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How Dogecoin Rose From Meme to Major Cryptocurrency

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Cryptocurrency enthusiasts and blockchain supporters see serious potential for top coins like Bitcoin and etherthat could turn traditional financial systems upside down and impact a wide variety of industries.

But there is almost nothing serious about it Dogecoin (CRYPTO: DOGE), a so-called “joke” coin inspired by a meme of a Shiba Inu dog. In fact, there is one serious detail: the price gains Dogecoin has seen so far in 2021. Dogecoin started the year at less than a dime a coin before skyrocketing in late January as a by-product of the meme stock trend that had an impact GameStop, AMC, and other.

But Dogecoin hasn’t given in: it hit a high of over $ 0.73 in May during the recent bull run. While the price of Dogecoin is currently off this mark by more than 50%, the price is still around 60 times higher than it was on 1. Here’s a quick look at how Dogecoin became much more than just a meme.

Image source: Getty Images.

A new breed

Dogecoin’s origins are a joke. Inspired by the famous Doge meme and the early rise of a burgeoning Bitcoin in 2013, Adobe Software engineer Jackson Palmer posited the idea of ​​Dogecoin as satire. Palmer’s idea was put into practice when he worked with IBM Software engineer Billy Markus shortly afterwards with the Dogecoin code, which is based on the existing crypto currency Litecoin.

Dogecoin investors hailed the coin’s goofy and unusual origins, with community members raising money to sponsor a NASCAR vehicle and send the Jamaican bobsleigh team to the 2014 Winter Olympics. In the years that followed, Dogecoin largely languished on the sidelines of the crypto market with a price at a fraction of a cent. After all, it was meant to be a joke. It would never really be worth anything, would it?

In the summer of 2020, Dogecoin began to gain more attention on social media, including from Tesla and SpaceX CEO Elon Musk and YouTube star Jake Paul. Attempts to raise the price to $ 1 a coin didn’t hit, but the price began to gradually increase towards the end of the year – although it was mostly still below a penny per coin.

The dog days end

Amid the January meme stock fiasco, with the social media-led buying spree driving up GameStop, AMC, and other stocks, investors began looking for the next stock to buy cheap and try to get up surprising new heights to rise. In just over a week, the price of Dogecoin jumped from under a dime to nearly $ 0.08 per coin, before settling at $ 0.05 for most of the spring.

After that it just got wilder. Dogecoin rose to $ 0.40 per coin in April before pulling back, but then climbed back to an all-time high of $ 0.73 in early May. The broader crypto market has since declined, in part because Tesla stopped making bitcoin payments for its cars due to the environmental impact of cryptocurrency mining. Even at roughly half its all-time high, Dogecoin is still up roughly 6,000% from the beginning of the year – which translates into a market capitalization of around $ 44 billion.

Dogecoin still has its doubters and appears to be more prone to the whims of social media sentiment and influencers than other, less volatile cryptocurrencies. But there are also more true believers than ever, including Musk – who works with Dogecoin developers – and billionaire Mark Cuban, whose Dallas Mavericks NBA team accepts DOGE for goods purchases. It also has copycat coins, like Shiba Inu.

Even so, despite the significant and rapid increase in price, it is difficult to call Dogecoin a serious investment. It’s more like a roller coaster ride: buckle up and enjoy the ride and pray that you won’t end up feeling sick.

This article represents the opinion of the author who may disagree with the “official” recommending position of a world class Motley Fool advisory service. We are colorful! Questioning an investment thesis – even one of our own – helps us all think critically about investing and make decisions that will help us get smarter, happier, and richer.

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Cryptocurrency

Facebook’s Novi, Worldcoin, BTC ETF, Mastercard crypto

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1. Introduction of the first US futures-based Bitcoin ETF

2. Senators call out on Facebook, Novi. to turn off

Also on Tuesday, Senate Democrats wrote a letter to Mark Zuckerberg, CEO of Facebook, to get the social media giant to end its Novi digital wallet project.

The letter received from Sens. Brian Schatz, D-HI .; Sherrod Brown, D-Ohio .; Elizabeth Warren, D-Mass .; and others came after Facebook launched its Novi pilot program in the US and Guatemala on Tuesday.

“Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risk and keep consumers safe has proven to be utterly inadequate,” the letter said. “We urge you to immediately hire your Novi pilot and make a commitment not to bring Diem to market.”

Diem, renamed from Libra, is Facebook’s stopped digital currency project. However, instead of using Diem, Facebook announced it would be using a stablecoin called the Paxos Dollar. Novi would allow users to send and receive money using the Paxos dollar, with Coinbase as their custodian partner.

3. Worldcoin scans people’s eyes in exchange for free cryptocurrency

Silicon Valley tech millionaire Sam Altman has launched a new startup called Worldcoin that claims it will provide free cryptocurrency to those who verify their accounts through an iris scan.

Worldcoin says it has shipped its scanning devices to people in 12 countries.

Once users log in by scanning their irises, the image is encrypted and converted into a unique code, while the original data is erased to protect users’ privacy, Worldcoin told CNBC. Afterwards, the users will receive the cryptocurrency from Worldcoin for free.

Worldcoin has accumulated over 100,000 users worldwide and is adding 700 more every week. The start-up aims to reach 1 billion users by 2023.

4. Robinhood’s crypto wallet waiting list exceeds 1 million customers

During CNBC’s Disruptor 50 summit on Thursday, Robinhood CEO Vlad Tenev said that the trading app’s crypto wallet waiting list is more than 1 million customers.

