After the Dogecoin blockchain was able to issue NFT and other tokens, the daily transaction volume increased more than 20 times

The daily number of transactions in the Dogecoin network grew to an all-time high. This happened after the appearance of a new token standard DRC-20. This standard allows NFT and other tokens to be issued in the blockchain of the leading meme cryptocurrency.

On May 16, according to the BitInfoCharts platform, the number of transactions in the Dogecoin blockchain exceeded 719,000. This is not only the highest number for the DOGE coin network. But also for the first time exceeds the maximum values for the Bitcoin network, where a similar standard BRC-20 was recently launched.

The BRC-20 and DRC-20 protocols were modeled after the ERC-20 for Ethereum. These are protocols that allow other tokens to be created “on top of” the blockchain in a single network-compatible way. Prior to this generalized standard, a separate blockchain had to be created for each token. ERC-20 is the most widely used standard today for creating new tokens.

On May 9, the DRC-20 standard was launched on the Dogecoin network. And it allows the creation of a token tied to each indivisible DOGE unit. And which is called Elon ( in honor of the most famous fan of the meme cryptocurrency, Elon Musk). There are 100 million Elons in one Dogecoin coin. Also these tokens can be issued in the form of NFT or other cryptocurrency.

Similar to tokens in the Bitcoin network called Ordinals, this standard has already been nicknamed Doginals.

Compared to the daily average of 20,000-30,000, the daily volume of transactions in the Dogecoin network has increased more than 20 times since May 9. This increased activity could lead to network congestion. Which is not designed for a large number of transactions, and to increase transaction fees.

Our experts note that the BRC-20 standard in the Bitcoin network became effective in March. And on May 8, fees reached two-year highs due to the excitement with the issue of memcoins on the blockchain of the first cryptocurrency. The popularity of their issuance was boosted by a surge in the price of meme tokens like PEPE and LADYS.

The NFT community Own the Doge and the PleasrDAO project, which bought the rights to the DOGE meme for $4 million. Now they involve Hollywood producers and streaming companies to promote the story of the dog Kabosu, the symbol of a Dogecoin coin

Proponents of Dogecoin (DOGE) have made a “documenal” film about the meme cryptocurrency, writes Decrypt. The NFT community Own the Doge and the PleasrDAO project, which bought the rights to the image of the DOGE meme for $4 million in 2021. They created and financed an as yet untitled feature film. It is about the transformation of an abandoned Shiba Inu puppy, nicknamed Kabosu, into a Dogecoin cryptocurrency symbol.

The film was directed by John Lynn and is currently in production. Despite the initially niche nature of the project, its creators hope to extend it to a mass audience. And are on the lookout for new partners to promote this film.

At this point, according to one of the producers of the film under the pseudonym of tridog. This project has secured the support of Jim Toth, a former Hollywood casting agent. He is also the producer and ex-husband of actress Reese Witherspoon. Also, according to tridog, they were joined by “Feels Good Man” documentary director Arthur Jones and producer Evan Rosenfeld.

The creative team behind the film is also trying to attract major film distributors. For example the streaming platforms Netflix, Hulu or Amazon Prime Video. The filmmakers believe they can offer these companies an asset. Which may be of interest to them, namely the audience interested in the success of the project.

Our experts say that Dogecoin is a cryptocurrency, which is one of the top ten largest digital assets by market capitalization, with an indicator of $11.7 billion. We think all Dogecoin followers would love to see this movie.

Using onchain metrics, Santiment analysts analyzed recent developments and actions of Whales in the cryptocurrency meme.

Santiment analysts have suggested that Whale is aware of the recent rise of Dogecoin (DOGE). Exploring onchain metrics, they analyzed the movement of the coin’s exchange rate. As well as the actions of its owners.

On April 3, Elon Musk swapped the Twitter logo for the Dogecoin symbol. According to analysts, most of the cryptocurrency community already knows. That if Musk does something on social media, his goal is to have fun, get attention or make money. Perhaps in this case, all three goals were met, Santiment noted.

The day after Twitter’s logo change, the Dogecoin token rate soared more than 33%, temporarily outpacing the growth of other cryptocurrencies. This happened in two waves: the big price jump started and ended almost immediately after the news (from $0.077 to $0.100), followed by the second wave of growth (to $0.102).

Studying transaction data and market indicators, Santiment analysts noted many signals. Which indicated when the big players (who, according to the authors, probably knew about the planned “pumping” of DOGE) were exiting the asset. Or at least recorded large profits.

