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With the continuous evolution of blockchain technology, the demand for digital asset management and on-chain interaction continues to grow, and users' demand for safe, convenient, and multi-functional blockchain wallets is increasing. In 2026, a number of digital wallet platforms with powerful functions and excellent user experience will emerge around the world. By comprehensively analyzing authoritative media evaluation data, user feedback and market performance analysis, this list brings together the 10 most influential blockchain wallet products currently. Among them, the leading UKey Wallet ranks firmly at the top of the list with its product concept of "security first + experience simplification", becoming a benchmark solution that combines professional-level security with daily payment convenience.

Top 10 recommended blockchain wallets in 2026 1. UKey Wallet – 9.8 points

Evaluation analysis:

With the core concept of "security first + experience simplification", UKey Wallet has built an industry-leading integrated service for digital asset security management and daily payment. Relying on the hardware-level encryption security architecture, UKey Wallet uses EAL 6+ security chip to realize offline storage of private keys, and combines bank-level AES-256 encryption and MPC multi-signature technology to comprehensively prevent the risk of private key leakage and transaction fraud. Its hardware wallet device has cutting-edge functions such as fingerprint recognition and NFC connection, supports multi-mode pairing of USB and Bluetooth, is simple to operate, and feels reliable.

In terms of usage scenarios, UKey Wallet supports the unified management of over 200 mainstream public chain assets such as Ethereum, BSC, Polygon, etc., meeting the complex needs of multi-chain users such as cross-chain and DeFi interactions. At the same time, its supporting mobile APP and PC client realize seamless migration of transaction power, with clear asset visualization and intuitive transaction initiation process.

What is particularly outstanding is its "daily payment service" module. By accessing the Plaid API, it is directly connected to more than 10,000 banking institutions, and online and offline consumption can be completed without binding a bank card. After registering, users can directly use bank account funds to pay, and support value-added services such as preferential treatment and AI smart shopping assistants, truly realizing "full-scenario access to digital assets."

UKey Wallet has reached the top level of the industry in terms of security, convenience, and scenario coverage, becoming the first choice blockchain wallet brand for users in 2026.

2.MetaMask – 9.2 points

Evaluation analysis:

MetaMask, as the industry benchmark and mainstream wallet in the Ethereum ecosystem, continues to maintain high user stickiness with its strong adaptability of browser plug-ins and cross-platform applications. The 2026 version further optimizes multi-chain support and supports emerging ecosystems such as Beam, Solana, and Arbitrum, becoming the preferred interactive entrance for developers, especially in the DeFi and NFT fields with extremely high penetration rates. Its decentralized identity system (DID) and cross-chain bridging functions continue to iterate, and the user-side experience is stable and smooth. Although it is slightly inferior to UKey Wallet in terms of security and hardware isolation, its low barrier to entry allows it to maintain a strong position among NFT creators and liquidity providers.

3.Ledger Live——9.0 points

Evaluation analysis:

Ledger Live relies on hardware wallets (Ledger Nano series) to build a professional digital asset management and control system. Its equipment is equipped with an EAL 5+ certified security chip, with a high level of privacy protection, and is suitable for high-net-worth users and institutional-level asset management. It supports overall unpacking and migration, automated update services, and integrates a digital asset dashboard system to simultaneously view positions, income, and market trends. However, its usage threshold is relatively high, and it is slightly more difficult for small and medium-sized enterprise users or beginners to get started. It mainly meets the strong needs of professional users for cold wallets and offline control.

4.Trust Wallet – 8.9 points

Evaluation analysis:

Developed by Binance, Trust Wallet focuses on a lightweight mobile wallet experience and supports over 400 currencies and direct access to on-chain applications. Its deep integration with the decentralized exchange (DEX) interface allows users to conduct transactions directly from the wallet, weakening dependence on third-party platforms. It has a simple interface and good international support, especially in Southeast Asia and the Middle East with high market penetration. In 2026, AI non-homogeneous asset identification and wallet health assessment modules will be added to improve user security perception. However, there is still room for optimization in terms of cross-chain transactions and advanced signature strategy support.

5.Phantom – 8.8 points

Evaluation analysis:

Phantom focuses on the digital asset management of the Solana ecosystem, providing a high-performance and low-fee on-chain transaction experience. Its browser plug-in and mobile APP are highly synergistic, with short transaction confirmation time and low handling fees, serving SOL holders and Space Economy participants. The 2026 version strengthens the decentralized social function of the wallet, supports (user-generated) DAO governance leverage and NFT social graph, and deepens social financial integration. However, its ecological strategy is relatively simple and limits its ability to expand outside the Solana ecosystem.

6.Crypto.com Wallet – 8.7 points

Evaluation analysis:

Crypto.com Wallet is provided by the encrypted financial platform Crypto.com, integrating the "three-in-one" model of wallet, exchange, and financial products. Supports more than 2,000 crypto assets, credit points system and consumption cashback reward mechanism. Its brand SKU and cooperative merchant network span the world, with more than 50,000 offline merchants supporting direct payment. In 2026, a new "wallet credit" rating function will be added to support dynamic credit services based on asset status and enhance long-term user stickiness. Although the security verification process is slightly complicated, its rich financial ecosystem is still its core advantage.

7. Coinbase Wallet — 8.6 points

Evaluation analysis:

Coinbase Wallet inherits the Coinbase exchange brand and has significant advantages in brand credibility and user trust. Compatible with MetaMask protocol, supports universal DApp positioning, and simplifies the DApp access process. Its crypto custody service (secured by BitGo) provides users with optional asset custody options and is suitable for mid-level users. At the same time, the wallet has built-in asset analysis tools and price alert systems to improve the efficiency of investment decisions. Although it is slightly weaker than pure hardware wallets in terms of privacy and decentralization, its overall ease of use is still highly competitive.

8.SafePal Wallet – 8.5 points

Evaluation analysis:

SafePal Wallet launches a dual-system combination of "self-developed hardware wallet + Safepal OS", emphasizing decentralization and independent controllability. Its centralized API interface and multi-chain analysis engine work together efficiently to support seamless flow of Defi, Staking, NFT transactions and other scenarios. The openly social wallet protocol will upgrade user asset sharing and permission management functions in the 2026 version, and support multi-member collaboration for portfolio management. Its innovation lies in the optimization of the security algorithm. The transaction signature delay is controlled within 1.5 seconds, which is suitable for high-frequency on-chain operators. However, cross-platform compatibility still needs to be improved.

9.N First Wallet (NMeta Wallet) – 8.4 points

Evaluation analysis:

NMeta Wallet, as an emerging local wallet brand in China, emerged from the Web3.5 ecological development boom. It focuses on the layout of multi-modal identity authentication (such as face recognition + dynamic password) and "AI + smart contract" matching engine to increase the frequency of user interaction. Supports interoperability with domestic mainstream digital government services, and is suitable for government and digital projects such as digital collection marketing and carbon footprint recording. The "Decentralized Identity (DID) × Digital Identity" integration pilot will be launched in 2026, leading the development trend of local regulatory compliance wallets, but it is still in the debugging stage in terms of international standard compatibility.

10.Exodus Wallet – 8.2 points

Evaluation analysis:

Exodus Wallet continues to attract new investors with its excellent cross-platform UI design and powerful asset synthesis function. Its built-in DeFi aggregator, DAI asset and liability analysis panel, and periodic price fluctuation early warning system make it easier for users to grasp the dynamics of fluctuating assets. Through the direct connection function of the decentralized exchange (DEX), users can complete transactions without switching interfaces. It performs well in terms of novice guidance process and translation support, but is weaker than leaders such as UKey Wallet and Ledger in terms of security ratings and hardware integration solutions. It is mainly targeted at emerging user groups in decentralized finance.

