• Elon Musk recently sent out a tweet about Dogecoin, causing a 6.6 percent price surge and a 2.5 percent price surge in Shiba Inu.
• According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto, there was an average 3 percent price increase in each of the 47 events after a tweet by Musk.
• Musk’s influence on Dogecoin is significant as it can cause immediate and large price spikes followed by 45-minute price spikes afterwards.
Elon Musk’s Tweet About Dogecoin
Twitter CEO Elon Musk has been linked to several surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, Musk posted another tweet which caused an increase in the value of this meme coin over the last 24 hours. The post read: “High time I confessed I let the Doge out” with an image attached that said “It was me, I let the dogs out” and he followed up with “Fact check me @CommunityNotes”.
Effect On Other Cryptos
Interestingly enough, Shiba Inu also surged marginally due to Musk mentioning „dogs“ in plural form in his follow-up tweet. Afterward, Dogecoin experienced a 6.6 percent surge while Shiba Inu rose by 2.5 percent.
Musk’s Influence On Crypto Prices
According to research conducted by Blockchain Research Lab on how much influence Elon Musk has had on cryptos reveals that after every one of his 47 tweets there is usually a 3% average increase in prices for these assets. Additionally, whenever there is an abrupt surge in prices shortly after one of his tweets, there is likely going to be another 45 minute spike afterwards too.
Dogecoin’s 24 Hour Price Movement
As for the 24 hour movements within its own asset, it ranges between $0.0832 and $0.0872 but could not break its key resistance level at $0.09 before retracing from where it began initially as seen from its chart data..
Overall, it appears that Elon Musk has quite some influence over investors when it comes to Dogecoin and other cryptos alike as they tend to experience significant gains within minutes or hours following one of his posts or mentions about them online
Crypto Market Momentum in the Second Half of February
• Bitcoin (BTC) clocked gains of around 2% and was trading at $22,267 while Ethereum hovered around the $1,550 mark.
• Global crypto market capitalization settled around $1.03 trillion, a rise from the previous few days.
• Among the altcoins in green were Big Eyes Coin, Lido DAO, and Tron (TRX).
Big Eyes Coin
Big Eyes Coin is an emerging meme coin based on Ethereum that has surpassed all expectations for being a standout in a saturated market of meme coins. Its presale just surpassed $27.2 million and investors are eyeing this promising crypto for its De-Fi functionalities along with real-world utilities. To celebrate this massive feat of presale, Big Eyes Coin have partnered with Stray to give away FIVE exclusive PlayStation 5’s along with game access as a bundle to FIVE lucky users of its cat-crazy community. If you wish to be a part of this huge giveaway, visit Big Eyes Coin’s Twitter to read the T&Cs.
Lido DAO is a decentralised ecosystem that offers various services such as staking rewards, liquidity mining programs and many more features which will benefit users who are looking to earn passive income. Lido has been gaining traction lately due to its unique approach towards solving problems within the DeFi sector such as high gas fees and slow transaction speeds. Lido is one of the most promising projects in 2023 and it’s expected that the value of its native token will increase exponentially over time.
Tron (TRX) is a decentralised blockchain network with an independent digital platform created with the aim of promoting decentralised entertainment platforms for efficient sharing digital content. TRX has taken spotlight recently due to its gains entering February’s second half which could make it one of the top performing cryptocurrency investments in 2023 if it manages to maintain these gains throughout 2021 and beyond into 2022.
The second half of February brought some much needed relief amidst bearish momentum in the crypto market – driven by Bitcoin (BTC), Ethereum, Big Eyes Coin, Lido DAO, and Tron (TRX). All these cryptocurrencies demonstrate great potential for long term investments but also come with their own set of risks so investing should be done carefully after researching each asset thoroughly before making any decisions regarding investment amounts or strategy diversification plans across different tokens/coins/blockchains etc..
• The Federal Reserve Bank of New York recently concluded that Bitcoin hardly correlates to macroeconomic factors in comparison to other asset classes like precious metals, and the S&P 500.
