Tag: Doge

Sorry, SHIB: Robinhood Says No New Crypto Listings For Now

by Decrypt

In brief

  • Robinhood’s CFO cited concerns about regulators.

  • The company also said its wallet will be rolled out to all users by the end of March.

The CFO of Robinhood, Jason Warnick, said on Wednesday that the company has no immediate plans to add new crypto assets—a move that will come as a disappointment to owners of Shiba Inu (SHIB) and other tokens that stand to get a boost from a listing on the popular platform.

Speaking to reporters shortly after Robinhood posted Q4 earnings, Warnick said the company is proceeding cautiously in light of conversations with regulators who have warned they may regard certain tokens as unlicensed securities.

“We know our customers want new coins. The message is clear,” said Warnick, adding Robinhood is committed to new assets but is not able to state when it will list them.

Crypto has become a central part of Robinhood’s business strategy, which includes the recent launch of a wallet that will let customers send their assets off the platform. The wallet launched in beta this month, and Warnick said it should be available to everyone by the end of March.

Warnick also noted that launching its crypto products internationally will be a key focus for Robinhood in coming months, and that the company will soon launch a debit card that will facilitate quicker withdrawals.

All of this comes amidst a rocky stretch for Robinhood, which posted another quarterly loss on Thursday. The company revealed it lost 49 cents per share—compared to analyst expectations of a 42 cent loss—and that its revenue grew to $363 million, which fell shy of the predicted $370 million figure.

This in turn caused Robinhood’s share price to fall to another record low in after-hours trading. As of late Thursday afternoon, the stock was trading around $10—a far cry its high of around $82 when the company went public in mid-2021.

The company was riding high last summer in part thanks to a surge in Dogecoin trading, which made up a significant portion of its overall revenue.

Now, though, that trading has fallen off considerably while its other product lines—equities and options trading—have remained mostly flat.

Robinhood, which has become the subject of acquisition rumors in recent weeks, is betting that it can achieve a turnaround in part by offering new products such as retirement accounts. Meanwhile, Warnick also predicted that the company’s crypto wallets could prove to be a long-term strategic asset.

“It’s a huge opportunity. We still think it’s early but crypto wallets are a foundational experience,” he said.

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Billionaire Elon Musk Sends Dogecoin (DOGE) Surging As Whales Gobble Up Dog-Themed Crypto Assets

by Dailyhodl

Business magnate and Tesla CEO Elon Musk is once again tweeting about meme crypto asset Dogecoin (DOGE), sending its price soaring.

The billionaire tells his 71 million Twitter subscribers that if fast-food titan McDonald’s accepts DOGE as payment for its products, he will consume a Happy Meal on television.

“I will eat a happy meal on TV if McDonald’s accepts Dogecoin.”

The tweet sent Dogecoin on a rally from a seven-day low of $0.126 to a peak of $0.151, a 20% increase. The original memecoin has since stabilized and is trading for $0.142.

Though the Golden Arches jokingly replied and expressed disinterest, crypto whales operating on Ethereum-challenger Binance Smart Chain (BSC) have sprung to action and are snapping up dog-themed digital assets at a fast rate.

According to whale-surveying bot WhaleStats, deep-pocketed investors on BCS are accumulating DOGE, and its competitor hyper-deflationary token Baby Doge Coin (BABYDOGE), at a record pace.

WhaleStats finds that the top 1,000 Binance Coin (BNB) wallets in the world are holding a combined 325 million DOGE worth about $48 million and a staggering 937 trillion BABYDOGE, worth nearly $4 million at time of writing.

The whale-watching platform also found that the dog-themed meme tokens set new records in terms of how many long-time holders they have on the Binance Smart Chain. The data shows that there are now over 470,000 long-term DOGE holders while BABYDOGE has reached 1.3 million.

Baby Doge Coin is exchanging hands at $0.0000000042 at time of writing, a 29.5% decrease from its seven-day high of $0.0000000059.

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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 loses 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.

Featured Image: Shutterstock/AnnstasAg/MrArtHit

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McDonald’s, Elon Musk Twitter Exchange Send ‘Grimacecoin’ Cryptocurrencies Flying

by Decrypt

The bull run may be over, but this bear market has already served up a few strange morsels. 

On Tuesday, Tesla CEO and long-time Dogecoin fan Elon Musk tweeted at McDonald’s in an attempt to get the fast-food chain to accept DOGE as payment. McDonald’s responded by saying that it would only make the change if Tesla also accepted a then-non-existent currency called “Grimacecoin.” 

Grimace is a “purple being of indeterminate species” who exists in McDonaldland, the fast-food chain’s cartoonish metaverse, according to internet fandom.  

Shortly after the tweet, tens of cryptocurrencies trading under the name Grimacecoin began appearing (and mooning) on various blockchains. 

Dex Screener, a tool that monitors token activity on different decentralized exchanges, revealed that some variety of this token was trading. 

These networks included Binance Smart Chain (BSC), Polygon, Ethereum, Avalanche, and Fantom. 

The biggest gainer of this batch was the Grimacecoin on BSC’s PancakeSwap, which jumped by a whopping 120,000% over the past 24 hours. 

It’s entirely unclear what the purpose of these coins is beyond simply grifting on social media activity between two large Twitter accounts.