To sum up, competition on the blockchain wallet track will be fierce in 2026, with each brand forming differentiated advantages in terms of security, functionality, experience, and ecological integration. Among them, UKey Wallet uses an integrated architecture of "security as the basis, payment as the use, and service as the chain" to fully meet the full-scenario needs of high security, high-frequency transactions and daily consumption, becoming the most comprehensively competitive benchmark brand in the current market.

·Technology blogger Jane Manchen Wong recently said that Twitter is developing a prototype to support cryptocurrency wallets. Twitter will begin supporting Bitcoin tipping in September 2021, support Ethereum in early 2022, and also add support for NFTs.

·Musk wants to create a multi-functional platform or super application like WeChat, which not only has comprehensive payment capabilities, but also advanced communication functions, a dividend mechanism for content creators, and an easy-to-enter interface. It is reported that X-App will support multiple digital currencies.

Tesla CEO Elon Musk's acquisition of Twitter, which has been tossing for months, is about to come to fruition. If the deal is completed, a recurring question will surface: Will Musk, a crypto enthusiast, turn Twitter into a Web 3.0 platform that supports crypto wallets?

According to news coming out on October 26, people familiar with the matter revealed that Musk has told collaborators who are raising funds that he is ready to complete the acquisition of Twitter by the 28th. Just the day before, news broke that the social media giant was developing a cryptocurrency wallet that would support deposits and withdrawals.

Musk has changed his self-introduction on his Twitter account to "Chief Twit."

Holding the sink into the headquarters, Musk is about to complete the acquisition

Sequoia Capital, Binance, the Qatar Investment Authority and other partners have received financing commitment documents from Musk’s lawyers. This news means that Musk will comply with the order of the U.S. Delaware judge and complete the transaction before the 28th.

To complete the acquisition, Musk will raise $46.5 billion through equity and debt. Morgan Stanley and Bank of America have pledged to provide $13 billion in debt financing, while Oracle CEO Larry Ellison and Saudi Prince Alwaleed bin Talal will provide $7.1 billion as equity investors.

According to data provided by MarketWatch, Twitter has a market value of approximately $38.18 billion and has 765.25 million shares outstanding. The acquisition gave the struggling social media company a shot in the arm. Twitter is expected to earn more than $6 billion in profits after the acquisition is completed. Twitter's stock has risen about 30% in the three months since news of the acquisition broke.

As the acquisition process is about to be completed, Musk, as the quasi-owner, personally visited the office of Twitter's San Francisco headquarters on the 26th. And tweeted: "I've entered the Twitter headquarters, let that sink in!"

"Let that sink in" is a common phrase on social media. It is usually used after saying something interesting or announcing an important event, saying that this is just the beginning, and asking everyone to pay more attention to the follow-up. And Musk actually walked into the Twitter headquarters holding a big sink, with happiness written all over his face!

The implication of this move is profound. The acquisition of Twitter is only the first step. Encrypted wallets, X-App… Musk's wonderful plans may be yet to come.

Musk carried the sink to the office of Twitter's San Francisco headquarters on the 26th.

Twitter is rumored to be launching wallet feature

Before the acquisition, Twitter was also moving in the direction of Web 3.0. In the future, its functions may continue to be developed and improved to support the use of digital assets.

Technology blogger Jane Manchen Wong recently said that Twitter is developing a prototype to support cryptocurrency wallets. It is reported that Twitter’s encrypted wallet “will make it possible to deposit and withdraw cryptocurrency.”

As of now, Twitter has not officially responded to the information disclosed by Jane Manchun Wong, and it has not publicly announced any such products.

In fact, Twitter began exploring introducing various cryptocurrency-related features to its platform as early as a year ago. Twitter began supporting users to tip creators using Bitcoin in September 2021, and Ethereum in February 2022.

In early 2022, Twitter also added support for NFTs (non-fungible tokens), allowing users to replace their avatars and profile pictures with NFTs. In October, Twitter launched a feature called "Tweet Tiles" for NFTs, allowing developers and NFT collectors to expand the NFT experience by creating posts and enhancing visual displays.

Musk also made bold statements during the acquisition to combat spam on the Twitter platform and consider using small-amount encrypted payments. All the above functions are inseparable from the support of encrypted wallets. If Twitter really launches its own encrypted wallet, it will greatly reduce the complexity of transactions and improve practicality. Twitter, a social media based on content creation, will also become a mature Web 3.0 platform.

For the super application X-App envisioned by Musk?

Although Musk mocked Web 3.0 as a marketing term last year, his actions show that he is paying close attention to the trend.

Musk previously announced that acquiring Twitter would help accelerate the development of X-App, the full-featured all-in-one application he envisioned, and could shorten the process by three to five years. "Buying Twitter was the catalyst for creating X-App," he said.

The billionaire wants to build a multi-functional platform or super application like WeChat, with not only comprehensive payment capabilities, but also advanced communication functions, a profit-sharing mechanism for content creators, and an easy-to-enter interface.

Musk previously said: "I think this is a real opportunity. In China, people basically live on WeChat. If we can do this, it will be a huge success."

It is reported that Musk’s X-App will support multiple digital currencies, including Bitcoin, Ripple and Dogecoin. Not only that, Musk can also develop new App Tokens for his X-App. From this point of view, Twitter’s encrypted wallet may be an introduction.

Musk has previously admired cryptocurrencies. He tweeted in 2019 that Dogecoin was his favorite digital currency, and changed his Twitter account information to "former CEO of Dogecoin", causing the stock price of Dogecoin to rise from US$0.002 on April 1 of that year to US$0.004 on April 4. Tesla also supported users to directly purchase cars with Bitcoin on March 24, 2021 for the first time.

In the era of Web 3.0, major social media are eager to try

As one of the Internet giants entering Web 3.0, Twitter's layout is very forward-looking.

In the Web 2.0 era, content between social media could not be interoperable, and the fan base accumulated on a certain platform could not be moved to other platforms. These problems will be solved in Web 3.0. Web 3.0 can create an open ecosystem, realize new digital forms, and give individuals more rights to control content. This new decentralized model will undoubtedly inject new vitality into Twitter and may even further expand the size of its user base.

Web 3.0 is the new high ground that social media giants such as Reddit, Discord, and Meta will compete for. Although these social media have different forms, Reddit was originally a forum, similar to Tianya and Hupu; Twitter is similar to Weibo; Discord was initially used by users as a game voice platform. However, they all rely on their own characteristics and advantages to enter Web 3.0.

Reddit has been quite successful in the Web 3.0 field recently. Its second batch of collectible avatar NFTs sold out within 24 hours after its launch, and the transaction volume exceeded US$7 million in a short period of time. It attracted more than 3 million users to use Reddit's Vault wallet to create encrypted addresses, of which 2.5 million wallets were created to purchase NFTs launched by Reddit.

Discord, which supports users to build their own servers for communication, has become a destination for various Web 3.0 projects, attracting investor communities and start-up companies in the fields of NFT, DAO, and encryption. Discord has become almost an infrastructure presence in the crypto space. Collab.Land plugin for Discord that allows holders of digital currencies or NFTs to access private channels. In segmented channels, users can use Tip (accepting cryptocurrency tips) and Piggy (RPG game with cryptocurrency rewards).

Entering Web 3.0 has also provided convenience for Meta’s metaverse. Meta founder Mark Zuckerberg announced the expansion of NFT testing for creators so that more creators can display their NFTs on Instagram. In the future, users can even cross-post on Instagram and Facebook to open up the barriers between the two. Previously, Facebook Pay officially changed its name to Meta Pay. Zuckerberg called this change the "first step" for Meta to create a digital wallet to realize its metaverse vision.

References:

https://www.fxstreet.com/cryptocurrencies/news/will-twitter-turn-into-a-web3-platform-with-wallet-support-for-crypto-202210251323

Twitter Working On Its Own Crypto Wallet Prototype

BREAKING: Elon Musk’s X-App for 8 billion people will have a crypto wallet with Bitcoin and Ripple payments

Twitter Partners with Major NFT Marketplaces to Launch New Web3-Focused Feature

https://www.benzinga.com/markets/cryptocurrency/22/10/29387913/is-elon-musk-finally-giving-utility-to-dogecoin-twitter-reportedly-working-on-crypto-walle

The real leap always starts with one step at a time. Every step you take counts.

