Dogecoin

Elon Musk wants to bring Dogecoin back to Tesla online store

Published

4 months ago

August 31, 2024

Dogecoin, which Tesla CEO Elon Musk called his “fav cryptocurrency” back in 2019, could be making a comeback as a payment option on the electric vehicle maker’s website.

Recall January 2022, when Tesla began accepting the meme token as a payment option for certain merchandise (i.e., apparel and accessories) in its online store.

At some point, Dogecoin (DOGE) mysteriously disappeared as a payment option, prompting fans to inquire on X.com about possibly bringing it back.

Musk, who owns X.com and a majority of Tesla stock, is interested.

“Me,” Musk wrote in reply to an X user who asked whether anyone would like Tesla to “reinstate the option of”bring back the Dogecoin payment option” for merchandise. See below.

Currently, the Tesla store only accepts credit cards as a payment. It’s not clear when or why Dogecoin stopped being a payment option. The Austin, Texas-based company never broadly accepted Dogecoin for car payments, and there wasn’t a formal announcement about “removing” it as a payment option.

Musk the environmentalist?

Tesla’s crypto-as-a-payment policy is especially confusing, considering — in 2021 — Musk posted that the company intends to “use [Bitcoin] for transactions as soon as mining transitions to more sustainable energy.”

See below.

Cryptocurrencies like Bitcoin and Dogecoin require significant amounts of electricity to process transactions and ensure their respective networks remain secure.

Environmentalists and investors pointed out how the carbon footprint associated with cryptocurrency transactions was seemingly at odds with Tesla’s clean energy initiatives.

It’s also worth noting that Musk is a staunch supporter of former President and current Republican nominee Donald Trump, who pledges to roll back clean energy initiatives if re-elected.

Legal drama

Musk’s affirmation for Dogecoin came less than 24 hours after U.S. District Judge Alvin Hellerstein dismissed a federal lawsuit that accused the Tesla chief of defrauding investors through insider trading and market manipulation of Dogecoin.

The suit alleged that Musk misused his position as the world’s richest man to inflate the price of Dogecoin over “36,000%” and then let its price crash, leading to losses for investors.

The plaintiffs argued that Musk’s actions could be justified as a “Dogecoin Pyramid Scheme,” where he promoted the cryptocurrency to profit from the volatility he allegedly created.

The price of DOGE once reached an all-time high of $0.73 but has yet to reach those price levels again.

Hellerstein said any statements made about Dogecoin are “aspirational and puffery, not factual” and that “no reasonable investor could rely upon them” for making investment decisions.

The judge also found that the facts did not support the plaintiffs’ allegations of a “pump and dump” scheme, market manipulation, and insider trading, underlining that it was “not possible to understand the allegations that form the basis” of these claims.

Whether the Dogecoin lawsuit dismissal bodes well for Tesla fans to once again use the dog-themed coin as a payment option when buying, say, a Cybertruck t-shirt, remains to be seen.

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ADA

Crypto Whales Gobble Up Nearly $149,600,000 Worth of Cardano and Large-Cap Memecoin in Just Two Days: Analyst

Published

1 week ago

December 16, 2024

admin

An on-chain analyst says deep-pocketed investors are loading up massive amounts of Cardano (ADA) and a top memecoin as the market went sideways for the past week.

Analyst Ali Martinez tells his 98,800 followers on the social media platform X that crypto whales accumulated $85.6 million worth of ADA in a couple of days.

“Cardano whales bought over 80 million ADA in 48 hours!”

At time of writing, ADA is trading for $1.07.

Martinez also says deep-pocketed investors snapped up $64 million worth of the large-cap memecoin Dogecoin (DOGE).

“Whales bought another 160 million Dogecoin DOGE in 24 hours!”

At time of writing, DOGE is worth $0.40.

In total, the crypto whales accumulated nearly $150 million worth of ADA and DOGE in just two days during the past week.

Turning to Bitcoin, Martinez says he’s looking at BTC‘s In/Out of the Money Around Price (IOMAP) metric. IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for BTC.

According to the analyst, Bitcoin has a fortress of support above $94,000 as millions of wallets accumulated millions of BTC around and above the price area.

“Bitcoin sits on top of a significant support wall between $94,300 and $100,250, where 2.25 million wallets bought over 2.18 million BTC.”

At time of writing, Bitcoin is trading for $101,946.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Dogecoin

Dogecoin Down 19% Since Hitting 3-Year High—Despite Bitcoin Rebound

Published

1 week ago

December 15, 2024

admin

The crypto markets have seen intense volatility since Bitcoin broke through the $100,000 mark for the first time on December 4, with multiple plunges that have sent shockwaves that sank other assets—and piled up liquidations in the process.

But while Bitcoin has mostly rebounded from the sizable dips, Dogecoin has lost considerable steam over the last week since popping to a high of $0.48 for the first time since 2021.

At a current price just below $0.39, Dogecoin is down nearly 19% since that peak seen late on December 7. And over the last seven days, including data from the hours before that recent high, DOGE is down 15%.

That makes it the biggest loser among the top 10 cryptocurrencies by market cap, outpacing Cardano with a 13% dip during that span, and Solana with a 10% correction. Bitcoin is the only asset in the top 10 that’s green on the week, up 0.7% as of this writing at a current price of $100,995.

Looking beyond the top 10, other leading meme coins in the top 100 cryptocurrencies have posted even sharper losses over the last week.

Dogwifhat (WIF) is the biggest loser in the top 100, down 28% during that span, while Bonk (BONK) has fallen 23%, Brett (BRETT) is down 22%, and Shiba Inu (SHIB) has matched the DOGE dip at 15%.

Overall, the crypto market has fallen by 3% over the last 24 hours, per data from CoinGecko.

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ADA

Analyst Says Dogecoin in Early Bull Market Stage, Sees DOGE Skyrocketing to Huge Target ‘If Things Go Wild’

Published

2 weeks ago

December 12, 2024

admin

A closely followed crypto trader believes that top memecoin Dogecoin (DOGE) could soar to double digits based on historical patterns.

Crypto strategist Ali Martinez tells his 97,000 followers on the social media platform X that DOGE appears to be in the phase of the cycle when it pauses before skyrocketing to new record highs.

The trader shares a chart suggesting that DOGE is mirroring its price action during the 2017 and 2021 market cycles while trading in a large ascending channel.

“Check out where we are in the Dogecoin DOGE bull cycle! Very early, right?

For that reason, I’m thankful for the dip and will buy more between $0.40-$0.30. The target remains $3, and if things go wild, $18!”

At time of writing, DOGE is trading for $0.391, down nearly 5% on the day.

Turning to the layer-1 protocol Cardano (ADA), Martinez says that the altcoin can find support at the $1 level based on the In/Out of the Money Around Price (IOMAP) metric.

IOMAP classifies crypto addresses as either profiting, breaking even, or losing money – to determine support and resistance levels for ADA. According to the metric, 41,720 addresses have accumulated over one billion ADA at $1.

Zooming out, Martinez says Cardano appears to be following its 2020 price action when it witnessed a period of retracement before soaring to fresh highs.

“Cardano is doing the same as it did in 2020, which is why I’m buying! Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6.”

At time of writing, ADA is trading at $1.

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