Elon Musk ‘Not Going To Be Promoting Crypto’: Dogecoin an Exception? Watcher Guru
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Crypto Market News: Ripple’s enterprise blockchain and crypto solutions continue to spread reach among mainstream financial companies, with new partnerships. Recently, the company received an in-principle approval to its ‘Major Payments Institution License’ application in Singapore, a key market in the Asia-Pacific region. The payments solution is based on Ripple’s On-Demand Liquidity (ODL) service, which uses XRP token as a bridge to settle payments. Hence, these partnerships could likely have an everlasting impact on XRP price going forward.
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Over the recent years, Ripple had stitched partnerships with many top financial institutions like SBI Holdings, the Saudi Arabian Monetary Authority(SAMA), Banco Santander, Western Union, UAE Exchange and American Express. In a similar development, the Bank of America executives recognized Ripple’s capabilities as a cross border payments provider.
Bank Of America Recognizes Ripple Payments Solution
A recent report showed the Bank of America recognizing blockchain’s role in effecting real time payments in the Asia Pacific region. Venkat ES, Head of Treasury Products at the bank, noted that blockchain technology played an important role in digitizing trade documentation via smart contracts. He remarked that Ripple’s work is a ‘possible exception’ in the payments space although it has a competition in the form of SWIFT gpi. The SWIFT gpi technology, which offers cross-border payments across banking networks, is being favored over Ripple’s solutions, he explained.
“In Cross border payments, the work of Ripple is a possible exception, its impact has been limited.”
Meanwhile, Ripple, and subsequently the XRP token price could get a huge boost by the end of the last quarter of 2023 if Judge Analisa delivers a favorable summary judgement in the lawsuit against the U.S. Securities and Exchange Commission (SEC).
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New research highlights that meme token Dogecoin (DOGE) is outliving the majority of other crypto assets created in 2014.
According to a new study by crypto-focused site CoinKickoff, 91% of digital assets created in 2014 are now defunct due to a lack of interest.
However, the research notes that DOGE survived and was able to carve out its own niche in the market.
To come to this conclusion, CoinKickoff compiled 10 years worth of data on 2,400 defunct crypto assets found on dead coin tracking service Coinopsy and then compared them to CoinMarketCap’s yearly snapshots of each asset.
“According to our data, 91% of coins established in 2014 eventually died due to low trade volume or abandonment. With the notable exception of meme currency Dogecoin, many opportunistic attempts to corner the early crypto market ended in failure.”
Dogecoin is changing hands for $0.086 at time of writing and currently sits as the ninth-ranked crypto asset by market cap.
The research also shows that about 75% of tokens created in 2014 are completely defunct and are no longer in circulation while only 16 digital assets have been abandoned since 2020.
“More than half of all coins introduced each year between 2013 and 2018 no longer exist, according to our research. More than three-quarters (76.5%) of currency introduced in 2014 off the back of crypto’s first major boom are now dead…
However, recent trends suggest that currencies are losing interest less frequently, as just 16 coins since 2020 have been removed from the market due to lack of investment.”
The report also names 2018 as crypto’s “most fatal year” as it saw 751 tokens become obsolete. The study also notes that 30% of those cryptocurrencies were scams.
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Dogecoin 2021 millionaire: “I was just an exception last year,” says to stack crypto until 2023
Glauber Contessoto, the self-proclaimed “First Dogecoin Millionaire of 2021,” is rapidly losing his riches. Contessoto admitted in a recent tweet that he was an exception, having made millions during Dogecoin’s spectacular ascent in April and May of last year.
Millionaires are made in bear markets, I was just an exception last year…next bull run I’ll be more than ready. I still haven’t sold any #dogecoin. Recession is around the corner so I’m stacking crypto all 2022 and 2023 if that’s what it takes. $10 million is still the goal
— SlumDOGE Millionaire (@ProTheDoge) June 11, 2022
Contessoto, who goes by the Twitter handle “slumDOGE millionaire,” continues to believe in Dogecoin, although it is roughly 91% lower than its all-time high of $0.73, reached in May 2021.
