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Day after Elon Musk says he ‘supports Dogecoin’, cryptocurrency zooms 9%

elon musk, dogecoin, elon musk dogecoin, cryptocurrency, crypto news
Image Source : TWITTER/@FIREINTHEHOLEE1

Earlier this year, Musk announced that the company’s supercharging stations will accept cryptocurrency Dogecoin as payment.

 

Highlights

  • Elon Musk came in support of Dogecoin again and sent the price of cryptocurrency up
  • Dogecoin digital currency has tumbled from its high of nearly $0.74 to $0.05 in recent days
  • After Musk’s support, Dogecoin zoomed by 9 per cent

Billionaire, the world’s richest and self-proclaimed ‘Doge father’ Elon Musk on Sunday came in support of Dogecoin yet again and sent the price of the cryptocurrency up. The Tesla and SpaceX CEO had from time to time voiced his support for the cryptocurrency, despite when the currency hit its lows. 

Amid the ‘crypto winter’, Dogecoin digital currency has tumbled from its high of nearly $0.74 to just over $0.05 in recent days.

In a tweet on Sunday, Musk said: “I will keep supporting Dogecoin.” Reacting to a follower who asked him to keep buying Dogecoin too, Musk replied that he will keep purchasing the cryptocurrency.

On Monday, just a day after Musk’s tweets, the cryptocurrency zoomed 9 per cent. For the past few months, the digital currency had lost over 80 per cent of its value from the all-time high that it reached in May 2021. 

According to coinmarketcap.com, the price of Dogecoin is $0.056969 with a 24-hour trading volume of $992,406,891. 

Lawsuit against Elon Musk

Last week, a Dogecoin cryptocurrency investor in the US sued Musk, Tesla and SpaceX for $258 billion for allegedly operating an illegal racketeering enterprise to inflate the price of Dogecoin.

A class-action lawsuit was filed in a federal court in Manhattan, and the Dogecoin investor called for triple the damages of $86 billion, which is how much the plaintiff alleges has been lost by Dogecoin investors since Musk started tweeting about it, according to reports.

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” the plaintiff Keith Johnson said in the complaint.

“Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class have lost approximately $86 billion in this Crypto Pyramid Scheme,” he added.

Musk in support of Dogecoin

Earlier this year, Musk announced that the company’s supercharging stations will accept cryptocurrency Dogecoin as payment.

Tesla does accept Dogecoin in its online store and there have been rumours of Tesla eventually accepting the crypto as a form of payment for its vehicles.

Musk has a significant personal investment into Bitcoin on top of Tesla’s investment and he has smaller Ethereum and Dogecoin holdings.

ALSO READ: Elon Musk takes motivational class on Twitter; users ask ‘how high are you?’

(ians inputs)

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Bitcoin, Ether, Dogecoin, Shiba Inu, Solana Rise; Here’Re Broader Crypto Market Trends

Cryptocurrencies bounced back on Tuesday even as global equity markets fell amid fears of Russian invasion of Ukraine. Bitcoin, the world’s largest virtual currency in terms of market capitalisation, gained nearly 4 percent to trade at $43,609 (Rs 32,99,549) at 8:57 am (IST), according to CoinDesk data.

Bitcoin has witnessed a very volatile trend over the past one year – the virtual currency oscillated between a high of $69,000 and a low level of $33,000.

On Monday, the global cryptocurrency market capitalisation fell 2.14 percent to $1.86 trillion, while trading volumes were down 11.35 percent to $61.44 billion, according to moneycontrol.

Ether, the world’s second-largest cryptocurrency which is linked to ethereum blockchain, also rose more than 5 percent to $3,027 at 9:01 am. In rupee term, Ethereum was trading at Rs 2,30,017.

Meme crypto Dogecoin gained more than 2.5 percent to trade at $0.15, while Shiba Inur rose more than 4.5 percent to $0.000031. Solana, which witnessed substantial interest from the crypto traders last year, gained nearly 10 percent to trade at $101.83 at 9:08 am.

Other cryptocurrencies such as Litcoin, XRP, Chainlink, Avalanche, Cardano, Polygon, Stellar, Terra, and Internet Computer were trading in the positive territory over the past 24 hours.

