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Shiba Inu reacts to CoinMarketCap issues

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CoinMarketCap listed three fake Shiba Inu contract addresses on their website in a quite recent update. The SHIB token team took to Twitter to announce that the three contract addresses listed on CoinMarketCap, namely Binance Smart Chain, Solana, and Terra, are all fake and that interaction with these contracts must be avoided if not the user will be at risk of irreversibly losing their funds.

The SHIB token defense team expressed their disappointment in their tweet. Supposedly, the CoinMarketCap team had refused to communicate with the SHIB team concerning the updates on the token page. Allegedly, CoinMarketCap had willingly allowed these malignant troupe to deface the ‘dogecoin killer’ token. The meme coin team explicitly showed displeasure over the lack of professionalism rendered by the crypto asset price tracking website.

Wormhole addresses for Shiba Inu

In response to the squabble, CoinMarketCap interpreted that the contract addresses are indeed wormhole addresses for the SHIB. They explained that these addresses were used to aid cross-chain transactions of wrapped versions of the altcoin.

At the moment, the reason for the listing of the alternative addresses is uncertain, but such delinquency is adversely harmful not only to the altcoin but the entire crypto society.

At the time of writing, the three wormhole addresses were still visible on CoinMarketCap, in the dropdown segment next to the SHIB token’s official ETH contract address.

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Shiba Inu reacts to CoinMarketCap issues 2

Despite the warnings given by the Shiba Inu team, there seems to be an array of transactions on each of these fake contract addresses’ chains. This indicates that quite a few investors have already sent money to these addresses, which is alarming.

In a lighter perspective, Shiba Inu has risen as the most viewed cryptocurrency of the previous year, 2021, according to CoinMarketCap. It has been enumerated by the cryptocurrency price-tracking website that there have been more than 188 million views, for the meme token, over the last 12 months. The more astonishing fact happens to be, Bitcoin (BTC), the world’s largest and most sought-after cryptocurrency had only 145 million views at the same time, which makes it the second most viewed crypto asset.

Shiba Inu remains to be eminently frivolous despite its rising idolization among holders. At the time of writing, Shiba Inu was priced at $0.00003142 with a daily drop of 1.79%.

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 5
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Tesla Takes DOGE Payments Mainstream as Musk Builds Hype 6

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.

FLOKI falls under the purview of the U.K. Advertising Authority

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The Advertising Standards Authority (ASA) of the United Kingdom is cautiously looking into all crypto-based adverts, including Floki Inu. There have been various adverts reported on the public transports in London to which the Floki team has quickly responded. FLOKI determined this as merely an attack from the lawmakers.

The FLOKI token was reportedly inspired by the renowned dog coin Shiba Inu that has been trending for a while. The coin has a huge following on Twitter as well and has risen by more than 147% in October.

The officials of the coin have come ahead to clear out the air on the allegations. Floki Inu clearly stated:

“The FLOKI advertisements placed through Transport for London followed due process and were legally cleared before they went live.”

The London lawmakers seem to have an issue with the project, citing little knowledge of the creators.

Floki Inu responded to this by saying that their decision of not predominantly featuring team members on the website was made with an intention to clear that the coin is PEOPLE’s crypto and was rather a movement focused on them. 

The officials added that the attack by lawmakers against their ads is unwarranted. They believe that the pushback is certainly by a political party to attack crypto and people’s freedom of choice. They find it a clear attempt at censorship.

However, the lead developer of the coin Jackie Xu is pretty popular on social media and well regarded in the industry. He has also worked on the Vyper project alongside Ethereum creator Vitalik Buterin.”

Floki questions the actions of lawmakers

Floki added that crypto is not illegal in the U.K., and more than 2.3 million citizens hold some or other digital assets. The officials questioned the actions of lawmakers allowing nudity and other inappropriate adverts but being against crypto. They stated:

“Ads that make women feel shameful about their bodies, as well as ads about Viagra and junk food, are allowed to run freely on the Tube….” 

The crypto has been involved in charitable deeds for quite some time. It recently donated all the money raised in an NFT sale worth $1.4 million to charity. It is also working with Pencils to Promise to construct schools in different regions of the world, including Africa.

