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Dogecoin Celebrates Record-High Daily Gains In 17 Weeks

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Dogecoin pulled off a new record this week, with a 10% increase on July 25, its largest single-day percentage rise since April 3. The surge is brought on by speculation that DOGE would be accepted as payment on the revamped Twitter site. Notably, the token also enjoyed the undivided attention of traders, as noted by the uptick in the perpetual futures market.

DOGE’s ongoing rally gained further momentum from the derivative market as the notional open interest reached the $500 million mark for the first time since April 19, per Coinglass data. Open interest is a sign of money coming into and going out of the market. In just two weeks, the figure has more than doubled.

Open interest has risen to 6.2 billion DOGE, which is getting close to the record of 6.43 billion set on April 8. It is believed that an uptrend is confirmed when the price rises steadily while its open interest increases.

Elon Musk, the world’s richest man, recently tweeted promotion of the new social media platform’s logo, which was first posted by a Dogecoin designer. Later, keen-eyed observers noted Musk’s minor modification to his Twitter bio, which now includes the letters “X” and “D,” and they surmised it has something to do with the meme coin.

X is believed to be a reference to Twitter’s new logo, while D is likely to be for Dogecoin, which he has previously publicly supported. To add more fuel to this speculation, Macro Guru and former Goldman Sachs executive Raoul Pal offered his perspective on Musk’s potential use of Dogecoin for global payments.

Dogecoin Could Be Used To Pay Twitter Content Creators

In a tweet dated July 25, Pal made the suggestion that Musk might use Doge as a medium for international payments to Twitter content creators. “He will use crypto to be able to make global payments for creators, etc. My guess is he uses Doge.”

At the time of writing this post, DOGE had edged up nearly 4% in the past 24 hours, trading for $0.08. And in the past week, it’s been up 15%, ranking among the top-performing coins. In addition to its impressive price growth, the trading volume of The OG meme coin has also increased dramatically, reaching levels last seen in early April.

Dogecoin Embarks On A New Era After Twitter’s Bird Out, ‘X’ In

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Dogecoin’s price reached a 10-week high following a flurry of new changes in the last few days. Often regarded as the OG meme coin, the token has also witnessed a tremendous surge in its trading volume, with levels last seen in early April. The past weekend, Twitter made headlines after Elon Musk announced the phasing-out of its bird-themed brand in favor of X, the site’s new name.

Shortly after it, Musk made an appearance in a Twitter Space titled “No one talks until we summon Elon Musk” to confirm the logo change was real. When asked why he was changing the logo now, the tech billionaire replied, “It should’ve been done a long time ago.”

On July 23, recently appointed CEO Linda Yaccarino characterized her vision for X. She described it as “the future state of unlimited interactivity—centered in audio, video, messaging, payments, and banking—creating a global marketplace for ideas, goods, services, and opportunities.” In all these, a bigger question looms about the role of crypto on the new site.

Elon Musk’s New Bio Has Dogecoin In It

The concept for X originated twenty years ago. Elon’s second venture was a financial services website called X that aimed to become the first digital bank on the Internet. In the end, Peter Thiel’s Confinity and the original X merged to establish PayPal.

PayPal attempted to launch its own Internet-based currency at the time, but it was never successful. Coincidentally, Bitcoin and Dogecoin appeared a decade and a few years later, respectively. With both currencies’ popularity continuing to expand throughout this time, experts believe the groundwork is now in place for digital money to establish itself as the first online bank.

Most significantly, hawk-eyed onlookers noticed Musk’s slight alteration in his latest Twitter bio, which now includes the symbols “X” and “D,” and they hypothesized it has something to do with the meme coin. X is thought to be a reference to Twitter’s new logo, while D is interpreted as Dogecoin, which he previously showed support for in public. One user excitedly wrote,

With all this in mind, it’s hard to imagine a more bullish development for Doge than the arrival of X. The most interesting place on the Internet is entering a new era, and Dogecoin has never felt more inevitable than now. The bird has served Twitter well over the years. May Doge rise ascendant in its place!

The Elon Era: “Crypto Twitter” The Next Evolution of Social Media!

