Tag: Dogecoin

Elon Musk Responds to Dogecoin Founder’s Drastic Income Reduction

by Blockchain News

Elon Musk, the CEO of Tesla and SpaceX, recently responded to a tweet from Billy Markus, also known as Shibetoshi Nakamoto, the founder of Dogecoin, regarding a drastic reduction in his social media earnings. This interaction gains significance against the backdrop of Musk’s controversial influence on Dogecoin and allegations of market manipulation.

Markus’s Earnings and Musk’s Response

On September 2, 2023, Billy Markus disclosed that his recent social media earnings had plummeted to about one-third of what they were in the previous two weeks. The tweet quickly gained traction, stating,

my 𝕏 paycheck is about 1/3rd of what it was compared to the previous two weeks, and i want to say… …that it’s all magic bonus money to me that i greatly appreciate and it’s absolutely crazy and amazing that i get paid anything at all to shitpost on this app

In response, Elon Musk tweeted that the fluctuation was likely due to the “beta code” nature of the revenue-sharing algorithm on the platform. He also added that only verified users counted towards ad revenue, hinting at the complexities of monetization algorithms.

Sorry, this should be more stable over time. Revenue share is still very much beta code. Worth noting that only verified users (aka X Premium subscribers) count for ad revenue, otherwise it’s trivial to game.

Implications for Social Media Monetization

The interaction between Markus and Musk serves as a microcosm of larger issues surrounding social media monetization, including high-profile figures of cryptocurrency. It raises questions about the fairness and stability of revenue-sharing models, especially for content creators who rely on these platforms for income. Moreover, it brings into focus the ethical considerations of influential figures like Musk affecting market dynamics.

Musk’s Influence on Dogecoin

Elon Musk has been a polarizing figure in the cryptocurrency world, particularly when it comes to Dogecoin. His tweets have often led to wild price swings, as reported by Blockchain.News, earning him both admiration and criticism. Musk has even faced legal action for allegedly manipulating Dogecoin prices, although these allegations have yet to be substantiated.

Recent Revelations from Wall Street Journal

A recent Wall Street Journal article titled “The Real Story of Musk’s Twitter Takeover” adds another layer of complexity to this narrative. The article, based on an excerpt from Walter Isaacson’s upcoming biography on Elon Musk, reveals that Musk has been quietly funding Dogecoin’s development. It also discusses failed negotiations between Musk and Sam Bankman-Fried (SBF), the CEO of cryptocurrency exchange FTX, over a potential $5 billion investment. Both parties reportedly considered the other “crazy.”

Conclusion

The sharp decline in social media earnings experienced by Dogecoin founder Billy Markus and Elon Musk’s subsequent response have opened up a Pandora’s box of questions related to social media monetization and market influence, a sentiment echoed by other key figures. This issue gains urgency as Meta’s new Twitter-style app, Thread, intensifies competition and challenges Twitter’s operational model.

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Musk Requests Dismissal of $258 Billion Dogecoin Pyramid Scheme Lawsuit

by Blockchain News

Elon Musk, the billionaire entrepreneur and CEO of SpaceX and Tesla, is facing a $258 billion lawsuit accusing him of operating a pyramid scheme to promote the popular cryptocurrency Dogecoin (DOGE). However, Musk and his legal team are now pushing to have the lawsuit dismissed, stating that the allegations are baseless and lacking in evidence.

The lawsuit was filed by a group of Dogecoin investors in June 2022, who claimed that Musk had used his enormous social media influence to artificially inflate the price of DOGE, causing them to suffer significant financial losses when the cryptocurrency’s value subsequently plummeted. The investors also accused Musk of manipulating the cryptocurrency market to his own advantage, calling his actions a “dogecoin hustle.”

However, according to a Reuters report from April 1, Musk’s lawyers have now requested that the lawsuit be dismissed on the grounds that it is a “fanciful work of fiction” with no factual basis. The hearing took place on March 31 in Manhattan’s federal court, where Musk’s legal team argued that the investors’ claims were entirely without merit and should be thrown out.

This is not the first time that Musk has faced legal action related to his involvement with cryptocurrencies. In 2018, the US Securities and Exchange Commission (SEC) fined him $20 million for allegedly misleading investors with tweets about taking Tesla private. The SEC also required Musk to step down as the chairman of Tesla’s board of directors.