“You can have a wallet, you can send people cryptocurrencies from that wallet to their wallet,” Tenev said. “The technology has certain advantages that somehow make it globally and by default available, and that makes it very interesting.”

Last month, Robinhood announced that it was testing a wallet feature that would allow investors to trade, send, and receive cryptocurrencies. Users can also move cryptocurrencies in and out of the Robinhood app.

5. Mastercard says that every bank or merchant in its network will soon be able to offer crypto services

On Monday, CNBC reported that Mastercard will soon allow banks and merchants on its payment network to incorporate cryptocurrency into their products.

These include bitcoin wallets, as well as credit and debit cards, which users can use to earn cryptocurrency rewards or spend cryptocurrency.

Mastercard partners with Bakkt, a digital asset platform that provides custody services to those who sign up.

6. Nigeria’s Central Bank Digital Currency Goes Live

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New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

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Bondly announced a new functionality on the Cardano blockchain aimed at creators. Energy consumption has been a major issue on the Ethereum network, especially given the increased use of the blockchain in recent months. The developers behind the project have been working to bring the network to proof-of-stake, but that’s still a year away.

In the meantime, the Ethereum blockchain is still using a proof-of-work mechanism that takes a lot of energy to confirm transactions on the network. So Bondly has introduced a new solution for NFT makers who may be looking for more sustainable and environmentally friendly options for their creations. At the same time, however, you don’t want to lose the NFTs that they already minted on the Ethereum blockchain.

Related reading |

Bridges between two worlds

In his announcement, Bondly says his official Ethereum-to-Cardano bridge will allow developers to choose a greener blockchain for their NFTs. This bridge allows creators to move their NFT creations from the Ethereum blockchain to the Cardano blockchain.

In terms of energy efficiency, the Cardano blockchain is four million times more efficient than Bitcoin. Ethereum is said to consume Columbia’s energy equivalent, while Cardano’s energy consumption is equivalent to that of a single family home. This will create a greener, greener network for creators who are concerned about the environmental impact of blockchain usage.

Related reading | Cardano loses 3rd place in the Crypto Top 10, why it can drop even more

Bondly announced that through this partnership with IOG NFT creators, it will provide a way to easily transfer NFTs imprinted on the Ethereum blockchain to Cardano without the risk of losing a transaction or paying high fees for wire transfers.

Cheaper on Cardano

Aside from their work on an environmentally friendly blockchain, the creators don’t have to worry about the high fees that the Ethereum network has become known for. With the bulk of NFT minting happening on Ethereum, network fees have skyrocketed, drying up smaller creators who can’t afford these high fees. However, this is not the case with Cardano.

ADA price struggles at $ 2.13 | Source: ADAUSD on TradingView.com

The network prides itself on having low fees for every transaction carried out on the blockchain. In addition, the network also provides NFT builders with price predictability and stable transaction costs, eliminating ever-increasing fees and the fear of lost transactions due to insufficient gas charges to cover a transaction.

The bridge is slated to launch in 2022 and to celebrate its launch, Bondly will be releasing a special series of eco-friendly NFTs on the network. Harry Liu, CEO of Bondly, said; “The creation of a cross-chain NFT bridge between Ethereum and Cardano marks a crucial moment in the transition from legacy blockchain technology to one of the most anticipated “third generation” networks. As one of the pioneers of the NFT movement, we continue to play a key role in building the infrastructure that will usher in the next phase of the NFT evolution. “

Related reading | Cardano enters the Babbage era after the Alonzo HFC milestone

Liu isn’t the only one who loves the bridge. Cardano founder Charles Hoskinson expressed support for the project. “We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so critical,” said Hoskinson. “We believe that blockchain will only achieve mass adoption if end users have a seamless experience regardless of which blockchain they are using, whatever bridges like this one will achieve.”

The founder has always believed that interoperability will be the future of the blockchain industry and that stance is reinforced with the new partnership with Bondly.

Featured image from Bitcoinist, chart from TradingView.com

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Cryptocurrency panel discusses innovation, investment opportunities – Oakland News Now

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Oakland news now –

Cryptocurrency Panel Discusses Innovation, Investment Opportunities

– YouTube channel video with the logo in the top left corner of the video. OaklandNewsNow.com is the original blog post for this type of video blog content.

Crytpo #bitcoin #investingincrypto #YFAMS #YahooAMS Jennifer Schonberger from Yahoo Finance hosts a comprehensive discussion on cryptocurrency with three …

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Note from Zennie62Media and OaklandNewsNow.com: This video blog post demonstrates the full and live operation of the latest updated version of an experimental Zennie62Media, Inc. network for video blogging systems for mobile media launched in June 2018 by Zennie62Media, Inc .s new and innovative approach to news media production. What we call “The Third Wave of Media”. The uploaded video is from a YouTube channel. When the YouTube video channel for Yahoo Finance uploads a video, it is automatically uploaded to the Oakland News Now site and Zennie62’s own social media pages and formatted automatically. The overall goal here is, in addition to our smartphone-enabled real-time reporting of news, interviews, observations and events anywhere in the world and within seconds, not hours – the use of the existing YouTube social graphic on any topic in the world. Now messages are reported with the smartphone and also by advertising current content on YouTube: There is no need for heavy and expensive cameras or even a laptop or a camera team to film what is already on YouTube. The secondary goal is faster and very inexpensive production and distribution of media content. We found that there is a discrepancy between post length and time to product and revenue generated. This means that the problem is much smaller, but by no means solved. Zennie62Media is constantly working to improve the system’s network encoding and is looking for interested content and media technology partners.

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