Also Read:

US stock markets fell on Monday amid heightened geopolitical tensions over the Russia-Ukraine border conflict investors were scurrying to buy safe haven government bonds. The US on Monday warned that Russia could invade Ukraine at any time. Oil prices rose to seven-year highs. Asian stock markets also tumbed over political instability on Tuesday.

Meanwhile, making a strong case for banning cryptocurrencies, RBI Deputy Governor T Rabi Sankar on Monday said they are even worse than Ponzi schemes and threaten the financial sovereignty of a country.

Earlier, finance minister Nirmala Sitharaman in the Union Budget announced a 30 percent tax on the returns from trading or investing in cryptocurrencies or other digital assets such as NFTs.

(Edited by : Bivekananda Biswas)

First Published: IST


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Bitcoin, Ether, Dogecoin, Shiba Inu, Solana Edge Up; Here’Re Broader Crypto Market Trends

Major cryptocurrencies extended gains on Tuesday, with Bitcoin hitting above the $44,000-mark in the past 24 hours.

The world’s largest virtual currency in terms of market capitalisation was trading 3.83 percent higher at 44,438.70 at 11:13 am, according to CoinDesk data. Bitcoin surged substantially during the weekend after it fell below 37,000 level. The cryptocurrency has hit the 50-day moving average for the first time in nearly a month.

However, the cryptocurrency is still far from its record high of near $69,000 hit in November 2021.

Most of the cryptocurrencies extended the rally for another day on Tuesday after the positive trend started during the weekend.

Second-largest cryptocurrency Ether, which is linked to ethereum blockchain, rose more than 3 percent to $3,193.96 at 11:27 am, according to CoinDesk.

Meme crypto Dogecoin rose nearly 6 percent to $0.17, while whereas Shiba Inu was trading nearly 26 percent higher at $0.000035.

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Solana, which witnessed substantial interest from the crypto traders last year, turned positive, after trading in the negative territory in the early trade, to trade at $118.14 at 11:33 am.

Other cryptocurrencies such as Litcoin, Stellar, XRP, Chainlink, Avalanche, Cardano, Polygon, Terra were trading in the green over the past 24 hours.

Meanwhile, finance minister Nirmala Sitharaman in the Union Budget announced 30 percent tax on the returns from trading or investing in cryptocurrencies or other digital assets such as NFTs.

Wall Street indices were volatile on Monday as traders try to figure out how stock valuations will be affected by the interest rate hikes looming on the horizon as the Federal Reserves moves to tame inflation.

Asian shares reversed early gains, with investors in Chinese stocks unsettled by US moves against 33 Chinese entities.

Traders were alert over rate hikes in both the euro zone and the United States after the European Central Bank last week was considered to have adopted a more hawkish tone.

(Edited by : Bivekananda Biswas)

First Published: IST


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Bitcoin, Ether, Dogecoin, Shiba Inu, Solana, Other Cryptos Surge

Cryptocurrency prices gained substantially during the weekend, with Bitcoin, the world’s largest virtual currency in terms of market capitalisation, jumping nearly 3 percent to more than $42,500 on Monday.

However, the cryptocurrency is still down nearly 9 percent in 2022 (YTD) and 39 percent down from its record high of near $69,000 hit in November 2021. Last week, Bitcoin fell below $37,000 level.

Second-largest cryptocurrency Ether, which is linked to ethereum blockchain, also rose more than 2 percent to $3086.77 at 12:09, as per CoinDesk. Solana, which witnessed substantial interest from the crypto traders last year, surged nearly 4 percent to trade at $118.06.

Meme crypto Dogecoin also rose nearly more than 6 percent to $0.16 whereas Shiba Inu, which had fallen constantly since October 28, was trading nearly 22 percent higher at $0.000028.

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Other cryptocurrencies such as Litcoin, Cosmos, Stellar, XRP, Chainlink, Avalanche, Cardano, Polygon, Terra, prices were trading in the green over the past 24 hours.

Meanwhile, finance minister Nirmala Sitharaman in the Union Budget announced 30 percent tax on the returns from trading or investing in cryptocurrencies or other digital assets such as NFTs.

Asian stock markets were down on Monday on expectation of tighter monetary policies by cantral banks across the world. Oil prices rose on Monday, reversing earlier losses, as investors kept bullish sentiment on expectations that global supply would remain tight as demand picks up and shrugged off signs of progress in the US-Iran nuclear talks.

