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Dogecoin Price Drops Almost 10% Following China’s Crypto Ban

Dogecoin’s price has dropped almost 10% following China’s statement that crypto transactions and services are illegal in the nation. As China Declares Crypto Transactions Illegal, Dogecoin Plunges Almost 10% According to a report from Bloomberg, China’s central bank has put out a statement saying that all crypto transactions and services are illegal in the country. The central bank, called The People’s Bank Of China (PBOC), has announced that the ban includes activities like derivatives trading and exchange services offered by offshore organizations. Following the news, most of the cryptos have noticed a sharp drop in their price as investors panic sell. Dogecoin’s price has tanked almost 10%. Here is a chart showing the trend in the price of the coin over the last day: DOGE’s price crashes down in response to China’s crypto ban | Source: DOGEUSD on TradingView As you can see in the above graph, Dogecoin’s price was around $0.222 before the announcement, but it dived down sharply all the way to a $0.196 bottom after. Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum Since then, DOGE has recovered a bit as its price is now around $0.202. Though, it’s not clear at the moment if that was it for the crash or if the price will move further down. Bad Month For DOGE As Coin Loses Over 36% In Value It has been a pretty bad month for Dogecoin as the crypto has seen many moves down in the period leading to a loss of over 36% in value. The below chart highlights how DOGE’s price has changed during this period: Dogecoin keeps on falling off before a significant recovery can be made | Source: DOGEUSD on TradingView During this period, DOGE has also lost significant trading volume as the coin has fallen down to the number 10 cryptocurrency in terms of market cap. Related Reading | Bitcoin.org Hacked By Scammers For A Few Minutes. Someone Sent Them 0.4 BTC Here is a table showing the top 10 coins by market capitalization: DOGE is now last in the top 10 crypto list | Source: coinmarketcap As you can see in the table, Dogecoin’s market cap has declined to just $26 billion. Although this figure is $11 billion clear of the 11th largest cryptocurrency, DOGE’s place in the top 10 list could still be in danger if the coin keeps on declining like this. The recent state of the memecoin has made some believe it could be losing steam as its daily transactions count has also dropped to levels not seen since 2017. This shows a lack of trading activity on the blockchain that hasn’t been seen since 4 years. Some others believe that the meme status of Dogecoin means it will once again explode in popularity and make a come back eventually. Featured image from Unsplash.com, charts from TradingView.com
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Solana ($SOL) Records New ATH of $138.9, Displaces $DOGE to Take 7th Spot

Solana ($SOL) has not become the seventh-largest cryptocurrency by market cap as it continued its price discovery post breaching $100. $SOL has managed to gain over 70% in the past week itself even when the rest of the crypto market remained relatively inactive in terms of price momentum during the same time frame. $SOL has

The post Solana ($SOL) Records New ATH of $138.9, Displaces $DOGE to Take 7th Spot appeared first on Coingape.

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Why Bitcoin Dominance Could Submit To Altcoin Season Several Months Longer

Bitcoin price is struggling to break through resistance at $50,000, and it could partially be altcoins to blame for the weakness. The most recent technical structure on the highest time frames suggests that not only could alts continue to gain against BTC dominance, altcoin season itself could last a while longer. Bitcoin Dominance And Technical Analysis Using The Metric Technical analysis is a subjective art. The practice has enough naysayers as is, but even those that subscribe to the study don’t always believe that all charts are created equally. For example, there are several industry vets that do not believe BTC dominance – a metric that weighs Bitcoin against the rest of the crypto space in terms of market share – has value as part of crypto analysis. Related Reading | Total Crypto Market Cap Reenters Monthly RSI Bull Zone If Ethereum outperforms Bitcoin, for example, dominance might dip as a result. The magnitude of this is enhanced further due to the sheer volume of unique altcoins that exist today. Some even argue that the metric itself was once useful, but less so due to dominance not including the vast world of NFTs or the constant sea of new DeFi projects springing up. For those that are believers, the recent altcoin season could have been predicted with some degree of accuracy. And if the metric continues to hold weight, altcoin season might have another few months left. Could altcoins beat Bitcoin at its own game a while longer? | Source: CRYPTOCAP-BTC.D on TradingView.com Why Altcoins Season Could Last Several Months Longer BTC dominance has established a massive trading range between 70% and 38% dominance. While altcoin sentiment was at its worst compared to Bitcoin, the range failed to break to the upside, resulting in a swing to the lower boundary of the trading range. BTC.D stopped short of touching the previous bottom, but is following a pattern from the last cycle that suggests not only will the lower boundary be touched, lows will be swept and perhaps a new range reached. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Technicals also support a fall into the bear zone – or oversold levels – on the Relative Strength Index. The total crypto market cap has also reentered the bull zone on the RSI, all while Bitcoin struggles with resistance. The LMACD is still fully red on the histogram and not nearly at the depths, lengths, or oversold levels as the last market cycle. All of the signals combined suggest that altcoins are likely to outperform Bitcoin for another few months. A monthly candle close below the trading range highlighted in the chart above might be the exit signal that altcoin season is over, and putting any crypto capital back into BTC might become the more profitable venture again. Before it happens, there could be extreme volatility on the dominance chart in a battle that’s brewing between Bitcoin and altcoins. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Dogecoin: A Brief History Of Crypto’s Greatest Meme

