Category: Dogecoin

Goldman Sachs executive quits after making millions from Dogecoin

Goldman Sachs executive quits after making millions from Dogecoin

A senior manager at Goldman Sachs in London has quit the US investment bank after making millions from investing in Dogecoin, the joke crypto asset which has risen by more than 1,000% in value this year.

City sources said Aziz McMahon, a managing director and head of emerging market sales, had resigned from the bank after making money from investing in the digital currency based on the Doge internet meme.

Backed by famous supporters including the Tesla founder, Elon Musk, the rapper Snoop Dogg and the Kiss bassist Gene Simmons, the digital asset similar to bitcoin has soared in value over recent months.

Based on an internet meme – a humorous online phrase or photo, on this occasion a dog called Doge – the cryptocurrency rose above $0.72 (£0.51) against the dollar last week in anticipation of Musk’s appearance on the hit US TV show Saturday Night Live.

It has plunged by more than 30% this week since Musk’s appearance to about $0.50, according to Coindesk. However, it is still up by more than 1,000% from the start of 2021.

Little is known about how much money McMahon made exactly from betting on Dogecoin, after his departure was first reported by the website efinancialcareers. The banker, who has worked for Goldman Sachs for 14 years, did not respond to requests for comment. However, sources said they believed it was a substantial sum and that he had since left Goldman Sachs.

It is believed Aziz made the money investing on his own personal account and was not involved in trading cryptocurrencies for Goldman Sachs.

Dogecoin gains key endorsement promising to increase the network’s utility

Dogecoin gains key endorsement promising to increase the network’s utility

Mark Cuban Embraces Dogecoin
Dogecoin has been on a tear in the last 24 hours. The meme token saw its price surge by more than 17%, going from a low of $0.051 to hit a new monthly high of $0.060.

Market participants have rushed to exchanges to panic buy DOGE after billionaire Mark Cuban said that its market value could skyrocket by a whopping 1,700%.

According to the Shark Tank investor, the Dallas Mavericks has processed over 20,000 DOGE transactions since it started accepting it as payments for tickets and merchandise. Such success has made the professional basketball team the “largest Dogecoin merchant in the world.”

Cuban affirmed that if the Dallas Maverick can process another 6.60 billion Dogecoin worth of merchandise, DOGE will “definitely hit $1.”

Although Cuban’s remarks have generated FOMO among enthusiasts, it is worth noting that the NBA team will have to sell nearly $330 million worth of merchandise for DOGE to reach such a bullish target.

DOGE Primed to Breakout
While a $1 target is far-fetched, Dogecoin is primed to resume its uptrend as its network has drastically expanded over the past few weeks.

IntoTheBlock’s Daily Active Addresses model shows that the number of new addresses created on the Dogecoin blockchain bottomed-out on Feb. 28 at a low of 34,700 addresses per day. Since then, network growth has skyrocketed.

Nearly 60,000 new addresses are being created per day at press time, representing a 73% increase within the examined period.
The network’s expansion can be considered a very optimistic signal as it indicates a spike in user adoption over time. Since this on-chain metric is often regarded as one of the most accurate price predictions, it may forecast that DOGE’s price will follow suit.

Still, Dogecoin must close above the $0.058 resistance barrier to be able to advance higher. Moving past this crucial price hurdle could see the meme coin revisit Jan. 29’s high of $0.089.

Source – Crypto Briefing 

Why is dogecoin dropping? it tumbled 20% since Monday

Why is dogecoin dropping? tumbling 20% since Monday

The popular dogecoin crypto asset, engineered as a joke back in 2013, has tanked over the past week after reaching a record value on Monday, leaving few investors laughing.

Dogecoin, at last check, was trading at 0.06784 cent, down over 20% from its Feb. 7 record high of 0.087159, according to data from CoinDesk. That decline meets the commonly used criteria among Wall Street chart watchers and technical analysts for a bear market.

Read: Dogecoin? A lot of ‘retail punters are going to lose money,’ says crypto expert

It isn’t clear where the crypto is headed from here, it is still up by about 50% over the past seven-day period and enjoys an eye-popping 1,350% gain since the start of 2021, boasting a market value of $8.7 billion, as of Friday afternoon. That ranks dogecoin just outside the top 10 cryptos, with bitcoin BTCUSD, +5.27% atop the leaderboard with a market value surpassing $880 billion.

Doge’s rally got started on the back of a series of bullish, albeit sometimes cryptic tweets from Tesla Inc. TSLA, +0.55% Chief Executive Elon Musk.

A number of celebrities including, Calvin Broadus, otherwise known as Snoop Dogg, and Gene Simmons of the rock band Kiss joined Musk—as well as billionaire investor Mark Cuban—have been tweeting about investing in dogecoin.

On Reddit’s popular SatoshiStreetBets chat forum, some expressed a hope to push dogecoins value to $1.

However, crypto experts have warned that dogecoin, pronounced “dōj-coin” and commonly associated with a popular meme featuring a shiba inu dog, has limited utility compared with other decentralized cryptographic assets, including bitcoin.

Dogecoin co-founder Billy Markus told The Wall Street Journal in an article at the beginning of February that he created the asset in 2012 as a “lighthearted cryptocurrency,” then known as Bells, to serve as the fun version of bitcoin. In an open letter on Reddit this week, Markus also wrote about the cryptocurrency.

“It went from a silly joke to something worth something to people very quickly, and a community was developing fast, with lots of shady people and lots of new people, quickly putting up services and infrastructure around it,” the co-founder wrote.

Nic Carter, a crypto and blockchain venture capitalist who founded Castle Island Ventures, on CNBC earlier in the week cautioned that average investors could be badly hurt by making speculative bets on an asset with no real purpose. He also found it quizzical that Musk would support the virtual asset.

“It’s somewhat disconcerting to see Elon Musk so enthusiastic about it,” the Castle Island co-founder said.

Bullish bitcoin investors make the case that price gains in bitcoin, the world’s No. 1 cryptocurrency, are supported by the limited supply of the crypto that is inherent in its code. Only 21 million bitcoin will ever exist, and so-called mining for bitcoin, or solving complex computational problems that are rewarded by bitcoin, become harder as time goes on. The final cache of bitcoins likely aren’t going to be mined until around 2140.

The supply of dogecoin, on the other hand, has no built-in limit, with the number of dogecoin that can be mined at any given time varying from one to hundreds of thousands.

Nonetheless, interest in dogecoins underscores the appetite for alternative assets in an environment where 0% interest rates are prevalent as governments around the world attempt to mitigate the economic harm from the COVID-19 pandemic.

Charles Hayter, CEO of London-based research site CryptoCompare, told MarketWatch earlier this week that investors need to apply caution to such investments like dogecoin.

“People are moving markets en masse and are playing greater fool with each other without understanding the ramifications or their own psychological limitations.