(Edited by : Bivekananda Biswas)

First Published: IST


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Bitcoin, Ether, Dogecoin, Solana, Shiba Inu, Other Virtual Currencies Surge

Cryptocurrency prices surged on Friday, with Bitcoin, the world’s largest virtual currency in terms of market capitalization, rising over 1 percent.

The crypto has breached the $37,000 level today after it fell below the level on Thursday amid expectations of tightening monetary policy in the US.

Bitcoin, which had hit an all-time high of near $69,000 in November 2021, was trading 1.57 percent up at $37,601.26 at 11:02 am on the crypto exchange CoinDesk.

According to CoinGecko data, cryptocurrency market capitalisation surged more than 1 percent to $1.8 trillion today. However, Bitcoin price is down 19 percent in 2022 (year-to-date).

Second-largest cryptocurrency Ether, which is linked to ethereum blockchain, also rose 3.89 percent to $2,767.03, as per CoinDesk.

Solana, which witnessed substantial interest from the crypto traders last year, surged nearly 6 percent to trade at $104.89.

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Meme cryptocurrency Dogecoin also rose 0.31 percent to $0.14, while Shiba Inu, which has fallen constantly since October 28, was trading more than 1 percent higher at $0.000021.

Other cryptocurrencies such as Litcoin, Cosmos, Stellar, XRP, Chainlink, Avalanche, Cardano, Polygon, Terra, were also trading in the green over the past 24 hours.

The cryptocurrency arm of Jump Trading said on Thursday that it had restored more than $320 million to crypto platform Wormhole after the decentralized finance site was hit with one of the largest crypto heists on record.

Meanwhile, finance minister Nirmala Sitharaman in the Union Budget announced a 30 percent tax on the returns from trading or investing in cryptocurrencies or other digital assets such as NFTs.

Finance Secretary TV Somanathan on Wednesday said India’s digital currency will be backed by the Reserve Bank of India (RBI), and cryptos will never become a legal tender.

“Digital currency will be backed by RBI which will never be default. Money will be of RBI but the nature will be digital. Digital rupee issued by RBI will be a legal tender. Rest all aren’t legal tender,will not,will never become legal tender: Finance Secy TV Somanathan,” ANI tweeted.

First Published: IST


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Bitcoin, Ether, Dogecoin, Solana, Other Cryptos Fall

Most cryptocurrencies tumbled on Thursday, with Bitcoin, world’s largest virtual currency by market capitalization, falling below $37,000 amid expectations of tightening monetary policy in the US.

Bitcoin fell 4.46 percent to $36,869.16 at 9:20 am (IST), after breaching the $39,000 level for the first time in two weeks on Tuesday (February 1), according to CoinDesk data. The cryptocurrency had traded at nearly $47,000 level on January 3.

Bitcoin, which had hit an all-time high of near $69,000 hit in November 2021, shed over 20 percent in 2022.

Second-largest cryptocurrency Ether, which is linked to ethereum blockchain, also plunged more than 4 percent to $2,656.26, as per CoinDesk.

Solana, which witnessed substantial interest from the crypto traders last year, fell nearly 12 percent to trade at $97.86 at 9:33 am.

Also Read:

Meme crypto Dogecoin also fell nearly 4 percent to $0.14 whereas Shiba Inu, which has fallen constantly since October 28, was trading more than 5 percent lower at $0.000021.

Other cryptocurrencies such as Litcoin, Cosmos, Stellar, XRP, Chainlink, Avalanche, Cardano, Polygon, Terra, prices were trading in the red over the past 24 hours.

Meanwhile, finance minister Nirmala Sitharaman in the Union Budget announced 30 percent tax on the returns from trading or investing in cryptocurrencies or other digital assets such as NFTs.

Finance Secretary TV Somanathan on Wednesday said India’s digital currency will be backed by the Reserve Bank of India (RBI), and cryptos will never become a legal tender.

“Digital currency will be backed by RBI which will never be default. Money will be of RBI but the nature will be digital. Digital rupee issued by RBI will be a legal tender. Rest all aren’t legal tender,will not,will never become legal tender: Finance Secy TV Somanathan,” ANI tweeted.

Somanathan said that Bitcoin, Ethereum, or any NFT will never become a legal tender. Sitharaman also emphasised in the Budget that only RBI-backed digital currency can be legal tender.

(Edited by : Bivekananda Biswas)

First Published: IST




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