Why Is Dogecoin Shooting Higher Today? - Benzinga


Benzinga 16 August, 2021 - 03:53am 76 views

Dogecoin (CRYPTO: DOGE) traded 14% higher over 24 hours at $0.3376 early Monday.

What’s Moving? DOGE has spiked 40.04% over a seven-day period at press time. 

Against major cryptocurrencies Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE traded 8.39% and 8.66% higher, respectively.

DOGE’s 30-day returns stand at 91.1% while it has skyrocketed 5,798.26% since the year began.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE traded higher in tandem with major cryptocurrencies on Sunday night.

The Shiba Inu-themed cryptocurrency breached the 30 cent mark on Sunday after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk agreed with “Shark Tank” host Mark Cuban on social media that DOGE is the strongest cryptocurrency as a medium of exchange.

The hashtag #DogeCoinTo1Dollar trended on Twitter on Sunday pushed by Youtuber Mark Wallace and others.

DOGE was the second most mentioned cryptocurrency on Twitter Inc’s (NYSE:TWTR) platform behind BTC, as per Cointrendz.com.

Tim Draper-backed Unocoin Technologies' CEO Sathvik Vishwanath meanwhile said DOGE’s growth was due to “hype and trends” and those calling for the meme coin's moonshot have “no understanding of the market.”

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Dogecoin Price Captures 24 Hour Double-Digit Gains Following Social Media Hype – Markets and Prices Bitcoin News

Bitcoin News 15 August, 2021 - 10:30pm

by Jamie Redman

When programmers Billy Markus and Jackson Palmer launched the Dogecoin (DOGE) network on December 6, 2013, they never expected the meme-based crypto-asset would grow so wildly. In fact, the Shiba Inu dog-inspired cryptocurrency crafted over 7 years and 8 months ago as a joke, is now a $44.42 billion economy.

On Sunday, August 15, Dogecoin supporters have been rallying on Tiktok, Twitter, and Facebook with the hashtag #dogecointo1dollar. At the time of writing, the hashtag trend on Twitter has thousands of tweets mentioning it.

— Jeremy (@Jeremy05267232) August 15, 2021

The same thing can be said about Tiktok, which shows 8.2 million views of people mentioning the hashtag #dogecointo1dollar. A touch over 1,000 profiles on Facebook are using the #dogecointo1dollar hashtag today as well.

Me seeing #DogeCoinTo1Dollar trending right this minute…. ❤️👑❤️👑 pic.twitter.com/d9hpg9zLG5

— Anthony Buchanan (@anthonyscountry) August 15, 2021

Worldwide statistics from Google Trends (GT) queries show the search term “dogecoin” has seen a major spike between Saturday and Sunday. Turkey is leading according to GT data and is followed by the United States, Canada, the Netherlands, and Singapore.

The Watford Football Club story, that explains the English Premier League football players will wear dogecoin logos, is currently the most trending subject matter tethered to the search term “dogecoin,” according to Sunday’s GT statistics.

DOGE has been trading for roughly $0.339 per unit and has around $6.4 billion in global trade volume on Sunday. The biggest trading pair with DOGE today is tether (USDT) as it captures $69.8% of all the dogecoin swaps. This is followed by USD (11.49%), BUSD (5.75%), BTC (5.40%), and TRY (3.51%).

Interestingly, DOGE has had a strong relationship with the Turkish lira for months on end, and TRY has been a top-five pair with DOGE during this period.

Data from bitinfocharts.com shows the cost per transaction on the network is 0.0056 DOGE per byte which equals 2.11 DOGE ($0.714) per transaction. Today, onchain metrics show dogecoin has seen around 17,900 transactions during the course of the last 24 hours.

On Sunday, August 15, the Dogecoin network hashrate has been coasting along at around 214.48 terahash per second (TH/s). Dogecoin’s network proof-of-work (PoW) Scrypt system, in contrast to Bitcoin’s (BTC) PoW (or total work), would need 526 confirmations to be as secure as one BTC transaction.