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One proposal from Axie Infinity’s co-founder suggests retaining the name “Twitter” but introducing a separate crypto wallet called “X” for spending and tipping creators. The social media app might undergo significant changes, including replacing its iconic blue bird logo with an “X,” as part of a major rebranding effort.

However, the crypto community, especially those active on Crypto Twitter, has not been entirely enthusiastic about some of these changes.

Elon Musk, in a series of tweets on July 23, hinted at the possibility of rebranding the platform to “X” as an initial step towards transforming it into an “everything app.”

According to Musk’s tweets and a poll, the rebranding process might involve a shift in Twitter’s color scheme to black, the elimination of the blue bird logo, and adopting the name “X.” These potential changes could reshape the familiar social media app into a new and distinct version.

Musk has confirmed that the website used to access the social media platform might also undergo changes. As of now, X.com, which was the online address for his financial services start-up founded in 1999 and later sold to PayPal, now redirects to Twitter.

Before this redirection, X.com used to be a mostly empty website, simply displaying the letter “x.” At different points in the past, it redirected to Musk’s Boring Company website, PayPal, and even displayed eBay’s corporate site. In March, Musk established X Corp. as Twitter’s parent company, partly to realize his vision for a WeChat-like app.

Twitter’s Rebranding Faces Intense Criticism from Crypto Community

However, the proposed changes have not generated much enthusiasm among Crypto Twitter users. Twitter has been a significant platform for the crypto community, with a staggering 1 billion tweets about crypto recorded between 2020 and 2022, as reported by Hypebeast in March.

Trust Machines marketing chief, Dan Held, expressed that Twitter holds an iconic status, and he considered Musk’s decision to rebrand it as “insane” to X. Others have also shown resistance to the proposed rebrand. Crypto blogger Tiffany Fong mentioned that she will still refer to it as “Twitter,” and this sentiment was echoed by podcast host Peter McCormack. Nonetheless, there were some individuals who supported the idea, believing that the creation of a super-app like X has been Musk’s vision since he left PayPal. They pointed to Musk’s October tweet that hinted at his Twitter acquisition being a catalyst for X’s development.

Various individuals have also offered their own suggestions on how Musk should proceed with X. Jeff “Jiho” Zirlin, co-founder of Axie Infinity, proposed retaining the Twitter name while integrating a crypto wallet called X, enabling users to spend and tip platform creators. Additionally, in a post on July 23, Twitter chief Linda Yaccarino provided more insights about X, mentioning features such as “unlimited interactivity,” support for multiple media formats, and the inclusion of payments and banking—something Musk reportedly desires to support crypto.

Although Yaccarino didn’t specify the technical details, she hinted that the upcoming app would be powered by artificial intelligence. Musk had previously expressed the use of AI for detecting public opinion manipulation. The rebranding decision comes amid Musk’s acknowledgment on July 15 that Twitter’s advertising revenue had declined by 50%, and the company was dealing with a substantial debt load, although the timeframe of the revenue drop remains undisclosed.

DOGE Creator Slams Mark Zuckerberg’s Copycat Platform, Predicting Armageddon

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Billy Markus, one of the original creators of the popular meme cryptocurrency Dogecoin, has expressed his views on a new social media application called Threads. The app was developed by Meta, a company founded by Mark Zuckerberg, or more precisely, by Instagram, which is owned by Meta. There has been a significant amount of discussion on Twitter recently following Meta’s launch of what some perceive as a potential threat to Twitter.

Critics have accused Mark Zuckerberg of imitating Twitter, continuing his company’s aggressive approach, which seems to involve creating clones of competitors or incorporating similar features into their own applications. For instance, when Mark Zuckerberg failed to acquire Snapchat, he instead purchased Instagram and incorporated the Reels feature, resulting in a substantial user migration from the TikTok app. Prior to that, he acquired WhatsApp as a possible rival to Messenger.

In response to a tweet by popular Twitter user “greg” (@greg16676935420) with a substantial following of half a million users, Markus offered his commentary. “Greg” had expressed support for Elon Musk, emphasizing that the tech visionary had invested $44 billion in Twitter, humorously claiming that Musk had personally invented the platform through sheer effort and dedication.

