We have now officially entered the era of peak financial stupidity and are staring into the abyss of the death and total collapse of Western free market capitalism. When the Billionaire CEO of a Car company (that literally relies entirely on government subsidies for it's existence), yet has a market cap just shy of one Trillion Dollars tweets about a joke meme shitcoin called (mistakenly) DOGE (how much it's founder literally didn't give a f*ck), and it pumps, you know civilization as we know it, is finished.
Dogecoin surged more than 60% on Thursday after billionaire entrepreneur Elon Musk tweeted about it, two days after he said he was to take a break from Twitter "for a while".
Dogecoin, which is based on a popular internet meme, jumped 67.99% to $0.054496, according to data on blockchain and cryptocurrency website Coindesk.
Musk first tweeted "Doge" after a picture of a rocket going to the moon. He then tweeted "Dogecoin is the people's crypto".
The Tesla chief also posted an edited image of himself with the Shiba Inu dog at the centre of the doge meme, also the logo for the cryptocurrency.
Musk, who has 45.2 million followers on Twitter, has been highly engaged in the recent retail trading frenzy, tweeting about specific companies and cryptocurrencies and helping send their prices soaring.
PayPal has revealed trading volumes through its new crypto service have "greatly exceeded" internal projections. In its latest financial results, the payments giant revealed people who buy digital assets log into PayPal twice as frequently as they did before. PayPal is set to "significantly invest" in a new crypto and blockchain unit in the coming months. Read more here.
Binance Coin has overtaken Bitcoin Cash to become the ninth biggest cryptocurrency in terms of market cap. It came as BNB hit a new all-time high at $55. The new record came as trading volumes on Binance hit record levels. All of this came as the platform launched a new beta product called Binance Pay in an attempt to help people start spending crypto. Read more.
ETH transaction fees have hit a new all-time high of $23 — with miners earning $22.75 million in fees over the space of 24 hours. It’s now more expensive than ever to use this blockchain for making payments — and it’s bad news for DeFi protocols, too. Meanwhile, one exchange temporarily halted withdrawals due to the spike in gas fees. Read more here.