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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 zone，which 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.

Robinhood Crashes as Dogecoin Soars to Fresh All-Time High

Robinhood experienced technical difficulties during Dogecoin (DOGE)’s spike to a new all-time high.

The meme-based cryptocurrency recently achieved a new milestone, breaking $0.60 for the first time yesterday. DOGE, currently the fourth-largest cryptocurrency by market cap, has now achieved a valuation exceeding that of Twitter and Ford, at $86.63 billion. Amid its spike, Robinhood experienced difficulties processing the surge in transaction volume on its platform. This caused many to take to Twitter to critique the crypto trading platform, as the incident was reminiscent of the network-wide freeze experienced by Robinhood during the Gamestop frenzy.

After experiencing a temporary outage from 9:30-11:15 am Eastern Time, the trading platform’s functions were restored. The company took to Twitter to apologize to its users for the crash during Doge’s spike and said:

“Crypto trading is now fully restored. We know some customers may have experienced intermittent issues earlier. We’ll continue to monitor the situation closely and we’re sorry if you were impacted. Please contact us if you have outstanding issues.”

This is the second Doge-related crash that Robinhood has experienced. It is not uncommon that trading platforms crash in tandem with cryptocurrency surges, as transaction volumes also tend to be higher than usual. Robinhood has capitalized on the rising interest in cryptocurrencies to include seven digital assets for trade on its platform, notably Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Litecoin, and Ethereum Classic.

Dogecoin has certainly attracted much of traders’ attention lately, as many institutional and retail investors have embraced the cryptocurrency. With the likes of Tesla CEO Elon Musk and NBA Mavericks owner Mark Cuban praising the cryptocurrency, many other investors have also converted to DOGE.

According to market indicators, DOGE still looks bullish in the short-term, and it may even surge as high as $0.91 if its upward trend is maintained. Currently, DOGE is trading at $0.66 on CoinMarketCap at the time of writing, up 116% on a seven-day basis.

What Is Fueling the Dogecoin Hype?

Dogecoin (DOGE), the meme-based cryptocurrency, seems to have entered mainstream finance with ease, being the latest “hot coin” amid the crypto frenzy.

Dogecoin has emerged as the best performing cryptocurrency, with a year-to-date (YTD) return of 13112.24%, from $0.0049 to $0.6474.

According to Coinmarketcap, the meme coin overtook Ripple to become the fourth-largest cryptocurrency with a market capitalization of $84,098,806,344. The rate of return for this week is very impressive, with an increase of 104.46%. This altcoin has risen 8.08% within 24 hours.

Its value reached $87 billion in Wednesday’s trading, surpassing the largest exchange-traded gold fund, and even surpassing stocks such as FedEx Corp. and Snap Inc.

It seems that nothing can stop Dogecoin from aiming for the moon. After all, the market is not always rational. This year’s GameStop incident is a very viable example. The stock price of GameStop rose by more than 9,000%.

Tesla CEO Elon Musk tweeted that he will host the “Saturday Night Show” as “Dogefather”. Elon Musk will appear on Saturday Night Live this weekend, sparking speculation that he might talk about Dogecoin again in a comedy show, which will once again fuel the Dogecoin craze.

Yesterday, Dogecoin hit a new high and reached a record high of $0.695, exceeding the previous goal of $0.69 set by the doge day ‘Dogecoin Army’ on April 20. Now, after more than 2 weeks, it has achieved its long-term goal. Dogecoin’s final price is $1.00.

When Dogecoin skyrocketed yesterday, Robinhood experienced some technical difficulties processing the surge in transaction volume on its platform.

Although it is difficult to determine the exact reason for Dogecoin’s rise, a number of factors have contributed to its increase in value. The sentiment of retail investors is high, with some users popularizing the “#DogeDay” trend on Twitter to push up DOGE prices.

Source:Cryptowat.ch

Dogecoin backed by influential billionaires

The chart above shows the price trend of the meme-based cryptocurrency every time Musk tweets about it. Typically, DOGE’s price surges a bit after each one of the Tesla CEO’s tweets. Not only is Elon Musk endorsing DOGE, but other celebrities such as the billionaire boss Mark Cuban has also embraced the joke cryptocurrency. The owner of NBA Dallas Mavericks has integrated DOGE into the NBA by enabling merchandise for the Mavs to be purchased with DOGE. Additionally, the Gemini cryptocurrency exchange, backed by the Winklevoss twins, announced on Tuesday that it will soon enable trading of the token.