Dogecoin: one of crypto’s most hyped coins. It seems as if it is always in the mouths and minds of young investors. Moreover, more notable investors have praised the coin both for its comedic origins and as a viable “medium of exchange.” But what exactly is this comical fad? Additionally, what does it have to do with a Shiba Inu? Why is it that both Mark Cuban and Elon Musk are promoting this coin despite the fact that it literally started as a joke? The answers may surprise you. The Origins Of Dogecoin If you have heard the rumors, it is true: Dogecoin, quite literally, is a joke coin. Billy Marcus, a co-creator of Dogecoin, initially minted the coin in 2013. Bragging to CNBC, he says the coin was created in, “about two hours.” The original Doge meme in its glory | Source: Wikipedia Originally made as a parody of Bitcoin, and based off of the popular “doge meme,” Dogecoin spread like wildfire in the world of crypto. From Investopedia, “Jackson Palmer, a product manager at the Sydney, Australia office of Adobe Inc., created Dogecoin in 2013 as a way to satirize the hype surrounding cryptocurrencies. Palmer has been described as a “skeptic-analytic” observer of the emerging technology, and his initial tweets about his new cryptocurrency venture were done tongue-in-cheek.” Related Reading | Latest News On Dogecoin, Trends And Analysis Later on, Marcus reached out to Palmer to create a new cryptocurrency. When Marcus’ desire to create a crypto and Palmer’s scrutiny towards crypto met, Dogecoin was born. From Investopedia, “Markus based Dogecoin’s code on Luckycoin, which is itself derived from Litecoin, and initially used a randomized reward for block mining, although that was changed to a static reward in March 2014. Dogecoin uses Litecoin’s scrypt technology and is a proof-of-work coin.” Who Is Behind The Hype? As you have probably heard by now, Elon Musk, now crowned “Daddy Doge” by many crypto enthusiasts, has been a huge supporter of the coin. In an SNL skit called “Weekend Update,” Musk is seen participating in a comical bit featuring the coin. As the skit ends, Musk is seen yelling, “To the Moon!’ The studio audience is heard cheering following Musk’s remark. As a result, Dogecoin saw a spike in their prices shortly after Musk’s appearance on SNL. Related Reading | Every Doge Has Its Day: Dogecoin Founder Buys Back Into DOGE Mark Cuban, a multi billionaire investor, is also a huge supporter of the coin. As of recently, Cuban pitched in on his thoughts for Dogecoin, “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.” Despite this remark, Cuban has faced scrutiny over the fact that he owns less than $500 in the coin. What Is Next? Just recently, notable figures have joined the Dogecoin Foundation. Vitalik Buterin, Ethereum’s founder, has just joined the team. Additionally, Jared Birchall, head of Musk’s family office, has joined the team as well. Will this joke coin reemerge to comical heights? Recent drop amist crypto gains suggests otherwise | Source: DOGEUSD on TradingView.com Despite a recent drop in prices, the team remains optimistic. According to Yahoo, “Now, the group is looking for three years’ worth of funding to hire a staff and work on Dogecoin full-time.” As always, the future is uncertain, but recent changes to the group can most definitely be viewed as a positive for Dogecoin investors. Featured image from iStockPhoto, Charts from TradingView.com
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Robinhood Earnings: DOGE Accounts For 62% Of Platform’s Crypto Revenue

Q2 2021 turns out to be a strong quarter for Robinhood. On Wednesday, the publicly-traded company reported its earnings of $565 million, up 131% from the second quarter of 2020. Interestingly, crypto made up 50% of the total transaction-based revenue for the platform. Robinhood noted that its customers are massively adopting crypto and 62% of

The post Robinhood Earnings: DOGE Accounts For 62% Of Platform’s Crypto Revenue appeared first on Coingape.

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Dogecoin Ownership Is Highly Concentrated, Chainalysis Report Reveals

New York-based blockchain data platform Chainalysis revealed on Tuesday that investors are adopting the meme coin, Dogecoin, at a level not seen since the late 2017 bull run. While long-term Doge holders have reduced their stake, new investors have increased their stake in the supply from 9% in July 2020 to 25% in August 2021.

