Schlagwort: crypto business

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Musk still believes in Dogecoin and it’s a big deal – Here is why

Dogecoin spiked after Musk said he was not selling his cryptos.

  • Dogecoin spikes after Elon Musk announced that he was not selling his cryptos.

  • The move is a big deal and shows that Elon Musk still has sway over Dogecoin.

  • Dogecoin is still range-bound, just like the rest of the market.

Dogecoin (DOGE) is the largest of the meme coins that came to prominence in 2020. While the meme coin fever has slowed down significantly, Dogecoin remains one of the most likely to pump if the market turns bullish again. That’s because it has the backing of Elon Musk, one of the wealthiest people in the world and a powerful voice in crypto. 

His power was most evident in May 2021, when the price of Bitcoin tanked after he questioned its environmental credentials. Today, his influence on the market was reinforced after he stated that he would not be selling his crypto holdings, including Dogecoin.

The impact of Musk’s sentiment was a massive uptick in the price of Dogecoin before it continued with the range-bound trading that has characterized its price action over the past few weeks.

The implication is that Dogecoin could be crypto that could give investors extraordinary returns once the markets turn bullish again. That’s because Elon Musk has his eyes set on space colonization and has been very vocal about it. Back in 2021, he announced that he was looking into interplanetary commerce and cryptos in it.

He was even part of a project called Doge-1, whose goal was to test the applicability of Dogecoin in interplanetary commerce. While the Doge-1 mission seems to have slowed down, there are always the prospects that it could come back and easily push Dogecoin to new heights.

Dogecoin continues trading in a range.

 

Source: TradingView

Like the rest of the market, Dogecoin is range-bound. Dogecoin is currently trading between an upper bound at $0.1195 and a lower bound at $0.1104. If bulls break the upper range at $0.1195, then prices above $0.13 could be hit in the short term.

However, if bears take control and push Dogecoin through the lower bound at $0.1104, then prices below $0.10 could easily become a reality in the short term.

Summary 

Dogecoin spiked on March 14th after Elon Musk said that he would not sell any of his crypto holdings. It goes to show that Elon Musk has significant sway on Dogecoin. If his forays into space are anything to go by, Dogecoin could see a massive rally if he chooses it for any of his space adventures.

The post Musk still believes in Dogecoin and it’s a big deal – Here is why appeared first on Coin Journal.

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Why has BSC’s RingFi auto-staking token RING jumped over 202% today

RingFi’s coin, RING, has shaken the crypto market by rallying over 202% in the last 24 hours as the rally continues.

At the time of writing, RING was trading at $13.45, up 202.44% in the last 24 hours. It has hit a daily high of $13.84 while its daily low is $3.48.

RingFi’s trading volume in the last 24 hours is $935,504. Its market cap and circulating supply are yet to be provided.

In this article, we shall shed some light at behind the scenes causing RingFi’s RING coin price to skyrocket today.

What Is RingFi?

Before delving into why the coin is rising, it is important that we first explain what RingFi is.

In a nutshell, RingFi is a decentralized finance (DeFi) protocol built on the BSC network. It allows token holders to earn yield farm in the easiest way possible. Its native token is denoted as RING.

The RING token is powered by rebasing, where its circulating supply is adjusted with respect to the token price, rewarding users with 0.02362% every 15 minutes.

It is important to note that Rebasing sometimes can affect the look of the token on the chart.

Why is the price of the RING coin soaring?

One of the main reasons why RingFi price soared to the moon today is its recent listing on CoinMarketCap.

The other possible reason that could also be contributing to the price jump is the various YouTube videos that have been published in quick succession concerning the RingFi project. The videos have certainly attracted the attention of investors thus contributing to a rise in its trading volume as investors rash to trade and acquire the RING coin.

Currently, RingFi has more than $275k in liquidity on PancakeSwap.

The post Why has BSC’s RingFi auto-staking token RING jumped over 202% today appeared first on Coin Journal.

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Terraform Labs CEO Do Kwon bets $10 million on LUNA price

The CEO of Terraform Labs Do Kwon has wagered $10 million on the price of Terra (LUNA) over the next year.

The huge bet involves pseudonymous crypto investor Gigantic Rebirth, or GCR, and has been sealed after the two deposited $10 million each into an escrow account controlled by crypto trader Cobie.

GCR was the first to deposit $10 million worth of USD Coin (USDC) into escrow, while Kwon, who sealed another bet on LUNA yesterday, completed his transfer moments later.

As per the terms of the deal, the bet will go either way depending on where the price of LUNA will be in a year’s time. The Terra chief believes LUNA will be higher than today’s $88.00 in March 2023, while GCR bets on the cryptocurrency’s value being lower than where it is today.

On Monday, Kwon bet $1 million on LUNA being above the March 14 2022 price by the same date next year. Today, Cobie has tweeted that the three parties have deposited $22 million in total into the escrow.

„GCR, Do and Algod have all deposited to the Cobie Luna bet escrow address.May the best degen win,“ he noted as he shared a screenshot of the amounts.

