Can Dogecoin Reach Its Previous ATH? Let’s Take A Look At The Facts
Dogecoin (DOGE) came into the spotlight during the 2021 bull market after mounting an impressive rally fueled by billionaire Elon Musk posting about the coin on his Twitter account. However, the meme coin has since lost most of those gains as the bear market has raged on. With Dogecoin sitting about 90% below its May 2021 all-time high, the question is now whether DOGE will ever reach $0.7 again.
Can Dogecoin Reclaim $0.7?
Dogecoin is still holding steady as one of the largest cryptocurrencies in the space but a worrying fact about the cryptocurrency is that it has an unlimited supply. Unlike Bitcoin whose supply is capped at 21 million or Ethereum which has enabled a burn mechanism to keep supply down, there is nothing keeping the supply of the meme coin down.
To put this in perspective, the supply of DOGE is currently increasing at a rate of around 5 billion coins each year. This translates to a 4% annual inflation rate, which is quite high especially when there is no way to reduce the supply.
However, the meme coin is one that is purely driven by hype so it tends to rely less on its tokenomics for its price movements and more on how the community is feeling about it. An example of this is Shiba Inu whose total supply is in the trillions and yet saw tremendous success in the 2021 bull market as well.
The possibility of DOGE reclaiming $0.7 remains high given that it still enjoys support from the likes of Elon Musk even during the bear market. It has also recently seen support from Burger King, one of the largest fast-food chains in the world, pushing its price higher.
DOGE Price Performance So Far
Dogecoin’s price so far has correlated with the performance of the general crypto market. Most coins are down significantly from their 2021 all-time high values and DOGE is no exception. But more importantly, the meme coin continues to follow the price trends of Bitcoin. This means that when bitcoin inevitably rallies again, then DOGE is likely to follow suit.
On its own, the meme coin has seen a rollercoaster of a month in March. Mid-March came with some gains for the digital asset, but the downtrend over the last two weeks has wiped out most of those gains, leaving Dogecoin in the red once more.
At the time of writing, DOGE is sitting at a price of $0.0843, down 0.97% and seeing 0.88% losses in the last week. Although DOGE is doing better than others, it is still one of the worst performers of the large caps over the last week.
Original Post: Can Dogecoin Reach Its Previous ATH? Let’s Take A Look At The Facts
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Tech Industry Leaders Call for AI Labs to Pause Development for Safety, Coinbase CEO Disagrees
This week, 2,600 tech industry moguls and entrepreneurs, including Elon Musk, Gary Marcus, and Steve Wozniak, signed an open letter requesting artificial intelligence (AI) labs to pause research and development for six months. The signatories believe that safety programs and regulations need to be strengthened, as they assert that AI labs are currently in an “out-of-control race to develop and deploy” this technology. On Thursday, Coinbase CEO Brian Armstrong disagreed with this approach, stating that people should not “let fear stop progress.”
The Debate on AI Safety: Tech Industry Leaders Call for a Pause in Development, Many Oppose the Idea
An open letter signed by 2,600 leaders and researchers in the tech industry recommends that AI labs pause their work for six months, and if they refuse, governments should impose a moratorium on development. The group believes that AI is “now becoming human-competitive at general tasks,” and asserts that powerful AI systems should be developed “only once we are confident that their effects will be positive and their risks will be manageable.”
“Unfortunately, this level of planning and management is not happening, even though recent months have seen AI labs locked in an out-of-control race to develop and deploy ever more powerful digital minds that no one — not even their creators — can understand, predict, or reliably control,” the open letter states. The signatories who signed the letter include Tesla CEO Elon Musk, politician Andrew Yang, AI author Gary Marcus, and Apple co-founder Steve Wozniak.
Furthermore, the letter notes that AI developers need to work with policymakers if they are creating powerful AI systems. The letter emphasizes that AI could threaten democracy and cause dramatic economic and political disruptions. However, while the letter has more than 2,000 signatories, not everyone agrees with pausing, and some have called it “ridiculous.” “Among all the obvious reasons why this temporary pause seems like a silly idea, I also can’t help feeling like this could be a knee-jerk reaction by the corporate elite after having seen just how easily this technology will make many of their goods and services irrelevant,” one individual wrote.
“This is a bad call. Only forward,” another individual tweeted. On Thursday, Coinbase CEO Brian Armstrong shared his opinion on the matter. Armstrong doesn’t think fear should stop progress and said that people should be wary of such plans. “Count me among the people who think this is a bad idea,” Armstrong tweeted. “There are no ‘experts’ to adjudicate this issue, and many disparate actors will never agree. Committees and bureaucracy won’t solve anything.” Armstrong added:
As with many technologies, there are dangers, but we should keep marching forward with progress because the good outweighs the bad. The marketplace of ideas leads to better outcomes than central planning. Don’t ever let fear stop progress, and be wary of anyone trying to capture control in some central authority.
