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The $70B Meme Coin Market: Dogecoin Skyrockets Past a Half Dollar, DOGE Market Cap Eats Into BTC Dominance – Markets and Prices Bitcoin News

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The B Meme Coin Market: Dogecoin Skyrockets Past a Half Dollar, DOGE Market Cap Eats Into BTC Dominance – Markets and Prices Bitcoin News


The popular meme-based crypto-asset dogecoin has seen incredible gains during the last 24 hours jumping over 40% since yesterday. After just recently capturing a $50 billion market valuation, Dogecoin’s market cap now exceeds $71 billion. Moreover, the meme-coin has been eating away at bitcoin’s market dominance, as dogecoin captures 3% of the entire crypto-economy at the time of publication.

Can’t Keep a Good Dog Down

  • Dogecoin continues to rise higher as the crypto asset DOGE has touched an all-time high on Tuesday reaching $0.57 per unit. Dogecoin is up over 45% today and 97% during the last seven days. There is $15.91 billion in global DOGE trade volume on Tuesday morning (ET).

The $70B Meme Coin Market: Dogecoin Skyrockets Past a Half Dollar, DOGE Market Cap Eats Into BTC Dominance

  • Against bitcoin (BTC), dogecoin has gained over 41% during the last day and 51% against ethereum (ETH) during the last week. Doge has captured the fourth position in the crypto economy among the 9,000+ crypto assets in existence today. The meme asset’s valuation is worth more than Honda Motor Company.

The $70B Meme Coin Market: Dogecoin Skyrockets Past a Half Dollar, DOGE Market Cap Eats Into BTC Dominance

  • DOGE has gained a whopping 944% against the U.S. dollar and over 1,000% against bitcoin (BTC) in just 30 days. 90 day stats show that DOGE has jumped 1508% against the USD and more than 900% against BTC over the course of the last three months.
  • Now the BTC network has a little inflation but it is considered a deflationary crypto asset by the community. Dogecoin on the other hand has 129,461,434,269 DOGE currently in circulation and is considered inflationary.

  • A single dogecoin (DOGE) address has 36,711,937,077 in the address at the time of writing and is the wealthiest dogecoin owner today. This address holds more than 28.38% of the entire dogecoin supply.
  • On social media and forums, Dogecoin (DOGE) is trending alongside the hashtags #hodl and other Dogecoin related social media trends.
  • DOGE recently started rising again, after Tesla’s Elon Musk tweeted about his appearance on Saturday Night Live (SNL) on May 8. Last week, Musk’s tweet said “Dogefather SNL May 8” and the Tesla executive has been asking Twitter for SNL skit ideas.
  • “Dogecoin continues to defy expectations within the crypto market. I believe that part of the reason is the hype that surrounds it, which comes from celebrities like Elon Musk and Mark Cuban,” Konstantin Boyko-Romanovsky, CEO and Founder of Allnodes told Bitcoin.com News. “Since the coin has an inflationary supply, it is affordable.”
  • “Mark Cuban sees it as an alternative to Bitcoin for payment transactions. It appeals more to the general public because it costs so little. $60,000 for a single Bitcoin may be intimidating to some. In a way, Doge then is more like a USD but in a digital form,” Boyko-Romanovsky added.
  • At the time of publication, DOGE is exchanging hands for prices between $0.48 to $0.553 per unit, dropping a hair after it touched the recent ATH just a few hours ago.

What do you think about dogecoin’s climactic run-up? Let us know what you think about this subject in the comments section below.

Tags in this story
3% dominance, All time high, ATH, Bitcoin (BTC), deflationary, Doge, dogecoin, Dogecoin Run-Up, Dominance, Elon Musk, ETH, Inflationary, Mark Cuban, USD

Image Credits: Shutterstock, Pixabay, Wiki Commons





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Bitcoin Has Spent 3 Months Bouncing Between $45,000 and $60,000

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Bitcoin Has Spent 3 Months Bouncing Between ,000 and ,000


Bitcoin’s upward momentum has dried up because it has spent three months bouncing between $45k and $60k, as alluded to by market analyst Lark Davis.

BTC hit a new all-time high (ATH) above $64,500 in mid-April, but a correction to the $46-48k area has been imminent.