Markus corrected this notion, reminding “greg” that Twitter was actually created by Jack Dorsey, not Elon Musk. However, Markus added a facetious remark, stating that Musk had invented oxygen to sustain human life, implying that Musk advocated for free speech on Twitter. In contrast, Markus sarcastically attributed the creation of carbon monoxide, a toxic gas, to Zuckerberg, insinuating that Zuckerberg’s actions were aimed at harming people.

The Controversy Surrounding Mark Zuckerberg’s Threads App: Unveiling the Criticisms

Billy Markus and numerous others express concerns primarily rooted in Meta’s track record of scandals related to privacy breaches and heavy censorship on their social media platforms, such as Facebook. These concerns arise because Elon Musk, from the outset, declared his intention to acquire Twitter in order to uphold freedom of speech, with only minimal censorship measures in place, primarily targeting issues like terrorism and user harassment. Given Meta’s history, there is skepticism regarding whether Mark Zuckerberg will adopt a similar approach with his newly launched Threads app.

Mark Zuckerberg

Zuckerberg has stated his intention to create a “friendly version” of Twitter, seizing certain opportunities that Twitter may have overlooked. However, criticism has also been directed towards Elon Musk regarding his management of Twitter and his decision to downsize the workforce following the acquisition of the company.

In a recent tweet, Musk playfully mentioned the possibility of a cage fight between him and Zuckerberg taking place in the Colosseum. However, with the emergence of the Threads app, this seemingly lighthearted notion of a physical confrontation between these tech moguls might now take on a more serious and significant connotation.

Meta’s P92: The Latest Decentralized Social Networking App In Development

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Meta, an American multinational technology conglomerate, is reportedly working on a new decentralized text-based app, according to a March 9th report.

It will support ActivityPub, the protocol that powers Mastodon and other decentralized social networking apps that compete with Twitter. The app, codenamed P92, is still under development, and Meta has not revealed when it plans to release it.

Meta Ventures Into Decentralization With P92

The app will allow users to log in through their Instagram credentials, according to documents seen by MoneyControl. This move has raised concerns among users who might not want to share their Instagram data with another Meta app.

The report stated that Meta’s recent actions are being interpreted as an effort to develop a Twitter alternative or a Mastodon competitor, given the increasing popularity of decentralized networks since Elon Musk’s takeover of Twitter. 

The Fediverse, which is a network of decentralized servers that supports the ActivityPub protocol, includes various platforms like Tumblr, Flipboard, and Flickr.

Meta’s new application will support ActivityPub, which will make it easier to connect with other instances, such as Mastodon, as per MoneyControl. However, decentralization is not limited to this protocol alone.

Bluesky, which is backed by Jack Dorsey, recently launched its iOS app in beta, and messaging applications like Rocket.chat have already embraced the Matrix protocol.

Blaine Cook, who is a former Twitter engineer, believes that the diversity of protocols is as significant as the diversity of applications that are built on top of them. 

He noted that interoperability between ActivityPub and Bluesky won’t be difficult and that the only thing preventing interoperability between Twitter and Facebook’s timeline has been protectionist policies by those companies.

Meta has made attempts to create new apps and experiences in the past, but not all have taken off. It has killed experiments like the anonymous teen app, tbh, Cameo-like app Super, Nextdoor clone Neighborhoods, couples app Tuned, and TikTok clone Lasso, just to name a few, according to the report.

Therefore, it won’t be surprising if the new decentralized app shuts down a few years after its launch. Meta has confirmed the development of the new app in a statement but has not revealed details about its release, per the report.

However, the company’s move to create a decentralized app is an attempt to provide users with an alternative to Twitter and Mastodon and to create a separate space where creators and public figures can share timely updates about their interests.

Related Reading |  Bitcoin Slides Below $20K Amidst Growing Crowd’s Interest

Suspension of Dogecoin Tipping Bot by Twitter Instills Fear

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 Numerous factors contributed to the success of Dogecoin (DOGE). Elon Musk, the CEO of Tesla, has been a leading supporter, despite the fact that it first began as a joke. The community hoped for an improvement in Dogecoin’s visibility on Twitter once Musk took over the social media platform. On the other hand, a well-known DOGE tipping bot on the social media site has been suspended.