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Dogecoin (DOGE) Hits 2-Month High After 42% Weekly Gains, Can it Break $0.50?

Dogecoin ($DOGE), the seventh-largest cryptocurrency by market cap hit a new two-month high in the wake of newfound bullish momentum in the crypto market. DOGE reached $0.3487 after an 11% rise over the past 24-hours. The meme coin has managed to gain 42% over the past week as it looks to build a bullish momentum.

The post Dogecoin (DOGE) Hits 2-Month High After 42% Weekly Gains, Can it Break $0.50? appeared first on Coingape.

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Altcoin Surge: DOGE, ICP, and QTUM Leading Today’s Charge

The green is upon the cryptocurrency ecosystem today. Bitcoin (BTC) is maintaining a steady pace with a 1.82% growth to $43,662.36, a positive momentum maintained as the US Senate goes to vote on the Infrastructure Bill which has an indirect influence on whether crypto will thrive in America in the next couple of years. Investors,

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Cardano (ADA) And Dogecoin (DOGE) Record Highest Gains As Crypto Market Surges

Cardano (ADA) and Dogecoin (DOGE) have gained fast as the crypto market surges. The last 24 hours continue to be an interesting one for the crypto market as prices have surged across the board following a bullish run-up. Top coins like Bitcoin and Ethereum have seen massive price gains so far. The entire crypto market cap has seen over $1 billion added to it in just 24 hours. As the run-up continues, altcoins like ADA and DOGE continue to show tremendous market movements. The price of both digital currencies has jumped over 10% each and continues to cruise higher as investors come back into the market. Bull traders have now taken over the market as bears record increasing losses. Related Reading | Cardano Aims To Facilitate Users With Smart Contracts Shorts liquidations across the markets have crossed $1 billion, with liquidations in Dogecoin being the fourth-highest so far in the market. Altcoins continue to see recovering trends as most of the market turns towards green in this surprising turn of events this week. Dogecoin, Cardano Continue Upward Trend Dogecoin so far continues to lead the charge, posting a 13% price gain in the last 24 hours. DOGE which had continued to see downwards trends as the hype around the coin and ‘Dogefather’ Elon Musk died down has now broken out of the rut it seemed to have been stuck in for the better part of last week. DOGE price moved from trading at $0.195 to breaking above $0.20, to be sitting at the current price of $0.2244 where it now trades currently. Crypto market gains over $1 trillion in 24 hours | Source: Crypto Total Market Cap on TradingView.com Cardano (ADA) has continued in this vein to post gains of over 11% as the current rally rages on. The digital asset which had been trading for $1.20 had a tremendous run-up the saw the price hit $1.32 in a matter of hours. Both digital currencies continue to show double-digit price gains in the market. Dogecoin market cap now sits at $29 billion as Cardano market caps experience gains to put it at $43 billion. Bullish News Moving The Crypto Market Cap The past week has seen more support coming out for bitcoin and other cryptocurrencies. News like billionaire Elon Musk confirming that Tesla and SpaceX hold bitcoin on its balance sheet has proven to be very bullish. The market had shown positive sentiment as the price of bitcoin had gone up after the announcement. Breaking $32,000 and maintaining a momentum that saw the price going past $34,000. Related Reading | SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk In the same conference, Musk had confirmed that he personally held Bitcoin, Ethereum, and Dogecoin. Proving that the billionaire had never sold his holdings in the meme coin. Musk had also confirmed that while he may pump coins, he has never dumped his coins. Hot on the heels of this came the news that Amazon was working towards integrating bitcoin into its platform. With cryptocurrencies being speculated to be a payment method for the e-commerce giant, sentiments had grown in favor of the crypto market and as such, investors seem to have returned to the crypto space with a renewed vigor. Related Reading | Cardano (ADA) Launches Crypto Charity Platform With Rwanda-Based NGO On Sunday, after rumors circulated that an insider from the e-commerce giant confirmed the integration of cryptocurrencies, prices surged as the weekend came to a close. So far, the crypto market has seen continuing support as cryptocurrencies continue to maintain their gained value, and charts across the market remain in the green. Dogecoin and Cardano continue to top the list of gainers in the market. Featured image from Nairametrics, chart from TradingView.com
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MIT’s Neha Narula on Why Building DeFi on Bitcoin Is a Great Idea

Neha Narula, director of the Digital Currency Initiative at the MIT Media Lab, discusses Elon Musk’s appearance at ‘The B Word’ conference, along with a few current events in the[…]

The post MIT’s Neha Narula on Why Building DeFi on Bitcoin Is a Great Idea appeared first on Unchained Podcast.

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