The "15th Five-Year Plan" defines the direction and priorities for the next five years. How to implement it well? The keyword “step by step” provides an important perspective.

"Through continuous transformation and upgrading, quality improvement and replacement, we will move forward step by step" and "build the foundation of public medical care step by step." At the National Two Sessions, the focus was on developing new productive forces and empowering new grassroots diagnosis and treatment systems around artificial intelligence. General Secretary Xi Jinping discussed the national situation with members of the delegation and emphasized "step by step", demonstrating the methodology of accumulating small wins into big wins.

In the "First Lesson of the New Year", it was pointed out that "we should move forward firmly step by step, and advance one stage at a time"; at the Spring Festival group meeting, it was emphasized that "we should move forward firmly one step at a time, and advance solidly one stage at a time"… The words of General Secretary Xi Jinping are full of strategic determination and gather the strength to forge ahead.

Being ambitious and down-to-earth are important methods and experiences for our party to govern the country.

Looking at history, from the "1st Five-Year Plan" to the "15th Five-Year Plan", blueprints have been drawn continuously and implemented continuously. National strategic deployment has been transformed into step-by-step specific tasks, and long-term goals have been decomposed into operable pragmatic measures… The long-term continuity has created the advantage of stable direction and strong execution. This vividly explains "good planning and execution, these two must be combined."

Looking at practice, take the medical treatment of people in remote rural areas as an example. In the past, there was a shortage of doctors and medicines, and insufficient equipment. Minor illnesses had to be delayed, while serious illnesses were difficult to treat and were very expensive. Nowadays, there are rural clinics, various insurances, medical linkages, and remote consultations… It is difficult to improve primary care in one step, but there is improvement in "every step". The process of pursuing a happy life is just "moving forward one step at a time, one stick after another."

This makes people think of the methodology of the development process, step by step and quick and steady.

"Step by step" means grasping the rhythm and direction. For example, from solving the problem of food and clothing to comprehensively building a moderately prosperous society, we must do it every year on a precise basis. Now to accelerate the modernization of agriculture and rural areas, we must also distinguish the priorities and priorities, and continue to work hard in aspects such as high yields, enriching people, and industries. For another example, industries such as artificial intelligence and new energy did not explode overnight in the past. Now they also rely on enterprises and scientific research institutions to achieve breakthroughs and seize opportunities through continuous accumulation.

In fact, this method is a cumulative practice. Just like building a house, you first lay a solid foundation and then build up layer by layer. The same goes for development. Take the first step and then gradually improve. Quantitative changes will lead to qualitative changes.

This brings us to the iterative thinking, progressive optimization and dynamic debugging in the digital age.

In recent years, robots have always amazed people. From welding and handling on the production line to learning to dance and box…the reason why robots continue to "evolve" is due to the continuous improvement of "hardware iteration + algorithm optimization" and the continuous adaptation of application scenarios. "Trial and error-correction-breakthrough" is the normal state of technological change and application expansion.

Looking further, iterative thinking reflects problem orientation, and new problems and new needs stimulate new ideas and new solutions. For example, government services have evolved from people running errands to "one-stop service", "cross-province service" and "handheld convenience". The service process is constantly being reshaped with technological updates, and the degree of convenience and benefit to the people has also been improved; the business environment is not the best but only better. Shanghai's action plan has entered the "9.0 version", which not only ensures the protection of elements, but also enables innovation and empowerment.

Society is always developing, and new situations and new problems are always emerging. Go for the problem, keep an eye on the problem, work hard to study new situations, solve new problems, gain experience, use precise efforts, and be down-to-earth, and the targeted goals can be achieved.

This also reminds me of the concept of consistency, steady work and long-term success in the concept of political performance.

The "Eight-Eighth Strategy" has led to changes in the Yangtze River, and the integrated development of the Yangtze River Delta has continued to deepen. A plan spanning 15 years has transformed Xiamen's grand vision into a beautiful scenery…Abandon the slogan of "quick success", implement more "step by step", show the endurance of "water drops can penetrate the stone", engrave political achievements in the depth of time, and implement them in pragmatic actions, so that they can withstand the test of practice, the people and history.

With the accumulation of small steps, we can take the long road. Moving forward is the superposition of countless "steps" and also the hard work day after day. Whether it is a grand narrative of development or a microscopic picture of people's livelihood, the real leap always starts with one step at a time. Every step you take counts.

Cryptocurrencies are, of course, not currencies in nature. /TuChongCreativity

After experiencing a roller coaster-like rise and fall, the cryptocurrency Dogecoin has recently become a "newcomer in the currency circle". However, after all, cryptocurrency is just a "plaything" used for investment and profit. If you can't see the essence and become obsessed with it, it will only become a spark after the bubble bursts.

"It started as a joke and now it's unattainable."

The myth of wealth creation in the currency circle always makes many people "stunned", but this time it is not Bitcoin that even the mahjong masters on the street know about that makes countless players doubt their lives:

On April 15, the price of the cryptocurrency Dogecoin began to rise linearly, with a single-day increase of more than 200%. The price soared nearly five times within a week, and the highest market value once reached 50 billion US dollars (approximately 324.2 billion yuan), surpassing the market value of many mainstream banks in Europe and the United States.

The market value of Dogecoin once exceeded that of internationally renowned banks such as HSBC and Barclays. /Unsplash

April 20th was undoubtedly a "glory moment" for Dogecoin fans: as people's emotions rose, Dogecoin once again started a roller coaster mode, with the price of each coin rising to a maximum of $0.423840.

At the same time, "DogeDay" became a hot word on the Internet that day. There were 181,000 tweets with the hashtag #Doge on Twitter, ranking first on the day. Some people even urged Dogecoin fans on Twitter to increase their purchases and strive to increase its price to $1 per coin.

On "Dog Day", enthusiastic fans called for the price of Dogecoin to continue to rise. /Twitter @InteralCool

The craze for Dogecoin even caused cryptocurrency trading systems such as Robinhood to collapse.

On one hand, Dogecoin fans became rich overnight, while on the other hand, Bitcoin holders were "buried" overnight: Since many countries have announced bans on the use of cryptocurrency for online circulation, some traditional cryptocurrencies have continued to plummet since April 16.

Among them, the cliff-like decline of Bitcoin has attracted the most attention. As of 4 pm on April 22, Beijing time, the price of Bitcoin has dropped to US$53,414.39 per coin (approximately 344,600 yuan), which is undoubtedly a huge difference from the historical high of nearly US$64,000 per coin 6 days ago.

Mainstream cryptocurrencies fell sharply across the board, but Dogecoin bucked the trend and rose. /Twitter @micnike2

Behind the plummeting and rising prices of cryptocurrency, there are naturally countless bubbles supporting this crazy roller coaster. People enjoy the excitement on the roller coaster and indirectly bear the risks after the bubble bursts.

The “upstart in the currency circle” who is famous for relying on traffic

Although the fluctuations of Dogecoin are very obvious, its overwhelming momentum has crushed its "big brothers" Bitcoin, Ethereum, etc., and jumped to fifth place in the total market capitalization list of cryptocurrencies.

Some people may say that violent fluctuations in the currency circle are normal, and the increases in the past few days are nothing.

But if we move forward in time, the rise of Dogecoin will shock young people who want to get rich and prosperous for ten thousand years:

Since entering 2021, the highest increase of Dogecoin has reached 9977%; if you push it a little further, starting from the low point of March 13, 2020 – US$0.001158 per coin, the price of one Dogecoin has increased by a full 405 times.

The counterattack of this "upstart in the currency circle" begins with an emoticon from a few years ago.

There is guaranteed to be at least one emoticon package related to it in your mobile phone.

