Doge Day Was a Dud, Dogecoin Price Dips 20%

It was supposed to be Dogecoin’s day to shine, as meme makers talked up the joke coin’s prospects of hitting the $1 mark (or, even better, $0.69) on 4/20.

Alas, Dogecoin didn’t obey. 

The sixth-largest cryptocurrency by market cap instead rolled around in the mud, dirtying its price to as low as $0.29, down from an all-time high of $0.40 over the weekend. Its current price of $0.34 represents a 20% drop over the last 24 hours, per data from Nomics.

Doge Day, like all cultural phenomena these days, started its life on the internet just over a week ago, when hordes of Dogecoin-loving Redditors and Twitterati posted memes and rallying cries encouraging others to pump up the price of the coin on April 20.

The makeshift holiday had some prominent brand backers, including Snickers and Axe Body Spray:

What it hasn’t had, at least not yet at the time of writing, is the endorsement of Dogecoin’s patron saint of price-pumping, Elon Musk. The Tesla CEO has long enjoyed tweeting about the token, which was created in 2013 as a joke, and egging on buyers.

Musk last week invoked Dogecoin in a tweet, spotlighting the currency to his 50 million followers as it catapulted from $0.14 to $0.40 in mere days. Musk said in a February talk on Clubhouse that his tweets about Dogecoin are “meant as a joke,” but there’s ample evidence that those tweets, even if crafted in jest, have a direct effect on Dogecoin’s price.

The Doge faithful are likely still hoping, as of Tuesday evening, that Musk hasn’t forgotten his Twitter password on their big day.


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Binance Sees Massive Liquidations After Flash Crash

Key Takeaways

  • The total crypto market capitalization fell from $2.15 trillion to a three-week low of $1.78 trillion within a few hours on Apr. 17.
  • The sudden downswing caught many overleveraged traders off guard, causing roughly $9 billion in liquidations.
  • Most liquidations occurred on Binance, while FTX and Bitfinex proved to be some of the safest exchanges to trade on.

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Many investors have been shaken out of their positions after the crpyto market crashed by more than 17% on Apr. 17. Data shows that Binance accounts for most of the losses incurred.

Over $4.4 Billion Liquidated On Binance

This week, the crypto market experienced one of the most severe flash crashes that it has seen since the beginning of the year. The incident responsible was a coal and gas accident in Xinjiang, China, which caused a power outage and forced Bitcoin miners to shut down. 

After the Bitcoin mining hashrate fell by half, cryptocurrency prices reacted quickly. The total crypto market capitalization fell from $2.15 trillion to a three-week low of $1.78 trillion within a few hours, which caught many overleveraged traders off guard. The sudden downswing triggered a cascade of automatic sell-offs in a chain reaction that resulted in roughly $9 billion in liquidations.

Data from Bybt shows that $4.43 billion worth of long and short positions were liquidated on Binance alone. 

Total Liquidations by Bybt
Total Liquidations by Bybt

Liquidations on Binance occur when the initial collateral and the realized/unrealized profit/loss are lower than the maintenance margin. In this case, all open orders are immediately canceled. 

Binance uses a protocol referred to as “Smart Liquidation” to avoid complete liquidation of the user’s position whenever possible. But temporary difficulties emerged during the recent crash, resulting in massive losses despite those policies.

Other Liquidation Policies

According to market data provider The TIE, issues on Binance are common during periods of high volatility. By contrast, FTX and Bitfinex have proved to be some of the most “unlevered and safest exchanges to trade on” thanks to their liquidation policies.

On-chain analyst Willy Woo also affirmed that FTX traders “survived” the flash crash. The exchange significantly reduces the likelihood of clawbacks by using a three-tiered liquidation mechanism.

Because it managed to withstand issues during the crash, FTX now accounts for more than 10% of the global cryptocurrency trading volume, according to FTX CEO, Sam Bankman-Fried.

A Lesson for Traders?

Given the current state of the bullish cycle, the recent flash crash could serve as a lesson for overleveraged traders. 

High periods of volatility are usually followed by issues in trading platforms caused by a spike in the number of visitors. An exchange’s inability to handle high traffic while prices are plummeting can prevent any trader from cutting his or her losses short.

Therefore, implementing a robust risk management strategy is a must to keep profits and reduce losses. 

Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.

This news was brought to you by Phemex, our preferred Derivatives Partner.


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Airdrops Could Send These Under-the-Radar Altcoins to the Moon, Says Top Analyst Tyler Swope

Crypto analyst and YouTuber Tyler Swope says there are two altcoins whose prices are set to surge after their holders get airdrops.

In a new video, Swope tells his 227,000 subscribers to be cautious of coins launching airdrops as these crypto assets tend to follow a cycle of markup and profit-taking before another leg up.


One crypto asset that the trader says is about to follow the same scenario is FLX, an “ungovernance token” from reflex indexes platform Reflexer Labs. Reflex indexes are free-floating stable tokens not pegged to any underlying asset or security.

“I’m saying in the next week… week and a half this could be a pretty dang good opportunity because it is hyped up and you can claim your airdrop right now...

They’re going to do an airdrop and basically if you provide the liquidity there to their pools you’d be eligible for it. So all you have to do is go to the app – – and be like ‘Hey, give me my airdrop.’”

Swope then lists notification protocol Ethereum Push Notification Services token PUSH as the other coin that is set to rally on the back of an upcoming airdrop.

The YouTuber points out that the token, which is ranked just above the 1,000th position by market capitalization on CoinMarketCap, is currently trading at a much lower price relative to its introductory price.

“EPNS basically, Ethereum Push Notification Service, they did their airdrop here recently. This one’s massively hyped too. A lot of big Ethereum developers are excited about this one. They got their drop of course, so it’s getting crushed. I mean it’s only been out for a couple [of] days. [It] hit $8 peak and now we’re going down hitting $2.56 right there.”

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Uniswap Hits Record $10 Billion in Weekly Trading Volume

In brief

  • Uniswap is the top decentralized exchange on the Ethereum network.
  • It’s managed to stay popular despite the blockchain’s high transaction fees

Despite the high transaction fees on the Ethereum blockchain, people continue to flock to the network’s DeFi platforms.

For evidence, look no further than Uniswap.

The decentralized exchange has recorded more than $10 billion in weekly transaction volume for the first time, according to statistics from Uniswap Analytics. The $10.17 billion haul is a 26% increase over the previous seven days.

Decentralized exchanges, or DEXs, allow users to swap tokens without giving up custody of their coins to a third party. They’re the primary onramp to the world of decentralized finance (DeFi), which enables people to earn interest and take out loans in cryptocurrencies without going through financial institutions.

Uniswap is one of the original decentralized exchanges built atop Ethereum. Users can trade ERC20 tokens—a type of cryptocurrency that uses the Ethereum blockchain’s infrastructure. They include stablecoins such as Tether and USDC as well as tokens for DeFi protocols like Aave and Celsius—and, notably, Uniswap’s own UNI governance token, which allows users to vote on platform changes.

Uniswap faces pressure for customers from SushiSwap, 1inch, and other Ethereum-based DEXs. But it also faces competition from non-Ethereum DEXs such as Binance Smart Chain’s PancakeSwap as traders look to evade Ethereum’s high fees, which average north of $20, according to BitInfo. By contrast, the relatively uncongested Binance Smart Chain charges in the pennies while being compatible with Ethereum applications.

That’s too big a difference to ignore for financially conscious traders to ignore. As a result, PancakeSwap tallied over $4 billion in volume in the last 24 hours alone compared to Uniswap’s $1.8 billion, according to numbers from CoinGecko.

So, while Uniswap can certainly celebrate reaching this milestone, there’s work left to be done on the network it calls home.

Uniswap is aware of the need to stay competitive. Uniswap V3 is set to go live on May 5 with improvements to both liquidity and trading efficiency. Once Optimism, a solution to scale Ethereum goes live (it was delayed in March until later this year), Uniswap V3 will launch there as well. Said Uniswap in a March 23 blog post, “Even with these groundbreaking design improvements, the gas cost of v3 swaps on Ethereum mainnet is slightly cheaper than v2. Transactions made on the Optimism deployment will likely be significantly cheaper!”

Traders are optimistic.


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Why Bitcoin’s Price Has Stayed Above $50,000

Emiliano Grodzki is CEO and a founder at Bitfarms, one of the largest public bitcoin mining operations in the world.