Earlier today, a number of Dogecoin users reported that the Twitter account “MyDogeTip” had been suspended. Users contacted Twitter to try and fix the problem, but as of press time, no response has been received.

According to reports, this tip bot has been around for a while. Members of the community even remarked that no other cryptocurrency on Twitter is utilised for tipping as frequently as DOGE.

Twitter launched a feature that would let users use Ethereum [ETH] and Bitcoin [BTC] for tipping before Musk took over the company. In the middle of this, Reddit saw a boom for Dogecoin. In comparison to Bitcoin, there were 262,138 recommendations for DOGE a year ago. As a result, the community pushed for Dogecoin to be included in Twitter’s tipping system. Billy Markus, one of the DOGE network’s co-founders, even created a petition to get the item listed on the social media site.

However, as soon as Musk announced interest in acquiring the business, Twitter’s dynamics shifted. While many expected Dogecoin to take center stage on Musk’s Twitter, the business magnate has been busy rebuilding the company.

Move Instills Fear In Dogecoin Community

Without a reaction from Twitter, numerous rumours started to circulate. The vast majority of the community thought it was primarily an error.

Others hoped Twitter Coin wouldn’t take the place of Dogecoin. Mishaboar, a member of the DOGE community said,

“Either a mistake or something to do with Twitter’s new suspension policies. I really really hope it has nothing to do with the other incentives Twitter is planning to add (like Twitter Coin), as that would not replace Dogecoin for me and a lot of other people.”

According to a story from earlier this week, Twitter has been requesting licenses from the appropriate authorities to enter the U.S. payments market. While its competitors were going through a period of correction, this news helped DOGE’s price rise. However, the most recent information might hurt the asset.

Dogecoin Surge Looms: Expert Predicts 100% Price Boost

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Cryptocurrency trader Bluntz has made a bold prediction for the meme coin Dogecoin (DOGE), projecting a massive price surge against Bitcoin (BTC). 

In a recent Tweet, Bluntz noted that the DOGE/BTC pair is at a “pretty interesting weekly level” and that betting on the bottom of Dogecoin is “never a bad bet.”

Despite acknowledging that the DOGE/USD pair looks like a “hot fucking mess,” Bluntz believes the DOGE/BTC pair is “gearing up for a revenge pump of probably 100% or more.” 

He added that not having a bag of Dogecoin would be “negligence” on his part, especially after the USD pair broke out after four attempts.

Source: Bluntz tweet

Dogecoin, which started as a joke, has become a significant player in the cryptocurrency world. With a market capitalization of over $12 billion, it is one of the largest cryptocurrencies in the market. 

This sudden surge in interest can be attributed to the coin’s growing community and support from famous personalities like Elon Musk and Mark Cuban.

Dogecoin’s success showcases the growing influence of meme coins in the world of cryptocurrency. With its massive potential for growth and a strong following, it’s no wonder Dogecoin will be touted as a top investment opportunity soon.

Twitter’s Payment Plans Boost Dogecoin Price

Twitter’s recent plans to launch a payments platform and gain regulatory licenses have given a boost to the price of the popular meme coin Dogecoin (DOGE). 

The move made by CEO Elon Musk to diversify revenue streams and launch an “everything app” has caused an 8% surge in the price of Dogecoin. As per CoinMarketcap, it is currently trading at $0.09219 with a massive growth in the trading volume, which is about 146.62% in the past 24 hours.

Source: Tradingview

Twitter’s director of product management, Esther Crawford, is leading a small team to map out the architecture for payments on the platform and create a secure vault for storing user data.

The company has registered as a payments processor with the US Treasury and is in the process of obtaining the necessary state licenses to launch the service.

Twitter aims to complete the regulatory checks within a year and then expand internationally, but the move into payments faces competition from established players like Venmo, Cash App, and Zelle, as well as high levels of regulatory scrutiny. 

There are also concerns about the challenges and costs of adopting new technology, complying with regulations, and gaining consumer trust.

