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DOGE has plunged 70% since ‘Dogecoin CEO’ Elon Musk appeared on SNL in May

Dogecoin didn’t quite see the bump its believers expected after ‘dogecoin CEO’ Elon Musk spoke about the memecoin on national television back in May. It has since fallen 70%, and millionaire hopefuls are left with decimated bags instead.

The Dogecoin story

“Correction update: -71% since the Musk SNL peak,” pointed out Compound Capital founder Charlie Bilello on Twitter. The tweet referred to Musk’s apprearance on Saturday Night Live (SNL), an American late-night live television sketch comedy that launched back in 1975, features comedy sketches that are performed by a large and varying cast of repertory and newer cast members.

Dogecoin correction update: -71% since the Musk SNL peak.$DOGE pic.twitter.com/P5CaFNYHWy

— Charlie Bilello (@charliebilello) June 21, 2021

The show itself didn’t see Musk talk about the coin the way he does on Twitter. “Yeah, it’s a hustle,” he said when he was asked about Dogecoin. Maye Musk, his mother, later joined on stage and said she was excited about her Mother’s Day gift and hoped that it was not Dogecoin—to which Musk said, “it is.”

DOGE fell over 25% shortly after his appearance at the time, shaving off over, with the coin over $30 billion in market cap after the hyped appearance turned into a nothingburger.

The coin traded as high as $0.74 last month—even reaching a market cap of $86 billion. It exchanges hands at a paltry $0.20 today, with the market cap reaching a much tamer $26 billion (which is still billions of dollars higher than arguably better projects like Uniswap, Chainlink, and Solana).

Downonly? (Image: DOGE/USD via TradingView).

Meanwhile, DOGE holders continue to remain hopeful of their investment going up someday.

“HODL,” screams much of the r/dogecoin community on Reddit—with believers urging other token holders to continue hodling their tokens instead of selling for a loss. A viable investment strategy, if you were to ask, em, them.

Really was such a prescient meme. pic.twitter.com/iuneAUJCss

— Autism Capital (@AutismCapital) June 22, 2021

The post DOGE has plunged 70% since ‘Dogecoin CEO’ Elon Musk appeared on SNL in May appeared first on CryptoSlate.

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Sotheby’s Auctioning Rare Diamond Worth $15 Million, Cryptocurrencies Accepted

Sotheby’s, the world’s largest auction house, is auctioning a rare, 101.38-carat flawless diamond estimated to be worth $15 million, and cryptocurrencies are accepted.

Biggest Auction House Accepts Cryptocurrencies

Sotheby’s announced Monday that it is auctioning a rare, pear-shaped diamond on July 9 in Hong Kong that can be purchased with cryptocurrency.

Established in 1744, Sotheby’s described itself as the world’s largest marketplace for art and luxury. With a network of specialists spanning 40 countries and 44 departments, “we host over 600 auctions annually and offer a cross-category selection of items available for immediate purchase via both digital and physical shopping experiences as well as private sales,” its website details. Artprice.com ranks Sotheby’s as the number one auction house by turnover, followed by Christie’s.

The auction house explained that this is the first time a diamond of such size, or any physical object of such high value, is offered for public purchase with cryptocurrency. Bitcoin, ether, and traditional money will be accepted as payment.

Patti Wong, chairman of Sotheby’s Asia, said in a statement:

This is a truly symbolic moment. The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency.

The name of the diamond is Key 10138. The auction house describes it as a 101.38-carat, pear-shaped, colorless, flawless diamond. It is one of just 10 diamonds of more than 100 carats ever to come to auction. It carries a pre-sale estimate of $10 million – $15 million.

Sotheby’s began accepting cryptocurrencies via Coinbase back in May with Banksy’s “Love is in the Air” image at the Contemporary Art Evening Auction. The piece sold for $12.9 million.

What do you think about Sotheby’s accepting cryptocurrencies? Let us know in the comments section below.

