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Dogecoin (DOGE)

Tesla Takes DOGE Payments Mainstream as Musk Builds Hype

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It is now official that Tesla accepts Dogecoin (DOGE) payments for some of its merchandise. Not very long ago did Elon Musk tweet about his company accepting the famous meme coin, after which things were kept very low-key. Now, the cat is out of the bag.

Earlier this week Twitter user had confirmed the payment mode, among other modes of payment, on his Twitter handle. Although there was a huge tide of speculation, the token’s followers awaited an official confirmation from the company itself. Today, Elon Musk and Billy Markus, the founder of Dogecoin (DOGE) took to Twitter to announce that the American-based company is now accepting the meme token as payments. Musk’s tweet read,

“Tesla merch buyable with Dogecoin”

Tesla’s Electric cars not in exchange for Dogecoin

There was a bunch of merchandise listed in exchange for DOGE, but the electric cars weren’t one of them. Nonetheless, people were allowed to purchase Cyberquad bikes for kids, Giga Texas Belt Buckle, and Cyberwhistles with the altcoin.

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Tesla Takes DOGE Payments Mainstream as Musk Builds Hype 3
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Tesla Takes DOGE Payments Mainstream as Musk Builds Hype 4

The company put out a support page exclusively for Dogecoin inquiries. The page guides buyers on how to purchase with the altcoin. The Dogecoin network will be charging network fees every time a payment is made using the token.

The company has ensured to bring to the notice of the purchasers that any merchandise bought with DOGE as payment cannot be canceled once the order is placed. There is also a strict no-return policy in place when a product is bought using Dogecoin. To sum it up, the company has presented a draconian policy regarding all purchases through the altcoin and called it a ‘final sale’ with no return, no cancellation, and no exchange of products.

Furthermore, it has been made very clear that Tesla only accepts Dogecoin. The company asserts that it cannot receive or detect any other cryptocurrency. A disclaimer regarding the use of any other form of digital asset has been clarified on the support page.

With this news like a gust of wind, Dogecoin (DOGE) price seems to be soaring high. At the time of writing, Dogecoin (DOGE) was priced at $0.1965 with a an escalation of 13.26% over the last 24 hours.

Musk’s Dogecoin preference impugned by Boyapati

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In a recent podcast interview with Lex Fridman, Elon Musk listed out a couple of reasons as to why he prefers Dogecoin(Doge) to Bitcoin(BTC). While Fridman did not catechize Musk’s answers, the famous author of ‘The Bullish Case for Bitcoin’, Vijay Boyapati listed out a few errors in the answers.

Vijay Boyapatti, who claims to be a fan of Fridman’s podcast episodes, showcased his counters to the answers given by the Tesla CEO, through a series of tweets.

When Musk was asked why he prefers Dogecoin to Bitcoin, he said that the meme-coin has a much higher transaction volume capability than Bitcoin, to which the author explained that Bitcoin has orders of magnitude that is more transactional throughout, using the second layer lightning network. He even pointed out that scaling at the blockchain layer is fundamentally flawed as it crucially undermines decentralization and protocol immutability.

Elon went on to say that the cost of making a Dogecoin transaction is very low. Boyapatti, with his difference of opinion, exhibited that the altcoin’s network has almost zero transactional usage which is why the cost of transaction is low, it’s not because the network has a superior design and even that Bitcoin had low fees back in the day when no one used it. He points out that Bitcoin’s inflation schedule has credibility precisely because it is truly decentralized and that no entity has the power to change it at its own discretion.

Elon Musk says that a smaller block size doesn’t make sense now

“When Bitcoin was started in 2008 bandwidth was lower, so a smaller block size made more sense but it doesn’t now.”

Vijay Boyapati, counters the above-given answer of Musk, by saying that a larger block size is more feasible now, but ‘changing’ it undermines protocol immutability and credibility of monetary policy. He annotates that even if a larger block size was chosen, it could not be scaled to handle global transactions at the base layer and that scaling must happen on the second layer systems.