As Dogecoin continues to plummet, “slumDOGE millionaire” insists that he has never sold the cryptocurrency. Contessoto, a Los Angeles native, has a “rags-to-riches” narrative that has attracted a lot of attention to cryptocurrencies in general.
He claimed in April of last year that he had become a Dogecoin millionaire. “Ok, I’m just going to put this out there. I believe I’m the first Dogecoin millionaire of 2021,” he tweeted on April 17.
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Dogecoin tumbles 9%
The cryptomarket’s slump continued over the weekend as U.S. inflation data reported on Friday exceeded expectations. Stocks plummeted, while two-year Treasury rates hit their highest level since 2008. In recent months, cryptocurrencies have retreated alongside stocks as the Federal Reserve raises interest rates to combat inflation.
Over the last 24 hours, DOGE/USD has traded roughly down 9% at $0.06, marking the third day of losses.
As the price of the meme coin fell at press time, Coinglass statistics showed that $3.1 million worth of DOGE was liquidated in less than 24 hours. Billy Markus, also known as “Shibetoshi Nakamoto,” the co-founder of Dogecoin, offers tips to cryptocurrency investors looking to buy dips during bear markets.
“what’s the best thing to invest in during a bear market?”
bear market, bull market, the answer is always the same
yourself.
— Shibetoshi Nakamoto (@BillyM2k) June 11, 2022
He wrote, “What’s the best thing to invest in during a bear market?” The answer is always the same. yourself. learn marketable skills. It’s the easiest and cheapest time in history to learn stuff.”
It was a bearish session for Bitcoin (BTC) and the broader crypto market on Monday. Chatter from DAVOS 2022 over the need for unified action on cryptocurrencies likely contributed to the broad-based pullback.
Amongst the first speakers at this year’s virtual event was Indian Prime Minister Modi. We reported this morning of the Prime Minister’s call for unified global action on cryptocurrencies. At the turn of the year, news had hit the wires of the Indian government creating a FINTECH division to keep up with cryptos.
Others have also made calls for a global regulatory framework, which would stamp out regulatory arbitrage.
Monday’s Crypto Market Movers
The total crypto market cap briefly fell back to sub-$2,000bn levels before ending the day at $2,005bn.
Chainlink (LINK) led the way down, sliding by 6.40%. Things were not much better for Binance Coin (BNB) (-4.69%), Crypto.com Coin (CRO) (-3.93%), and Ethereum (ETH) (-4.15%).
For CRO the losses could have been far more significant. On Monday, news had hit the wires of Crypto.com suspending withdrawals. The decision to suspend was in response to user claims of stolen funds.
Bitcoin saw a relatively modest 2.03% loss on the day. In spite of the Bitcoin pullback and negative sentiment, the Bitcoin Fear & Greed Index currently sits at 24/100 and in the red. While up from 10/100 on 8th January, a level in the red and close to or at zero indicates investor fear of further price declines.
Cardano ADA Bucks the Trend
Bucking the trend on the day were Cardano (ADA) and Litecoin (LTC). While Litecoin rose by 3.17%, ADA surged by 13.53% to end the day at $1.603.
For Cardano, there’s been plenty of news chatter and activity to support the latest breakout. On Monday, news of the first Metaverse project launching on the Cardano blockchain delivered the upside.
For the Day Ahead
It’s been a mixed start to the morning for the broader crypto market. Chatter from DAVOS 2022 will likely continue to influence, particularly if more world leaders call for unified action on cryptos. We may also see some market jitters ahead of Thursday’s U.S Congress subcommittee hearing on cryptocurrencies.
From the U.S, there are no major stats to influence market sentiment towards FED monetary policy. With the prospect of 4 rate hikes this year, however, it’s still negative for riskier assets. Support could come from the U.S equity markets, however.
At the time of writing, Bitcoin (BTC) was up by 0.34% to $42,368. We continue to see a move back through to $43,500 and last week’s high $44,443 key to any run at this month’s high $47,979.
A broad-based pullback and a Bitcoin fall back to sub-$41,500 levels, however, would bring sub-$40,000 back into play. This week, much will likely depend on the outcome to Thursday’s subcommittee hearing and any concrete plans from DAVOS 2022.