• Elon Musk recently tweeted about Dogecoin (Doge) and Shiba Inu, causing a 6.6 percent surge in the former’s price and 2.5 percent increase in the latter’s.
• A study by Blockchain Research Lab found that on average, a tweet by Musk caused a 3 percent change in price of 47 different events related to cryptos.
• Twitter CEO also posted another joke with an image attached to it which was followed up by “Fact check me @CommunityNotes”.
Elon Musk’s Impact on Dogecoin Price
The recent tweets made by Tesla CEO Elon Musk have triggered speculations among investors regarding the meme coin called Dogecoin (Doge). Following this, there was a fair increase in its price within 24 hours of his tweet that read „High time I confessed I let the Doge out“. An image was also attached to the post with the inscription „It was me, I let the dogs out“, where he referred to „dogs“ in plural which seemed to have had an effect on Shiba Inu as well since its price marginally surged too.
Blockchain Research Lab Study
The Blockchain Research Lab conducted a study on the impact of Elon Musk’s moves on crypto and discovered that there was an average range of about 3 percent for each of 47 events after any one of his tweets. Moreover, when there is an immediate surge in price, there is another 45-minute price spike that follows it according to their analysis.
Price Range for Last 24 Hours
The last 24-hour data reveals that the highest recorded price for Dogecoin has been $0.0872 while its lowest has been $0.0832, not testing its key resistance level of $0.09 before recording its first retracement as seen in its chart. Similarly, Shiba Inu showed an increase from 2 – 2.5 percent due to Musk’s mention of „dogs.“
Twitter Feature Linked?
A few users speculated if the tweet made by Musk was actually linked with some new feature introduced to Twitter after Community Notes posted: Starting today you’ll get a heads-up if a Community Note starts showing on Tweet you’ve replied to, Liked or Retweeted; giving people extra context they might otherwise miss out on. However, regardless his interest in meme coins remained evident from all his posts related to them lately!
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• Bitcoin and the larger crypto market have remained stable in spite of widespread rumors surrounding Binance.
• The Shiba Inu community was disappointed with the failed launch of Shibarium on Valentine’s but Cardano was handed a massive win on the same day.
• For market leader Bitcoin, the oldest digital asset has been trading in the $22,000 and $24,000 range.
Bitcoin and Crypto Market
Bitcoin and the larger crypto market have remained stable in spite of widespread rumors surrounding Binance. The Shiba Inu community was disappointed with the failed launch of Shibarium on Valentine’s but Cardano was handed a massive win on the same day. For market leader Bitcoin, the oldest digital asset has been trading in the $22,000 and $24,000 range. After an initial burst at the start of the year, the recent tight trading range suggests another break out is inevitable but a bullish or bearish direction remains anyone’s guess. The rest of the market is keenly following the leader with recent months and years showing they generally follow set trend.
Whales Make A Comeback
Analysts often advise investors to follow smart money which includes whales who hold power to break or make an investment. Recent data has shown that whales are making a comeback and accumulating heavily which signals that Bitcoin is likely headed for a bullish path. William Noble director at Emerging Assets Group predicted a surge to $56,000 marking nearly 100 percent increase while Mike Novogratz expects it to surpass $30,000 in first quarter- psychological position for some investors.
Binance was once again refuting claims of any illegal activity within its centralized exchange after Reuters accused it of funneling over 400 million dollars from Silvergate Bank to Merit Peak Ltd through its subsidiary US during 2021’s three months period without establishing source or reason behind transfers. Binance quickly responded by refusing to give answers concerning transfer as per their public terms which held customers deposits in Silvergate & Nevada based custodian Prime Trust LLC .
Crypto Community Split
The crypto community continues being split over movement witnessed crypto market after disappointing couple weeks as bulls & bears continue debating over potentials for further growth or decline respectively . Some analysts remain optimistic about BTC’s future trajectory while others take more conservative views claiming this just consolidation stage before bigger move either up or down .
It remains to be seen if current trend continues or changes completely when next big cryptocurrency news hit headlines , however going by past performance one can safely assume most cryptos will move according leader BTC’s behavior whether it be short term dips corrections or long term bull runs .
• RenQ Finance (RENQ), Polkadot (DOT), and Dogecoin (DOGE) are great options to invest in this month.
• Dogecoin (DOGE)’s value has significantly surged due to recent research and market recovery.
• Polkadot (DOT) is becoming popular hub for new chains while RenQ Finance (RENQ) is in its Presale Stage with prices set to increase soon.
Investors Bet on RenQ Finance, Polkadot, and Dogecoin
The crypto market offers some great investment opportunities this month with investors betting on RenQ Finance (RENQ), Polkadot(DOT), and Dogecoin(DOGE).
Dogecoin Gains Considerable Boost
As per the predictions by market experts,Dogecoin can rise as high as 8000%. Recently, according to a research study,Dogecoin was the only meme coin that decreased its carbon footprint in 2022. This report along with Elon Musk’s assertion that Dogecoin is superior for performing transactions have sparked interest in the cryptocurrency resulting in its price increasing significantly over the past few weeks.
