Likewise, Dogecoin’s market cap increased by 27% over the same period to tap $14B, surpassing MATIC and Cardano (ADA) to sit in seventh position. Other metrics also witnessed a substantial uplift, with the coin’s daily volume surging over 613% in the past 24 hours to tap $5B, as seen on CoinMarketCap. Was up 0.2% at $16.19 over the last five days.Dogecoin (DOGE), the largest meme cryptocurrency by market capitalization, soared over 25% Monday after Elon Musk replaced Twitter’s blue bird logo with a dog-themed image, sparking fresh enthusiasm in the DOGE community.įollowing the changes, dogecoin’s price spiked to an eighteen-week high of $0.1045. Was down 1.20% to $28.24 in the past week. Was down 1.17%, to $10.99, while VanEck Bitcoin Strategy ETF Was up 1.10% in the same time frame to $21.11. Nvidia Corp.įell 5.38% from Friday to Thursday, to $92.62.įor crypto funds, ProShares Bitcoin Strategyĭeclined 3.68% in the past five days, to $16.75, while its counterpart Short Bitcoin Strategy ETF TeslaĪdded 0.42% over the past five days, at $74.69. Slumped 6.20% in the past 5 days, to $18.89.įormerly known as Square, are down 0.07% in the past 5 days to $68.44, as of Thursday. Is down 23.10% in the past five days, to $5.46. Shares of rival Marathon Digital HoldingsĪre up 4.53% to $8.19. Is up 1.31% in the past five days to $9.26 as of Thursday. Gained 5.03% in the same time frame, to $293.28.īitcoin mining company Riot Blockchain Inc. Went down 2.55% over the past five days to around $62.41. Ether is up 4.79% this week, trading at $1,876.89 as of Thursday, according to CoinDesk data. ![]() Is up 1.74% this week and is trading at $28,061 on Thursday, according to CoinDesk data. What comes next? Join a Barron’s Roundtable live event on April 25 at noon Eastern to examine what to watch, how to invest and whether bitcoin or other tokens can be more than a speculative trade. Investing in Crypto Live EventĬrypto has staged a turnaround after bruising losses and the collapse of FTX. But it’s still far below its peak in December with $3 million sales. The NFT collection also rallied last week after Trump was indicted by a grand jury over alleged hush money payments to adult film star Stormy Daniels. president’s collection, which featured around 45,000 NFTs, was launched in December 2022 and sold out within 24 hours. Therefore, while meme coins may experience short-lived hype, some have the potential to grow into more serious projects.”ĭonald Trump’s nonfungible token sales shot up 413% after his arraignment on Tuesday. “What is interesting is that coins that started as memes, like ShibaINU, started as a joke but have since grown to include their own, collection of NFTs, liquidity pool, governance token, and future plans to launch a stablecoin and metaverse. ![]() “It is worth noting that in recent months, there has been a rising trend in memes, even in the NFT ecosystem,” said Gherghelas. This pump in the price of a meme coin may suggest bullishness among retailers, but it is not indicative of a long-term trend,” said Sara Gherghelas, a blockchain analyst at DappRadar, which analyzes data of decentralized apps and crypto. “The price has reached a resistance point, indicating that traders may not be able to push the price further. Twitter did not respond to request for comment regarding whether the logo will be eventually changed back to a bird. Skeptics say the data supports the idea that the hype around dogecoin will be short-lived, instead of indicating a resurgence of the meme stock craze witnessed in 2021. “After a record quarter of deliveries for Tesla, but a disappointing stock performance, Musk was probably looking for something safe to tweet about,” said Edward Moya, senior financial analyst at OANDA, whose coverage includes the cryptocurrency market. “This latest action in changing the Twitter logo to a Shiba Inu dog is probably just for his entertainment.” Others have warned that the coin’s rally could give way to an ugly correction. ![]() Some analysts think the renewed hype around dogecoin will be short lived, with the coin already down 3.03% in the last 24 hours, according to CoinDesk data. You can find me on Twitter at share any thoughts on crypto, this newsletter, or your personal stories with digital assets. judge to toss out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support dogecoin. Musk, who’s been the CEO of Tesla since 2008, also allows payments with dogecoin for certain merchandise on its website, and in 2021 he jokingly called dogecoin a “hustle” on NBC’s Saturday Night Live.īut Musk’s enthusiasm for the token has come with some friction. Musk, a longtime dogecoin enthusiast and backer, has tweeted about the token many times before.
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