To the statement where Musk says that there is some benefit to having a currency increase in supply as people won’t spend it if it’s too deflationary, Boyapati says,

“Elon is correct that market participants will tend to hold (rather than trade) an appreciating asset when the opportunity cost of relinquishing it in trade is very high, as is the case with any inelastic monetary good in the process of monetization.”

He continues to add,

“That cost is so high because Bitcoin is so early in its monetization. Eventually, the opportunity cost will diminish significantly once Bitcoin reaches widespread adoption and it will “only” appreciate at the rate of global productivity increases.”

The author, Vijay Boyapati concludes by asserting that Dogecoin‘s inflation schedule does not alter the necessary evolution, but it merely undermines the first stage of it of becoming a store value. He also remarks that in the long term few people will trust the inflation schedule of a coin that can easily be altered or whose supply is unlimited.

Susan G Komen now accepts cryptocurrency donations

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One of the biggest organizations that fight breast cancer, Susan G Komen, has declared that they will now be accepting donations in the form of cryptocurrency.

The organization broadcasted the news using their Twitter handle to state that, hereon, the charity will be accepting donations in the form of crypto assets like Bitcoin(BTC), Ethereum(ETH), and more through their successful partnership with ‘The Giving Block’, a platform that raises funds for non-profits and charities, through cryptocurrency. The donor firm accepts Bitcoin(BTC), Ethereum(ETH) and now has dinted in Shiba Inu(SHIB) and Dogecoin(DOGE). The enterprise also accepts other coins like Dogelon Mars(ELON), Decentraland(GALA), Orchid(OXT), and Civic(CVC)”.

The institution, Susan G Komen’s motive is to save lives by meeting the most critical needs in their communities and investing in breakthrough research to prevent and cure breast cancer. The organization said

“Crypto currency donations are going to provide a new avenue for donors to join our fight to save lives from #breastcancer”

“I race in memory of my sister Susan G Komen”- Nancy G brinker

The organization started with a promise made in 1980 by Nancy G. Brinker made to her sister, Susan. She promised Susan that she would do everything in her power to end breast cancer forever. In 1982, that promise gave birth to the Susan G Komen organization which marked the beginning of a global movement.

Susan Goodman Komen was a fashion model who was diagnosed with breast cancer at the age of 33. She succumbed to the disease three years after her diagnosis.

Susan G Komen is the only organization that addresses breast cancer on multiple fronts like research, community health, global outreach, and public policy initiatives to make the biggest impact against this disease.

The organization claims to have invested more than $2.9 billion in groundbreaking research, community health outreach, advocacy, and programs in more than 60 countries. Their constant efforts have helped reduce deaths from breast cancer by 40% between 1989-2016, according to a study. The organization opening its arms to donations through Cryptocurrency makes more ways to raise funds and that in turn means more lives saved.

Elon Musk weighs in on Jack Dorsey’s debate; Explains why he’s “Pro DOGE”

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Elon Musk has been a close spectator of the crypto-verse. From his consistent endorsements of the prominent meme cryptocurrency, Dogecoin [DOGE], to his love-hate relationship with Bitcoin [BTC], Musk has managed to stay relevant in the crypto industry. More recently, Elon Musk decided to weigh in on a heated Twitter debate that involved Jack Dorsey, the founder of the social media platform.

The entire debate was inititaed by the founder of Rug Radio, Farokh Sarmad who addressed Jack Dorsey’s latest jab against the Web3 technology. The tweet read,

“Yo @Jack I promise if you look outside of your bubble of rich dudes you’ll see that there are creators actually building web3 and a whole revolution in the form of digital renaissance. Come say hi or listen in on our conversations, the NFT space is filled with geniuses.”

This tweet drew a lot of attention from an array of people across the community. Even though it started as a mere tweet about Web3 tech, people gave birth to the whole BTC vs. ETH argument.

Not just “anti-Web3” Twitterati began labeling Dorsey as “anti-ETH” as well. Dorsey did not steer away. He tweeted,

Elon Musk agrees with Dogecoin co-founder

Several prominent members of the crypto community decided to be a part of this Twitter thread. The co-founder of Dogecoin [DOGE], Billy Markus made sure to jump in. As the entire conversation spun into a ETH vs. BTC one, Dorsey went on to subtly accuse the Ethereum network for working like a corporate establishment.