McDonald’s and crypto

McDonald’s has been cued into cringe crypto moves for some time now. 

Besides the latest Grimacecoin stunt, it also released an NFT for its legendary McRib sandwich back in October. If chosen for the stunt, “lucky” winners would enjoy a picture of the tantalizing snack as a digital image long after the restaurant chain stopped serving its limited-time-only product. 

Elsewhere, other large brands are also busy square-pegging round holes.

Taco Bell, a similar fast-food restaurant that swaps buns for tacos shells, launched a collection of NFT-based digital tacos. Absurd? The collection quickly sold out. 

Even amid the exchange between Musk and McDonald’s, Burger King tweeted “only a king knows what da coin do,” suggesting its social media manager may have been having a stroke. 

Still, today’s launch of Grimacecoin is yet more evidence that no matter how dumb you think a certain coin might be, there’s a buyer out there somewhere.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Largest Ethereum Whales Pounce on Shiba Inu, Buy Over $88,000,000 Worth of SHIB in the Past Day

by Dailyhodl

The top 1000 richest Ethereum wallets are gobbling up the popular memecoin Shiba Inu (SHIB) at an alarming rate.

Those top Ethereum wallets purchased more than $88 million worth of SHIB over a 24-hour period, according to the whale-monitoring bot WhaleStats.

One address, the 262nd-largest Ethereum wallet, purchased more than $34 million worth of Shiba Inu during that 24-hour period.

Another whale, the 29th-largest Ethereum wallet, bought nearly $40 million worth of SHIB.

Shiba Inu is trading at $0.000021 at time of writing, down 25% from where it was priced a week ago. The 14th-largest crypto asset by market cap is also down nearly 45% in the past month.

SHIB is a meme token that aims to be an Ethereum-based alternative to Dogecoin (DOGE). The crypto asset can be used for payments at various retailers or on its decentralized exchange ShibaSwap for non-fungible token (NFT) purchases and staking.

In total, the top 1000 Ethereum wallets hold more than $1.155 billion in SHIB, representing 13.78% of their non-Ethereum (ETH) holdings, according to WhaleStats. That’s second only to FTX Token (FTT), which represents about 15.56% of the addresses’ non-ETH holdings.

FTT is the exchange token of FTX, a cryptocurrency derivatives trading platform for futures, leveraged tokens and over-the-counter trading.

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Fading power? Weak DOGE spike after Elon Musk makes McDonald’s offer

by Cointelegraph

Erratic billionaire and Tesla CEO Elon Musk has offered to eat a kids meal from McDonald’s live on television if the fast food giant adds Dogecoin (DOGE) as an official payment method.

“I will eat a Happy Meal on TV if McDonald’s accepts Dogecoin” said the SpaceX CEO in a tweet on Tuesday morning. In the minutes following Musk’s tweet, the price of DOGE immediately jumped 7% from $0.135 to $0.145 where it remains at the time of writing

Previous tweets from Musk have seen markets move far more substantially, with a recent announcement about using it for Tesla merchandise payments causing DOGE to surge over 25%. The current downturn may have something to do with it, but the smaller spike suggests Musk’s power to move markets is beginning to fade.

Around ten hours later, McDonald’s responded by stating, “Only if Tesla accepts Grimacecoin” making reference to a fake coin depicting a fuzzy purple McDonaldland mascot from the ‘80s called “Grimace”. Crypto opportunists were quick to respond, with Grimace Coin (Grimace) already minted on Binance Smart Chain. (Disclaimer: buying a memecoin created in the last few hours is not widely considered to be a wise financial move).

As always, mainstream media outlets have been quick to cover the billionaire’s erratic online behavior, with the Wall Street Journal and The Independent further amplifying Musk’s crypto tweets.

The billionaire is jumping on the bandwagon of McDonald’s crypto memes that have grown in popularity on Twitter recently. The fast food giant has become intrinsically linked to crypto markets during times of crisis, as influencers and investors post memes about needing to get a job at the fast food chain following th significant losses on crypto markets.

Salvadoran President Nayib Bukele — whose government recently bought the BTC dip, snapping up an extra 410 Bitcoin at $36,000 each— joined the trend on Jan. 23rd, uploading a poorly edited photo of him sporting a McDonald’s-branded hat and nametag.

While crypto memes seem light-hearted, Musk has frequently used his enormous 71.5 million following on Twitter to cause upheaval in the crypto markets. Earlier this month, Musk announced that Dogecoin could be officially be used as payment for merch on the Tesla website, causing wild swings in its price, and his announcement about suspending Bitcoin’s use for Tesla payments in mid-2021 caused markets to tank.

Musk’s erratic Twitter behavior has been the subject of intense criticism in the past, with the  CEO of Binance, Changpeng Zhao (CZ) declaring: “Tweets that hurt other people’s finances are not funny, and irresponsible.”

Despite Tesla famously owning more than 42,000 Bitcoin at an average cost of $31,700 per coin, Musk seems more comfortable pumping Dogecoin, recently declaring to Time Magazine:

“Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”

The billionaire went even further, stressing that Bitcoin’s cost per transaction is high while its transactional volume is low compared to DOGE. As a result, Musk argued that Bitcoin would be better used as a store-of-value asset, and that DOGE is superior for spending and transactions.

Related: McDonald’s jumps on Bitcoin memewagon, Crypto Twitter responds