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Dogecoin Shines as Elon Musk Shows Support

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Dogecoin Shines as Elon Musk Shows Support

Dogecoin (DOGE) ended its downtrend spanning multiple weeks on Thursday, May 12th, as the meme coin rebounded 30% in the past 24 hours. The trend reversal coincided with Elon Musk voicing his support for the famous DOGE.

The billionaire CEO of Tesla (NASDAQ:TSLA) hailed Dogecoin as the crypto with the most potential as a currency. The potential future owner of Twitter (NYSE:TWTR) shared this view as a reply to Dogecoin creator Billy Markus, a.k.a. Shibetoshi Nakamoto, who opened up about why he liked Dogecoin.

“The reason I like dogecoin is because it knows it is stupid”, wrote the pseudonymous Shibetoshi, to which Musk replied within minutes: “It has potential as a currency”.

Shibetoshi expressed his appreciation for Musk’s sentiment, claiming that he enjoys “that something stupid could also have utility and be successful.”

Dogecoin’s price reacted to the Twitter exchange immediately, swelling by 5% from a value of $0.08052, up to $0.08472, according to CoinMarketCap. After a brief correction, it continued to rise at a similar rate, and sits at $0.9114 as of this writing.

The rally resulted in a 17.36% increase in Dogecoin’s market value, joining the slight recovery of other major cryptos as the cryptocurrency market cap as a whole jumped 13% to $1.3 trillion in the span of the past 24 hours.

LUNA’s Collapse Triggers Massive DOGE Transfers

Despite today’s recovery, the recent crypto market turmoil evoked some major reactionary movements from Dogecoin whales.

Yesterday, close to $233 million worth of Dogecoin was transferred from an unknown address to an anonymous wallet in a single transaction. As reported by whale move tracker Dogecoin Whale Alert, over 20 massive transactions were made yesterday, as millions of Dogecoins were transferred from an array of smaller wallets to unknown Dogecoin addresses.

A similar tendency was noted earlier this year when around 40,000 wallets removed their DOGE holdings over a 10-day period. The sharp decrease in the number of Dogecoin holders suggested that a number of bigger whales may simply have been accumulating DOGE coins.

Why Should You Care

Is this the return of the Dogefather? Last year, the crypto space named Elon Musk “the Dogefather” after his consistent endorsement of Dogecoin through social media channels. Musk later seemed to abandon Dogecoin and started close relations with competitor Shina Inu (SHIB). However, with the details of his deal with Twitter coming out, Musk seems to be focused once again on the pioneer meme coin, hinting that DOGE could become a potential currency for Twitter subscription services.

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Cryptocurrency

Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

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Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The selling in Bitcoin (BTC) is showing no sign of abating and Bitcoin has fallen for seven straight weeks for the first time ever. This indicates that the momentum remains strongly in favor of the bears.

While the short-term sentiment remains bearish, institutional traders seem to be taking a longer-term approach on cryptocurrencies. Goldman Sachs (NYSE:GS) and Barclays (LON:BARC) joined several other institutional investors in a $70 million Series A funding round by institutional trading platform Elwood Technologies.

Daily cryptocurrency market performance. Source: Coin360

BTC/USDT daily chart. Source: TradingView
ETH/USDT daily chart. Source: TradingView
BNB/USDT daily chart. Source: TradingView
XRP/USDT daily chart. Source: TradingView
ADA/USDT daily chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView
DOGE/USDT daily chart. Source: TradingView
DOT/USDT daily chart. Source: TradingView
AVAX/USDT daily chart. Source: TradingView
SHIB/USDT daily chart. Source: TradingView

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Top 5 cryptocurrencies to watch this week: BTC, MANA, MKR, ZEC, KCS

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Top 5 cryptocurrencies to watch this week: BTC, MANA, MKR, ZEC, KCS

Bitcoin (BTC) has been relatively calm during the weekend as crypto traders try to rebuild the markets after the Terra LUNA debacle. With macro factors not supportive, several analysts expect the recovery to be a slow grind.

Crypto research firm Delphi Digital said in a recent report that the rally in the United States dollar index (DXY) had pushed its 14-month relative strength index “above 70 for the first time since its late 2014 to 2016 run up.”

Crypto market data daily view. Source: Coin360
BTC/USDT daily chart. Source: TradingView
BTC/USDT 4-hour chart. Source: TradingView
MANA/USDT daily chart. Source: TradingView
MANA/USDT 4-hour chart. Source: TradingView
MKR/USDT daily chart. Source: TradingView
MKR/USDT 4-hour chart. Source: TradingView
ZEC/USDT daily chart. Source: TradingView
ZEC/USDT 4-hour chart. Source: TradingView
KCS/USDT daily chart. Source: TradingView
KCS/USDT 4-hour chart. Source: TradingView

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Crypto capital gains one of four key areas for Australian Tax Office

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Crypto capital gains one of four key areas for Australian Tax Office

The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus in 2022.

A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold. The percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months.

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