Markus added to this thread by suggesting that BTC was giving power to people who are rich. His tweet read,

“I mean my goal is to build stuff and make money and have fun I’m used to the corporate establishment and don’t really see any meaningful break away from it ~ bitcoin just gives power to new rich people.”

Replying to this, the Doge lover stepped in. Elon Musk replied to Markus’s tweet and said, “That’s why I’m pro Doge.”

Bulls bring in Christmas spirit into the Dogecoin [DOGE] market

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With Christmas just days away, the crypto-verse was bringing in good news for all the crypto lovers. Meme coins like Dogecoin [DOGE] and Shiba Inu [SHIB] said better late than never as they traversed on to the bullish arena. Altcoins like Avalanche [AVAX] and Terra [LUNA] were running the show by bagging massive gains.

Dogecoin [DOGE] witnessed a pretty hard fall from the top 10. The meme coin, despite its ever-surging popularity, had to settle for the 12th spot. During press time, DOGE’s market cap was noted at $23.00 billion. Its rival, Shiba Inu was just below DOGE with a market cap of $17.53 billion. The battle between these assets has been on for the longest time. However, considering SHIB’s current state, the chances of DOGE remaining on top were more elevated.

The price of Dogecoin recorded a dainty surge of 1.99% over the previous 24-hours. The meme coin failed to amass major gains over the week. Therefore, the price of the coin was $0.172, at the time of writing.

Dogecoin [DOGE] one-day price chart on Binance

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Bulls bring in Christmas spirit into the Dogecoin [DOGE] market 6

The one-day price chart of DOGE was registering the entry of the bull. The Parabolic SAR indicator laid out a dotted line below the price candles. The line further blocked the chances of DOGE dropping below its current price level. The Awesome Oscillator indicator was also exerting increased bullishness. The indicator affirmed this with the formation of strong green closing bars.

The Relative Strength Index [RSI] indicator pointed out a sellers’ market as the RSI marker sunk below the 50 median.

Additionally, meme coins got an earful from the Chairman of North Island, Glenn Hutchins, who urged the “disposal” of these assets. Appearing in a CNBC Squawk Box interview, he stated,

“We move into a situation where interest rates are increasing, easy money is turned off. [..] Dispose of the frothy end of the market meme stocks….”

Spencer Schiff finds Musk’s obsession with Dogecoin bizarre

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Spencer Schiff, a former goldbug and now an advocate for Bitcoin [BTC] finds it bizarre that Elon Musk is still so enthusiastically consumed by Dogecoin [DOGE].

Spencer Schiff, the son of an American stockbroker, financial commentator, and radio personality, Peter David Schiff, wonders why the Tesla CEO, Musk, cherishes the meme coin.

Elon Musk has been an evident supporter of the DOGE asset ever since 2019. He took to Twitter, not very long ago, to announce that his company, Tesla, will be accepting DOGE in exchange for some merchandise, specifics of the merchandise haven’t been mentioned though. Musk has always expressed his firm views of the altcoin and has been supporting cryptocurrency for a while now.

Elon Musk aware of Bitcoin Lightning Network, yet favors DOGE

The Time Magazine named Elon Musk ‘The Person of The Year” for 2021. The owner of the Bitcoin account, ‘Bitcoin Meme Hub’ posted a video of the interview and tweeted that it’s almost 2022 and the CEO of Tesla should know about the Bitcoin Lightning Network. Under this Twitter huddle , Spencer Schiff stated,

“He does. He’s mentioned it before. But for some reason he’s still obsessed with Doge, which is bizarre”

Lightning Network(LN) is a second layer to Bitcoin’s blockchain which is adduced to unblock it’s network by creating micro-payment channels between two parties, which makes the transaction faster, cheaper and more readily approved than those conducted directly on the Bitcoin blockchain. The scalability of LN is quite high, as capable as millions to billions of transactions per second across the network. According to Spencer Schiff, Elon Musk is aware of how Bitcoin LN functions, but he still calls the meme coin, Dogecoin his favorite.