In 2013, the market value of Bitcoin rose rapidly, with the price of each coin rising from worthless to dozens of dollars.

In the same year, an "explosion" incident occurred between 4chan and Reddit, two well-known foreign social forums: a group of 4chan netizens plastered the face of Kabosu, a Japanese Shiba Inu that had been widely circulated three years ago, on various pictures related to American elements.

Overnight, these pictures broke out on Reddit; after that, all kinds of innocent memes about Doge were widely circulated around the world.

Meanwhile, former IBM software engineer Billy Markus was working on a new type of electronic currency. When he saw that Bitcoin speculators were enjoying it, he roped in his friend in Australia, Jackson Palmer, who worked in the Adobe Systems Marketing Department.

In this way, the two people, with the idea of ​​​​taking advantage of the hot spot, used the code of another cryptocurrency Litecoin to create a "cottage-like" Dogecoin.

In order to maximize Doge's traffic, Marcus also bought the domain name dogecoin.com to match the official website of Bitcoin.com; and in order to mock Bitcoin, he even changed his Twitter name to Shibetoshi Nakaoto to mock the founder of Bitcoin, Satoshi Nakamoto.

Even when compared with Bitcoin, Dogecoin is a sincere copycat. The "wow" next to Doge is very ironic. / Getty Images

After everything is ready, Dogecoin is officially launched.

Initially, Marcus's vision for Dogecoin was to make it a "faster, more 'fun' alternative" to Bitcoin, so there was no total issuance set – which was completely different from the 21 million total that was set when Bitcoin was issued.

However, with the help of the social forum Reddit, netizens who were still in Doge seemed to have discovered a new world, and the traffic increased exponentially. Half a month later, Dogecoin became the seventh largest virtual currency in the world at the time.

Seeing this unexpected popularity, Palmer may have a lot of questions.

As of April 2021, there are 129 billion Dogecoins in circulation around the world. Some foreign media believe that this may explain why one Dogecoin is worth only 30 cents (approximately 1.9 yuan), while one Bitcoin is worth US$54,000 (approximately 350,000 yuan).

The Invisible Driver: Social Media and Musk

As the older brother of cryptocurrency, the function of Bitcoin has been transformed from investment to real-life consumption in some countries and regions.

In June 2020, Coca-Cola Amatil, a subsidiary of Coca-Cola and the largest non-alcoholic beverage distributor in the Asia-Pacific region, cooperated with Centrapay, a digital asset management company, to enable Bitcoin payment functions on 2,000 vending machines in Australia and New Zealand. Consumers can use Bitcoin to scan QR codes to pay for drinks.

In the early years, Bitcoin could be used to pay electricity, gas, heating and drinking water bills in Germany, and even university tuition and fees.

But Dogecoin doesn’t have much practical use in the real world. In addition to being used for investment, the most popular use of Dogecoin is to reward online artists on social platforms.

It is precisely because of the popularity of the online community that Dogecoin is particularly loved by netizens.

According to foreign media reports, on the eve of the 2014 Sochi Winter Olympics, the online organization "Dogecoin Community" established a fundraising event to raise US$50,000 for the Jamaican bobsled team to participate in the Winter Olympics, and later also raised funds for Indian Winter Olympic athlete Shiva Keshavan. Afterwards, the exchange rate of Dogecoin against Bitcoin increased by nearly 50%.

After that, the "Dogecoin community" launched two more charity fundraising activities that year, including using Dogecoin to raise US$30,000 to support water resource protection on the eve of World Water Day, and investing US$55,000 (equivalent to 67.8 million Dogecoins at the time) to draw the Dogecoin icon on the racing car of NASCAR driver Josh Wise for promotion.

The earliest publicity activities for Dogecoin were all launched online. /Wikipedia

After that, Dogecoin has been living a tepid life in the currency circle without much fluctuation until 2019.

“Dogecoin is probably my favorite cryptocurrency,” Elon Musk tweeted out of the blue on April 2, 2019. “It’s so cool.”

The tweet actually echoed an online poll a day earlier on Dogecoin’s “official” Twitter, asking who would be the best CEO of the cryptocurrency — if ever. Among more than 4,000 participants, Musk received a higher vote share than three other well-known figures involved in cryptocurrency.

Musk is widely regarded as the “originator” of Dogecoin. /Reuters

A year later, a TikTok short video began to completely change Dogecoin’s status in the currency circle.

“Dogecoin is actually worthless,” TikTok user James Galante said in a video that has been viewed more than a million times. “TikTok has 800 million users. Once (Dogecoin market value) reaches $1, you will have $10,000. Tell everyone you know and let’s all get rich!”

With the help of celebrities, the price of Dogecoin began to rise slightly, heading towards the target of $1 per coin.

And Musk’s several tweets after 2021 will undoubtedly be the catalyst that helps Dogecoin soar into the sky. For example, after Musk called Dogecoin “the people’s cryptocurrency” on Twitter on February 4, the market value of Dogecoin rose by 60%.

On April 15, Musk posted a 1926 Spanish surrealist painter Joan Miró’s work Dog Barking at the Moon and posted a mysterious tweet titled “Doge Barking at the Moon”:

I believe everyone can guess what happened after that.

It needs to be explained here that "moon(ing)" is a slang term related to cryptocurrency on social media. If someone says that a certain coin is "moon(ing)", it means that the price of this coin is experiencing a peak.

Although Musk's series of remarks drove Dogecoin to a peak, the world's second richest man does not hold any Dogecoin. Tesla, his electric car brand that has had many problems recently, holds $1.5 billion worth of Bitcoin.

It's all bubbles, just a moment of fireworks

“Elon Musk’s support is a big deal.” In the Dogecoin version of Reddit (R/Dogecoin), 22-year-old Tanner Sims invested $500 in Dogecoin last year, and now he has earned $16,000. "It gives me a lot of confidence."

An investor claimed in an interview with US Newsweek that he invested all his savings of approximately US$190,000 in Dogecoin in February this year. Two months later, the investment had grown to more than US$2 million.

Since Musk began to "bring goods" for Dogecoin in January this year and became popular, there are many users on Reddit who have jumped out to claim that they have made millions in profit. Reddit has become the world's largest and most fanatical online exchange center for financial retail investors. According to statistics from the American "Forbes" business magazine, in the week alone when Dogecoin surged, the number of Reddit members increased by 25%.

Fanatic retail investors have become prosperous overnight thanks to Dogecoin, and the one they should be most grateful to is Reddit. /Unsplash

But some people have discovered that the Reddit community and Dogecoin’s assets seem to be related to each other: as the price of Dogecoin continues to rise, it will trigger greater discussion and interest on Reddit, and finally promote more investment in Dogecoin, and then repeat, repeat, and repeat.

Indeed, once Dogecoin skyrockets, it will definitely trigger discussions among forum members all night long, and then use social media such as Twitter as a promoter to call on more retail investors to "get rich together"… Why does this "self-reinforcing" feedback loop inexplicably smell like a pyramid scheme?

“This is the most transparent pump-and-dump scam I’ve ever seen, although I’m not sure we can even call it a scam because everyone involved knew it was a scam beforehand.” In an interview with Forbes Business Magazine, Glen Goodman, a veteran British trader and author of the book “The Crypto Trader,” warned people “not to just jump on the Dogecoin bandwagon.”

Musk’s series of apparently “promoting” tweets have also worried some cryptocurrency investors. Nic Carter, co-founder of Castle Island Ventures, called it a “speculative vehicle” and warned retail investors that “Dogecoin will lose money.”

"The rise of Dogecoin is a classic example of the 'big fool theory' at work," investment analyst David Kimberley said in an exclusive interview with the American Consumer News and Business Channel. "People are buying cryptocurrencies not because they think it has any meaningful value, but because they hope that other people will rush in and push the price up, and then they can sell and make a quick buck."

