Dogecoin has been soaring since the middle of last week as billionaire entrepreneur and dogecoin enthusiast Elon Musk closed his $44 billion purchase of the social media platform Twitter. Dogecoin’s rally pushed other memecoins up.
Barring the US dollar-pegged Tether and memecoins, all other top crypto tokens were trading lower. Dogecoin surged another 10%, whereas Polygon and Polkadot plunged 5% and 4% respectively.
The global cryptocurrency market cap was trading above the $1 trillion mark, despite dropping about half a per cent in the last 24 hours. However, the total trading volume plunged more than 16% to $73.78 billion.
What’s cooking in India
India has hinted that crypto regulation would be a priority during the country’s year-long presidency of the G-20, which begins next month.
India’s central bank digital currency (CBDC) made a steady and glitch-free start in the world of real-time trades, with several banks using the virtual money backed by Mint Road to settle nearly 50 government bond transactions cumulatively worth about Rs 275 crore.
With a 24-hour trading volume of $44 billion, Bitcoin has posted decent gains in the last one week, whereas the price of Shiba Inu will follow the price of Dogecoin, said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.
“Dogecoin price has now broken the October high of $0.151 and reached a daily high of $0.158 on November 1, he said. “However, the candle’s four-hour close was below the previous high, which is a bearish trend,” he added.
Nikolai Mushegian, an early developer of MakerDAO, the largest decentralized finance protocol, as well as a contributor to multiple crypto projects, was found dead in San Juan, Puerto
, according to a local news outlet.
Pick n Pay, which is one of South Africa’s largest supermarket chains, is now allowing customers to pay with bitcoin (BTC) using any Lightning Network-enabled app, according to South Africa’s The Times.
A new class of Shiba Inu-inspired tokens was birthed on BNB Chain and Ethereum Tuesday following a related tweet by technology billionaire Elon Musk.
Tech view by BuyUcoin cryptocurrency exchange
The meme coin space has been witnessing a healthy surge in value after Elon Musk’s Twitter deal. DOGE is on fire as Elon Musk has been a very strong supporter of the coin and his tweets drive the price movement of the coin significantly. Investors are bullish on DOGE as they expect a prominent role for the coin within the global Twitter ecosystem with Elon at its helm.
If DOGE gets integrated into Twitter as a payment mechanism then it will create a strong foundation for sustained growth in the long term. Historically, the price movement of meme coins is mainly driven by positive news rather than strong fundamentals.
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