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Cryptocurrency

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

Dogecoin is currently the fourth most valuable crypto asset by a market value of $71 billion.

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

Dogecoin often referred to as DOGE has just posted a new all-time high and established its name around the top 5 most valuable crypto assets by market value. The crypto is now more valuable than Nigerian Stock market $55 billion (N20.8 trillion) amid strong buying pressures prevalent in the crypto market.

Dogecoin is currently the fourth most valuable crypto asset by a market value of $71 billion. It has a circulating supply of 129,461,434,269 DOGE coins and the maximum supply is not available.

The altcoin has posted massive returns of over 100% in the past one week and just recently, a major sports brand, Oakland Athletics announced it will be offering its fans the option of purchasing some special seats with dogecoin.

READ: Nearly all investors are in money as Ethereum breaks record high

READ: Why buying Bitcoin in Nigeria is not cheap

At the time of writing this report, the fast-rising crypto asset traded at $0.548572 and with a daily trading volume of $26 billion, Dogecoin is up 37.50% for the day.

When Billy Markus and Jackson Palmer created Dogecoin in 2013, it was simply meant to be a joke to mock the cryptocurrency mania at that time. The token quickly faded into oblivion, with its value at almost next to nothing.

After being in oblivion for so long with a value close to nothing, Dogecoin shot back to the limelight in January 2021, soon after the Gamestop saga due to a tweet. Since then, it has been one euphoric rise over another with billionaires like Mark Cuban, celebrities like Mia Khalifa, and Snoop Dogg, among many others, all tweeting about it.

The most influential support has come from the world’s second-richest man and Tesla CEO, Elon Musk, whose continuous tweets about Dogecoin made it increase in value significantly.

READ: Bloody Sunday: Over 1 million investors liquidated, altcoins crash by 20%

Recall Dallas Mavericks, and Sacramento Kings have also become sports brands using crypto assets for ticket sales and online merchandise.

Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

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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

    Ethereum keeps breaking new highs, trading at $4,115

    Ether traded at $4,115.72 with a daily trading volume of $53.5 billion.

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    Ethereum

    Ether, the world’s most popular utility crypto broke above $4,000 in the early hours of Monday and keeps soaring high after passing the all-important resistance level on many crypto exchanges’ barrier including the FTX exchange.

    Such a milestone comes barely a week after it breached above the $3,000 price level.

    At the time of writing this report, Ether traded at $4,115.72 with a daily trading volume of $53.5 billion. Ethereum is up 3.85% for the day and is presently the second most valuable crypto asset by the market value of $476.7 billion.

    Crypto pundits argue that the leading altcoin has attracted a new wave of institutional investors in credence to its recent approval of 3 Ethereum exchange-traded funds (ETFs) in North America.

    Adding credence to Ethereum’s record buying pressures is data retrieved from Glassnode, an advanced crypto analytic firm, revealing the Number of Addresses Holding 0.01+ Coins just reached an all-time high of 14,969,657.

    A previous all-time high of 14,966,780 was observed on 9th May 2021.

    The rising use of non-fungible tokens to validate the ownership of digital assets is notably purchased and used on Ethereum, thereby attracting more apps and contracts.

    Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

    The rise of many DeFi crypto assets that thrive on the Ethereum Blockchain has added more buying pressures from investors globally with YAM, UniSwap, Chainlink, Compound, Cream finance, and Melon seeing record cash inflows.

    Investors are getting more attracted more to DeFi because they can receive higher interest rates when compared to what is gotten in traditional finance, on the basis that lower operating costs are enabled when operating on an automated decentralized network.

    Just recently it upgraded to Ethereum 2.0, which is seen by many crypto enthusiasts as the game-changer in reforming the distributed system, after some years of research and coordinated effort by top developers around the world.

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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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