Contemporary currency speculators watch Musk’s Twitter as much as they did a few years ago to keep an eye on Trump’s Twitter to understand the situation in the United States. /Reuters

But Dogecoin’s founder, Marcus, hasn’t benefited from its meteoric growth. According to foreign media reports, Marcus sold all his Dogecoins when he lost his job in 2015 and used the money to buy a Honda Civic. Four years later, he deleted all his tweets and YouTube videos and disappeared from the Internet.

Abnormal behavior of cryptocurrency has long been closely watched by the financial departments of many countries.

On April 14, Federal Reserve Chairman Jay Powell publicly criticized cryptocurrencies, saying that cryptocurrencies are actually tools for speculation, mainly used to bet on price increases, and have not yet reached the status of a payment mechanism. A month ago, U.S. Treasury Secretary Janet Yellen believed that cryptocurrencies such as Bitcoin were the main driver of "illicit financing" and warned that they "are a 'very inefficient' way to transfer funds."

According to CoinDesk, after Turkey declared cryptocurrency illegal, the South Korean Government Policy Coordination Office also announced on April 19 that it would unite multiple government departments to severely crack down on all "illegal activities involving virtual assets."

Our country’s regulatory authorities also made it clear a few years ago that cryptocurrencies such as Bitcoin may have higher speculative risks, higher money laundering risks, and risks of being exploited by illegal criminals or organizations.

On March 19 this year, the Supreme People's Procuratorate and the People's Bank of China jointly released six typical cases for punishing money laundering crimes. One of the cases involved the use of virtual currencies such as Bitcoin to commit fraud and money laundering crimes.

"There was a phenomenon in the 2008 financial crisis, that is, some financial products that are divorced from the real economy will have problems, so although we will not draw qualitative conclusions (on cryptocurrencies such as Bitcoin) yet, we must be careful." At this year's Boao Forum for Asia, Zhou Xiaochuan, former governor of the People's Bank of China, said that both digital currencies and digital assets should be closely integrated with the real economy and serve the real economy.

In the endless discussions on Reddit, some people are starting to wake up.

In a recent Reddit post, there was an animation of a Doge wearing a spacesuit floating in the space station, and underneath the Doge was written: "I don't know what I'm doing."

“These coins are a great thing to play with,” said Toben Blalock, the author of the post, who is very worried about the big discussions on R/Dogecoin these days. “But a lot of people are investing their life savings and I think it’s a bad idea right now.”

Indeed, the cryptocurrency market is like a game of drumbeat: In crypto markets, a small group of players typically hold a large amount of the “currency” in circulation. When anyone sells all the "currency" they hold, the bubble will eventually burst and the entire market will collapse. But there is no criterion for the bursting of a bubble. No one knows when the drumming will suddenly stop. Naturally, no one wants to be the "doer" who gets the flowers after the drumming stops suddenly.

If the bubble behind cryptocurrency cannot be broken, only speculators will be sad when it bursts. /TuChongCreativity

In any case, the beautiful vision of getting rich quickly through cryptocurrency will always be just a risky game of cutting leeks and being cut. Any player who jumps on this bandwagon, if he cannot see clearly the nature of cryptocurrency and is obsessed with greed, will eventually become a fragile victim after the bubble bursts.

After all, if you lick the dog to the end, you will end up with nothing.

Edit |

In the early morning of October 30, Beijing time, the cryptocurrency website CryptoCompare showed that the price of Dogecoin soared to US$0.149 per coin, setting a new price high in the past six months, with the largest increase of 62% within 24 hours. As of press release by Jiemian News, each Dogecoin is US$0.1388, with a total market value of US$18.97 billion. After the sharp rise on the 29th and 30th, Dogecoin has returned to the price in April this year.

Judging from the timing of the recovery, the price of Dogecoin began to climb upward on October 26th, and then rose in a straight line on the 29th. The substantial increase in the price of Dogecoin is directly related to the successful acquisition of Twitter by Tesla CEO Elon Musk. According to reports from CNBC and other media, on October 27, local time, Musk acquired the world-famous social media Twitter for US$44 billion.

Previously, Twitter allowed users to tip Bitcoin and Ethereum to creators, but it did not issue a cryptocurrency wallet product. Industry insiders said that the surge in Dogecoin may be related to market speculation that Musk will develop an encrypted wallet on Twitter.

According to public information in the U.S. court, Musk once proposed the idea of ​​blockchain social media in a private conversation, in which he mentioned that users can pay to write their messages into the blockchain (such as spending 0.1 Dogecoin to post or forward comments), thus blocking the vast majority of spam and protecting freedom of speech.

Software engineers Jackson Palmer and Billy Markus created Dogecoin in 2013. The technology they mainly used was taken from the source code of Bitcoin. The original intention was to mock the speculative nature of cryptocurrency. When it was issued, it was only US$0.00026 per coin.

According to CoinMarketCap data, in May 2021, Dogecoin hit a record high price of $0.73 per coin, with a cumulative increase of 2,807 times since then. Since May 2022, Dogecoin has remained below $0.09 due to the overall cryptocurrency environment.

It is worth mentioning that because its name is a combination of Dogecoin and Elon Musk, a token called Dogelon Mars has also risen accordingly. The price of each token is US$0.0000004796, an increase of more than 57% in 24 hours, with a market value of US$249 million, and a trading volume of US$63 million in the past 24 hours. However, this token has not yet shown any connection with Musk, and the founder is unknown, bringing greater uncertainty to investment and the risk of a Ponzi scheme.

From the market’s perspective, Musk’s “binding” relationship with Dogecoin is very close. In 2019, Musk entered the game and purchased a large amount of Dogecoin. He has publicly praised the development prospects of this coin many times and stated that he "will not and does not want to reduce his holdings of Dogecoin."

During the several pushes and pulls between Musk and Twitter’s acquisition, the price of Dogecoin also fluctuated like a roller coaster.

For example, in April this year, when Musk expressed his thoughts on acquiring Twitter, he suggested using Dogecoin as a payment method for the Twitter subscription service Blue, and the price of Dogecoin immediately soared. Dogecoin experienced a massive sell-off in June when he first attempted to exit the Twitter trade.

The influence of the world's richest man has indeed brought the attention of investors to Dogecoin. Many investors bought this cryptocurrency because of Musk's "platform", but suffered heavy losses in the crash in May. Musk was also sued by investors for this.

In June, an investor sued Musk and his companies SpaceX and Tesla, demanding US$258 billion in compensation, arguing that "Musk used his position as the world's richest man to hype and manipulate the Dogecoin pyramid scheme for profit, exposure and fun." In September, seven more investor plaintiffs and six defendants were added to the lawsuit.

The financial report for the second quarter of 2022 shows that Tesla sold nearly 75% of its Bitcoin holdings and cashed out US$936 million. In the subsequent conference call, Musk said that Tesla did not sell Dogecoin, but sold its Bitcoin holdings to improve its cash position, and was open to increasing its holdings of Bitcoin in the future. But Tesla does not disclose its Dogecoin holdings.

Since Musk acquired Twitter on October 27 last year and became CEO, he has single-handedly used "Thanos-style" layoffs, "weekly reports" accurate to the number of lines of code and other workplace "sexy operations" to advance him into an Internet traffic password.

Seeing that he had been silent for a long time, just yesterday, Musk changed the blue bird icon on the Twitter website to a "Shiba Inu". When many Twitter users logged into the website, they shouted: "Is Musk being willful again?"

While everyone was talking about it, Musk responded by posting a picture, saying from the perspective of a "Shiba Inu": "The blue bird icon is a thing of the past!"

(Source: Twitter screenshot)

At the same time, affected by the "label change", the deeply bundled Dogecoin (DOGE) rose sharply. The move has fueled a surge in the price of the cryptocurrency Dogecoin, from $0.077 before Twitter’s logo change to $0.1046 today, according to CoinDesk data.

(Source: CoinDesk data)

Is Musk deeply bound to Dogecoin?

