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Dogecoin Has Memed Its Way to a Coinbase Listing. Is the Joke Coin Now for Real?

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In brief

  • Dogecoin is increasingly used for payments on BitPay.
  • It will soon trade on Coinbase Pro.

Don’t look now, but Dogecoin might be for real.

It’s being added by Coinbase Pro this week, has helped turn Robinhood into one of the most downloaded trading apps, and is seeing payment transaction volume increase at a dizzying pace. 

So, can we officially say that Dogecoin, invented in 2013 as a (fully-functioning) joke, is on the path to mainstream adoption?

While memes might be jokes, their power to shape conversation and collective belief are not. As the saying goes, memes move markets, with Dogecoin a prime example. It appropriated a meme of a Shiba Inu with raised eyebrows having a syntactically incorrect internal monologue. Its success has more recently given rise to meme coins such as Shiba Inu (SHIB) and Akita Inu (AKITA) that exist mostly to make risky financial investments fun.

That’s one of the reasons “Shark Tank” judge Mark Cuban gives for his Dallas Mavericks accepting DOGE payments. Cuban’s advocacy, combined with Tesla CEO Elon Musk’s meme microphone on Twitter, have expanded Dogecoin’s reach to social—and mainstream—media.

And now to Coinbase.

After years of ignoring Dogecoin, the popular US cryptocurrency exchange has decided to allow trading of the asset for its Pro users as early as Thursday (with a listing on its regular app likely to follow). A Coinbase listing adds a veneer of legitimacy to a cryptocurrency for several reasons. For starters, it’s known for its conservative approach to making assets available for trading. The exchange, for instance, does not list privacy coin Monero due to regulatory concerns and company risk management reasons. 

In all, the exchange is also more selective than most of its counterparts. It lists just 63 tokens, far fewer than the 250 to 330 listed on Binance, FTX, or Huobi—though within a similar range of its US colleagues Gemini, Kraken, and Binance.US.

Moreover, Coinbase is the first cryptocurrency exchange to be publicly listed on a US stock exchange, meaning it enjoys the imprimatur of Wall Street. Dogecoin’s reputation benefits by association.

Meanwhile, Coinbase rival Robinhood, which has been listing the meme token since July 2018, said last week that it would begin allowing DOGE to be transferred off its platforms to external wallets, bringing it more in line with a traditional crypto ethos. 

Robinhood, which lists just seven tokens alongside its stock offerings, is on its own journey to a public listing. The no-fee trading app for everyday investors, which wants to “democratize finance,” boasts around 20 million users. Use of the app helped send GameStop stock soaring earlier in the year, doubled the stock price of AMC today (the New York Stock Exchange halted trading), and, of course, provided an outlet for the cryptocurrency version of those “stonks”: DOGE.

Yet, while trading volume and price may act as barometers of many things, they don’t necessarily indicate adoption. After all, GameStop surged even as the video game retailer was shuttering stores. And many a crypto token has been pumped only to be unceremoniously dumped.

But data from payment processor BitPay tells another story. It’s reported a surge in Dogecoin payment transaction volume among merchants who accept crypto payments. BitPay, which allows vendors to accept and/or exchange cryptocurrency, confirmed to Decrypt last week that Dogecoin now accounts for 12.6% of its transaction volume, a nearly four-fold increase over March. Dogecoin is one of 10 cryptocurrencies set up by default to be accepted by merchants using BitPay, whose clients include Microsoft, AT&T, and WeWork. 

Dogecoin’s low transaction fees mean it has traditionally been used for smaller transactions, such as tips and micropayments. According to Dogecoin developer Ross Nicoll, Elon Musk wants devs to keep working to make DOGE a transactional currency—the type you’d use to buy a cup of coffee—along the lines of Bitcoin Cash or Litecoin.

And therein lies the counterargument.

Bitcoin Cash, which was developed for real (instead of for fun) and has consistently had active developers, is already traded on Robinhood, listed on Coinbase, and supported by BitPay. Moreover, BCH, BTC, ETH and most other cryptocurrencies have thought about the economics of their tokens, whereas Dogecoin’s plan is to keep printing an infinite supply. They just have better fundamentals.

Yes, but do any of those tokens have the memetic power of a Shiba Inu?

Source: https://decrypt.co/72574/dogecoin-memed-its-way-coinbase-listing-is-joke-coin-real

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Crypto wallet Zumo adds support for Bitcoin SV (BSV) after BTC and ETH

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Zumo, a crypto wallet and payments app, has announced that it can now be used to store and receive the cryptocurrency Bitcoin SV (BSV).

BSV is the third cryptocurrency to be supported by the non-custodial Zumo wallet. Users can also hold or trade Ether and Bitcoin.