What We Learned From Bitcoin’s Hash Rate Drop

Bitcoin has been riding high of late. Yet over the weekend, panic ensued following a significant drop in its network hash rate, down roughly 49%, the biggest 24-hour reduction in Bitcoin’s history.

Much is being speculated as to the cause of this, including coal mine explosions and electrical grid blackouts in the Chinese province of Xinjiang. And with a decline in Bitcoin’s hash rate, a price correction pushed its value down to a low of ~$50,000. Yet, despite the panic selling, we didn’t break the important $50,000 level. Why?

Simply because Bitcoin carries on functioning 100% in spite of the hash rate drop. Transactions are being processed, blocks are mined, and coins carry on trading and exchanging freely.

Bitcoin’s hash rate may have dropped over 40% in a single day, but what global monetary standard or payment network could survive something similar and not have a single user denied service? Swift? Visa? Mastercard? The dollar, the pound, the euro, or the yen? There are none.

Far from being a concern with where Bitcoin is heading, this is a testament to the resilience of the Bitcoin protocol and the strength of its decentralized design. Independent of any single entity to function, Bitcoin can’t be stopped by any one event, which is what global lawmakers and governments are quickly realizing.

According to Garrick Hileman, head of research at and fellow at the London School of Economics, 2021 is the year governments will start to hodl bitcoin. He puts this down to outsized government spending and money printing and economic and geopolitical tension between the United States and China.

Of course, regardless of whether these factors push governments to turn to bitcoin, it’s thanks to the millions of people worldwide that Bitcoin exists. By investing our capital, time, and effort into bitcoin mining and its infrastructure, we are choosing for Bitcoin to exist. And as long as there is one miner, the Bitcoin network will keep going.

Sure, the processing of blocks would be slow, but they would still get processed and after a period of time when enough blocks have been added to the network, the difficulty would adjust and performance and processing times would return to normal levels.

There are still bumps in the road to smooth out, but what is being created with Bitcoin is a new monetary system for anyone who understands what’s wrong with the current one. Open, transparent, resilient, and voluntarily driven by economic incentives, Bitcoin is now too big to fail.

A sell-off due to temporarily slower block times is not backed by any reason other than panic and is a strong indicator of how much new money has come into bitcoin recently and the learning curve that capital is undertaking.

The past year has shown how bitcoin isn’t going anywhere anytime soon and how important a role it’ll play in our financial lives going forward. Drops in bitcoin’s value will be certain in the future, but the outlook has never looked so bright.

This is a guest post by Emiliano Grodzki. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.


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Slim Jim Celebrates “Doge Day” With Shiba Inu NFT

Key Takeaways

  • The Dogecoin community coordinated its Apr. 20 social media campaign today to boost awareness of the coin.
  • Snack food company Slim Jim took note of the event and created a Dogecoin-themed non-fungible token in response.
  • The collectible token is being auctioned on OpenSea over the next four days. Proceeds will go to charity.

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Slim Jim took part in the Dogecoin community’s “Doge Day” event today by creating a non-fungible token or cryptocollectible.

Slim Jim Creates NFT

The company behind Slim Jim snack foods has created a piece of NFT artwork featuring a rocket and a Shiba Inu, the iconic breed of “meme” dog that represents the cryptocurrency.

Slim Jim’s Dogecoin NFT

“In honor of Doge Day on 4/20, Slim Jim is taking the Doge philosophy of Doing Only Good Everyday even higher with its first-ever NFT,” a representative of the company was quoted as saying in a report from the financial news site Benzinga.

Though themed after Dogecoin, the NFT was actually built on the Ethereum blockchain, and it is currently being auctioned via the Ethereum NFT marketplace OpenSea.

Bidding will last until Apr. 24 at 2:59 AM. So far, the collectible item has attracted 0.06 ETH (worth approximately $136) as the highest bid. Auction proceeds plus $10,000 with be donated to World Central Kitchen, a charity that provides meals after natural disasters.

Slim Jim’s social media presence has largely been built on memes, making this a fitting event for the company to participate in.

However, Slim Jim’s decision to create an NFT is part of a larger trend. Other companies—or employees acting on behalf of those companies—have also created similar tokens. Notable participants include TIME, Microsoft, Nasdaq, and the New York Times.

