Tesla CEO Elon Musk, aka Time Magazine Person of the Year, has posted another tweet about his favourite crypto Dogecoin (DOGE). And yep, it’s shot up in price once more.

Meanwhile the entire crypto market is faring slightly better than about 16 hours or so ago, but is still down 2.3 per cent on a 24-hour timeframe, according to CoinGecko. More on the broader market in a minute but first, DOGE…

At the time of writing, the no.1 dog-meme coin is back in the top 10 by market cap, up just over 20 per cent in the past 24 hours.

Earlier today, it jumped more than 28 per cent after Elon Musk announced that his Tesla company will be accepting the crypto as a payment option for some of its merchandise.

“Tesla will make some merch buyable with Doge & see how it goes,” tweeted Musk.

Despite Tesla being one of the largest corporate holders of Bitcoin (it has about 42,000 BTC on its balance sheet), it’s well known that Musk personally prefers talking and tweeting about Dogecoin. So much so that he’s occasionally referred to as “the Dogefather”.

“Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions,” Musk told Time Magazine the other day, after being named the publication’s 2021 Person of the Year.

Dogecoin is a currency that “encourages people to spend, rather than sort of hoard as a store of value,” he said.


Bitcoin and market trying to stabilise

Bitcoin (BTC) looks to be in consolidation mode after its drawdown over the past few days. Choppy, sideways territory? Yep…

At the time of writing, it’s changing hands for about US$46,800 and down about 1.4 per cent since this time yesterday.


We’re spotting quite a few analysts, such as Dutch trader Michaël van de Poppe (above), express optimism that fears based around the US Fed’s FOMC meeting this Wednesday may already be “priced in”.

This could be the case, but it still might be best to tread carefully with that line of thinking. Not financial advi… ah, you know.

Meanwhile “TechDev”, who can boast about 294k Twitter followers, is looking at the broader picture, and he’s spotted a bullish pattern…

With most cryptos still trending a bit lower today, there are the usual outliers here and there. In the top 100 by market cap, for instance, DeSo (DESO) is up a standout 38 per cent at press time.

Self described as “a new layer-1 blockchain built from the ground up to scale decentralized social applications to one billion users,” DeSo has just listed on Coinbase, hence the pump.

Further down the list and some notable daily gainers include: oracle protcol DOS Network (DOS) +85%; fashion and gaming-focused “multiverse” blockchain Lukso (LYXE) +35%; and cross-chain swap DEX protocol AnySwap (ANY) +20%.


Also in the news: NYDIG raises US$1 billion; Nike buys RTFKT

• Institutional Bitcoin broker NYDIG has announced a US$1 billion funding round, giving it a mammoth US$7 billion valuation.

The round was led by US growth equity firm WestCap and joined by Bessemer Venture Partners, FinTech Collective and existing investors Affirm, FIS, Fiserv, MassMutual, Morgan Stanley and New York Life, according to a press release.

The funding will reportedly be used to further develop NYDIG’s “institutional-grade Bitcoin platform” and focus on helping expand Bitcoin’s potential reach into mainstream consumerism.

• One of the world’s biggest sneaker brands, Nike, has kicked its way into the metaverse, purchasing the NFT-focused virtual sneaker, fashion and collectible company RTFKT.

And it’s been causing quite a stir in the crypto/NFT community for one reason or another…