Nevertheless, despite the frenzy surrounding Dogecoin at the moment, Galaxy Digital’s most recent report indicated that Dogecoin still has many shortcomings, compared to Bitcoin.

Bitcoin is one of the most active development projects in the digital asset ecosystem, while Dogecoin remains one of the most inactive ones. Dogecoin’s node topology is small and lacks robustness, with most of the network’s nodes unable to remain synced to the tip of the blockchain. However, many think Dogecoin has one simple purpose: to be the world’s most fun currency.

At the time of writing, Dogecoin is trading at $0.6474.

Dogecoin Becomes the First Cryptocurrency to Enter Space amid "DOGE-1 Moon Landing Mission"

On May 9, Geometric Energy Corporation (GEC) announced the “DOGE-1 Moon Landing Mission”.

Its commercial satellite, funded by Dogecoin, will be launched aboard a SpaceX Falcon 9 rocket into the moon in the first quarter of 2022 to obtain lunar space intelligence. The commercial rocket company undertaking mission SpaceX will accept the cryptocurrency Dogecoin as payment.

CEO of Tesla and SpaceX Elon Musk posted on Twitter saying: “Dogecoin became the first cryptocurrency to enter space and also the first meme to enter space.”

This time, SpaceX and Geometric Energy Corporation chose cryptocurrency to finance commercial moon-landing missions, setting a precedent for future space missions to the moon and other planets. As opposed to using traditional financial banks to fund the space mission, cryptocurrencies were used to ensure that the transaction was done seamlessly and settled in real-time.

Geometric Energy CEO Samuel Reid stated:

“Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation, and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector.”

Tom Ochinero, Vice President of Commercial Sales for SpaceX, added:

“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”

At present, neither SpaceX nor Geometric Energy have elaborated on how Doge will bear the cost of the space mission, and which process was used to fund the launch of the rocket.

Based on the cost calculations of previous moon landing missions in various countries, such as The Chinese Lunar Exploration Program’s Chang’e 4 in 2019, NASA’s Lunar Atmosphere and the Dust Environment Explorer, a satellite launched to orbit the moon in 2013, if Geometric Energy’s satellites undertake it, the approximate cost is $225.8 million for a 40 kg payload.

At the time of writing, Dogecoin is trading at $0.54. This is equivalent to paying around $418 million Dogecoins, which accounts for 0.32% of the current total circulation of 129,531,248,765 DOGE.

After Elon Musk appeared on Saturday Night Live and called Dogecoin a “hustle”, Dogecoin crashed by more than 25%. According to Coinmarketcap, Dogecoin, the fourth-largest cryptocurrency with a market cap of $70,861,704,675, has risen by 43.67% in the past 7 days and set a new all-time high of $0.74 last Thursday.

Dogecoin Surges by 12.63% as Token Launches on Coinbase Pro

Coinbase, the top US cryptocurrency exchange, announced today that Dogecoin would be available for trading on Coinbase Pro accounts.

All Coinbase-supported jurisdictions will provide support for Dogecoin (DOGE). If liquidity conditions are fulfilled, trading will start at or after 9 a.m. Pacific Time (PT) on June 3.

Currently, the token is not available yet for trading on Coinbase.com or Coinbase’s mobile apps.

However, Coinbase officially stated that Coinbase Pro, as the professional trading department of the Coinbase cryptocurrency exchange, is now accepting inbound transfers from DOGE to Coinbase Pro. Lay the foundation for the subsequent trading of meme-based digital assets.

Coinbase Pro, the professional trading department of the Coinbase cryptocurrency exchange, has accepting inbound transfers of Dogecoin (DOGE), laying the foundation for the broader adoption of meme-based digital assets.

The platform will be divided into three phases, including post-only, limit-only, and full transaction to support DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and full transaction DOGE-USDT order book transactions after accumulating enough dogecoin. The platform states that:

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”

Dogecoin is an altcoin cryptocurrency founded in 2013 based on the popular Doge meme. DOGE is one of the more colourful coins on the cryptocurrency spectrum.