Despite the legal challenges, Musk remains a high-profile figure in the world of cryptocurrencies, and his social media posts about DOGE and other digital assets continue to garner significant attention from both fans and detractors alike.

In recent years, Musk has publicly expressed his support for cryptocurrencies, particularly DOGE, which he has referred to as “the people’s crypto.” However, his statements have also been criticized for their potential to influence the market and create volatility.

Despite the controversy surrounding Musk’s involvement with cryptocurrencies, many investors and traders remain bullish on DOGE and other digital assets, viewing them as a potentially lucrative investment opportunity. Whether the lawsuit against Musk will ultimately be successful remains to be seen, but it is clear that the world of cryptocurrencies continues to be a hotbed of legal and regulatory challenges.

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Crypto Prices This Week: Market Cap Stays above $1 Trillion, BTC, ETH, DOGE, SHIB, AR

by Blockchain News

The cryptocurrency market has posted a bullish performance, marking a good beginning this week. The market started to rally above the trillion-dollar mark towards the end of last month as the appeal for riskier assets increased amid the current bearish macroeconomic environment.

On Monday 02:46 am EAT (East African Time), the market capitalization of all cryptocurrencies was $1.08 trillion, down 2.63% in the last 24 hours. The overall volume of the crypto market during the last 24 hours reached $64.26 billion, a 41.82% fall, according to data platform Coingeko.

With the new month remaining bullish for the landscape, here is a look at five cryptocurrencies investors should watch out for this week.

Bitcoin has maintained its good performance and was trading higher at $21,251.06 after losing 0.31% of its value over the past 24 hours. The flagship cryptocurrency hit a seven-week high on Saturday after a better-than-expected U.S. jobs report in October showed that the labour market remains surprisingly strong, even as the Feds pushes to cool down the economy.

The Altcoin market also continues to see similar bullishness. Ethereum’s price was down 3.26% compared to the prior week at $1,576, but the crypto’s performance has remained among the best this week. The token took advantage of the crypto market’s late push in October, surging all the way to $1,655 and trying to move closer to its $1,700 target. In a span of two weeks, ETH managed to rise by 30%, but the impacts of the Federal Reserve’s 75 basis point interest rate hike caught up with it and made it drop all the way down to $1,500 once again.

Meanwhile, Dogecoin was trading at $0.1243, down 3.17% in the last 24 hours but has gained 96.41% in the last 30 days. Elon Musk’s recently completed his $44 billion takeover of Twitter last week triggered the crypto’s bullishness.

Shiba Inu (SHIB) has also been doing well, with a 25% increase in the past two weeks, though showing consolidation in the past 24 hours, indicating a 2% decline. A lot of the growth that the two meme coins posted is because of the attention it got from Elon Musk buying Twitter. The wild thought that Dogecoin and Shiba Inu could be used on Twitter created massive buying pressure.

Arweave (AR) is also among the most profitable since last week and continues to do well currently. Its current uptake is associated with Meta as the tech firm is undertaking a massive Instagram revolution, requiring third-party crypto projects’ involvement in infrastructure solutions.

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Twitter Sued Amid Musk’s Plans to Lay Off 50% of Employees

by Blockchain News

Elon Musk might be the new owner of the social media giant, Twitter Inc, but he sure isn’t getting off on the right footing.

LAWSUIT2.jpg

The company has recently been sued through a class action lawsuit that seeks to prohibit the firm from laying off over 50% of its staff as planned.

 

Rumors of impending staff retrenchment have always been a major fear since the negotiations leading to the completion of the $44 billion company. According to several reports, Musk started firing the projected 3700 staff on Friday, a move that has drawn criticism from observers across the board.

The class action lawsuit was filed by Shannon Liss-Riordan, the attorney who also took Elon Musk and his electric automaker offshoot, Tesla Inc to court back in June when 10% of the workforce was laid off at the time. Though Liss-Riordan lost the suit at the time, she is confident that Musk cannot continue to thump his feet on the law everywhere he goes.

“We filed this lawsuit tonight in an attempt the make sure that employees are aware that they should not sign away their rights and that they have an avenue for pursuing their rights,” Shannon Liss-Riordan said in an interview.

Specifically, Elon Musk is being accused of breaking both California and Federal laws as the federal Worker Adjustment and Retraining Notification Act (WARN) Act demands that large companies be expected to give a 60-day notification in the case of a layoff. 

The lawsuit, filed in San Francisco demands that Musk and Twitter do the right thing while also preventing staff from signing documents that will make them give up their rights in civil litigation against the company.