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Why Do Some Tokens Grow by More Than 1000%?

Introduction

The world is a changed place when compared to how it was decades ago. The changes can be seen in infrastructure, technology, commerce, monetary systems, and much more. The rate at which development is catching up with the world is dynamic and of the latest inventions that are changing the way we live, blockchain technology appears to be in the lead.

Many people have conceived blockchain technology in different ways based on the use cases they are familiar with. However, blockchain technology is simply a digital ledger where transactions or events are recorded, duplicated, and distributed so that it can be very difficult to alter the data recorded in it. While the design of blockchain technology has been embraced by both private and public organizations today, their most prominent use case is modeled in cryptocurrencies. Examples of these cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Nominex (NMX), and more.

Cryptocurrencies are also called digital currencies, and under the growing parlance of the cryptocurrency ecosystem, can also be called tokens. Cryptocurrencies are a digital representation of cash. However, they are not issued by the government or central authorities but by private individuals and organizations. Typically, cryptocurrencies are a revolutionary invention first conceived by the man known only by the name, Satoshi Nakamoto. Satoshi created Bitcoin (BTC) in 2009 as a peer-2-peer payment system to bypass the monetary control of central banks or financial intermediaries.

From that point to date, Bitcoin has given birth to many more digital currencies and tokens as many people are now tokenizing their businesses to take advantage of the innovation. Large and by, the diversity in the cryptocurrency ecosystem today is a testament to the long-standing need to embrace financial freedom. Cryptocurrencies and tokens afford this as anyone, anywhere in the world can gain unrestricted access to these assets without needing to answer to the government or authorities.

Another major twist that has enjoined greater embrace is the rate of growth in the prices of these assets. Bitcoin for instance has grown from $65 back in 2013 to more than $55,000 today, representing over 84,776% growth according to crypto market data aggregator, CoinMarketCap. As a flagship cryptocurrency in the world, BTC’s growth is well acclaimed by there are tokens that outshine Bitcoin by percentage gain today.

These tokens with impressive growths are numerous but for this article, an exploration into the following high yield tokens will be made. These tokens include;

Nominex (NMX)
PancakeSwap (CAKE)
Finance (SFG)
Bella Protocol (BEL)
PerlinX (PERL), and;

What is Special About these Tokens?

There are over 9,000 cryptocurrencies and tokens around today and each one has its addressable market, and utilities. A part of the considerations for judging the uniqueness of any digital asset out there may be subjective and varied based on different criteria, but NMX, CAKE, SFG, PERL, and BEL are tokens with good decentralized finance (DeFi) features and returns great incentives to their community and investors at large.

Each of these tokens is profiled below, in no particular order;

Nominex (NMX)

 Nominex  is a relatively new cryptocurrency exchange that is already carving its way up the ladder, in competition with other major exchanges. In a bid to register its foothold in today’s fast-growing cryptocurrency ecosystem, Nominex launched with a clear picture of what people want in a big exchange and designed a framework to offer this and more.

With the research done to enhance the opportunities of Nominex, the platform launched with the following defined pioneering features. These features are described below;

A combination of the features of both centralized and decentralized exchange offerings. The obvious incentives here include zero fees for centralized exchanges and a yield farming program that pays as much as 550% APY.
Extra high withdrawal limits of up to 3 BTC for new users who have not undergone the regular Know Your Customer compliance checks. This limit exceeds that for other bigger exchanges such as Binance with a 2 BTC limit.
Nominex users can fund their purchases using either Visa and Mastercard which guarantees ease of use.
Users get to benefit from a 50% off transaction fee when using NMX, the exchange’s native token to pay for fees.
7 types of trading orders of which the world’s largest exchange
The Nominex trading platform offers over 60 different types of trading pairs and the count is still growing.
The Nominex platform has Smart contracts that were audited by io under the supervision of Alexey Makeev, one of the industry’s leading experts, also renowned for auditing the Aave protocol; (view report)
Withdrawal and staking of NMX come with no fees with a certain amount of the tokens.
The Nominex exchange offers 8 different types of referral bonuses and two types of referral farming bonuses.
Atop all these, the Nominex platform is one of the most user-friendly platforms in the space today.