Santiment explained that when the number of active addresses. As well as the volume of trades and transactions, and transactions of “whales” (addresses with more than $100k) together increase sharply in the period. And when an asset experiences growth independent of other markets, it is possible to assert with confidence. That here almost always forms a local top and fixation of profit at this moment.

Four types of DOGE holders

Analysts have studied the behavior of coin owners, dividing them into four categories based on the number of Dogecoin tokens:

“Fishes” (0-10 DOGE);
“Dolphins” (10 to 10 thousand DOGE);
“Sharks” (10 thousand to 10 million DOGE);
“Whales” (10 million or more DOGE).

According to the study, “fishy” addresses aggressively bought the coin the moment the price peaked. This is typical and is one of the signs of a price peak. “Dolphins” and “sharks” showed no signs of participating in this rally.

Our experts note that “Whales” were buying small quantities of the token in anticipation of replacing the Twitter logo. And as soon as the Dogecoin price jumped, the owners of such wallets fixed their profits.

Santiment suggests that something might have been known to the big DOGE holders. This is just a guess – the identities of address holders are unknown.

The meme cryptocurrency Dogecoin rose in price by 29.8% and reached the 7th place by capitalization. After Elon Musk changed the logo on Twitter to the image of a Shiba Inu dog. Crypto Upvotes expert review

Traders lost $30 million in liquidated positions on Dogecoin (Doge) during the day. According to Coinglass, 58.6% of the forcibly closed positions were short and 41.4% were long.

An unusually large number of liquidations on Doge occurred after its exchange rate rose after a logo change on Twitter. On the evening of April 3, Elon Musk replaced the familiar image with Dogecoin. Doge reacted with a sharp increase of 25%.

Traders on the OKX exchange incurred the largest losses, losing more than $15 million on Dogecoin positions. Open Interest (OI), or the total amount of active futures contracts, on cryptocurrency exchanges rose to more than $683 million. The index increased by 90.7% during the day.

On April 4, Dogecoin trades at $0.1, a daily rate increase of 29.8%. According to Coinmarketcap, Doge reached the 7th place by market capitalization with an indicator of $13.9 billion, overtaking the cryptocurrency Cardano (ADA).

BitMining claims that the presented Litecoin and Dogecoin mining device will be more profitable than its predecessors. Crypto-Upvotes expert review

Shares of BitMining (BTCM) on the New York Stock Exchange (NYSE) rose 106% – from $2.11 to $4.36 per share. After the company announced the release of new LD3 mining devices on Twitter on Jan. 10.

On January 17, BitMining equipment manufacturer announced in its blog that the production of these devices has begun. They will be used to mine Litecoin (LTC) and Dogecoin (DOGE) cryptocurrencies. A total of 5 thousand machines were produced. And some of them are intended for internal use, while others are for sale.

The LD3, which has a capacity of 3.5 kW, will be more profitable than its predecessors. At the same time consuming energy more efficiently, BitMining claims. This is the second ASIC miner (mining device) that the company has developed since acquiring hardware maker Bee Computing last year. The first was the Ethereum Classic (ETC) cryptocurrency mining device last August.

Our experts remind us that BitMining business includes cryptocurrency mining. And managing data centers and manufacturing equipment. The company also owns a large mining pool, BTC.com. Which was hacked late last year. As a result of the hacker attack, the attackers managed to withdraw about $700,000 worth of crypto-assets belonging to customers from this pool. They also stole $2.3 million in cryptocurrency from their own project wallets.

Tier 2 blockchain project Shiba Inu will help create a new decentralized metaverse and gaming ecosystem

Developers of Shiba Inu token announced preparations for launching a test network called Shibarium. The second-tier blockchain will run on top of the first-tier Ethereum network. It is designed to provide scalability, faster transactions, lower fees and more opportunities for developers in the Shiba Inu ecosystem.

Cryptocurrency Shiba Inu was created 2.5 years ago. The Ethereum blockchain token is named after Shiba Inu dogs. The website of the project calls this token “”Dogecoin Killer””. And it says that when it was created, its main goal was to surpass the total capitalization of Elon Musk’s favorite coin (Dogecoin). At the same time without crossing the price point of $0.01 per token.

The developers claim that the project has now left the category of “meme” tokens and turned into a popular and actively growing ecosystem. At the same time, in terms of market capitalization, the token is in 16th place with an indicator of $6.1 billion. Dogecoin is now in 9th place, its capitalization is almost $11.6 billion.