Related Reading | Bitcoin Boom: $117M Influx Brings Investors Back To Digital Asset Market

Twitter “coins” feature disturbs Elon and Dogecoin (DOGE) relationship, Shiba Inu (SHIB) devs to launch Shibarium L2 beta, Snowfall Protocol (SNW) price surges from $0.005 to $0.191

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The popular memecoins, Dogecoin (DOGE) and Shiba INU (SHIB), have experienced dreadful days throughout 2022. However, prices that had marked new bottoms, immediately began to rise, with the start of 2023, as market sentiment broke free from its bearish captivity. Additionally, a new project is gaining traction in the crypto space. Snowfall Protocol (SNW), a multichain platform with high interoperability, began its journey in crypto space, and has since increased by more than 500% in a matter of weeks.

Snowfall Protocol (SNW) has been steadily rising since the start of the presale, which is about to come to an end. The crypto space is attempting to stabilize the ongoing upswing as Dogecoin (DOGE) and Shiba Inu (SHIB) registered decent gains. However, the bears have been attempting to limit both Dogecoin (DOGE) and Shiba Inu (SHIB), so the upcoming daily close may have a greater impact.

Meanwhile, Snowfall Protocol (SNW) is believed to ignite a notable rally to mark new highs soon after its official launch, which is fast approaching.

Twitter’s ‘Coin’ Feature Challenges Dogecoin (DOGE)

The relationship between Tesla and Twitter CEO, Elon Musk, and Dogecoin (DOGE) has been in the spotlight for a long time. However, the association is believed to get strained to a large extent as Elon Musk is all set to roll out the new ‘Twitter Coins’ feature, where users can purchase coins using fiat money through the payment processor, Swipe. Moreover, users may also earn rewards for retweeting certain content.

Many crypto experts believe that this could be the end of the fruitful relationship between Elon Musk and Dogecoin (DOGE). Besides, Dogecoin (DOGE) price has displayed a notable upswing and surged beyond $0.08, recovering the losses incurred due to the FTX debacle. Dogecoin (DOGE) is witnessing bearish action presently, which may drag the price slightly lower. Therefore, Dogecoin (DOGE) price may slide below $0.08 soon.

Shiba Inu’s (SHIB) Beta Version of L-2 Shibarium Makes Noise

Shiba Inu (SHIB) gained immense popularity since its launch as a ‘Dogecoin (DOGE) killer,’ which is believed to display a giant rally compared to its competitor. Withstanding the bearish action multiple times, Shiba Inu (SHIB) price demonstrated its potential to lead a significant rally ahead. However, after approaching crucial levels, Shiba Inu (SHIB) prices appear to deviate from the resistance.

However, until Shiba Inu (SHIB) price is closely trading along the critical levels at the 200-day MA the revival of a bullish trend is difficuly. The trading volume of Shiba Inu (SHIB) has been ranging within decent levels that substantiates the possibility of bullish action soon. Besides, if an extended bearish action drags the Shiba Inu (SHIB) price below $0.00001, it could remain consolidated for a while.

Snowfall Protocol (SNW) Price Continues to Surges

Snowfall Protocol (SNW) is a multichain platform that offers smooth transfers of assets and cross-chain transactions between different blockchains. The advanced technology and unique features have attracted many to the platform. Snowfall Protocol (SNW) uses a bridge to carry out the transfers, which enables users to explore the features of the other platforms as well. Along with asset transfer, Snowfall Protocol (SNW) also offers a stablecoin bridge, NFT bridges, and staking.

Snowfall Protocol (SNW) was introduced through a presale, which was carried out in multiple phases. The first 2 have been completed successfully, while the final phase is about to close soon. Since the beginning of presale, the value ofSnowfall Protocol (SNW) has surged by more than 500% and accumulated over $3 million.

Snowfall Protocol (SNW) price has been making new highs since the token was introduced. Hence, industry experts believe that the price may surge by more than 5000% from the current highs of $0.191, soon after the official launch.

Get in while you can and invest in Snowfall Protocol (SNW) today!!!