Dogecoin has penetrated the mainstream, endorsed by Elon Musk, but other celebrities such as the billionaire boss Mark Cuban have also embraced the joke cryptocurrency.

According to Coinmarketcap, dogecoin ranks as the 6th largest cryptocurrency, with a market capitalisation of $48,364,910,258.

Dogecoin undoubtedly will be benefited from a positive effect by being listed in the Coinbase Pro. The token has a strong performance in the past 24 hours, increasing by 12.63%.

As early as May 14, Coinbase revealed that it plans to list Dogecoin within the next two months.

Coinbase announced the launch of dogecoin in just three weeks, which also proved the dogecoin market boom.

Coinbase Commerce Accepts Dogecoin as Payment Method

Coinbase’s e-commerce platform officially announced that it would accept Dogecoin as a payment method Wednesday.

Dogecoin became the fifth cryptocurrency supported by Coinbase commerce after Bitcoin (BTC), bitcoin cash (BCH), Ethereum (ETH), Litecoin (LTC), and USD Coin(USDC).

Thanks to the stimulus from these bull factors, Dogecoin has increased by 5.95% within 24 hours. At the time of writing, it is trading at $0.1909, according to Coinmarketcap.

Coinbase, as one of the top US cryptocurrency exchanges, has always shown a friendly attitude towards Dogecoin. As early as June 2 of this year, Coinbase announced that Dogecoin would be available for trading on Coinbase Pro accounts.

Coinbase Commerce is an enterprise blockchain service platform under Coinbase dedicated to facilitating cryptocurrency transactions between customers and merchants.

Although the recovered memecoin Dogecoin may not be included in the scope of The S&P Cryptocurrency Broad Digital Market (BDM) Index due to the lack of a white paper this time, the market value of Dogecoin is still at the top 10 cryptocurrencies by market capitalization.

BDM Index is a representative S&P global index officially launched on the 13th of this month, which is designed to track the performance of digital assets listed on recognized open digital exchanges. This index includes 243 digital assets, but Dogecoin is not included.

Dogecoin itself is ranked the eighth-largest cryptocurrency with a market capitalization of $24,819,266,338, as massive publicity from Elon Musk and billionaire investor Mark Cuban helped to redefine the coin’s utility.

Burger King Brazil Accepts Dogecoin as a Payment Method for Purchasing a Dog Snack "Dogpper"

The Brazilian branches of Burger King, an American premium fast food service company, announced Tuesday that it will officially accept Dogecoin as a payment method for purchasing a dog snack called “Dogpper”.

Announced on Burger king’s official Twitter, saying that is another Burger King revolutionising product:

“We are accepting the most beloved crypto, DOGECOIN as payment for DOGPPER!”

Each Dogpper—a dog food played under the name of Burger King’s most famous menu item Whopper sells for 3 DOGE. Customers need to transfer dogecoin to the wallet of the burger king’s platform.

According to Coinmarketcap, Dogecoin, the eighth-largest cryptocurrency with a market cap of $26,905,150,672, was trading at $0.206 during the press time. According to today’s price, each Dogpper is approximately worth $0.618.

The service has been officially launched on Monday, July 26. Due to the limit of supply, the company recommends customers purchase up to five pieces per order.

Yet, Burger King Brazil seems to have no plans to allow customers to use dogecoin to buy products for human consumption. However, more and more companies have begun to accept dogecoin, the popular global cryptocurrency, in the market.

As reported by Blockchain.News on July 22, Coinbase’s e-commerce platform officially announced that it would accept Dogecoin as a payment method.

Image source: Burger King

Meat Food Production Giant Oscar Mayer Auctions Disposable Packaging "Hot DOGE" Wiener

An American meat and cold cut production company Oscar Mayer used the eBay e-commerce platform to auction a single “Hot Doge Wieners” package worth 10,000 Dogecoins.

Oscar Mayer released an official Twitter stating that they are making a limited edition of Hot Doge Wieners, including ten sausages and the famous icon Shiba Inu with dogecoin printed on the packaging and the “cash equivalent” of 10,000 Dogecoin (DOGE).

The American food giant Kraft Heinz owned company said the proceeds in the auction would be donated to the food bank and hunger relief organisation Feeding America as a charity event.

The auction was initially scheduled to end at 7 pm UTC on Saturday, August 7. But it ended abruptly before the release. The company said on Twitter today:

“You guys really took this to the moon and the link is down but will be up soon!”

