Musk’s Halloween Tweet Leads to DOGE, SHIB Uptrend

Elon Musk, the new boss of Twitter, has again made a crypto-realted headline that has shot up prices.

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Musk tweeted a photo of a Shiba Inu dog dressed in a shirt with a Twitter logo and a pumpkin with a Twitter logo on Halloween day, accompanied by a wink emoji as a caption. 

As expected, the prices of Musks’ favourite crypto Dogecoin (DOGE) and Shiba Inu shot up. 

DOGE shot up 14% within minutes following his tweet. However, the crypto shrank down to 12% at press time. 

While Shiba Inu also showed a big uptrend but not as much as DOGE, it rallied by around 5% to create a local high of $0.00001032. However, Shiba Inu’s uptrend also fell after the hype died down, and at press time, the pump was down to 4%. It was trading at $0.00001287.

Besides the tweet, the two cryptocurrencies were already hot as Musk had already hinted that DOGE would soon be incorporated with the Twitter platform.

Musk’s latest tweet post comes after his completion of the acquisition of Twitter with $44 billion.

Musk has been a vocal supporter of DOGE for years now. He also believes that DOGE is better than bitcoin for executing daily crypto payments.

Musk’s crypto-related tweets have always been market movers. 

DOGE also previously shot up in May when Musk tweeted that in the near future, his space venture company SpaceX would introduce payments with DOGE.

Bloomberg media on Saturday suggested several ways that Musk, who is one of the most significant crypto influencers globally, might bring more cryptocurrency into Twitter.

According to Bloomberg, if Musk decided to play a bigger crypto role on Twitter, there are some ways he could do it.

Bots and spam on Twitter have been a huge concern for Musk and helped trigger a contentious legal battle that put his acquisition of the firm at risk. The issue is particularly important in cryptocurrency, where spam accounts impersonate famous personalities like Musk in order to promote scams involving fake crypto giveaways.

According to Bloomberg, some crypto enthusiasts believe that Musk may advocate for the use of blockchain to help reduce bots on Twitter and authenticate all real humans on social media.

Freedom of speech is a priority for Musk, and he intends to lift the company’s lifelong bans on users. Those values align with those of most crypto believers dedicated to the ethos of the decentralization promoted by blockchain.

As per Bloomberg, Musk could potentially implement a token-based voting system that allows users to have more say over what occurs on Twitter. He also could add more crypto elements on Twitter to expand decentralization aspects and mainstream usage of digital assets.

Musk has already expressed ambitions of turning Twitter into a “super app.” In the past, he expressed admiration for China’s WeChat platform, which can handle things like messaging, games, payments, and video streaming.

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Tesla Sold 75% Bitcoin Holdings in Q2, Worth $936m

Electric car manuficaor Tesla (TSLA) announced that it sold $936 million worth of its Bitcoins or 75% of its holdings in the second quarter. The company reported the revelation in its earnings report on Wednesday.

“As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency,” Tesla stated in its second-quarter earnings report announced on Wednesday. The firm added the sales worth $936 million in cash to its balance sheet.

Musk commented in the earnings call on Wednesday: “The reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate, so it was important for us to maximize our cash position. This should not be taken as some verdict on bitcoin,” he added that “Tesla is open to increasing its crypto holdings in the future.”

Tesla ended the second quarter with Bitcoin holdings worth $218 million, down from $2 billion in the past three quarters.

The fair market value of Tesla’s Bitcoin holdings reached $2.48 billion in the first quarter of last year and ended the year at about $2 billion. While the company did not mention what price it sold its Bitcoins or show the size of its impairment, Bitcoin began the second quarter this year at around $46,000 and ended below $19,000.

The firm held an estimate of 42,000 Bitcoins at the start of the second quarter. The sales of 75% of those BTCs worth $936 million means that Tesla’s average selling price was about $29,000 per Bitcoin.

Bitcoin ended the second quarter at a trading price of about $18,700. This means Tesla avoided a significant impairment charge on its holdings by selling earlier in the quarter.

In February of last year, Tesla announced a purchase of $1.5 billion worth of the cryptocurrency using its balance sheet capital. In March last year, the company announced that it would soon accept the most popular and largest cryptocurrency as a mode of payment for purchases of its electric vehicles. The announcement sent the prices of most cryptocurrencies substantially higher and cemented Musk as a de facto crypto leader.

In April 2021, Tesla sold $272 million of its Bitcoin holdings during Q1 to demonstrate to users that the crypto is a good investment. The firm said that the sales of Bitcoins contributed $101 million toward its bottom line (profitability) and accounted for a reduction in the company’s operating expenses.