Shibarium

Shiba Inu team noted in its message that some members of the cryptocurrency community see Shibarium as a tool to “inflate” token prices. But that is not and never has been the goal of the project. According to them, the new blockchain will help reduce the load on the underlying network. It will also improve the user experience in metaverse and gaming applications.

The combination of web3 and Shibarium Level 2 blockchain technologies can create a new decentralized Metaverse. As well as a gaming ecosystem in which players will interact in a decentralized way. And make transactions, as well as own, buy and sell digital assets.

Tier 2 networks are created to extend the capabilities of basic Tier 1 blockchains. The developers of Shiba Inu state that Shibarium will be able to serve multiple layers of the blockchain. The announcement also says that the new network will reduce the transactional burden on these parts of the ecosystem.

Shibarium will use SHIB, Leash and Bone tokens. Transactions on the network will be paid for using Bone, a Shiba DAO management token. It will also pay members who support the network and validators. Twenty million Bone tokens ($27 million) have been set aside for these payments.

A test network will be launched first. The developers don’t give an exact date, but they write of a “soon” launch. The main network will launch later, its launch will allow the team to integrate the decentralized crypto exchange ShibaSwap into Shibarium.

The developers also expect commissions on the new network to be lower than the current fees on the main Ethereum network. Nevertheless, our experts note that the team prefers to wait for results of analysis in a test network Shibarium. In order to make sure the data is accurate before declaring it definitively.

Elon Musk manipulates cryptocurrency market with his followers they buy after his every hint.

In recent years, it may have become customary for crypto market participants that Dogecoin’s price reacts to publications and comments by Elon Musk. In addition, he became the owner of the social network Twitter at the end of October. The head of Tesla and SpaceX has openly talked about his love for ‘this meme cryptocurrency and repeatedly hinted at its integration into the Twitter interface.

As the head of Twitter, Elon Musk naturally partially joined the cryptocurrency community. Which settled on the platform at the stage of crypto-business birth. Musk participates in Twitter Spaces broadcasts with opinion leaders from the cryptosphere and comments on high-profile news in his own account. When Elon Musk accepted DOGE Community Influencer’s offer under the nickname @dogeofficialceo to join the broadcast with his followers on December 16, the cryptocurrency meme rate jumped 5%.

Not everyone is happy with the billionaire’s policies as the new owner of Twitter. When, by Musk’s decision, moderators of the social network blocked the account. Which tracked his private jet’s flights. In response, Ethereum ecosystem founder Vitalik Buterin openly called it a manifestation of selective censorship. Which “puts Twitter on the road to authoritarianism.”

Musk uses the Twitter polling interface to get followers’ opinions on various social networking policies. Starting with a vote on the need to restore former U.S. President Donald Trump’s account. Elon Musk got as far as a poll on whether he should stay in charge of the service. By a relatively slim margin, most of the votes were positive. Musk joked that he would leave when he “found some crazy person” to replace him, and that he would then move to the development team. When the vote ended not in Musk’s favor, the price of Dogecoin plummeted more than 10%.

Manipulation of price Dogecoin

Dogecoin holders may remember May 2021, when the price of DOGE hit an all-time high of $0.73 when Elon Musk mentioned cryptocurrency. Which he did during an interview on Saturday Night Live. By June 2022, as the crypto market faced the consequences of the Terra ecosystem collapse, DOGE was trading 90% below its ATH.

The announcement of any initiative by Elon Musk on Twitter, in one way or another, related to payments. Leads to the fact that Dogecoin begins to actively buy up on exchanges, thereby inflating the rate of this coin. In the comments to Musk’s tweets, there are periodic discussions about how this or that algorithmic trading software. It can track its publications and automatically places buy orders on cryptocurrency exchanges at any mention of DOGE.

By and large, DOGE is a speculative asset. The real popularity of the coin is due to Elon Musk. For this reason, criticism of DOGE from the head of Twitter is able to create significant pressure on the price by sellers. The integration of Dogecoin into Twitter or another Musk project. On the contrary, is capable of significantly inflating the price of the cryptocurrency.

In any case, if Elon Musk does leave his position as Twitter’s head, it will definitely push the price of Dogecoin down. The token rate has already tripled on expectations, and now they are rapidly collapsing. The market reaction will be subdued if Musk leaves office but stays with the company. That would give investors renewed hope for the addition of the coin to the social network.

