Coinbase to List DOGE Resulting in Price Surge
Coinbase, the world’s biggest crypto exchange announced today that will list DOGE (dogecoin) in its platform. The announcement was made by Alesia Haas, Coinbase CFO during his interview on CNBC’s Mad Money show on Thursday. He also added that Coinbase’s recent move is to further push for its growth as an exchange in terms of services offered to its users.
“We are slow. We need to add more assets. We’re making big investments to improve the speed of our asset addition, but clearly, the market is speaking.”
After the announcement, the DOGE (dogecoin) price began to spike. From merely trading at $0.38, the altcoin’s price jumped to $0.50 in Binance and other major exchanges. The price of DOGE (dogecoin) continues to surge despite the recent market crash.
On May 8, the price of DOGE (dogecoin) tremendously dropped an hour before the most anticipated appearance of Elon Musk in the late-night show “Saturday Night Live”. On May 9, DOGE (dogecoin) dropped by 75.51% from its recorded all-time high a day before the show with its price at $0.4215.
Today the price of the altcoin is in an upward trend despite the whole crypto market in a dip after the BTC (bitcoin) price plummeted. As of writing, DOGE (dogecoin) is now at $0.541532 in data by Crypto.co.
BTC Price Dips After Removal From Tesla as Payment
After accepting BTC (bitcoin) as payment to buy Tesla cars, Elon Musk suddenly had a change of heart.
On May 11, the “Technoking” conducted a poll on Twitter on whether Tesla will accept DOGE (dogecoin) as payment. 78.2% of the participants voted “YES” while only 21.8% said “NO”.
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
On May 13, Musk posted on Twitter that Tesla suspends BTC (bitcoin) as payment for purchasing cars with the company. He further added that Tesla is now considering other cryptocurrencies that use less than 1% of BTC (bitcoin) energy consumption.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Could this be retaliation against BTC (bitcoin) proponents after an allegedly dumping of DOGE (dogecoin), Musk’s favorite which resulted in the DOGE (dogecoin) nosedive? But Musk’s action didn’t sit well with Microstrategy CEO Michael Saylor. According to reports, Saylor was the one who convinced Musk to include BTC (bitcoin) in Tesla’s portfolio. In response to Musk’s statement about BTC (bitcoin) as an environmental hazard, Saylor stated the improvement on Bitcoin energy consumption based on a report by cbeci.org.
The estimated electricity consumption per https://t.co/Lj4SMIkLS8 YTD increased 40% during the same period that the network grew 100% in assets, meaning that energy efficiency dramatically improved during this time period. #Bitcoin is becoming less energy intensive as it scales.
— Michael Saylor (@michael_saylor) May 13, 2021
He further emphasized that BTC (bitcoin) benefits outweigh its energy consumption.
“Bitcoin offers 8 billion people a superior technology to guarantee their human rights to property, as well as a solution to the global problem of inflation & currency devaluation which creates $10+ trillion in economic damage per year. Isn’t the fossil fuel mix second order?”
The drop in the cryptocurrency’s price will definitely affect every single BTC holder including Elon Musk. It can be recalled that Tesla purchased $1.5B worth of BTC (bitcoin) in February.
As of writing, BTC (bitcoin) price is now at $ 50,134 in data by Crypto.co and has recovered by 6.6% from its recent dip at $47,029.
Ethereum Founder Dumps Shiba Inu Resulting in Price Dip
Another doge-themed token price dip here. Ethereum founder Vitalik Buterin dumps his 2 trillion Shiba Inu tokens from his wallet.
Shiba Inu is a dog-themed token similar to Dogecoin built on Ethereum. It was created by an anonymous creator known as “Ryosi” and has a limited supply of 1,000,000,000,000,000 SHIB. Currently, it has a circulating supply of 394,796.00 billion in data by Coinmarketcap.
Buterin’s Shiba Inu holdings were reportedly given to him as a gift in a hope that it will add to the legitimacy of the token. After Buterin’s dumping, Shiba Inu’s price suffered a nosedive and lost 20% of its value.
According to reports, Buterin dumped SHIB tokens along with other dog-themed Akita and Dogelon Mars (ELON) tokens. Akita was down by 30% while Dogelon Mars (ELON) dropped by 90% after being swapped for 619 ETH.
He distributed the proceeds and tokens to several charities. India Covid-Crypto Relief Fund received more than $2 billion worth of ETH and plus 10% of the liquidated SHIB tokens. Methuselah Foundation on the other hand received ELON tokens and 1,000 ETH (ethereum). He donated to GiveWell $53 million in ETH (Ethereum) while Gitcoin received over half a billion dollars worth of AKITA tokens.
Guess that’s dumping dog-themed tokens with a good cause. The recipient charities will definitely agree but token holders will definitely hate him for that.
Binance Under Investigation by the US IRS and DOJ
Binance, the biggest crypto exchange by trading volume is in the middle of a controversy.
According to reports, the crypto exchange is now under investigation by the US IRS and DOJ for money laundering and tax violation.
In a statement from the exchange’s spokeswoman through an email stating:
“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion.”
The spokeswoman further added:
“We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity.”
She declined to comment further on the issue and stated that the company does not comment on specific matters or inquiries.
With Binance under investigation by two regulatory bodies, will this affect the crypto industry?