As the renowned advocate of Dogecoin (DOGE), the prospect of the lawsuit as well as the rocky start to his tenure as owner of Twitter with ad customers pulling off the platform, the memecoin has derailed on its growth path, dropping by 4.37% to $0.1244, the only coin in the top 10 with a loss over the past 24 hours.

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Twitter Sued Amid Musk’s Plans to Lay Off 50% of Employees

by Blockchain News

Elon Musk might be the new owner of the social media giant, Twitter Inc, but he sure isn’t getting off on the right footing.

LAWSUIT2.jpg

The company has recently been sued through a class action lawsuit that seeks to prohibit the firm from laying off over 50% of its staff as planned.

 

Rumors of impending staff retrenchment have always been a major fear since the negotiations leading to the completion of the $44 billion company. According to several reports, Musk started firing the projected 3700 staff on Friday, a move that has drawn criticism from observers across the board.

The class action lawsuit was filed by Shannon Liss-Riordan, the attorney who also took Elon Musk and his electric automaker offshoot, Tesla Inc to court back in June when 10% of the workforce was laid off at the time. Though Liss-Riordan lost the suit at the time, she is confident that Musk cannot continue to thump his feet on the law everywhere he goes.

“We filed this lawsuit tonight in an attempt the make sure that employees are aware that they should not sign away their rights and that they have an avenue for pursuing their rights,” Shannon Liss-Riordan said in an interview.

Specifically, Elon Musk is being accused of breaking both California and Federal laws as the federal Worker Adjustment and Retraining Notification Act (WARN) Act demands that large companies be expected to give a 60-day notification in the case of a layoff. 

The lawsuit, filed in San Francisco demands that Musk and Twitter do the right thing while also preventing staff from signing documents that will make them give up their rights in civil litigation against the company.

As the renowned advocate of Dogecoin (DOGE), the prospect of the lawsuit as well as the rocky start to his tenure as owner of Twitter with ad customers pulling off the platform, the memecoin has derailed on its growth path, dropping by 4.37% to $0.1244, the only coin in the top 10 with a loss over the past 24 hours.

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Dogecoin Becomes The 8th Largest Cryptocurrency, Overtaking Cardano

by Blockchain News

According to CoinMarketCap, Dogecoin has replaced Cardano as the eighth-largest cryptocurrency by market capitalization. On Saturday evening, Dogecoin quickly jumped ahead of Cardono to claim the eighth spot.

The price of Doge has risen by 131.23% in the past 7 days. At the time of writing, the Dogecoin price stood at $0.1344, 50.34% up in the last 24 hours, with a 24-hour trading volume of $15,024,853,397 USD.

Doge is currently ranked #8, with a live market cap of $17,968,371,819 USD – ahead of now ninth-placed Cardano and tenth-placed Solana with $14.4 billion and $11.9 billion respectively.

The meme token rallied on Monday when rumors emerged that Elon Musk, CEO of Tesla Motors, was about to buy Twitter’s social media platform. Doge’s bullishness remained throughout the week anchored by two crucial factors.

Dogecoin price surged by 14.52% on Wednesday, bringing the 24-hour rise to 21.22%, with the coin trading at $0.072. The crypto market cap rising and crossing above the $1 trillion mark has been a factor that contributed to DOGE’s rise this week.

Besides that, Doge’s uptick was immensely contributed by Elon Musk’s advancement to seal the Twitter acquisition deal. The billionaire made a presence at the Twitter HQ on Wednesday and eventually closed the deal on Friday, October 28, bringing the six-month-long ordeal to an end. Blockchain.News reported the matter.

Dogecoin is doing pretty well in the market because of the impact that it might integrate on the Twitter platform. In the past, Musk suggested using DOGE to limit spam and bots on Twitter and charge users for their tweets.

Billionaire Elon Musk has been a huge advocate of Dogecoin. In January, Tesla began accepting the Dogecoin cryptocurrency for its merchandise such as the “Giga Texas” belt buckle and mini models of electric vehicles.

Being that Elon Musk is now at the helm of Twitter, social media is likely to make a similar move that is set to see Dogecoins’ prices explode due to its mass adoption.

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Binance Confirms Equity Investment in Musk’s Acquisition, Dogecoin Stimulated over the Deal

by Blockchain News

Dogecoin has been trading up 35% since Monday following the news about Elon Musk has completed the deal to acquire Twitter’s social media giant. Doge soared its price by 10% up after the Tesla chief executive changed his Twitter bio to read “Chief of Twit” on Wednesday.