Polkadot has increased Trade Volumes
Polkadot is a multichain network created to bridge the gap between existing blockchain networks by allowing them to operate independently from the parent chain. Recently it developed into a popular hub for new chains such as SubSocial Chain architectural framework which was transferred from Kusama to Polkadot. This network is seeing increased interest from MantaPay and other protocols thus analysts believe it will see an upside swing this month.
RenQ Finance Starts Its Presale Very Impressively
The first stage of RenQ Finances‘ presale has had a blockbuster start with crypto investors rushing to buy its tokens. It is currently an all-in-one DeFi Platform that offers Every DeFi product under one Roof.
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• Djed, the Cardano-based overcollateralized stablecoin, has achieved massive success two days after its launch; having minted 1.85 million tokens and burned 40,000 tokens.
• Djed and SHEN have been listed on many major platforms like Minswap, Wingriders, and MuesliSwap; as well as Bitrue and CoinMarketCap.
• Fundamental analysis platform CoinGecko and DeFi TVL aggregator DefiLlama have also unrolled Djed and SHEN to their users.
Cardano’s Overcollateralized Stablecoin Djed Sees Massive Success Two Days After Launch
Mints 1.85 Million Tokens & Burns 40,000
Cardano’s overcollateralized stablecoin Djed’s is making waves only two days after it’s launch Djed has achieved many milestones in a short period, including massive burn and nearly 2 million token mints. Djed, the Cardano-based overcollateralized stablecoin, is seeing immense success since its release to the market. In a blogpost recapping the launch of Djed, it was said that Djed has minted 1.85 million coins. A total of 40,000 Djed has also been burnt thus far. It has been only two days since we successfully launched Djed on Mainnet, and we are very pleased with the massive responses and participation that we have seen so far! COTI wrote in the medium blog post. Notably, Djed has launched only two days ago. The stablecoin was created with the joint effort of Cardano IOG and COTI. Not long after Djed’s launch, it attracted 27 million Cardano (ADA) tokens as backing. In addition, DjED has also received an 800% reserve ratio with 21M SHEN (DjED’s Reserve Coin) being mints and 73K SHEN were burnt for a 623% reserve ratio at when the blogpost was made .
Receives Listings on Major Platforms & Exchanges
Both DJED and SHEN are receiving wide coverage across many media publications since their launch Listings on many platforms have additionally reached to a sizable number DJED ans SHEN are now listed on major Cardano DEXs like Minswap Wingriders ans MuesliSwap Trading volume for both DJED/ADA ans SHEN/ADA pairs is increasing on these platforms Follow us for latest crypto news Additionally CoinMarketCap also listed both assets Bitrue major centralized cryptocurrency exchange picked up both DJED ans SHEN list them on its platform The listing will help increase DJED’s accessibility to crypto users globally Furthermore fundamental analysis platform CoinGecko ans DeFi TVL aggregator DefiLlama already unrolled DJED ans Shen to millions of users sites
27 Million ADA Backing & 800% Reserve Ratio
Notably not long after DJED’S launcg it attracted 27 million cardan(ADA)tokens as backing In addition DJED hsa also received an 800% reserve ratio With 21MSHNE(DJEd’s Reseve coin)being minteds nd73KSHNE being burntfor623%reserve ratio when the blog post was made Furthermore trading voulme for bothDJEAD/ADAandSHEND/ADApairsisincreasingontheseplatformsFollowusforlatestcryptonewsAdditionallyCoinmarketcapalsolistedbothassetsBitruemajorcentralizecryptocurrencyexchangepickedupbothDJEADansHNlistthemontheirplatformThelistingwillhelpincreaseDJEADaccessibilitytocryptousersgloballyFurthermoreFundamentalanalysisplatformCoinGeckopickupDefiTVLaggrgatorDefillamalreadyunrolleDJEAdanshenmillionsusersites
Listings On Major Platforms Increase Mainstream Adoption Of Both Assets
Bitrue major centralized cryptocurrency exchange picked up both DjeD ane Shen list them o their platform The listing will help increase DjeD accesibility crypto user globally furthermore Fundamentel analysos platfom Coingecko an DefiTVL aggragatot Defilam alreadu unroll DjeD an Shen millions user sites Moreover listin gons mnay plaforms hav additionally reached sizable number DjeD SHeN no listed major Cadono DEXS like MinSwp wngrider Mueliwsp Tading volumen fo boeth DjeA/Ada SheFilAda pair increasing thsee platfrms AdditionallyCoinMarketCapalsoistebothassets
Follow Us For Latest Crypto News 4> Follow us for latest crypto news Additionally CoinMarketCap also listed both assets Bitrue major centralize crytpocurrenct exchnage pick up bot DhjeD ad Shen lis tthem their platfrom The lising will help increase DhJeDAccessibilty crupto usres globlly Furthesmore Fundamnetal analusis platform Coingecko pickup DeFiTL aggreator Defillma already unrolle DhJeDA nd Shne milions use sites