For the company, Bitcoin has proven to be a good place to put some cash that is not being used for daily operation and be able to get some return on it.

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Musk’s Boring Company to Accept Payment in Dogecoin

Elon Musk’s The Boring Company will accept payment in Dogecoin for rides in its Las Vegas Loop, a CNN report stated.

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Currently, rides on the new Las Vegas transit system are currently free. However, according to the Las Vegas Loop’s website, the company plans to charge $1.50 for single rides and $2.50 for a day pass, but specific timings have not been disclosed.

The payment plan was unveiled Friday as the company opened its first Loop station outside the Las Vegas Convention Center and it indicates another of Musk’s support for Dogecoin, whose value has fallen sharply.

Inside the underground Loop tunnel, passengers will be travelling in Tesla vehicles driven by humans at around 35 mph. Originally, Musk had announced that the high-occupancy vehicles would be travelling at 150 mph.

In the future, The Boring Company plans to automate driving and travelling at higher speeds.

According to CNN, The Boring Company hopes to eventually expand to more than 50 stations on the Vegas Strip, including casinos, resorts and Allegiant Stadium, home of the NFL’s Las Vegas Raiders.

To purchase a ticket, users can scan a QR code on a wall at the new Resorts World station, and those who do not wish to pay with Dogecoin can use a traditional credit card and US dollars.

Dogecoin, which began as a joke in 2013, was inspired by a popular internet meme. The coin rose to prominence following Musk’s support in recent years, including on Saturday Night Live.

Although Dogecoin had soared about 4000% to 68 cents in 2021, a single Dogecoin can currently be bought for about 7 cents. It has fallen 70% in the last year.

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Musk Asks McDonald’s to Take Dogecoin as Payment

Elon Musk tweeted, saying that he will eat a happy meal on television if McDonald’s accepts Dogecoin.

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“I will eat a happy meal on tv if @McDonalds accepts Dogecoin,” Musk, chief executive of Tesla Inc, said in a tweet. He is also a big supporter of Dogecoin said earlier this month that Tesla would accept the cryptocurrency for payment for some merchandise.

According to CoinMarketCap, the price of Dogecoin rose 7% following his tweet.

Musk’s tweet came after cryptocurrency prices — including Dogecoin — have fallen sharply in recent days.

CoinMarketCap also indicated that Dogecoin initially began as a joke in 2013 but is currently in the top 10 by the market value of cryptocurrencies.

Musk and Twitter

Musk is an avid Twitter user and has also gotten into arguments with other financial leaders.

Blockchain.News reported on November 24, 2021, Twitter had become an arena for crypto-related battles due to the ongoing issue associated with Binance suspending Dogecoin withdrawals.

A war of words ignited between Musk and Changpeng “CZ” Zhao, the CEO of Binance crypto exchange, on Twitter social media platform after Musk called the way Binance exchange is handling Dogecoin glitch “shady”.

Binance had suspended Dogecoin withdrawals on November 11 after the platform experienced a software glitch as a result of a network update, Blockchain.News reported.

Following which Musk took to Twitter on November 23 and brought up the issue concerning Doge withdrawals on the popular exchange. Musk tagged Binance CEO, and stated: “What’s going on with your Doge customers? Sounds shady.”

Binance’s official Twitter account took about 30 minutes to respond and, as a result, argued that there is nothing shady with the issue.

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Musk Asks McDonald’s to Take Dogecoin as Payment, Pledging to Eat Happy Meal on TV

Elon Musk tweeted, saying that he will eat a happy meal on television if McDonald’s accepts Dogecoin.

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“I will eat a happy meal on tv if @McDonalds accepts Dogecoin,” Musk, chief executive of Tesla Inc, said in a tweet. He is also a big supporter of Dogecoin said earlier this month that Tesla would accept the cryptocurrency for payment for some merchandise.

According to CoinMarketCap, the price of Dogecoin rose 7% following his tweet.

Musk’s tweet came after cryptocurrency prices — including Dogecoin — have fallen sharply in recent days.

CoinMarketCap also indicated that Dogecoin initially began as a joke in 2013 but is currently in the top 10 by the market value of cryptocurrencies.

Musk and Twitter

Musk is an avid Twitter user and has also gotten into arguments with other financial leaders.

Blockchain.News reported on November 24, 2021, Twitter had become an arena for crypto-related battles due to the ongoing issue associated with Binance suspending Dogecoin withdrawals.

A war of words ignited between Musk and Changpeng “CZ” Zhao, the CEO of Binance crypto exchange, on Twitter social media platform after Musk called the way Binance exchange is handling Dogecoin glitch “shady”.

