Dogecoin is defying all odds, even with the bullish trend prevailing in the crypto-verse amid strong buying pressure by an army of retail investors.
As at press time, Dogecoin traded at $0.056820 with a daily trading volume of $17.4 billion. It is up 634.5% for the day.
Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core flagship crypto’s audience since it was based on a dog meme.
Tesla CEO, Elon Musk, had many times on social media stated that Dogecoin is his favourite crypto.
It’s inevitable
Crypto traders and global investors are rushing to have a stake in this fast-growing crypto, on the account that it has the unique endorsement of the world’s richest individual presently worth $199 billion.
What you should know: The tenth most valuable crypto has a market value of $7.3 billion. It presently has a circulating supply of 128,136,378,598 DOGE coins, and the maximum supply is not available.
Dogecoin (DOGE) is based on the popular “Doge” internet meme and features a Shiba Inu on its logo.
The open-source crypto was invented by an American known as Billy Markus and an Australian identified as Jackson Palmer. The crypto asset was forked from Litecoin in December 2013.
This fast-rising crypto is being primarily used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.
Crypto exchanges presently having Dogecoin listed include YoBit, BitAsset, Binance, Huobi Global.
The world’s most valuable crypto exchange, Coinbase, recently announced its intention to go public through a direct listing, thereby skipping the traditional IPO route.
Founded over a decade ago, the fast-rising American crypto company has grown to become the biggest crypto exchange in the U.S. and is hitting the public market amid renewed investor interest in digital assets.
Flagship crypto, Bitcoin, at the time of writing this report is trading at about $34,000, gaining over 260% in the past year.
What this means: Coinbase is currently opting for direct listings rather than the traditional IPOs, in order to avoid diluting its existing shareholders and handing over cheap stock to new investors.
Here are highlights of the press release issued by America’s biggest crypto exchange via its web page.
Coinbase Global, Inc. today announced its intent to become a publicly-traded company pursuant to a proposed direct listing of its Class A common stock.
Such proposed listing is expected to be pursuant to a registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”).
Coinbase Global Inc. previously announced on December 17, 2020, that it had confidentially submitted a draft registration statement on Form S-1 with the SEC.
The Form S-1 is expected to become effective after the SEC completes its review process, subject to market and other conditions.
Coinbase remains by far the most valuable crypto exchange in the world, which was most recently valued at around $8 billion. It is the largest American-based cryptocurrency exchange by trading volume and leading crypto brand respected by many institutional investors.
Ray Dalio, the founder of the world’s biggest hedge fund, Bridgewater Associates, called bitcoin ‘unhackable’ and disclosed that he was considering crypto as investments for new funds, offering clients protection against fiat currencies that are susceptible to inflation, via his company’s web page.
“At the same time, I greatly admire how Bitcoin has stood the test of 10 years of time, not only in this regard but also in how its technology has been working so well and has not been hacked. Still, to one holding digital/cyber assets at a time when the cyber offense is much more powerful than cyber defense, the cyber risk is a risk that I can’t ignore,” Dalio said.
He also commented on the ingenuity and uniqueness of the flagship crypto’s exhibit, taking into account that the world’s most popular crypto is barely 10 years old.
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“I believe Bitcoin is one hell of an invention. To have invented a new type of money via a system that is programmed into the computer and that has worked for around 10 years and is rapidly gaining popularity as both a type of money and a store hold of wealth is an amazing accomplishment.”
What you should know:Bridgewater Associates is the world’s biggest hedge fund, founded in 1975. The firm serves institutional investors that include foundations, foreign governments, pension funds, endowments, and central banks.
Its major strategy includes the global macro investing style based on economic macros such as currency exchange rates, inflation, and gross domestic product.
Ray Dalio has been the man behind such a powerful hedge fund. He has grown one of the world’s biggest hedge funds, managing about $160 billion in assets.
Dalio went on by breaking down the qualities this digital gold asset possesses; the fact that it has a finite supply gives it a distinct advantage among many financial assets.
“Those who have built it and supported the dream of making this new kind of money a reality have done a fabulous job of sustaining that dream and moving Bitcoin (by which I mean it and its analogous competitors) into being an alternative gold-like asset.
“Because there aren’t many of this gold-like store hold of wealth assets that can be held in privacy and because the sizes of their markets are relatively small, there exists the possibility that Bitcoin and its competitors can fill that growing need,” he said.
However, he concluded his insightful write-up by warning about the risk Bitcoin had, on the account that a better alternative will be invented and pass it by.
“Although Bitcoin is limited in supply, digital currencies are not limited in supply because new ones have come along and will continue to come along to compete so the supply of Bitcoin-like assets should, and competition will, play a role in determining Bitcoin and other cryptocurrencies prices.
“In fact, I assume that better ones will come along and displace this one because that is the way the evolution of everything works—i.e., new ways of doing things and new things always have and always will replace old ways of doing things and old things. Since the way Bitcoin works are fixed, it won’t be able to evolve and I presume that a better alternative will be invented and pass it by. I see that as a risk,” he added.
A senior officer at Ripple, Asheesh Birla, recently revealed that the company’s leading product, XRP-based payments platform called On-Demand Liquidity (ODL), processed billions of dollars in transactional volume for 2020.
Birla, via his Twitter feed, disclosed that RippleNet, Ripple’s institutional payment-providers network, had an impressive showing last year as it powered around 3 million transactions while opening its services to 18 new countries and signing 15 new deals amid growing regulatory challenges facing the company on its token XRP.