Edward Snowden speaks against meme tokens, asks people to carefully consider before investing

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The biggest risers for the year 2021 have been the meme tokens. With Shiba Inu and Dogecoin entering the list of top 10 currencies by market cap, many analysts have different views on the same. Edward Snowden, a whistleblower and an ex-employee at Dell and CIA, recently criticized these doge tokens on his Twitter handle.

In the tweet, Edward Snowden carefully asked the people to invest in any token, especially meme tokens. Recently, we saw Shiba Inu defeat Dogecoin and enter the top 10 currencies list, rising by more than 800% in the last 30 days. This proves the fact that dog tokens are highly volatile.

According to Snowden, people are exchanging their hard-earned money for “dog money because a meme said you’d get rich.” Dog tokens are a risky investment before of the lack of a fundamental structure backing these currencies with a ridiculously high supply cap.

Edward Snowden vocal against meme coins

He further said in another tweet, “also, if you are mad at this tweet, you probably need to reduce your position size.” To this tweet, a user with a Twitter username of @theDJOblivion called upon the whistleblower, asking if he is mad “because those dollars didn’t go into your beloved BTC.”

To this, the former NSA employee said,

“People can buy any garbage they want, and I’m okay with it. The problem is when they get emotionally manipulated into mortgaging the farm based on a meme’s worth of understanding.”

Edward has been actively supporting cryptocurrencies, but it seems that he doesn’t find meme tokens worthy of his support. Recently, Edward Snowden described the concept of Central Bank Digital Currencies (CBDCs) as a “cryptofascist currency.”

He claims that these digital currencies are designed to put the government and other monetary authorities at the center of each transaction, invading the privacy of individuals, trying to curb the growth of benefits of decentralization. Edward Snowden further stated that a CBDC is not a digital dollar and is very different from a decentralized cryptocurrency.

Edward is known for his positive stance on decentralization, as he quoted in his CBDC paper, “Of all the things that might be centralized and nationalized in this poor man’s life, should it really be his money?”

Dogecoin 683 Percent Daily Volume Pump Amidst Viral TikTok Challenge

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Six months ago, Cash payment application Square Cash Launched a marketing campaign on TikTok, using the platform’s top performing influencers. Through the short-video sharing application, Square Cash raked in at least $150 million in revenue. Managing to introduce crypto to millions of TikTok users.  Thanks to TikTok, the less popular crypto Dogecoin took 140 percent and more of a leap by simply asking people to follow the app challenge that encouraged users to invest in the digital asset.

While Square Cash may have made millions of profits in bitcoin during the fall of last year; the Dogecoin challenge promised users that they could make a lot of profits when the coin hits $1 market price.

Crypto’s performance over the last few weeks could be attributed to a study conducted by Grayscale on Bitcoin investors. The study has shown that at least a third of individuals who haven’t heard of Bitcoin would invest in the coin once they’ve heard about it.

For instance, no sooner had the TikTok Dogecoin challenge taken root on the platform than the keyword,-“How to buy Dogecoin? ‘Twitter and Google have begun to trend. In fact , by the end of yesterday, the coin had risen to more than $878 million , representing a 683 per cent pump in its average daily volume. Take a look at cryptocurrency 7 and 30-day cryptowatch charts. The patterns all indicate a bullish curve.

Crypto Watch

[Source: CryptoWatch] 

Cryptowatch’s social activity trends is currently witnessing massive dogecoin updates on Reddit, Twitter and Dogecoin community; ranging from phrases such as:

“Petition to make Dogecoin the official in-app currency of TikTok and Reddit. The Money of Memes!

“If we get this to .0006 tonight I’ll get a doge tattooed to my chest”

However, despite millions of trending TikTok Videos about Dogecoin, the owner of an official dogecoin account on twitter asked investors to take more caution while investing in the meme coin.

Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising.

Make choices right for you, do not ride other peoples FOMO or manipulation.

Stay safe. Be smart.

❤️ #dogecoin

— Dogecoin (@dogecoin) July 8, 2020

Nevertheless, Dogecoin is here to stay thanks to the meme culture rooted in the Z generation and the Millennials. The prevailing market stimulus is not only eager to speculate on the direction the coin will take, but also willing to invest and reap profits if the coin hits $1.