Presale: https://presale.snowfallprotocol.io

Website: https://snowfallprotocol.io

Telegram: https://t.me/snowfallcoin

Twitter: https://twitter.com/snowfallcoin

Dogecoin (DOGE) Tumbles Following Elon Musk’s Twitter Poll About Stepping Down As Twitter CEO

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Elon Musk has been met with heavy criticism from the start of his tenure as CEO of one of the world’s most popular social media platforms. It also had an impact on Elon Musk’s preferred cryptocurrency, dogecoin, which saw a significant decline over the past several days. 

On Sunday, Elon Musk tweeted a poll asking whether or not he should step down as CEO of Twitter; almost 57.5% of the 16.3 million votes polled were in favor of his resignation. Although Musk stated he would follow the poll’s findings, it is uncertain whether or not he will really do so.

Concerns are being raised regarding the billionaire’s other companies due to the management at Twitter. His choices are often questioned, whether from mass layoffs or recent policy changes.

On December 18th, Twitter said that it would remove accounts created solely to promote other social media sites and material that contains links or usernames. However, the post is currently not available.

According to a post, the change will affect material from social networking sites like Facebook and Instagram from Meta Platforms as well as Mastodon, Truth Social, Tribel, Nostr, and Post while permitting cross-content publishing.

Since Elon Musk became CEO, Twitter has taken other chaotic actions, like see-sawing over how much to charge for its subscription service Twitter Blue. The policy change is the latest in this line of behavior. 

Nevertheless, after receiving criticism, Musk apologized for the sudden policy change earlier on Sunday and said major policy changes would be put to the vote going ahead.

Dogecoin (DOGE) Price Analysis

Unsurprisingly, DOGE fell after the controversial billionaire tweeted because the meme coin continues to be highly delicate to Musk’s tweets and remarks.

The data from CoinMarketcap shows that currently, DOGE is trading at $0.07753. The daily chart displays a loss of about 2% as well as 12.62% in the last seven days. The token’s market cap is down by 2% in the previous 24 hours, while its trading volume is up by 4% in the same time period.

Source: Coinmarketcap

Dogecoin has dropped significantly in recent days since hitting the daily high of $0.111 resistance on December 05th, approximately after one month. However, Dogecoin fell almost 90% from its All-Time High of $0.7376 on May 08th, 2021, nearly two years ago.

Related Reading | Shiba Inu Team Surprises With a Mystery Countdown

Elon Musk’s New Move to Prosecute Scammers Pushes Crypto Spam Bots to Go into Hiding

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The crypto community is reporting a sharp decline in the number of bots responding to their posts following Elon Musk’s most recent attack on crypto spam bots on Twitter.

The CEO of Twitter hinted that “bots are in for a surprise tomorrow” in a post on December 11. Later, the CEO added that the platform will be blocking the IP addresses of “known bad actors” after identifying a small group of individuals responsible for a large number of bot/troll accounts.

Elon Musk guarantees to shut down the scammers

He continued by saying that even though con artists might use other strategies to get around the IP address block, Twitter will “shut them down as soon as they show up.”

Dogecoin co-creator Billy Markus’ pseudonym Shibetoshi Nakamoto wrote to Musk on December 11: “I made a test post and instead of seeing 50 bot replies I only saw one much progress, very hype.”

Other users went to test Elon Musk’s most recent adjustments. An investor and bitcoin analyst named PlanB published a chart to track the number of automated responses. As of the time of writing, no comments from bots had appeared.

While Twitter “seems to be marginally better to use lately,” Ethereum co-founder Vitalik Buterin added, he couldn’t tell if there had been a decrease in bots because of Musk. Some claim that the bot responses still appear on posts, but the platform quickly deletes them.

After taking over as CEO of Twitter in October, Musk saw the elimination of Twitter spam and scam bots as one of his top priorities.

Musk also made a passing mention in his most recent post that the company plans to sue Twitter scammers in the future, but he provided no further information.

MicroStrategy founder Micahel Saylor responded to Musk, questioning what percentage of toxic behavior on Twitter is driven by bots rather than healthy people. Elon Musk responded:

That’s my guess: small number of humans with large bot/troll armies. We are shutting down IP addresses of known bad actors today. Should have been done long ago.