Dogecoin saw around 41,000 per day in mid-March and the currency is down 53% from its all-time high (ATH). The crypto asset dogecoin (DOGE) tapped an ATH of $0.737 three months ago.

On Sunday evening (EDT), a great number of other meme-based, Shiba Inu-branded crypto assets are following dogecoin’s market lead. For instance, shiba inu (SHIB) is up 11.9% this week and polydoge (POLYDOGE) jumped 43% during the same time frame. DOGE has gained 98.30% over the last month and during the last 12 months it has jumped 9,538% in value.

Supershiba ($SSHIBA) and shibance token (WOOF) have also spiked more than 40% per coin during the week, but the crypto asset baby dogecoin (BABYDOGE) has lost 21% in the last seven days.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The U.S. Senate has passed the $1.2 trillion infrastructure bill with a crypto reporting requirement provision that has been described as "unworkable." Senator Ted Cruz warned: "This infrastructure bill has in it a portion that is designed to obliterate crypto. ... read more.

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Why is Dogecoin shooting higher this week?

USA TODAY 15 August, 2021 - 04:46pm

While there was little news on Dogecoin, there's a cryptocurrency trend it's likely still benefiting from.

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From Dogecoin to Bitcoin to Coinbase, cryptocurrency is the hottest trend in investing right now. Here’s what you need to know before buying in. USA TODAY

Popular cryptocurrency Dogecoin (CRYPTO: DOGE) has seen its value shoot higher over the past week. As of Saturday, the price per token had gone up 26% in a week. And it's up roughly 50% over the last couple of weeks. That's a big return in a short period of time for anyone holding it.

It's hard to point to anything specific with Dogecoin that would explain its outsize move higher. But there's an important general trend to note. It turns out that retail investors are still trading crypto, a lot! Coinbase Global, which enables the trading of cryptocurrencies, reported quarterly financial results earlier this week. The company said that monthly transacting users (MTUs) on its platform increased a whopping 44% just from the previous quarter. Moreover, trading volume increased 38% during this time.

According to the website CoinMarketCap, Dogecoin is the world's seventh-largest cryptocurrency by market capitalization. Therefore, as more people start trading crypto, Dogecoin is likely high on their list of coins to buy. Previously, investors couldn't trade Dogecoin on Coinbase, but the company began supporting the cryptocurrency on June 3, opening the door for Coinbase's nearly 9 million MTUs. And like everything in economics, as demand for dogecoins outpaces supply, prices will go up, as they have over the past week.

Cryptocurrency investors are really wondering where Dogecoin is going from here. But the answer is hotly debated. A company named Finder polled 42 cryptocurrency experts to get their take. The survey found that 80% believe Dogecoin is a bubble. But some of those experts believe the price will continue to head higher this year before the bubble pops next year. Some even believe $1 per dogecoin is possible this year.

A closer look at Finder's survey results reveals a wide range of opinions, including Dogecoin being almost worthless by the end of the year. In short, the so-called experts are extremely divided. But here's the thing: They're divided because no one (including you and me) really knows with any reliability what the future holds for Dogecoin. The experts are all just guessing.

In contrast to stocks, it's hard to develop a strong conviction in a Dogecoin investment. You can develop strong convictions with stocks because they represent ownership stakes in a real-world business. It's far easier to predict the future cash flows of a business that has a lot of recurring revenue. In that case, investors can construct a bullish thesis and invest a meaningful part of their portfolios in attractive opportunities. That's not the case with cryptocurrencies like Dogecoin.

That doesn't mean Dogecoin can't go higher – it can. And it certainly doesn't mean don't buy cryptocurrencies. It simply means to ground your level of conviction in reality and invest accordingly.