Binance had suspended Dogecoin withdrawals on November 11 after the platform experienced a software glitch as a result of a network update, Blockchain.News reported.

Following which Musk took to Twitter on November 23 and brought up the issue concerning Doge withdrawals on the popular exchange. Musk tagged Binance CEO, and stated: “What’s going on with your Doge customers? Sounds shady.”

Binance’s official Twitter account took about 30 minutes to respond and, as a result, argued that there is nothing shady with the issue.

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SHIB Token Surges by 1946.11% within a Week

Today, despite the fact that most mainstream cryptocurrencies have fallen back, the SHIB token has proven to be the exception, rising by 123.63% in the past 24 hours. Within a week, SHIB token has surged by an impressive 1946.11%.

SHIB is the native token of the SHIBA INU network and is the first ERC-20 token to be listed and incentivized on ShibaSwap decentralized exchange.

Binance crypto exchange elaborated on SHIB token and said:

“SHIBA INU (SHIB) is an experiment in decentralized community building and another meme coin similar to Dogecoin.”

SHIB was officially launched in August 2020, when the decentralized finance market was making huge strides and growing exponentially. The founder of SHIB token Ryoshi issued a total of 1,000 trillion SHIB. 50% of the tokens were locked into Uniswap to provide liquidity, while the remaining 50% was allocated to Ethereum co-founder Vitalik Buterin.

SHIBA INU was launched on OKEx, Huobi Global, and Binance on May 8, 9, and 10 respectively. The cryptocurrency rapidly became popular within the crypto sector.

SHIB is also whimsically known as the ‘Doge Killer’ as SHIB, due to its relatively low price, is attracting Dogecoin investors.

The popularity of Shiba Inu Coins gained massive traction due to the following reasons:

Firstly, SHIB token’s initial starting price is relatively low. Therefore, investors can spend a small amount of funds and still gain hundreds of thousands of SHIB. For new-entry investors, the entry barrier is relatively low.

Secondly, due to the extremely high FOMO (Fear of Missing Out) sentiment in the bull market, SHIB token quickly gained a lot of traction. Investors, fearing that they were missing out on an incredibly opportunity, jumped on the chance to invest in SHIB, as they did not want to miss out on any chance of getting rich.

The third reason why SHIB surged by so much in so little time is due to billionaire Elon Musk’s endorsement of Dogecoin. Elon Musk tweeted on May 7 that he was looking for a Shiba pup, sending SHIB higher.

Shiba Inu (SHIB) has now entered the top 20 rankings of CoinMarketCap and is currently ranked No.17. It may well be a trader’s response to the hype surrounding Dogecoin (DOGE).

At the time of writing, SHIB is trading at $0.00003225.

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Dogecoin Surges by over 30% Thanks to Elon Musk’s Price Pump

Yesterday Tesla CEO Elon Musk tweeted “The Dogefather SNL May 8” and announced that he will host the “Saturday Night Show” as “Dogefather”.

This tweet renewed positive sentiment of investors pertaining to Dogecoin, which promptly sent the meme-based cryptocurrency on a surge of over 30%. This is the first time Dogecoin has broken through $0.35 this week.

According to Coinmarketcap, Dogecoin has an unlimited supply of altcoins and is currently the seventh-largest cryptocurrency by market capitalization. In the past 24 hours, the price of Dogecoin has risen by more than 4.17% and within a week’s period, DOGE has soared by more than 15%.

As a solid supporter of Dogecoin, Elon Musk said in a recent tweet that the price of Dogecoin will go to the moon. At the time of writing, the joke cryptocurrency’s price is approximately $0.3074.

Dogecoin (DOGE) Price Analysis

Source: DOGE/USD 4-Hour via TradingView

Judging from the 4-hour candlestick chart, Dogecoin (DOGE) has broken through the symmetrical triangle pattern but it suffered strong seller resistance at $0.35.

After April 20, Dogecoin suffered considerable losses after trying to touch a record-high of $0.45 without success. Thus, Dogecoin formed a double-top M-shaped pattern.

DOGE’s price has been hovering around the neckline of $0.26 for a long time. The bulls are saving power near this level to prepare for the next breakthrough. Motivated by Elon Musk’s tweets, the bulls successfully broke through the resistance level of $0.26 and flipped it into a support level.

The transaction price of DOGE/USD is hovering above the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD indicate that the bulls are currently dominating the market.

The stochastic RSI is turning downwards and stepping out 80 marks from the overbought zonewhich is the bearish side of the oscillator. The bullish momentum is not strong enough to prompt DOGE higher. If a large number of sell orders are triggered, then DOGE/USD will test the 20 day-Exponential Moving Average of $0.29 support level.