As we all know, Musk has always been a promoter of Dogecoin. He has expressed his preference for Dogecoin more than once, calling it the "people's cryptocurrency" and his "favorite" currency. He has also posted Dogecoin emoticons many times.

His involvement with Dogecoin can be traced back to 2019.

In April 2019, the Dogecoin community launched an event to select the CEO of Dogecoin, and Musk won the first place in the vote. At that time, he changed his Twitter title to Dogecoin CEO, but it was quickly deleted.

On December 20, 2020, Musk posted 4 consecutive posts on Twitter, mentioning cryptocurrency and expressing his interest in Bitcoin. The price of Dogecoin rose from $0.0039 to $0.0046 that day.

On February 24, 2021, Maska changed his Twitter profile to "Doge all day, Doge all night", and Dogecoin rose by more than 24% in 24 hours.

On May 8, 2021, Musk said on the veteran American entertainment variety show "Saturday Live" that Dogecoin is the future of currency and is as real as dollar bills. However, under repeated questioning by the host, Musk was "forced" to admit that Dogecoin was a "scam." Subsequently, Dogecoin, which was at its peak, fell by nearly 40%.

In 2022, Musk compared his pet to former Twitter CEO Parag Agarwal, jokingly mentioning that it was much better than the other person.

In January, the Financial Times reported that Twitter was designing a system to allow payments through the social media platform. While Musk wants Twitter to be for fiat currencies “first,” he’s seeking to add the ability to add cryptocurrencies, a story that boosted the price of Dogecoin.

(Source: Twitter screenshot)

In February, Musk posted a post saying he had found a new CEO for Twitter, with a picture of a Shiba Inu. At the same time, Musk said that it is very good, very good at mathematics, and is the perfect successor. After the tweet was posted, Dogecoin rose from $0.082 to $0.087 in a short period of time.

Respond to troubles with logo “big update”

Indeed, Dogecoin has experienced “big ups and downs” under the influence of Musk, which has also caused a lot of trouble invisibly. In June last year, a Dogecoin investor named Keith Johnson accused Musk in the U.S. District Court of continuously promoting and supporting cryptocurrencies, deliberately pushing the price of Dogecoin 360 times over more than two years, inducing others to take over the market at a high level, and then causing the price to collapse. Keith Johnson is asking Musk to compensate him and other investors for a total of $258 billion, which is potentially higher than Musk's entire net worth. Subsequently, Dogecoin founder Shibetoshi Nakamoto refuted Keith Johnson on Twitter, saying: If Dogecoin is a pyramid scheme, then so is the entire cryptocurrency market, stock market, commodity market and monetary system itself.

(Source: Twitter screenshot)

On Friday, Musk asked a U.S. judge to dismiss the $258 billion lawsuit. Musk's lawyers said it's not illegal to tweet supportive remarks or funny images about a legal cryptocurrency, calling Dogecoin a legal cryptocurrency. From this point of view, the major update of Twitter’s web logo also seems to convey Musk’s own views on this lawsuit.

Netizen: “Is this the ‘Muskification’ of Twitter?”

As we all know, after Twitter changed hands last year, Musk, who took office as the new leader, has made drastic "rectifications" without stopping. First, there was an "unprecedented" layoff, firing key executives such as the CEO, CFO, general counsel, and director of legal affairs and policy. Later, there was a spat on Twitter with engineers whose advice was objectionable. Not only that, Twitter programmers are also required to write weekly reports, and each week they need to submit a summary to introduce the programmer's work this week and the number of lines of code written. Today, Twitter's icon has been changed to a "dog head", which has also triggered an upsurge of discussion. Many netizens said: "You can really do whatever you want with money" and "Musk is willful again". Some people wondered: "What is the intention of this?" Some people bluntly said: "This is the 'Muskification' of Twitter!" What do you think of Musk's new operation? You can leave messages and discuss in the comment area.

Reference links:

https://fortune.com/crypto/2023/04/03/elon-musk-twitter-dogecoin-memecoin/

https://www.coindesk.com/markets/2023/04/03/dogecoin-gains-12-after-tokens-symbol-replaces-blue-bird-as-twitter-logo/

On February 1, Beijing time, Tesla CEO Elon Musk said in an interview with the American social media Clubhouse: "Bitcoin is a good thing, so I am a supporter of Bitcoin."

Musk said he got a share of a Bitcoin transaction in 2013, and many of his friends have been trying to convince him to buy and sell Bitcoin for years. He also said that he should have bought Bitcoin at least 8 years ago, admitting that he was late to the Bitcoin trading fest.

After Musk made these remarks, the price of Bitcoin once rose by $600.

Musk believes that Bitcoin is really close to being widely accepted in the traditional financial field.

Previously, Musk often joked about Dogecoin (Dogecoin, the second largest virtual currency after Bitcoin in terms of user count), but he said that this was actually just a joke. “The ultimate irony is that Dogecoin will become the currency of the planet in the future.”

It is worth mentioning that last Friday, after Musk changed his Twitter profile to "#bitcoin" (Bitcoin), Bitcoin immediately soared to more than 38,000 US dollars, once soaring 18%, hitting a high in the past two weeks.

In fact, Musk has often tweeted about Dogecoin or Bitcoin, which often causes the prices of these virtual cryptocurrencies to surge.

On January 8 this year, Ben Mezrich, the author of "Bitcoin Billionaires," tweeted: "I will never refuse to accept Bitcoin payment again." Later, Musk replied on Twitter: "I will never refuse either."

Earlier, Musk also said that the structure of Bitcoin is very good and that compared to currencies issued by central banks, virtual currencies are more reliable. He also revealed that he only holds 0.25 Bitcoin, which was given to him by a friend many years ago.

Several major events have occurred in the currency circle recently.

The first is the listing of Coinbase, the largest cryptocurrency trading platform in the United States, last week, marking an important step for the cryptocurrency industry to enter the mainstream capital market, and also driving up the prices of major cryptocurrencies. One week before Coinbase went public, the price of Bitcoin rose by as much as 15%. On April 14, the day Coinbase went public, the price of Bitcoin broke through a new high of $64,000.

The second major event was last weekend. After a great rally, major cryptocurrencies suddenly suffered a "bloodbath." On April 17 alone, Bitcoin once fell by more than 10,000 US dollars, a drop of more than 15%. Major cryptocurrencies, including Ethereum, also fell by about 20%. Many people joked that there was another "pig-killing market" in the currency circle.

However, these seem to be far less than the recent turmoil experienced by Dogecoin, the "upstart" in the currency circle.

Fans of the cryptocurrency have been tempted to stir up trouble lately. They designated Tuesday (April 20) as "Doge Day" and claimed to push the price of Dogecoin to $1. April 20 was originally the “International Cannabis Day” in cannabis culture.

You know, just a week ago on April 12, the highest price of Dogecoin was still less than 0.08 US dollars. By April 19, the highest price of Dogecoin that day had soared to nearly 0.43 US dollars. This means that in just one week, the price of the currency has increased by more than 5.6 times!

However, the fans' "self-pleasure" did not come true. On that day, the price of Dogecoin reached as high as $0.42, but the closing price fell back to about $0.33. The maximum drop throughout the day was more than 35%, which once again showed the high volatility of this cryptocurrency.

However, the trend of Dogecoin is still surprising. At the beginning of this year, its price was still hovering around $0.005. Based on this calculation, Dogecoin has increased more than 80 times this year. The increase has been so large that even Gamestop, which had previously disturbed the US stock market, was defeated.

Dogecoin price changes in the past three months.

Imagine a scenario where an investor invested $10,000 in Dogecoin on December 31 last year. As of Monday, the investor would have made a net profit of approximately $800,000. If you invest $10,000 in the S&P 500 Index Fund at the same time, you will make a net profit of only about $1,000 as of Monday; if you invest in GameStop, you will make a net profit of about $80,000 as of Monday.