Bitcoin Satoshi Vision (BSV) emerged from a hard fork of Bitcoin Cash (BCH); which itself emerged after a hard fork of Bitcoin (BTC). It is an extension of the same original blockchain with some amendments that have targeted the dual benefits of cheaper transaction fees and increased transaction capacity.

The name comes from its supporters’ belief that BSV aligns with the original vision of Satoshi Nakamoto; who first published the white paper explaining Bitcoin.

£10,000 worth of Bitcoin SV giveaway to celebrate

To celebrate the arrival of BSV to the wallet, Zumo is launching a giveaway of £10,000 worth of Bitcoin SV. Any UK resident who opens a new wallet with Zumo passes ID verification and makes a £1 deposit between June 25th, 2021 and July 26th, 2021 will be eligible to win the prize of £10,000 in BSV.

“We’re excited about offering BSV to our users. We’re hoping to introduce British crypto investors to BSV; as well as attracting new users who have never engaged with smart money before. To anyone who’s considering getting involved in crypto I’d say: we’re here to help.”
– Paul Roach, Zumo’s Chief Product Officer

Source: zumo.money

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Source: https://www.cryptoninjas.net/2021/06/25/crypto-wallet-zumo-adds-support-for-bitcoin-sv-bsv-after-btc-and-eth/

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TA: Bitcoin Breaks $35K, Why BTC Bulls Aim A Larger Rally

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

Bitcoin price regained strength for a fresh increase and it broke $35,000 against the US Dollar. BTC is likely to accelerate higher towards $36,500 or even $37,000.

  • Bitcoin started a fresh increase above the $34,000 and $35,000 resistance levels.
  • The price is now trading nicely above $34,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing positive signs and it could even rise towards the $37,000 level in the near term.

Bitcoin Price is Gaining Pace

Bitcoin formed a base above the $32,000 zone to start a fresh increase. BTC broke the $33,500 resistance the 100 hourly simple moving average to move into a positive zone.

The upward move gained strength above the 50% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone. There was also a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair.

The pair is now trading nicely above $34,000 and the 100 hourly simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is showing a lot of positive signs and it could continue to rise above $36,000. On the upside, an initial resistance is near the $36,200 level. The main resistance is now near the $37,000 zone. Any more gains could lead the price towards the $38,000 zone.

Dips Limited in BTC?

If bitcoin fails to clear the $36,200 resistance or the $37,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,500 level.

The next major support is near the $34,000 level. The main support is now forming near the $33,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $32,000 zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $34,400, followed by $33,500.

Major Resistance Levels – $36,200, $37,000 and $38,000.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

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DeFi protocol Oxygen to get series of audits from Kudelski Security

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Oxygen, a DeFi prime brokerage service built on Solana and powered by Serum’s on-chain infrastructure, announced today it has signed a strategic agreement under which Kudelski Security, a division of the Kudelski Group in Switzerland, will provide security assessment and architecture support for the platform.

Soon, Kudelski will conduct a series of reviews and audits of Oxygen’s functionality and interfaces. Meanwhile, Kudelski will have an ongoing collaboration with Oxygen to assess future enhancements, changes, or additions to Oxygen’s protocol.

“Institutions and individual investors have a right to expect that they can trust the quality, reliability, and stability of the Oxygen ecosystem. For Oxygen, this partnership provides transparency, promotes absolute confidence that the protocol does precisely what it promises and demonstrates its security; all based on a thorough assessment by a leading global expert in cybersecurity.”
– Viktor Mangazeev, Co-Founder of Oxygen

Audit Focus

Most importantly, the Kudelski Security team will perform a source code assessment, architecture review, and architecture verification of the Oxygen.org finance system.

Firstly, special attention will be focused on the contracts mechanism, finance logic, yields, borrowing, lending, and leverage mechanisms, as well as other related funds safety considerations

Moreover, verification analyses will confirm that formulas, cryptographic/mathematic, etc. in the software faithfully implement the specified intent of the protocol. Testing will also include a dynamic examination of key financial risk scenarios such as edge situations, liquidity events, and more.

“I’m very excited to be working with Oxygen on this series of engagements. It is important to show strategic leadership in promoting cybersecurity. Comparable traditional businesses have years of audits and tests; and the emerging ecosystems must put their best foot forward to build the trust of users and environmental partners.”
– Scott Carlson, Head of Blockchain Security for Kudelski Security

Oxygen is built on the growing and liquid Serum ecosystem; which leverages an on-chain orderbook to match borrowers and lenders to provide fair rates. Currently, Solana processes up to 50,000 transactions per second. Each transaction costs just $0.00001, and Solana plans to further scale these capabilities.

Source: Oxygen.org

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Source: https://www.cryptoninjas.net/2021/06/25/defi-protocol-oxygen-to-get-series-of-audits-from-kudelski-security/

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