, the dogecoin price is largely dependent on Musk's continued support and has lost ground in recent weeks as his interest in the token appears to wane.

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