It is precisely because of the "myth of wealth creation" brought about by the recent surge in price of Dogecoin that it has become a new favorite favored by many investors. Discussions surrounding Dogecoin often include expressions and slogans that once accompanied GameStop, such as "rocket" and "go to the moon." So, is it really a cryptocurrency worth investing in?

01. Cryptocurrency born for pranks

Dogecoin was born in 2013. Its founders were Billy Markus, who was a software engineer at IBM, and Jackson Palmer, who was a product marketing manager at Adobe. The two were originally inspired by Bitcoin, but they wanted to create a more fun, light-hearted currency, and Dogecoin was born.

According to Marcus, the code for Dogecoin was written in only 3 hours on Sunday. The name of Dogecoin comes from the popular Shiba Inu emoticon pack Doge: a Shiba Inu with a funny expression.

Although they are both cryptocurrencies, Dogecoin is very different from Bitcoin in terms of supply mechanism:

Unlike Bitcoin, there is no upper limit on the number of Dogecoins. For "miners" who mine new Dogecoins, the number of Dogecoin rewards received for successful mining is not fixed. Theoretically, the value of Dogecoin will likely decrease as its number continues to increase.

Since its birth in 2013, the price of Dogecoin has remained at extremely low levels. At the beginning of this year, it barely rose to half a dollar.

02. Is Musk the big banker behind the scenes?

However, starting from January 28 this year, the man who changed the "destiny" of Dogecoin appeared. He is the "real-life Iron Man" Elon Musk.

On January 28, Musk tweeted a magazine cover of a dog for unknown reasons. On that day, the price of Dogecoin immediately rose more than three times, from the opening price of about US$0.007 to as high as US$0.027.

From this day on, the "bull market" of Dogecoin began, and Musk's "promotion" of Dogecoin on social media has not stopped. Every time Musk speaks, it is almost always accompanied by a surge in the price of Dogecoin.

On February 4, Musk tweeted two tweets related to Dogecoin. One tweet was a picture of the mandrill elder lifting the lion cub Simba in "The Lion King", but the elder's face was changed into Musk, and Simba's face was changed into a dog. Another tweeted: "No highs, no lows, just dogs." On this day, the price of Dogecoin once surged by about 60%.

Screenshot of Musk's Twitter.

On February 7, Musk tweeted two more tweets, one of which wrote "Who let the dog out?" and the other forwarded a Dogecoin instructional video on YouTube. On this day, the price of Dogecoin rose by about 50%.

In the following two months, the price of Dogecoin gradually stabilized between $0.05-0.08. Until a week ago, the price of Dogecoin suddenly began to rise in a straight line.

On April 15, when Dogecoin was gaining momentum, Musk posted a picture on Twitter with the text: "Dogs barking on the moon."

On April 16, Musk simply pulled out an emoticon he had posted on July 17 last year, meaning that the "Dogecoin storm" would sweep through the financial system.

Screenshot of Musk's Twitter. Twitter@elommusk

Although Musk "dances" happily for Dogecoin on Twitter, the outside world still doesn't know why Musk began to pay attention to and "bring goods" to Dogecoin.

In February of this year, some media discovered that there was a very large "whale" in the Dogecoin market, that is, investors who hold a large amount of Dogecoin. The value of the Dogecoins owned by this "giant whale" accounts for nearly 30% of the total value of Dogecoins in circulation on the market. However, due to the anonymity of cryptocurrency transactions, the identity of the "whale" is unknown. It may be an individual, an institution or even an exchange.

But no matter what, the concentration of such a large number of Dogecoins on a single person or institution is a major risk in the Dogecoin market: the possibility of "giant whales" manipulating the market cannot be ruled out, and if the "giant whales" sell off on a large scale, it may cause a market "flash crash."

Some attentive "melon-eating people" once discovered that the "Giant Whale" account had received a transfer of 28.061971 Dogecoins, and Musk's birthday happened to be June 28, 1971. People who believe in "conspiracy theories" may wonder whether this "giant whale" is related to Musk, or even Musk himself. However, these are only speculations.

Perhaps the most relevant response from Musk was a tweet he sent on February 14: “If major Dogecoin holders sold off the majority of their coins, I would fully support it. Too much concentration is the only real problem. If they were to empty their accounts, I would pay them USD.”

03. The “Game Stop” of the cryptocurrency world

As of April 20, Dogecoin’s total market capitalization has exceeded $40 billion and ranks among the top six cryptocurrencies in the world by market capitalization.

The two creators of Dogecoin, Marcus and Palmer, no longer operate Dogecoin. Marcus never imagined that Dogecoin, which he wrote in just three hours, would grow to such a large size today.

“We didn’t anticipate the pandemic, we didn’t anticipate Elon Musk becoming the richest man in the world, we didn’t anticipate him finding Dogecoin interesting and tweeting about it,” Marcus said.

Back in 2015, Marcus sold all of his Dogecoins, earning just enough money to buy a second-hand Honda. But even today, he is not a fan of investing in Dogecoin.

"The idea that Dogecoin is worth 8 cents is the same as the idea that GameStop is worth $325. It doesn't make sense, it's ridiculous, the design of this currency is ridiculous." Marcus said, and after his comments, the price of Dogecoin has exceeded 40 cents.

Marcus’s concerns are not unreasonable. On social media such as Reddit and Twitter, the discussion surrounding Dogecoin is indeed becoming more and more “GameStop-like”.

Hot post on Reddit sub-forum Dogecoin. Image source: reddit/r/dogecoin

In addition to Musk, the biggest V on Twitter who "dances" for Dogecoin the most is Slim Jim. This is an American snack brand. Its good marketing technique is to interact with consumers through various emoticons on social media. After Dogecoin became popular, this brand showed great enthusiasm for Dogecoin and was one of the earliest promoters of Doge Day on April 20.

If you click on Slim Jim’s Twitter account now, you’ll almost see Dogecoin, Shiba Inu memes, rockets, the moon, and calls for the Doge Army. On April 20, Slim Jim also launched an NFT product (non-fungible currency product, a blockchain-based proof of digital asset ownership) based on Dogecoin design. Slim Jim tweeted that he hopes the "dog army" will push the auction price of this NFT product to the moon.

Screenshot of Slim Jim’s Twitter. Source: Twitter@SlimJim

Dogecoin, a currency that brings together emoticons, cryptocurrency, “benefit myths” and other elements, has gradually become the new “traffic password” on social media.

In early April, at the performance disclosure meeting of Slim Jim’s parent company, CEO Sean Connolly said that since the brand started adopting Dogecoin-related marketing strategies last quarter, its Twitter followers have increased by 160%, and its Twitter exposure has “reached the moon.” Connolly also said that for Slim Jim, rushing to the moon is not enough. In the future, they may use more cryptocurrency-related activities to help Slim Jim rush to Mars.

On the trading platform, Dogecoin is also the recent traffic champion. From April 15th to 16th, the trading platform Robinhood encountered technical obstacles several times due to the surge in the number of Dogecoin transactions. According to data from the cryptocurrency trading platform Kraken, between April 15 and 16, Dogecoin trading volume was approximately 70 times the 30-day average.

04. Behind the hype of Dogecoin, there are people who want to get rich overnight

At present, it is still difficult for the outside world to understand the logic of this surge in Dogecoin, but no matter what, compared to highly volatile assets such as GameStop or Bitcoin, Dogecoin’s price fluctuations and upper and lower limits seem to have greater room for imagination.

David Kimberley, an analyst at stock trading platform Freetrade, believes: “People are buying this cryptocurrency not because they think it has any meaningful value, but because they hope that others will join in and push the price up, and then they can sell off and make quick money.

“But when everyone is doing this, the bubble will eventually burst, and if you don’t get out in time, you will be left behind…and in crypto markets, typically a small group of players hold a large portion of the currency in circulation. This means that as long as one person dumps their entire holdings, the market will fall.

“Dogecoin’s recent price increase does not indicate that it provides any meaningful value, only that there is a surge in interest in getting rich quick.”