Cobie has vowed to ensure the bet holds, assuring the crypto community that he would not be “rugging” anyone.

LUNA currently trades around $91.40, up 17% over the past week and about 469% higher than its price this time last year.

The post Terraform Labs CEO Do Kwon bets $10 million on LUNA price appeared first on Coin Journal.

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Japan’s FSA orders crypto exchanges to adhere to the imposed sanctions

On Monday Japan’s Financial Services Agency (FSA) together with the Ministry of Finance ordered Crypto exchanges to stop processing transactions involving sanctioned assets, individuals, or entities in sanctions leveled against Russian and Belarus after Russia invaded Ukraine.

This order came to effect after Group of Seven (G7) nations (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) noted that Russians had started utilizing digital assets. They stated that they will be very strict with the illegal Russian actors who are trying to use their digital assets to transfer and enhance their wealth.

The use of Cryptocurrencies by Russia to be around sanctions because it invaded Ukraine has become a rising issue among the G7 major countries, Germany, Canada, United Kingdom, Japan, France, United States, and Italy.

On Friday, the US Treasury Department asked all the crypto businesses in the United States to adhere to the new guidelines that prohibited them from doing transactions with sanctioned entities and individuals.

Law violators

To make the new rules effective and strictly adhered to, the FSA and the Ministry of Finance made a joint announcement where they revealed the new steps that will be followed to prevent funds transfer using crypto assets that violate penalties.

Japan has been slow in adopting rules and regulations to be used on private digital currencies, however, G7 and G20 countries stood in the gap and urged for more regulations of Stablecoins.

Japan’s FSA said that any unauthorized transfer to sanctions-related targets via crypto assets will be termed as a criminal offense and will lead to 3-year imprisonment or a cash bail of 1 million yen ($8,487.52). As of 4th March, 31 crypto exchanges were operating in Japan.

However, in all these discussions, the European Union (EU) has been acting as a guest with representation by the European Commission and the European Council.

The post Japan’s FSA orders crypto exchanges to adhere to the imposed sanctions appeared first on Coin Journal.

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Highlights March 15: Major cryptos in the red, China tech firms lead US indices lower

Major cryptos registered mostly small losses. On Monday, the European Parliament’s Committee on Economic and Monetary Affairs voted down a bill that could have outlawed proof-of-work in EU territory.

US indices slipped yesterday amid uncertainty ahead of the Federal Reserve’s eagerly awaited policy meeting today. The NASDAQ100 was down 2%, the SPX500 0.75%, while the DJ30 was flat. China-based tech stocks led the declines.

Shares of TV-ratings company Nielsen surged 30% on Monday after it was reported that a group of private-equity firms was in talks to buy the company for about $15 billion.

Top cryptos

Ethereum, Solana, XRP, and BNB lost around 2% each. Bitcoin lost around 1.6%, trading under $40,000 at time of writing.

Terra’s native token Luna is the biggest gainer in the top 20 coins by market cap today. This has been true for it for a few weeks now.

Top movers

THORChain is the biggest mover in the top 100 without a doubt. It added another 11.61% to its value today, bringing its weekly gains to 78%. It is rallying after the cross-chain DeFi project’s rollout of synthetic assets and the announcement of a launch date for a suite of new features called THORFi.

After a successful acquisition, Elrond has gained 7%. eCash is up 5%. BAT continues its steady rise. It’s trading for $0.73 with a 24-hour trading volume of $162.18 million. The token, which ranks 72nd by market cap, is up 4.72% in the last 24 hours.

The popularity of Stellar has been rising ever since an XLM token burn two days ago. The 30th biggest coin by market cap achieved a weekly gain of around 4%. According to some analysts, it’s about to break out.

Today, OIG announced a partnership with ioTexPad, the first ever launchpad built on IoTeX. The live IoTeX price today is $0.07 with a 24-hour trading volume of $40.2 million. IoTeX ranks 92nd by market cap and has gained 7% today.

The Graph’s price has risen sharply in the past few weeks. It’s currently trading for $0.36. The platform’s ecosystem is expanding, a fact welcomed by investors. However, some analysts anticipate a bearish turn.

At the other end, the vast majority of top 100 coins lost 2-4% of their value.

Zcash and Anchor each lost 10%. The predictions that Zcash, a privacy token, would start to dip after a meteoric rise have proven accurate. It was rallying on popularity of privacy coins a few days ago against the backdrop of the Russia-Ukraine war.  

Trending

The biggest gainer of little-known coins is Ziktalk, currently trading for $0.009. Its token ZIK generated a 24-hour trading volume of $1.4 million and has gained 1,083% today.

Ziktalk is a Web3 short video platform with over 650,000 users that allows content creators and consumers to earn ZIK tokens for interactions within the app.

It uses the concept of “social mining”, which involves rewarding users for contributions that benefit the growth of the ecosystem. 

Ziktalk provides monetization opportunities to 98% of content creators, whose earnings are below the poverty line, and also supports users in developing countries.

The post Highlights March 15: Major cryptos in the red, China tech firms lead US indices lower appeared first on Coin Journal.