If the bulls fail to defend $0.29, the crypto price will retreat to the neckline of 0.26 in the upcoming days and retest it.

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GameStop, Dogecoin and Crypto: Making Sense of The Wild Current Financial News

Unless you’ve been living under a rock for the past week, you’ve heard about the exploits of a rag-tag group of Reddit traders who have upended the status quo of Wall Street.

GameStop, Dogecoin and Crypto: Making Sense of The Wild Current Financial News

I’ve been watching these events unfold from Dubai with equal parts wonder and glee. As a professional investor, the absurdity of both Wall Street and Reddit is apparent.

From the crush of Gamestop investors to the meteoric rise of Dogecoin (one-time joke crypto based on a meme), one thing is clear: we’re in uncharted territory. Here’s my take on where we go from here.

Wall Street Got (Deservedly) Screwed…And Made Things Worse

Everyone with even modest exposure to high finance knows that the professionals can access better information and more sophisticated strategies than any small-time retail investor. Investing, on balance, is anything but a level playing field.

For too long, the elites have assumed that the little guys will simply follow their lead and provide liquidity when needed. Of course, it’s never wise to bet on asymmetrical information in the long-run. Eventually, people catch on and set up their own “gotcha” moment.

All is fair in love, war, and investing, and if Wall Street had taken its licks and gone back to business as usual, I’m willing to be that the story would have been forgotten in the next news cycle.

That isn’t what happened. Instead, Wall Street decided to take the cry baby approach and move the goalposts when they lost. This move didn’t go unnoticed, and chaos understandably ensued.

And The Pendulum Swings

Naturally, the response from people, pundits, and politicians was swift and overwhelming. The masses deepened their distrust of Wall Street and gained newfound confidence in their ability to (seemingly) move the markets.

The problem here is that chaos thrives in the presence of irrational exuberance, and things get out of hand. Somehow, the GameStop Redditors’ machinations have morphed into a bull market for Dogecoin (literally a joke cryptocurrency). Adding fuel to the fire are people like Elon Musk, who have demonstrated the ability to initiate massive moves in the market by merely changing a Twitter bio.

Now, we see trades that make the late 90s tech bubble look conservative. How does this play out? The same way it always does, with the little guy getting squeezed. Yes, David gave Goliath a very-much-deserved black eye. However, that doesn’t mean that he’s sparked a revolution.

How I See Things Playing Out

For the most part, history is a game of inches. Much like the markets, trends ebb and flow until they reach a tipping point. I believe that we’re witnessing one of these flow moments, and it will eventually subside. However, there are significant trends that can, and should, draw on going forward.

I’ve been a longstanding advocate of Bitcoin because it’s radically open and decentralized. The populist momentum that drove the pump and dump schemes behind Gamestop and Dogecoin will outlive the passions of the moment. Bitcoin, unlike many other cryptos, represents a reliable and fundamentally strong vehicle for a decentralized future.

The professional class of investors, of which I am undoubtedly a member, should also be mindful of history’s lessons. If the Trump years taught us anything, it’s that populist uprisings are both challenging to quell and damaging to the long-established status quo. Sometimes, the changes that they bring about are positive, but more often than not, they result in increased division and inequality.

If we want to see a more equitable and profitable future, Wall Street must move toward a more inclusive and fair model. If they continue to move the goalposts and play cry baby when their well-established tactics are used against them, they’re only going to deepen the divide.

I’ll be doing my part, continuing to support open and decentralized platforms like Bitcoin well into the future.  

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@AlonGoren @Crypt0TT @LunarCRUSH @TotleCrypto @RobertBeadles @CryptoWendyO @CryptoEuclid @CryptoStache @elonmusk @TheMoonCarl @Cointelegraph @dogecoin High quality meme

@AlonGoren @Crypt0TT @LunarCRUSH @TotleCrypto @RobertBeadles @CryptoWendyO @CryptoEuclid @CryptoStache @elonmusk @TheMoonCarl @Cointelegraph @dogecoin High quality meme

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The Wolf Den Newsletter just went out to paid subscribers. Lots of discussion of the @Ledger hack, @elonmusk and my Bitcoin short. Also some trade ideas on $LINK and $ORN. $15 a month to get it every week day.

The Wolf Den Newsletter just went out to paid subscribers. Lots of discussion of the @Ledger hack, @elonmusk and my Bitcoin short. Also some trade ideas on $LINK and $ORN.

$15 a month to get it every week day.

https://t.co/LZdIOJoq4p

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