Twitter Business

On Dec. 22, Twitter added a feature to track cryptocurrency and stock prices in search results using the TradingView infrastructure of the trading platform. Elon Musk openly praised the team’s work and added that this is one of many product improvements that will be added to Twitter Business.

Rumors about the integration of cryptocurrencies into the Twitter interface have been around for quite some time. In June, some of Ilon Musk’s correspondence leaked online. And in the published messages he says that he plans to build a full-fledged financial system in Twitter. In the presentation of the new functionality of the service published on November 27, Musk intentionally concealed the content of the “Payments” slide.

The publication led to an 8% growth of Dogecoin. However, Elon Musk’s favorite coin is not the only candidate for integration into the social network. Crypto speculators are monitoring any Twitter-related news and looking for crypto-assets. Which could also potentially participate in “financial” integrations of the service.

Not accidental leaks of confidential information for manipulation

Shortly before the presentation was published, some of the source code of Twitter’s app for iOS was leaked. Researchers found elements of Signal messenger encryption in that code. About which Musk has repeatedly advised his followers as an alternative to iMessage or WhatsApp. After news of the details of the leak, the price of Signal’s integrated cryptocurrency MobileCoin (MOB) soared by 300%.

It is also known that Binance invested $500 million in the purchase of Twitter by Musk. And its head Changpeng Zhao said that he was always ready to help integrate into the social network technologies segment of Web 3.0. Following Musk’s deal, Binance launched the Binance Bluebird Index, which included the exchange’s native token BNB, Dogecoin and Musk Network (MASK). A cryptocurrency with a relatively low market capitalization raised the hype. And created a wave about its likely integration into the social network. It also led to an almost 400% rise in its price.

The theory about the integration of the MASK token into Twitter was complemented by the fact that the project’s protocol is used to work with social networks. However, on December 21 the developers of Mask Network announced the purchase of Pawoo.net, the second most popular project on the Mastodon platform. The latter is positioning itself as an open-source competitor to Twitter. As of December 18, Twitter banned links to Mastodon and several other social networks. MASK reacted to the news of Pawoo’s purchase with a barely noticeable increase, incomparable to the price hikes during speculation about Twitter’s integration.

In any case, Musk’s attempts to popularize cryptocurrencies have a positive effect on their acceptance in society. Until new laws are passed, Musk will continue to take advantage of his opportunities and will drive up or down the price of cryptocurrencies.

Twitter users can enter an asset’s ticker in search bar. And then get data on its current exchange rate and a chart of price movements

Social network Twitter has integrated cryptocurrency and stock prices into search results using a plugin from charting platform TradingView. The new feature was announced on the site’s official account TwitterBusiness.

This new feature allows users to enter cryptocurrency or exchange tickers into the search bar (with a $ sign in front of the characters). This helps generate the current value of assets in US dollars and a chart of price movements. But our experts also noticed that this result also contains a link to Robinhood trading app.

The added feature was also noted by the head of the social network, Elon Musk. He praised the work of the team and added that this is one of many product improvements that will be added to the “financial” Twitter.

At the end of November, Elon Musk had already announced his intention to make changes to this platform. He confirmed plans to integrate cryptopayments into the social network. Also Elon Musk previously talked about possibility to make payment for subscription to premium service Twitter Blue available in Dogecoin.

Additionally, in the next few weeks we will improve user interface. As well as adding new characters. Our experts believe the transformation of Twitter has just started.

Thanks to the integration of services of one of largest cryptocurrency exchanges. Some Google customers will be able to pay with cryptocurrency for cloud services, Crypto-Upvotes expert review

Some Google customers will be able to pay for cloud services in cryptocurrency at early 2023. This was announced by representatives of corporation at conference Google Cloud Next, reports CNBC. This will be possible due to cooperation of corporation with one of the leading cryptocurrency exchanges Coinbase.

First, corporation will accept payments in cryptocurrency from a limited number of customers through its integrated service Coinbase Commerce. Amit Zaveri, vice president and general manager and head of the Google Cloud platform, told CNBC. Currently, Coinbase Commerce supports 10 currencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin.

As time goes on, corporation will allow many more customers to use cryptocurrency. Also, corporation is considering using Coinbase Prime service to store cryptocurrency and conduct transactions in it.

At the same time, Coinbase said it will use Google cloud infrastructure for storage. Additionally, Coinbase will migrate its applications from Amazon Web Services cloud service. Also, when making cryptocurrency payments Coinbase will receive a percent of transactions.