💊Dogecoin to the moon 🚀
Welcome to Web3 pills, the daily crypto newsletter whose floor price keeps on rising with every edition.
Here are your 💊’s for today:
Dogecoin to the moon
Controversy surrounding Art Gobblers NFT launch
NFT of the day
DOGECOIN TO THE MOON
In the past 7 days, Dogecoin’s price has risen an extraordinary 137.5%. This now makes Dogecoin the 8th largest market cap by token at $19.2 billion!
This pump has come on the heels of Elon closing the Twitter deal, and repeatedly teasing that he would be integrating DOGE into the platform, including this tweet last night:
Most people have seen of the memes, but few people know the background to Dogecoin. So in honor of Dogecoin pumping, here are some interesting facts on the project:
Dogecoin was launched in 2013 by software engineers Billy Markus and Jackson Palmer. It was originally launched as a joke by the two.
Dogecoin gained prominence online after a Subreddit was launched. Within 2 weeks the token had reached a market cap of $8 million.
Markus designed the Dogecoin protocol based off existing blockchain protocols of Luckycoin and Litecoin, which use scrypt technology.
Like Bitcoin, Dogecoin uses a proof-of-work consensus mechanism. DOGE can only be “mined” with FPGA and ASIC devices (not SHA-256 Bitcoin mining rigs).
Within the first month launch, millions of Dogecoin were stolen in a hack. This hack actually helped Dogecoin become more well known online.
Jackson Palmer and Billy Markus have both left the project. Ironically, both have a somewhat cynical view of cryptocurrencies.
Back in 2021, SpaceX announced a rideshare mission to the Moon, completely funded by Dogecoin. This was the first space mission funded this way.
Dogecoin reached an all-time high of $0.73 in May of last year. Since then, it is down more than 80%, even after this most recent pump.
Elon is a master troll, so it’s unclear whether or not he will actually be integrating DOGE into the platform.
However, one thing is for sure… Dogecoin is likely to pump towards the moon any time that he mentions it.
CONTROVERSY SURROUNDING ART GOBBLERS NFT LAUNCH
It feels like every other week, there is a new controversy that takes center stage in the NFT community. Last week it was top NFT marketplaces cutting royalties to 0%. This week the controversy surrounds an NFT collection called Art Gobblers.
Here’s what you need to know:
Art Gobblers is a collection of 1,700 NFTs minted on Ethereum.
The collection was free to mint, however you needed to have your crypto wallet “whitelisted” in order to be able to mint.
Among the wallets whitelisted, were those belonging to prominent NFT influencers.
Shortly after the mint ended, the floor price of Art Gobblers quickly jumped to a 15 ETH.
At this point, many of the influencers sold their NFTs for a pure 15 ETH profit.
So where does the controversy arise from?
While it’s great to see NFT influencers/creators having the opportunity to make some $, it is coming at the expense of many of their followers.
Many influencers are known to promote a project to their followers to build hype, and then immediately sell it. This leaves their followers holding the bag, and losing a lot of money as a result.
If NFT traders think the game is stacked against them, this is likely to damage the potential of the NFT space in the long term.
Let’s hope for the sake of the NFT space, a better model is created that benefits all parties, not just a few influencers.
Crypto Finance Firm Galaxy Digital to Cut One-Fifth of Workforce: The company's shares have fallen 80% in the past year.
Survey: 37% of Voters Considering Candidates’ Crypto Positions: Roughly 80% of respondents say crypto regulations should be clearer, including 88% of Democrats and 77% of Republicans.
Record $760M Stolen in Exploits During ‘Hacktober’: Bad Month for DeFi Security Highlights Pitfalls of Freewheeling Practices.