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Cryptocurrency

Elon Musk’s favourite crypto, Dogecoin, gains 635% within a day

Dogecoin is moving faster than any crypto as it gains 635% within a day.

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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.

READ: 94% of Bitcoin investors are making money

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.

READ: Best performing financial asset in 10 years, Bitcoin up 37,833,333%

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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.

READ: Polkadot fast-rising Crypto, jumps past XRP

  • 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.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    Dogecoin investor loses $12 million on Binance as Doge suffers violent dump

    Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

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    The fast-rising crypto asset, Dogecoin suffered record losses in the early hours of Sunday despite Elon Musk’s debut on the long-awaited Saturday Night Live which surprisingly led to a violent dump.

    At the time of drafting this report the dog meme coin traded at $0.564505 on the FTX Exchange with a daily trading volume of $31 billion. Dogecoin is down 21.34% for the day.

    Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

    The largest single liquidation order happened on Binance-DOGE value $12.07 million as over $270 million positions in the Dogecoin assets vanished into thin air.

    READ: Dogecoin up 168%, more valuable than Polkadot, Cardano

    READ: Altcoin season? Ether, ADA, Doge and others hit all-time highs

    Supporters of the fast-growing crypto were earlier hopeful that Elon Musk might offer some strong bullish bias in favour of Dogecoin but that was not to be. Although the Tesla CEO has, many times via social media, stated that Dogecoin remained his favourite crypto, he recently warned fans to invest in the asset with great caution.

    Crypto pundits have often frowned at the inflationary properties of Dogecoin considering that it is printed every minute of every day, giving it a potentially infinite supply. The implication of this is that the crypto asset’s unlimited supply could, over time,  impact negatively on its price.

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    Cryptocurrency

    How Nigeria’s ethnic diversity is boosting the crypto market

    The crypto market has facilitated more economic collaboration and cooperation among Nigeria’s geopolitical regions.

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    How Nigeria’s ethnic diversity is boosting the crypto market

    Africa’s biggest crypto market, Nigeria keeps gaining momentum in spite of its exclusion from Nigeria’s financial ecosystem. This reflects dwindling faith in Nigeria’s traditional financial asset classes.

    Adding credence to such bias is data retrieved from Paxful. The global leading Peer to Peer trading platform reveals Africa’s biggest economy and home to over 200 million people has now become its biggest market with 1.5 million users. In just four months, about $1.5 billion worth of Bitcoin exchanged hands.

    In addition, data retrieved from Google revealed that Nigeria is the only country with a perfect score in regards to its interest in the flagship crypto.

    Using local geographical metrics, Delta State has the highest level of interest in the flagship crypto on a state level, followed by Anambra, Bayelsa, Ondo, and Ekiti. This points to Bitcoin’s stronghold in southern Nigeria.

    READ: Dogecoin breaks new high, far more valuable than Nigerian Stock Market

    However, the same can’t be said of the fast-rising crypto, Dogecoin, which was created in 2013 as a joke, to mock the crypto-mania at that time. Data reveals Dogecoin has its strongest trend in the North-central and some Eastern parts of Nigeria such as Ebonyi, Plateau, Imo, Enugu, Niger, and Nasarawa.

    Surprisingly, Borno state, despite being ravaged by conflict showed a high interest in the dog meme coin.

    Anambra, Ebonyi, Bayelsa, Imo, and Cross river have the strongest interests in Ethereum that’s already breaching record highs amid the ongoing bullish run, in play at the crypto-verse.

    READ: Unknown whale moves $440 million worth of Bitcoin as institutional buying drops

    Surprisingly, Lagos, Nigeria’s busiest economic hub on the state level, misses out of the top 10 in any of the rankings despite its strong fintech presence coupled with the fact that it is host to most of Nigeria’s crypto platforms like Buycoins Africa, Quidax, Bittle, and Bundle Africa.

    This data reveals how much the crypto market thrives on Nigeria’s ethnic diversity, taking into account that the country, which is Africa’s biggest fintech community and home to Africa’s only two fintech unicorns – Interswitch and Flutterwave, will benefit from policies that encourage diversification and long-term inclusive growth.

    READ: Unknown whale moves $272 million worth of Bitcoin

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    In a country prone to stringent foreign exchange policy and expensive transaction fees compared to other emerging markets, the crypto industry is thriving and already creating jobs at record levels via the Nigerian crypto start-ups, which are facilitating millions of dollars worth of transactions daily and fostering a new wave of crypto-based solutions.

    Bottom Line: It is important to note that the crypto market has facilitated more economic collaboration and cooperation among Nigeria’s geopolitical regions further boosting the prospects for a strong political and economic entity that many young Nigerians desperately desire.

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