Is Dogecoin Gaining Legitimacy?

Dogecoin has become a rapid success this year, largely thanks to promotions from celebrities such as Elon Musk, combined with coordinated campaigns that originated in Reddit’s /r/WallStreetBets community. The price of DOGE has seen more than 16,000% growth over the past year thanks to those campaigns.

Meanwhile, critics such as Cardano leader Charles Hoskinson have warned that this trend is unsustainable, cautioning investors that Dogecoin will face a price crash eventually.

However, if Dogecoin continues to attract attention from mainstream companies, it could maintain its position as a leading cryptocurrency for a significant amount of time.

Acceptance is growing steadily, despite the coin’s previously minor stature. Newegg took advantage of Doge Day to add Dogecoin as a payment method. Plus, last month, Mark Cuban and the Dallas Mavericks began to accept DOGE as payment for merch and tickets.

According to Cryptwerk, over 1200 other companies accept the coin.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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IRS Clarifies Tax Implications On 2017 Bitcoin Hard Fork

An IRS Memorandum released on April 9, 2021 (Number: 202114020) further clarifies when cryptocurrency hard forks should be taxed.

The memorandum specifically talks about bitcoin (BTC) & bitcoin cash (BCH) hard fork occurred on August 1, 2017 at 9:16 AM EDT. Pursuant to the hard fork, people who held BTC received an equivalent amount of BCH. Although the fork occurred on August 1, 2017, not every BTC holder got access to BCH at that time. For example, people who used Coinbase had to wait until January 1, 2018 to get access to their BCH. Other centralized exchange users also had to wait several days or weeks before being able to withdraw their newly received BCH. 

Hard Fork Taxation 

The memorandum explains that you have a taxable event at the time you gain dominion and control (the ability to transfer out funds) over the asset received after a hard fork as opposed to the time at which the hard fork actually occurred. 

Let’s use an example to illustrate this. Say Samantha had 1 BTC on Coinbase on August 1, 2017. After the hard fork, she was eligible to receive 1 BCH. As Fortune reported, 1 BCH was trading at $200 on this day. However, Samantha was not able to get access to her BCH until January 1, 2018. This is when Coinbase allowed users to withdraw BCH. On January 1, 2018, BCH was trading at approximately $2,500 on Coinbase. 

In this situation, Samantha gains dominion and control over BCH on January 1, 2018. She has to report $2,500 of ordinary income on her 2018 tax return. That said, if she held BTC in a self-custodied wallet with full access to private keys, she would have had a taxable event on Aug 1, 2017 resulting in only $200 of taxable income. 


If you went through the Bitcoin fork, it’s important to see when your exchange supported the coin and when you received dominion and control to accurately figure out your income for tax purposes. 

Disclaimer: this post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.


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Gemini exchange’s crypto custody doubled since January, reaching $25B

The Tyler and Cameron Winklevoss-owned Gemini exchange announced a major milestone on Tuesday, as total cryptocurrency held in custody surpassed $25 billion for the first time. 

In charting its impressive growth, Gemini touted growing participation from institutional investors over the past year. Gemini Custody’s assets have more than doubled since the start of 2021.

“Our custodial services are used by some of the worlds largest asset managers including BlockFi, Blockchange CoinList, CI Global Asset Management, DAiM, BTG Pactual, Caruso, Eaglebrook Advisors, and WealthSimple,” the company said in a statement.

The outspoken Tyler Winklevoss tweeted about the milestone on Tuesday:

As of Tuesday, Gemini’s 24-hour trade volumes had eclipsed $381 million, putting it in the 13th spot, according to Messari. 

Gemini has carved out a reputation as being one of the most compliant digital currency exchanges on the market. Whereas most major exchanges scrambled to delist XRP in the wake of a Securities and Exchange Commission lawsuit, Gemini was never persuaded to list the controversial cryptocurrency.

In 2020, Gemini became the first digital currency exchange to complete a SOC 2 Type 2 evaluation, which proved its operational security. The company completed its SOC 2 Type 1 compliance review in January 2019.

In addition to its main exchange and custody solutions, the company introduced Gemini Fund Solutions in March 2021. The new service provides fund managers with a range of tools and capital market services to expand their crypto fund services.