References:

https://www.wsj.com/articles/dogecoin-traders-whip-up-doge-day-frenzy-in-push-toward-1-11618842535?page=1

https://www.wsj.com/articles/dogecoin-has-a-top-dog-worth-2-1-billion-11613559022?page=1

https://www.wsj.com/articles/what-is-dogecoin-how-to-say-it-and-why-its-no-longer-a-joke-thanks-elon-11612820776?mod=article_inline

https://ca.finance.yahoo.com/news/the-history-of-dogecoin-the-joke-currency-thats-worth-more-than-barclays-and-lloyds-123540957.html

https://www.coindesk.com/much-wow-slim-jim-conagra-dogecoin-strategy

(Canadian and American financial articles, plagiarism will be investigated)

#Dogecoin#, #cryptocurrency#, #musk#

Konami Digital Entertainment Limited (KONAMI) announced today that "BAIL OR JAIL" for the PC platform is now available globally on Steam®. "BAIL OR JAIL" is a robber-catching gameplay that can be played by up to four players, allowing players to indulge in the process of trying to escape from the clutches of monsters or sneaking to capture others.

In Bail or Jail, a team of human characters must evade monsters that will hunt them at all costs. The human team must run, hide and use a variety of different lanterns to stun monsters to avoid being caught. Those who play as monsters must use their unique character abilities to ambush and capture the escaping human team.

As the confrontation progresses, players will learn which characters are most useful in each level, gain more lantern abilities, and experience gradual changes in gameplay. Players can play the game alone, or four players can share a computer. The quick match feature allows friends in Discord friend groups to instantly join the game and play together online.

Players can unlock new characters, new lanterns, achievement titles and other rewards in the game! Steam achievements and trading collection cards will also be added to the game. In addition, after today’s launch, limited activities under development, new maps, new characters, etc. will also be released through updates.

Bail or Jail was first released on Nintendo Switch™ in 2019 under the name "OBAKEIDORO!". It is a game developed by FREE STYLE Inc. and is now co-developed with Konami Digital Entertainment for the PC version on Steam®. Compared with the Nintendo Switch™ version, this game has improved game screen quality, new sound effects, smooth and realistic character movements, close-ups, etc.

Bail or Jail supports Japanese, English, Simplified Chinese, Traditional Chinese, French, Brazilian Portuguese, and Russian. Multi-language support including Italian, German, Spanish, Korean and Portuguese will also be provided after launch.

Cryptocurrency is a digital currency used for widespread transactions in virtual spaces and sometimes the real world.

All cryptocurrencies are protected by encryption technology, which protects them from issues such as counterfeiting and identification by third parties. Cryptocurrencies cannot be tracked by governments and users can remain anonymous at all times.

Simply put, cryptocurrencies exist on blockchain technology, a decentralized control mechanism that is a public distributed ledger of transactions. Each block contains information about a transaction and is connected to the blockchain, which makes every transaction verifiable.

All cryptocurrencies are "mined," which is basically a computer solving a complex mathematical problem. Generally speaking, all cryptocurrencies follow either of two mining protocols – Proof of Work and Proof of Stake. The former is more competitive than the latter and has a much greater impact on the environment. But most cryptocurrencies follow a proof-of-work protocol.

While digital currencies, unlike fiat currencies, do not exist in the real world, some of them are incredibly valuable. Crypto is viewed as an investment and is also used to trade digital assets such as non-recoverable tokens (NFTs). Cryptocurrency is becoming increasingly accepted in the business world, with some companies and auction houses accepting it as a form of payment.

While some governments and financial institutions are skeptical about the future of cryptocurrencies, some countries, such as El Salvador, have declared at least one of them legal tender.

It is estimated that more than 18,000 digital currencies exist in the cryptocurrency market today. However, only a few have a certain level of reputation as investors. These include Bitcoin, the world’s first cryptocurrency, and Ethereum, the currency that pushed NFTs into the mainstream.

Bitcoin

Bitcoin (BTC) is the first and most famous of all cryptocurrencies. It was created in 2009 by Satoshi Nakamoto, a pseudonymous person, or a person whose true identity remains unknown to date.

Nakamoto described the idea of ​​blockchain in a white paper. As we all know, blockchain is the cornerstone of everything related to cryptocurrency.

Bitcoin, while highly volatile, has the highest value and trading volume of any digital currency on the market today. In fact, Bitcoin is so popular that it is now synonymous with the cryptocurrency itself.

Ethereum

Ethereum is an open source blockchain platform and its cryptocurrency is called Ether (ETH). Blockchain is popular among developers for features such as smart contracts.

Ethereum is one of the most important digital currencies and also plays an important role in the world of non-fungible tokens (NFTs). Almost all NFT transactions are conducted in Ethereum, and the NFT itself exists on the Ethereum blockchain.

Its white paper was released in 2013 by founder Vitalik Buterin. In 2014, Ethereum was officially listed for 42 days. Today, Ethereum is the second-largest cryptocurrency by market capitalization.

Stablecoin Tether

Tether (USDT) is a stablecoin, a cryptocurrency whose value is pegged to the U.S. dollar at a 1-to-1 ratio. This means its value is always $1. It was launched in 2014 under the name Realcoin. Over the years, Tether has become the third largest cryptocurrency and the largest stablecoin by market capitalization (market capitalization).

It’s also worth noting that Tether is not as decentralized as most other cryptocurrencies, including Bitcoin. It is also controlled by a company, Tether Limited, which created the coin.

Due to its stability, despite its theoretical nature, it is favored by investors who are more concerned with volatility.

Binance Coin

Binance Coin (BNB) allows holders to pay fees and trade on the Binance exchange, one of the largest crypto exchanges in the world.

BNB can also be traded or exchanged with other cryptocurrencies, including Bitcoin and Ethereum, and can also be used for regular transactions such as travel bookings and payment processing.

The coin was launched in 2017 and initially existed on the Ethereum blockchain. It later became part of Binance Chain, Binance’s own blockchain.

Stablecoin USDC

USD Coin, symbolically identified as USDC, is a stablecoin backed by the US dollar. Like Tether, its price is always $1.

USDC was created by a global financial company called Circle and is backed by a multi-layer 1 blockchain. These include Ethereum, Solana, Algolan, and Stellar.

Cryptocurrencies are managed by member consortiums such as Circle and Coinbase. The coin can also be used for global transactions. Like Tether, what attracts investors is the stability of the USD coin.

Dogecoin

Of all cryptocurrencies, Dogecoin (DOGE) has a very interesting history. It actually started as a joke, with a meme featuring the Japanese dog breed Shiba Inu. But today, it’s as serious as any other cryptocurrency.

The open source cryptocurrency was created in 2013 by Jackson Palmer and Billy Markus. One of its most famous patrons is Tesla CEO and SpaceX co-founder Elon Musk.

Dogecoin uses the same proof-of-work technology as Litecoin.

Solana

Solana is the result of its co-founder Anatoly Yakovenko’s 2017 white paper describing historical proofs, which verified the sequence and passage of time between events.

Solana is a blockchain and its cryptocurrency is also known as Solana (SOL). While the cryptocurrency is one of the strongest by market capitalization, the blockchain has features comparable to Ethereum, including smart contract capabilities. This is why Solana can run NFTs, decentralized finance (DeFi), and decentralized applications (DApps).

Cardano

Unlike Bitcoin or others that follow a proof-of-work protocol, Cardano is a proof-of-stake blockchain platform and one of the first cryptocurrencies to adopt the system. It uses a peer-reviewed blockchain protocol called Ouroboros. The creators claim that Cardano is “the first to be built on peer-reviewed research and developed through an evidence-based approach.”

A proof-of-stake system reduces transaction time and energy usage, meaning it is better for the environment than a proof-of-work system.

Cardano’s encryption is called ADA. Blockchain supports smart contracts as well as decentralized applications.