Musk, in Time’s interview, said that Dogecoin is better for transactions in many ways. At the time of writing, Dogecoin was priced at $0.1827 and enjoys a bullish market with a soar of 1.75% in the last 24 hours.

Elon Musk for Dogecoin [DOGE] again; Tesla to accept DOGE?

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This is not the first time that Elon Musk has hit the headlines for his interest in DOGE. Earlier in 2019, for the first time, Elon Musk had mentioned in a tweet that Dogecoin [DOGE] might be his favorite cryptocurrency, which further spiked the value of the coin.

In the year 2020, Elon seemed to resume tweeting about his favorite coin again. His trifled tweets about DOGE contributed to the major fluctuations in the price of the asset.

Elon Musk says Dogecoin in exchange for merchandise

Time and again, the Tesla founder has fueled the woozy flutters of the altcoin’s value. Elon Musk has recently tweeted,

“Tesla will make some merch buyable with Doge & see how it goes”

The prolific Twitter user and cryptocurrency supporter gave his answer to the Twitter poll held in May 2021. He has stated that Tesla is willing to accept Dogecoin in exchange for some merchandise; what kind of merchandise hasn’t been specified yet. Contemporary to this tweet, the price of the asset seems to have hiked up by 20.77% in the last 24 hours, at the time of writing.

In a recent interview with the Times magazine, he said that Dogecoin is better for transactions. In many such ways, Elon Musk has often countenanced the asset.

Dogecoin is among the top 10 cryptocurrencies and seems to be growing faster by every tweet of Musk. His tweets have helped the meme-coin to escalate 5,859% over the last year, according to data from Coinbase.

Dogecoin was created by two software engineers who wanted to create a payment system to make fun of the deliberations in cryptocurrencies at the time. This altcoin was considered the first ‘meme coin’ given its satirical nature. Despite this, many investors consider it as a serious mode of benefit, and Elon Musk happens to be a staunch supporter and account holder of this cryptocurrency.

While Dogecoin enjoys the soar in value, Shiba Inu, commonly known as the ‘Dogecoin killer’ seems to have taken a plunge of 2.18% over the last 24 hours, at the time of writing.

Dogecoin [DOGE] miner revenue scores a new All-Time High at $1B

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Dogecoin [DOGE] had an incredible start this year, bringing a record number of miners to its network. DOGE’s all-time mining revenue hit a new peak at $1 billion in the month of November, according to the latest stats provided by data analytics platform, Coin Metrics. Earlier on November 13, 2021, the total all-time miner’s profit exceeded the $1 billion mark for the first time. As of December 9, the overall miner’s income currently stands at $1.08 billion.

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Dogecoin [DOGE] miner revenue scores a new All-Time High at $1B 8

It is worth mentioning that the total revenue of the meme coin mined on January 1st, 2021 touched $108 million. Since then, it has increased tenfold as the asset gained popularity and garnered public attention.

Notably, the growth in miners’ revenue started gaining traction and accelerated during the month of April and May, which coincides with the surge in the price of DOGE in the broader market, as investors began to turn their attention to the asset around this period. As a result, this provided an opportunity for the miners to reap benefits from the coin’s increasing popularity.

The principle behind Dogecoin mining

Dogecoin’s network employs the same principle as Bitcoin [BTC], Litecoin[LTC], and many other assets, by adding new blocks and reaching agreement among its network operators. In particular, DOGE and LTC use a common hashing algorithm called Scrypt enabling both to “merged mined”. This meant that both coins can be minted simultaneously without affecting operational efficiency.

As a matter of fact, the two asset shares a common algorithm because dogecoin’s protocol is based on Luckycoin [LKY], which in turn was designed from Litecoin. Comparing the two, leading crypto blogger Colin Wu observed,

“Dogecoin miners’ income has increased significantly this year. As of December 9th, the total income is $1.08 billion. The mining mechanism of Dogecoin is a bonus for mining Litecoin, but the income this year has exceeded that of Litecoin.”