Many others believe that pausing AI development is not a good idea, and some insist that the plan is for AI monopolies that are already leading the race to maintain self-preservation. Regius Professor and CEO of Chemify, Lee Cronin, wrote, “This is nonsensical. It’s like asking to destroy the book that explains how to build the printing press, which itself was printed on the printing press.” The discussion regarding a pause in AI development has become a topical and controversial subject this week, and it’s currently unclear whether AI labs will follow through with the suggestion.
What are your thoughts on the debate over whether AI labs should pause their work for six months or continue with progress, and how do you believe the potential risks of AI development should be managed? Share your perspective in the comments section below.
Original Post: Tech Industry Leaders Call for AI Labs to Pause Development for Safety, Coinbase CEO Disagrees
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Bitcoin and XRP Whales Abruptly Move Over $650,000,000 Worth of Crypto in Just 24 Hours
Deep-pocketed crypto investors are suddenly shifting hundreds of millions of dollars worth of Bitcoin (BTC) and XRP as the markets trade sideways.
According to new data from whale-surveying platform Whale Alert, crypto whales have abruptly moved over 500 million worth of the top crypto asset by market cap in just 24 hours, the biggest transaction being 6,582 BTC worth $182,629,202 being transferred from an unknown wallet to another.
Other transactions involving the king crypto on Whale Alert’s radar include:
- 5,000 BTC worth $141,189,856 transferred from an unknown crypto wallet to another.
- 3,999 BTC worth $112,874,776 transferred from an unknown crypto wallet to another.
- 2,001 BTC worth $56,883,243 transferred from crypto exchange Gemini to an unknown wallet.
- 1,098 BTC worth $30,517,472 transferred from an unknown wallet to crypto exchange Kraken.
- 1,032 BTC worth $29,153,880 transferred from digital assets exchange Crypto.com to an unknown wallet.
- 1,001 BTC worth $28,455,835 transferred from crypto exchange Gemini to an unknown wallet.
Bitcoin is trading for $27,878 at time of writing, a 1.3% decrease during the last 24 hours.
The whale-tracking platform also notes that high-net-work traders are shifting XRP, the native asset used to operate Ripple Labs’ payments platform. One crypto whale moved a staggering 100,000,000 XRP, worth $53,439,878 at the time, from one unknown wallet to another.
Other notable transactions involving XRP noticed by Whale Alert include:
- 95,000,000 XRP worth $51,699,751 transferred from an unknown crypto wallet to another.
- 31,723,527 XRP worth $17,098,354 transferred from crypto exchange Bitstamp to an unknown wallet.
- 19,000,000 XRP worth $10,198,480 transferred from an unknown wallet to crypto exchange Bitstamp.
XRP is trading for $0.536 at time of writing, a 2.7% dip during the last day.
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The post Bitcoin and XRP Whales Abruptly Move Over $650,000,000 Worth of Crypto in Just 24 Hours appeared first on The Daily Hodl.
Source: Daily HODL
Original Post: Bitcoin and XRP Whales Abruptly Move Over 0,000,000 Worth of Crypto in Just 24 Hours
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This Crypto Sector Will Grow To $16 Trillion, Here’s How
The world of crypto assets has seen significant growth in recent years, with the total market capitalization reaching over $3 billion in November 2021. A new sector within the cryptocurrency industry is poised to continue the trend and explode in growth terms.
According to the decentralized finance expert under the pseudonym “Edgy,” the real-world asset sector (RWA) is set to change the course of the nascent industry. Edgy believes that the real-world asset sector could reach a market cap of $16 trillion by 2030, which could catalyze cryptocurrencies into the mainstream.
What Is The Crypto Real-World Asset Sector?
The real-world asset sector uses blockchain technology to tokenize real-world assets, such as real estate, commodities, and other physical assets. Tokenization means converting ownership of an asset into digital tokens, which can be traded on a blockchain-based platform, making the asset more accessible to a wider range of investors.
To tokenize a real-world asset, a digital representation of the asset is created on a blockchain-based platform. This digital representation is divided into smaller units, or tokens, that investors can buy and sell. Once the asset has been tokenized, it can be traded on a cryptocurrency exchange like any other asset.
With this said, Edgy suggests that certain factors can act as “catalysts” to propel the growth of the real-world asset sector toward the target of reaching $16 trillion by 2030. Here are a few of them:
- Amazon’s NFTs are rumored to be tied to real-world assets. The American multinational giant allegedly plans to launch its own NFT platform, which may be tied to real-world assets.