This has been triggered by speculations that the American administration will increase capital gain taxes, new market entrants triggering panic selling, and revelations about Tesla stopping Bitcoin transactions based on environmental factors. 

Image

BTC is hovering around the $49.2k price at the time of writing, according to CoinMarketCap. Davis believes that Bitcoin finds itself in a ranging market, which signifies an accumulation zone. 

On the other hand, Santiment has acknowledged that BTC supply on crypto exchanges is back to high levels. The on-chain metrics provider explained:

“The supply of Bitcoin sitting on exchanges is currently back to its highest level since January 14th. The 4-month high is indicative of fear.”

Nevertheless, financial analyst William Clemente trusts that big money is buying the fear. 

Bitcoin ETF is the next rocket fuel

According to Real Vision Group CEO Raoul Pal, Bitcoin ETF is the next rocket fuel in the market. He noted:

“The ETF is the next rocket fuel for this market. The Wall of Money keeps coming, but it takes time for everyone to get internal approvals. I have so many conversations helping hedge funds.”

Bitcoin Exchange Traded Fund (ETF) is a type of security that tracks the overall price of Bitcoin and enables investors to trade and purchase shares of it on traditional exchanges, circumventing crypto trading platforms.

In March, Jesse Powell, the co-founder and CEO of leading American crypto exchange Kraken, suggested that the crypto market was entering the early stages of mainstream adoption due to the rise in popularity of Bitcoin ETF.

For instance, at least 6 US Bitcoin ETF applications from Wisdom Tree, VanEck, NYDIG Asset Management, Valkyrie Digital Assets, Skybridge and First Trust, and Fidelity Investments are currently awaiting approval. 

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Neironix – Rating analytical agency

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Neironix – Rating analytical agency


© 2021 “Neironix.io” network edition. Founders: Мараховка А.В.,
Венгерец А.В.,
Худяков Э.А.,
Ахмиджанов Д.Р.,
Чичеров А.В.
Certificate of registration of mass media: ЭЛ № ФС 77 – 77144 by 08.11.2019.
Issued by the Federal service for supervision of communications, information technology and mass communications.
Editor-in-chief: Худяков Э.А, e-mail address: Ie@neironix.io,
editorial phone: +79825071222. 18+



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Bitcoin Is Still the Cryptocurrency to Own Despite Current Struggles, says SkyBridge Capital Founder

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Bitcoin Is Still the Cryptocurrency to Own Despite Current Struggles, says SkyBridge Capital Founder


After hitting an all-time high above $64,500 in mid-April, Bitcoin (BTC) has been struggling to breach the $60k price level as corrections have been imminent.

The leading cryptocurrency recently nosedived to lows of $46K as Tesla Inc. announced that the company would shun BTC transactions due to negative environmental factors. 

Nevertheless, SkyBridge Capital founder Anthony Scaramucci believes that Bitcoin is still the cryptocurrency to watch because it has attained “escape velocity.” He explained:

“Bitcoin is still the cryptocurrency to own even as it struggles in recent weeks while altcoins surge.”

Bitcoin is still a viable investment vehicle

Scaramucci, who served as the White House communications director under President Trump’s administration, pointed out that it was important for people to hold at least some BTC or they will be sure to miss out. 

He explained:

“Even with growing prominence of altcoins, Bitcoin has been able to maintain its supremacy as the apex predator in digital currency.”

The SkyBridge Capital founder has been voicing his advocacy for Bitcoin, as evidenced by SkyBridge’s overall BTC exposure of nearly $385 million.

Earlier this year, Scaramucci noted that it was the new age of micro investors as retail traders shunned Wall Street and triggered bull runs in stocks like GameStop Inc., which was positive for Bitcoin (BTC).

He acknowledged that the GameStop phenomenon served to emphasize financial decentralization as low-cost trading and smartphones were coming in handy by democratizing the traditional way of managing money.

Bitcoin’s dominance falls

Bitcoin has been in a consolidation state since it hit record-highs above $64.5k last month. BTC is trading below the psychological mark of $50k at $44,408 at the time of writing, according to CoinMarketCap.

The lack of upward momentum recently made Bitcoin’s dominance fall to 44%, which is the lowest level BTC has gotten since 2018. 

Nevertheless, crypto analyst Carl Martin tweeting under the pseudonym The Moon believes that such drops are usually followed by a 30% pump in the Bitcoin market. 

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