At press time, Dogecoin is trading at $0.16, rising by 1.4% in the past 24 hours. On the weekly index, the asset declined by 3.87%. The canine token has been on a downward trend since its previously established peak of $0.7004 on May 8, this year.

Shiba Inu, Dogecoin fall under “shitcoins”: Wolf of Wall Street

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Meme coins like Shiba Inu [SHIB] and Dogecoin [DOGE] have been residing under the limelight and have no intention of moving out. While the globe has taken a keen interest in these assets, a few individuals have been having a hard time viewing these assets as real cryptocurrencies. Jordan Belfort, who also goes by ‘Wolf of Wall Street,’ belonged to the latter.

The term “shitcoin” has made quite the round in the crypto-verse. Cryptocurrencies that had little value and were often part of pump and dump schemes are often referred to as shitcoins. Belfort decided to categorize both Shiba Inu as well as Dogecoin as shitcoins.

Appearing in a recent interview with The Sun, the Wolf of Wall Street expressed his thoughts about the meme coins that had created quite an uproar in the market. However, he did not have the greatest things to say about these assets.

“Shiba Inu and Dogecoin are jokes”

Belfort has been extremely vocal about his interest in crypto. But Shiba Inu and Dogecoin just didn’t make the cut. Despite being a fan of blockchain, Belfort noted that he detested the fact that there were a lot of shitcoins in existence. He believed that these assets served no purpose and their main agenda was to “separate people from their money.”

Belfort opined that shitcoins were the product of an unregulated market. Having been to prison himself, Belfort suggested that those behind shitcoins should “go to jail” since they aren’t legitimate, he added. The former stockbroker further stated,

“You hear crazy stories of people making millions and billions but for every person like that, there are 10,000 or 100,000 people getting their a** handed to them in Shiba Inu. [..] It’s not a proper investment.”

While the entire crypto market has been booming, Belfort noted that prominent assets that have great value could be shadowed by shitcoins.

Additionally, stressing the involvement of the government, Belfort said the “sooner governments step in the better it is for crypto.”

After a pretty good run, Shiba Inu was seen slipping by 10.27% in the last 24-hours and its price dropped to a low of $0.0000462.

Dogecoin [DOGE] and Shiba Inu [SHIB] are at it again; Who’s going to take the lead?

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The bulls were back in the market and the meme coins, Dogecoin [DOGE], and Shiba Inu [SHIB] were making the most of it. Shiba Inu was on a roll. The altcoin was practically back from the dead. With a 38% surge in the last 24-hours, SHIB found itself at $0.00005373.

The battle between the meme coins was on. The market cap of SHIB followed the footsteps of its price and began to surge. Shiba Inu rose to fame just a couple of months ago, whereas Dogecoin has been under the limelight for the longest time. With the disparity between both these assets at a dot, it was rather difficult to judge who would take over as the tenth-largest cryptocurrency.

During the time of writing, the market cap of DOGE was $29.15 billion. Shiba Inu wasn’t too far off as its market cap was at $28.97 billion. As there were barely any hurdles between the two, several speculated that Shiba Inu [SHIB] would soon overshadow DOGE. For a brief moment, SHIB actually did so.

Dogecoin was having a great day in terms of price as it rose by 9.51% in the last 24-hours. At press time, DOGE was trading for $0.224.

Besides the meme coins, other altcoins like Ethereum [ETH], Terra [LUNA], and Litecoin [LTC] were bagging notable gains. Bitcoin, however, was stagnant at $57K.

Dogecoin [DOGE] one-hour price chart on Coinbase

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Dogecoin [DOGE] and Shiba Inu [SHIB] are at it again; Who's going to take the lead? 10

The short-term price chart of DOGE on Coinbase exhibited a vivid notion. Even though it seemed like the bulls were still in the market, the indicators used in the one-hour chart noted that they were slowly moving out. The Parabolic SAR indicator for instance chose to layout dotted lines over the price candles registering a bearish sentiment. The MACD indicator revealed a similar predilection with its bearish crossover.

Despite this bearish invasion, Dogecoin investors were on a buying spree. The Relative Strength Index [RSI] indicator affirmed that there was immense buying activity in the DOGE market.