According to Reddit’s dogecoin community, the bid price has reached $3,450 in the first few hours of the bidding.

According to Coinmarketcap, Dogecoin, the eighth-largest cryptocurrency with a market cap of $25,827,736,058, was trading at $0.1976 during the press time. According to today’s price, 10,000 Dogecoin is approximately worth $1,976.

It is not only Oscar Mayer, a food industry giant that uses DOGE, the popular global meme coin, to conduct marketing activities. Fast-food giant Burger King also joins the list of famous brands in the Dogecoin promotion trend recently.

More businesses in the food and beverage industry accept cryptocurrencies. Per the report of Blockchain.News on July 28, the Brazilian branches of Burger King, an American premium fast food service company, accepted Dogecoin as a payment method for purchasing a dog snack called “Dogpper”.

Doge Army Wins Hot Doge Wieners Bidding for $15,001, Breaking Guinness Record

Food industry leader Oscar Mayer owned by the American food company Kraft Heinz officially tweeted that the Doge army has sold its Hot Doge Wieners to $15,001.00.

The bidding started last Wednesday with an opening price of $0.99. In the end, 76 bidders successively participate in this bid and eventually sold on eBay for $15,001.00. The winner will be auctioned Hot Doge Wieners, including ten sausages, the famous icon Shiba Inu with dogecoin printed on the packaging, and the “cash equivalent” of 20,000 Dogecoin (DOGE).

Meat food giant Oscar Mayer announced that it used the eBay e-commerce platform to auction a single “Hot Doge Wieners” package worth 10,000 Dogecoins.

According to Coinmarketcap, Dogecoin, the eighth-largest cryptocurrency with a market cap of $31,481,565,720, was trading at $0.2426 during the press time. According to today’s price, 20,000 Dogecoin is approximately worth $4,852.

The bid price is three times the value of its dogecoin holdings, setting a new Guinness hot dog sales record.

According to Guinness World Records, the most expensive hot dog is $169 (£101.69; 122.96€) previously and was sold by Tokyo Dog (USA) in Seattle, Washington, USA, on 23 February 2014.

Oscar Mayer revealed that all the money raised from the auction would be donated to Nationwide hunger-relief charity Feeding America which has already helped more than 40 million Americans yearly, including 12 million children and 7 million seniors worldwide.

Image source: Oscar Mayer

SHIB Beats DOGE, Leaping at No. 9 Ranking of Market Value

Shiba Inu (SHIB), a token launched in 2020 to poke fun at Dogecoin, now ranks No. 9, overtaking Dogecoin with a market value of over $38 billion.

While Dogecoin (DOGE), which launched in 2013, ranks No. 10 with a market value of over $35 billion, according to CoinGecko.

On Thursday, SHIB – which is also referred to by some as the “dogecoin killer” because of its relatively low price, which is attracting Dogecoin investors – hit an all-time high of $0.00008616.

Since recently, competing in somewhat of a rivalry, both Dogecoin and SHIB have frequently swapped places in the rankings.

Experts suggest that both SHIB and Dogecoin’s growth can be primarily attributed to supporters exciting them up. A lot of the time, it’s the power of the people who are amplifying it that drives the performance of the tokens.

Billionaire Elon Musk, CEO of SpaceX and Tesla, is among the ones that have made many tweets about the two. His tweets about different cryptocurrencies have seemingly impacted their prices. Musk twittered a Chinese poem on his social media Tuesday, leading to massive discussions among the internet to intrepretate his intention.

In 2021 alone, SHIB jumped after Musk repeatedly posted images of his Shiba Inu puppy on Twitter.

The SHIB token creator even calls it an “experiment in decentralized spontaneous community building” in its whitepaper.

Despite SHIB being officially launched as the decentralized finance (DeFi) market was making huge strides and growing exponentially, this cryptocurrency has crafted a name for itself based on its increased adoption.

This cryptocurrency has been on overdrive because it has accomplished a 1946.11% weekly increase in May.

SHIB has also seen a recent uproar for Robinhood Markets Inc to add the token to its platform.

The token gained more than 40 million percent in the past year, and a recent petition on Change.org asking Robinhood to list Shiba Inu has garnered more than 326,000 signatures.