After a month of long battle between Musk and Twitter over the sale, Musk closed the deal on Friday. According to the CNBC report, Tesla CEO Elon Musk is now in charge of the social media and online news platform Twitter in a $44 billion deal. 

Musk also decided to lay off the major executives, including CEO Parag Agrawal and CFO Ned Segal. Based on the announcement, Twitter’s CEO Parag Agarwal and Chief Financial Officer Ned Segal have left the company’s headquarters in San Francisco. CNBC reporter David Faber shared a tweet that the executives “will not be returning.”

Musk expressed his excitement about closing Twitter’s deal on Thursday – he disclosed the reason for acquiring the social networking platform in a tweet: “Did it [bought Twitter] to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”

Faber expects more changes are likely within Twitter as he believes that Musk will lay off some of the company’s employees, as that number could be up to “three-quarters of the staff.”

Meanwhile, Binance confirmed that the crypto exchange has invested in Musk’s Twitter deal, Bloomberg reported.

“We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology,” Binance said in a statement, citing Changpeng “CZ” Zhao, its billionaire co-founder.

The report citing a Binance spokesperson, said Friday “our initial commitment remains the same”, and flagged the possibility of growing the partnership.

In May, Binance said it had committed $500 million for the takeover as part of its strategy to bring social media and news sites into the world of web3. After one month, the crypto exchange has announced to raise $500 million crypto funds to enhance blockchain & Web3 adoption.

Crypto market is also stimulate by Musk’s deal. Dogecoin has been in a steady decline for several months, trading low on the market. But that changed on Monday this week when the value of the meme coin suddenly turned up, recovering 25% on the week and surging 16% on Wednesday.  The price of doge has risen by 35% since the beginning of this week. At the time of writing, the price is down by 2.64% and now trading at $0.0745, according to CoinMarketCap.

Source: TradingView

Doge’s surge is far from a normal revival – it is linked to Elon Musk’s takeover of Twitter, as the deadline for his purchase of the company approaches on Friday.

Musk has been the most visible and vocal supporter of the meme cryptocurrency, often influencing its price with his tweets and even endorsed it as a payment option on his Tesla merchandise store.

Image source: Shutterstock

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Binance Confirms Equity Investment in Musk’s Acquisition, Dogecoin Stimulated over the Deal

by Blockchain News

Dogecoin has been trading up 35% since Monday following the news about Elon Musk has completed the deal to acquire Twitter’s social media giant. Doge soared its price by 10% up after the Tesla chief executive changed his Twitter bio to read “Chief of Twit” on Wednesday.

According to the CNBC report, Tesla CEO Elon Musk is now in charge of the social media and online news platform Twitter in a $44 billion deal. 

After a month of long battle between Musk and Twitter over the sale, Musk closed the deal on Friday. 

Musk also decided to lay off the major executives, including CEO Parag Agrawal and CFO Ned Segal. Based on the announcement, Twitter’s CEO Parag Agarwal and Chief Financial Officer Ned Segal have left the company’s headquarters in San Francisco. CNBC reporter David Faber shared a tweet that the executives “will not be returning.”

Musk expressed his excitement about closing Twitter’s deal on Thursday – he disclosed the reason for acquiring the social networking platform in a tweet: “Did it [bought Twitter] to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”

Faber expects more changes are likely within Twitter as he believes that Musk will lay off some of the company’s employees, as that number could be up to “three-quarters of the staff.”

Meanwhile, Binance confirmed that the crypto exchange has invested in Musk’s Twitter deal, Bloomberg reported.

“We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology,” Binance said in a statement, citing Changpeng “CZ” Zhao, its billionaire co-founder.

The report citing a Binance spokesperson, said Friday “our initial commitment remains the same”, and flagged the possibility of growing the partnership.

In May, Binance said it had committed $500 million for the takeover as part of its strategy to bring social media and news sites into the world of web3. After one month, the crypto exchange has announced to raise $500 million crypto funds to enhance blockchain & Web3 adoption.

Crypto market is also stimulate by Musk’s deal. Dogecoin has been in a steady decline for several months, trading low on the market. But that changed on Monday this week when the value of the meme coin suddenly turned up, recovering 25% on the week and surging 16% on Wednesday.  The price of doge has risen by 35% since the beginning of this week. At the time of writing, the price is down by 2.64% and now trading at $0.0745, according to CoinMarketCap.