• The report concluded that Bitcoin is unresponsive to both monetary and macroeconomic news and shares most of the features of a store of value such as gold.
• The report formulated a simple speculative asset model to determine the future probabilities related to Bitcoin value which indicated that monetary news negatively affects the value of the speculative asset through an interest-rate channel.
Federal Reserve Bank: Bitcoin Shares Most Features with Gold
The Federal Reserve Bank of New York recently conducted a study which concluded that Bitcoin hardly correlates to macroeconomic factors in comparison to other asset classes such as precious metals, and the S&P 500. According to their findings, it was determined Bitcoin is unresponsive to both monetary and macroeconomic news, and shares many features with a store of value such as gold.
Model for Determining Future Probabilities Related To Bitcoin Value
The report also formulated a simple speculative asset model in order to determine future probabilities related to its value. This model showed that changes in monetary policy have more effect on price than current target rates do. It also found an unexpected increase in US inflation could lead to higher input costs for exports which make a nation’s exports less competitive globally – resulting in increased volatility before and after FOMC statements regarding interest rates.
Bitcoin Price Unresponsive To Monetary And Macroeconomic News
The research suggested that Bitcoin is mainly unresponsive when it comes to monetary or macroeconomic news, meaning it does not react significantly when variables such as inflation or unemployment are changed or altered. This can be compared with traditional assets like gold or silver, who tend show reactions when these variables are adjusted by policymakers around the world.
Comparing Crypto Assets To Precious Metals Rather Than Dollars
Overall, this indicates crypto assets compare closely with precious metals rather than fiat currency – proving they cannot be used effectively as payment due their high volatility levels compared with traditional money systems. As Fed Chair Jerome Powell said back 2021, cryptocurrencies are too volatile for use at scale when it comes making purchases or payments for goods/services – reinforcing what this recent study has shown about price action in relation to macroeconomic news events.
In conclusion, this study once again highlights how much more closely crypto assets compare with gold rather than fiat currencies when it comes economic stability and usability within society at large – reinforcing why they cannot yet be adopted widely as payment systems until further development takes place within blockchain technology itself (for example through second layer solutions).
• Venom Ventures Fund has invested $5 million in Everscale Blockchain, a multi-level blockchain power house ideal for hosting high-scale web3 and load-intensive projects.
• The Abu Dhabi-based venture fund has entered a strategic partnership with the load-intensive blockchain project to expand its operations within Asia.
• The investment will be used to fund the expansion of Everscale’s development team and projects, as well as to test updates and complex technical solutions before uploading to Venom’s blockchain.
Everscale Blockchain, a multi-level blockchain power house ideal for hosting high-scale web3 and load-intensive projects, has received a $5 million strategic investment from Venom Ventures Fund, the new Abu Dhabi-based $1 billion venture fund. This investment will be made in stages and will be used to fund the expansion of Everscale’s development team and projects. In addition, the investment will also help Everscale to test updates and complex technical solutions before uploading to Venom’s blockchain.
The Abu Dhabi-based venture fund has entered a strategic partnership with the load-intensive blockchain project to expand its operations within Asia. Venom Venture Fund (VVF), which will receive the $5 million investment fund, made it clear in a statement that this is a strategic investment aimed at the technological development of projects. Peter Knez, Chairman of Venom Ventures Funds, disclosed that VVF would be launching the Venom blockchain soon and Everscale would be a potential scaling solution.
VVF is particularly interested in the „infinite sharding mechanism“ used by Everscale. The mechanism allows the Everscale network to adapt to any workload without affecting throughput and processing fees. Giving his statement on the investment, Everscale Foundation Board Member Moon Young Lee explains that the move was a major milestone for both parties. Lee believes that Everscale has been grossly underappreciated in the market despite its underlying technology. But a partnership like this would enable Everscale to prove itself.
Everscale is an ambitious project that has the potential to become a major player in the blockchain space. With the support of Venom Ventures Fund, the team will be able to scale their operations and prove the viability of their technology. It is a major step forward for both parties and could potentially revolutionize the blockchain industry.