- Moreover, Goldman Sachs launched GS Dap to tokenize traditional assets. GS Dap is a blockchain-based platform launched by the leading financial institution that allows traditional assets, such as loans and bonds, to be tokenized and traded on a blockchain-based platform.
- Additionally, the technology company Siemens issued a $60 million bond tokenized on the Polygon Network. This bond was the first corporate bond to be issued using blockchain technology, demonstrating the potential of blockchain-based platforms for the crypto and real-world asset sectors.
The “catalysts” mentioned earlier may only be a small part of the real-world asset sector’s potential and its ability to grow and impact various aspects of the global economy. According to Jeremy Allaire, the CEO of Circle, tokenized property and contracts will likely become commonplace within the next 5-10 years.
Allaire’s comments followed the news that Homebase, a company specializing in tokenized real estate, had successfully sold out its first tokenized rental property on the Solana blockchain in under two weeks.
What Are Some Further Benefits For The Crypto Industry Of RWA
In addition to the potential for growth within the cryptocurrency industry, Edgy emphasizes the real-world asset sector’s benefits, such as cost savings, increased accessibility for smaller investments, and improved access to financing through tokenized assets.
By tokenizing assets, the RWA sector allows for direct ownership and trading of assets, cutting out intermediaries such as brokers and other rent seekers. If an investor cannot buy an entire property, they can buy a small portion.
Additionally, tokenized assets can be used as collateral for loans, which can help businesses that may have difficulty accessing traditional forms of financing, which is beneficial for businesses in emerging markets, where access to capital may be limited.
Overall, the sector’s benefits include increased accessibility and liquidity of traditionally illiquid assets, lower transaction costs, and greater efficiency in buying and selling assets. As the sector continues to evolve, more benefits will likely emerge, further driving the growth and adoption of the crypto sector.
Featured image from Unsplash, chart from tradingView.com
Original Post: This Crypto Sector Will Grow To Trillion, Here’s How
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Bitcoin’s Average and Median-Sized Network Fees Rose 40% Higher in March
In March 2023, Bitcoin’s average and median-sized fees jumped more than 40% higher after rising 122% in 10 days during the first week of February. The fees have followed the Ordinal inscription trend as more than 662,000 inscriptions reside on the Bitcoin blockchain, and 150 bitcoin worth $4.2 million have been added to fees.
Bitcoin Fees Surge in March, More Than 50,000 Unconfirmed Transactions in the Mempool
As of 2:30 p.m. (ET) on March 31, 2023, according to statistics from mempool.space, there are roughly 54,000 unconfirmed Bitcoin transactions. Bitcoin fees and wait times have increased in March following the network fee increase that occurred during the first week of February.
At that time, due to the demand stemming from Ordinal inscription transactions, fees rose 122% in 10 days. With BTC’s price significantly higher and the Ordinal inscription trend still in full swing, average and median-sized transfer fees have risen since February 8, 2023.
According to data from bitinfocharts.com, on Friday afternoon (ET), the average BTC transaction fee cost 0.000084 BTC or $2.40 per transaction. On February 8, 2023, the average fee was $1.704 per transfer, or 41.17% lower than today’s average BTC fee.
BTC’s median-sized fee rose 42.02% from $0.69 to $0.98 per transaction during the same time frame. Average fees spiked to $4.24 per transaction on March 24, and on the same day, median-sized fees hit $1.37 per transfer.
As of writing, there are more than 662,000 Bitcoin-based Ordinal inscriptions, and some of the fee rise has been attributed to the inscription trend. Presently, 150.2457 BTC in fees has been collected for Ordinal inscriptions.
While BTC fees have been higher, they are still lower than the average and median-sized fees settled on the Ethereum (ETH) network. Currently, the average ETH transaction fee is 0.003 ETH or $5.43 per transfer, and the median-sized ether fee today is 0.0014 ETH or $2.54 per transaction.
While average and median BTC fees range between $0.98 to $2.40 per transaction, some fee payments, at 6 satoshis per byte or $0.24 per transaction, have been making it past the transaction queue.
While block intervals were faster than the ten-minute average prior to the last difficulty change, with an average of nine minutes and 33 seconds during the last 2,016 blocks, they are currently ranging between nine minutes and 50 seconds to ten minutes and 21 seconds.
What do you think the future holds for Bitcoin fees? Let us know your thoughts in the comments section below.
Original Post: Bitcoin’s Average and Median-Sized Network Fees Rose 40% Higher in March
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