November 2, 2022

Dogecoin Integration With Twitter?

Elon Musk’s acquisition of Twitter has been one of the most exciting occurrences of 2022, especially for crypto. One cryptocurrency, in particular, gets a lot of attention because of Elon Musk: Dogecoin ($DOGE.X) We’ll take a look at why people are so interested in Dogecoin lately.

Also on deck for today: MicroStrategy’s ($MSTR) earnings report with comments from Michael Saylor and Litecoin’s ($LTC.X) big pamp.

Litecoin was the clear winner today, and by a large margin. The Total Market Cap remains just within reach of that elusive $1 trillion level.

Most of the cryptocurrency market spiked after the US Interest Rate data came out, but the data you see in the table below might be veeeery different after regular trading hours.

Here’s how the market looked at the end of the trading day:

Litecoin (LTC)	$61.04	10.76%
Chainlink (LINK)	$7.87	2.50%
Bitcoin Cash (BCH)	$117.60	2.31%
Ethereum (ETH)	$1,601	1.56%
Uniswap (UNI)	$7.23	1.42%
Polygon (MATIC)	$0.887	1.26%
Bitcoin (BTC)	$20,721	1.19%
Solana (SOL)	$32.46	0.81%
Cardano (ADA)	$0.405	0.80%
Polkadot (DOT)	$6.49	0.61%
Altcoin Market Cap	$583 Billion	0.75%
Total Market Cap	$980 Billion	0.80%

Crypto

A Boy And His Doge

Unless you’ve been living under a rock or in Russia, you’re undoubtedly aware that Elon Musk’s takeover of Twitter has generated substantial waves over social media. And those waves extend into the cryptocurrency space, specifically Dogecoin ($DOGE.X).

Whether Elon Musk is a true #Dogearmy persona or just the world’s greatest and most successful troll, any Tweet concerning Dogecoin has become synonymous with Elon Musk. And Musk isn’t one to shy from his love affair with Doge.

Elon spotted with a Doge T-shirt at Twitter HQ on November 1:

Elon Musk was spotted in a Doge T-shirt at Twitter Headquarters today @elonmusk pic.twitter.com/3dWslgia7K

— DogeDesigner (@cb_doge) November 1, 2022

Elon’s Halloween Tweet with a Shiba Inu (the breed of dog on Dogecoin’s logo) wearing a Twitter t-shirt:

😉 pic.twitter.com/eaIYaDRBnu

— Elon Musk (@elonmusk) November 1, 2022

How has Dogecoin reacted to Elon Musk’s behavior? Well, when rumors flew last week that the final deal for Elon Musk to purchase Twitter would be finalized that Friday, Dogecoin did this:

From a fundamentals perspective, there are rumors that Dogecoin may be integrated with Twitter. But there are a lot of rumors going around since Elon’s takeover – we’ll keep you updated. 🐶

Crypto

Litecoin Spikes Over 13%

Litecoin ($LTC.X) giving the entire cryptocurrency world a bit of a surprise with its almost out-of-nowhere spike. MoneyGram ($MGI) just announced that users can now buy, sell, and hodl Bitcoin ($BTC.X), Ethereum ($ETH.X), and Litecoin on their app.

However, Bitcoin and Ethereum did not get the big spike Litecoin did. Why? Who knows – but it could likely have a lot to do with how Litecoin isn’t part of the cool kids club anymore. Litecoin moved to a different school district which is bigger. LTC might have been a big deal at his smaller school, but that’s no longer the case.

At the time of writing, Litecoin is well above its daily open but has given up some of its gains. It remains 11% above for the day. But the incoming US interest rate decision could easily reverse these gains – or, because crypto sometimes doesn’t make sense, add to the gains. 💡

Crypto

MicroStrategy’s Q3 Earnings And Bitcoin

For the Litepaper crowd wondering why there’s a story about a stonk, this is why: MicroStrategy ($MSTR) is one of those equities that is essentially a Bitcoin ($BTC.X) play in the stonk market.

MicroStrategy reported its Q3 earnings after the market on Tuesday with the following major points:

Loss of $0.96 per share
Net loss of $27.1 million
$727,000 impairment charge (Bitcoin) compared to the $917.8 million in Q2
Revenue of $125.4 million
Still hold roughly 130,000 Bitcoin, acquired 301 more

Probably more important than the stats were the comments on the earnings call by former CEO and now Executive Chairman, Michael Saylor.

“… since MicroStrategy adopted the Bitcoin strategy on August 11, 2020, our stock has outperformed all of the major asset classes that we benchmark ourselves against. It has outperformed all big tech stocks, and we have outperformed all enterprise software stocks that we benchmark ourselves against.”

Saylor reported that MicroStrategy is up 116% since their August 2020 strategy, compared to Apple’s ($APPL) +36%, Google’s ($GOOG) +27%, and Microsoft’s ($MSFT) +11%. MicroStrategy even beat Bitcoin’s performance of +72%.

You can read the full transcript here. 💪

Bullets From The Day:

🤐 Oh boy, the hole that Celsius ($CEL.X) is in keeps getting deeper. Remember the request for $3 million in bonuses that didn’t include a single reason why? The judge overseeing the case responded to news from customers that Celsius used new user assets to pay yields and withdrawals of existing customers. In other words, a Ponzi scheme. An independent examiner was assigned to investigate if Celsius operated as a Ponzi. We’ll keep you updated. Full story from CoinTelegraph

👿 The largest cryptocurrency options exchange, Deribit, announced via Twitter that their “… hot wallet compromised, but client funds are safe, and loss is covered by company reserves,”. The hack occurred around midnight UTC (2000 EST). Deribit confirmed customer funds are safe and no breach of client servers occurred. No further updates from Deribit, but we’ll keep an eye on it. Read the Twitter thread here

📈 Well, this story might get legacy stonk, commodity, and derivatives exchanges nervous. The largest South Asian lender, DBS Bank, piloted forex and bond trades using permissionless DeFi liquidity pools on an open and public blockchain. Tokenizing traditionally traded financial instruments has been a goal of the DeFi space since its inception because it allows for instant settlement, clearing, custody, and trading. JP Morgan ($JPM) and SBI Digital Asset Holdings partnered with DBS in the pilot. Head over to Forkast for more on this story