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Elon Musk backs Mark Cuban's claim that dogecoin is the best cryptocurrency as a medium of exchange

Business Insider 15 August, 2021 - 09:33am

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Doge Breaches 30-Cent Mark After Elon Musk Agrees With Mark Cuban: It's the 'Strongest Medium of Exchange' Among Cryptos

Yahoo Finance 15 August, 2021 - 08:35am

What Happened: Musk seems to agree with Cuban's view that the Dogecoin is the strongest cryptocurrency as a medium of exchange. Cuban made the statement in an interview to CNBC Friday, adding that since beginning to accept dogecoin as payment for merchandise in March, the Dallas Mavericks has seen substantial sales. The Mavericks are an NBA team owned by Cuban.

"It's a medium that can be used for the acquisition of goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange," Cuban told CNBC. In a reply to a CNBC tweet of the article, Musk said he's been making this point for quite some time.

I've been saying this for a while — Elon Musk (@elonmusk) August 14, 2021

Why It's Important: Dogecoin has shown muted reaction to the tweet. It rose 8.7% Friday before settling at 28.68 cents and has tacked on another 2.2% to 29.31 cents Saturday. The meme currency hit an all-time high of 73.76 cents on May 8, coinciding with Musk's appearance on the "Saturday Night Live" show, but has retreated since then.

With the noise made by its backers, the meme currency has breached the 30-cent mark for the first time since June 18. It remains to be seen if the Doge has recaptured its mojo and is headed higher from here. At last check, Doge was up 6.26% at 30.15 cents.

It’s been a mixed start to the day for Dogecoin. Following last week’s breakout, avoiding the day’s pivot would be key to supporting further upside.

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Cardano (CRYPTO: ADA) is a cryptocurrency that rapidly gained traction after its launch on Sept. 27, 2017. Since then, the token has returned a stunning 7,080% to investors, far outpacing Bitcoin's (CRYPTO: BTC) 910% gain during the same period. As a result, Cardano is among the 10 most valuable cryptocurrencies, with a fully diluted market value of about $84 billion.

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Dogecoin to Feature on Watford F.C. Sleeves This Season - BeInCrypto

BeInCrypto 15 August, 2021 - 08:10am

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DOGE logo will feature on Watford F.C. sleeves as a result of collab with main shirt sponsor Stake.com.

Watford previously sported bitcoin logo on shirt sleeves during the 2019/20 season.

The club's deal with DOGE is reportedly worth around £700,000.

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Reports indicate that the deal will be worth around £700,000. It came about as a result of a collaboration with Watford’s main shirt sponsor, Stake.com.

DOGE has taken over the role that bitcoin (BTC) previously occupied. Watford F.C. players sported BTC logos on their shirt sleeves during the Premier League 2019/20 season, as part of a sponsorship deal with Sportsbet.io. According to reports, this deal was worth £1 million. Watford was relegated during this season, but were promoted back to the Premier League in 2021.

Like many other realms of entertainment, the sport world has taken crypto in its stride, and football is no exception. In 2021 alone, there have been various examples of clubs with fan tokens; legends in the game have released NFT collections; even instances of players getting purchased with crypto.

DOGE’s sponsorship of Watford is also hardly the first example of such a deal. And the partnerships have not only been rooted around individual clubs, but entire championships. Back in May, Crypto.com revealed that they had become an official sponsor for the Italian Lega Serie A. They launched their partnership with the Italian football league by sponsoring the Coppa Italia final on May 19 between Atalanta and Juventus. The platform has since formed other sporting deals outside of football, including Formula One and the Ultimate Fighting Championship.

In the earlier part of the year, the meme-inspired altcoin DOGE demonstrated serious growth. Growth that culminated in an all-time high of $0.74 in May. The social media activities of high-profile figures such as Elon Musk and Mark Cuban contributed to this. After that ATH, the token suffered something of a fall from grace, tumbling down to $0.38 in a matter of days and failing to gain any similar ground since. 

All the same, analysis has indicated that DOGE has benefited from recent market conditions. At the time of writing, DOGE was worth $0.30. It ranked as the 7th most valuable cryptocurrency by market capitalization.

Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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