Source: TradingView

Doge’s surge is far from a normal revival – it is linked to Elon Musk’s takeover of Twitter, as the deadline for his purchase of the company approaches on Friday.

Musk has been the most visible and vocal supporter of the meme cryptocurrency, often influencing its price with his tweets and even endorsed it as a payment option on his Tesla merchandise store.

Image source: Shutterstock

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Dogecoin Surges 35% after Elon Musk Finally Closes Twitter Acquisition Deal

by Blockchain News

Dogecoin has been trading up 35% since Monday following the news about Elon Musk has completed the deal to acquire Twitter social media giant. Doge soared its price 10% up after the Tesla chief executive changed his Twitter bio to read “Chief of Twit” on Wednesday.

According to the CNBC report, Tesla CEO Elon Musk is now in charge of the social media and online news platform Twitter in a $44 billion deal. 

After a month of long battle between Musk and Twitter over the sale, Musk closed the deal on Friday. 

Musk also decided to lay off the major executives, including CEO Parag Agrawal and CFO Ned Segal. Based on the announcement, Twitter’s CEO Parag Agarwal and Chief Financial Officer Ned Segal have left the company’s headquarters in San Francisco. CNBC reporter David Faber shared a tweet that the executives “will not be returning.”

Musk expressed his excitement about closing Twitter’s deal on Thursday – he disclosed the reason for acquiring the social networking platform in a tweet: “Did it [bought Twitter] to try to help humanity, whom I love. And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility.”

Faber expects more changes are likely within Twitter as he believes that Musk will lay off some of the company’s employees, as that number could be up to “three-quarters of the staff.”

In terms of crypto, Dogecoin has been in a steady decline for several months, trading low on the market. But that changed on Monday this week when the value of the meme coin suddenly turned up, recovering 25% on the week and surging 16% on Wednesday.  The price of doge has risen by 35% since the beginning of this week. At the time of writing, the price is down by 2.64% and now trading at $0.0745, according to CoinMarketCap. 

Source: TradingView

Doge’s surge is far from a normal revival – it is linked to Elon Musk’s takeover of Twitter, as the deadline for his purchase of the company approaches on Friday.

Musk has been the most visible and vocal supporter of the meme cryptocurrency, often influencing its price with his tweets and even endorsed it as a payment option on his Tesla merchandise store.

Image source: Shutterstock

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Tesla Launches Cyberwhistle by Accepting Dogecoin for Payment

by Blockchain News

American electric vehicle manufacturer Tesla has launched a new product called Cyberwhistle by accepting Dogecoin for payment, according to CEO Elon Musk.

The futuristic Cybertruck inspires the Cyberwhistle whistle. It is specially made of medical-grade stainless steel and polished. The back of the whistle has reserved holes, which can be worn with a string by yourself, creating a unique style accessory with great collection value.

Elon Musk wrote on his official Twitter:

“Blow the whistle! We are working on making the whistle sound much louder.”

Dogecoin, an altcoin cryptocurrency founded in 2013 based on the popular Doge meme, is one of the more colourful coins on the cryptocurrency spectrum.

This product is expected to ship within 4 to 6 weeks. Tesla requires buyers to pay only in Dogecoin (DOGE). The price tag at the time of publication is 1,000 DOGE, including tax and shipping.

According to data from CoinMarketCap, at the time of writing, the meme cryptocurrency has gained about 0.29% over the past 24 hours and is currently ranked 10th by market cap with a market cap of $$8,022,656,050.

The token was trading at $0.06047. One Cyberwhistle would be worth around $60 at current prices.

Tesla said that no other payment methods are accepted for the item and that Dogecoin is the only cryptocurrency currently accepted for specific items.

Therefore, the buyer needs a Dogecoin wallet to pay and ensure the correct amount and address. Due to the privacy of cryptocurrency transfers, the company is not responsible for reversals or refunds.

As a strong advocate of Dogecoin (DOGE) and other Shiba Inu-themed meme coins, his post propelled Dogecoin to an all-time high of 67 cents last May.

Musk tweeted “Dog Daddy on SNL on May 8” and announced that he would be hosting “The Saturday Night Show” as “Dog Daddy.” The tweet rekindled positive investor sentiment towards Dogecoin, and the meme-based cryptocurrency quickly surging more than 30%.

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