While each of these innovative products and offerings is worth applauding, the Nominex exchange is planning an integration with Binance, through the Binance Broker Program.

With these, all of Binance’s trading pairs will become available on Nominex as well as Binance’s liquidity.

Nominex users will thus have access to the large ecosystem and offerings from Binance while also enjoying the extra incentives from Nominex as described above. Talk about value, the integration with Binance will also open access to semi-automatic trading bots, copy trading, and much more.

Nominex Referral Program and an Almost Lifetime Staking Rewards

 The Nominex exchange has a very robust referral program designed to reward ecosystem leaders. In fact, the uniqueness of the referral program remains one of the major success stories of the exchange since its inception. While most exchanges allow for a limited number of referrals, Nominex lets you refer as many people as you want, without any limitation in the number.

The Nominex referral program is organized in the shape of a binary tree, featuring  2 people on level 1, 4 on level 2, 8 on level 3, and so on. A detailed pictorial representation or explanation of this can be found in this YouTube video.

The Nominex referral model grows itself out without much effort on the part of the leader. As noted earlier, there are a whopping eight types of referral bonuses – plus two different yield farming bonuses based on referrals. Depending on the activities on a referrer’s downline, a leader may earn up to 50,000 USDT in a week.

A major hallmark of the Nominex exchange protocol is the design of the staking rewards which can earn users as much as 550% APY with rewards spread over 70 years. The trading platform has set aside as much as 193 million NMX tokens for its liquidity farming program. However, the possibility of the token or the system experiencing hyperinflation will be eliminated due to the multi-decade spread of the reward.

As of today, Nominex distributes about 8,741 NMX a day from the main reward pool, with approximately 1/5th of that number (1,741 NMX) being used as bonuses. Any user who deposits NMX for staking gets a cut of the rewards on a daily basis. This can be accumulated for a longer period and can increase the reward up to 900%.

The NMX Tokens and its Performance

 The Nominex (NMX) tokens are used in running a smooth operation on the Nominex exchange, drawing increased utility from its use for paying transaction fees, paying out incentives for referral and farming programs, and much more.

NMX was launched back in February 2021 as a decentralized finance token built on the Binance Smart Chain as a BEP-20 token.

The token has seen remarkable growth since its inception, a massive surge propelled by the utility surrounding it and boosted by the scalability and low trading transactions of the BSC. Among the advantages the Binance Smart Chain gives NMX over other DeFi chains include;

Hyper low transaction costs of $0.05 in fees against an average of $15 on the Ethereum network.
Superfast transaction confirmation which takes just 3 seconds, and;
The ease with which NMX can be integrated into any Binance Smart Chain supported DeFi project which is high in demand at this time.

The NMX token has added all of its backing potentials to surge as much as 5000% growth from its original listing price at a current trading valuation of $5.47 per token. For a token that is barely a few months old, NMX is certainly another hidden potential in the DeFi world.

The growth of NMX will further be boosted by additional initiatives being rolled out by the Nominex exchange including trading tournaments with attached price targets. These tournaments happen once in a few days in the Nominex Arena and it has a prize fund of around $400. Bigger tournaments with a bigger reward are also often featured from time to time.

S.Finance (SFG)

 S.Finance is a special type of decentralized exchange that is designed to cater to the trading of stablecoins. Stablecoins are a variety of digital tokens whose value does not change because they are not subjected to the extreme volatilities other cryptocurrencies are known for. S.Finance was created as a fork of another DeFi protocol “Curve Finance” to minimize or eliminate the barrier of entry for Chinese users in particular.

The S.Finance ecosystem is governed by its native token, the SFG tokens, and is used in governance activities including but not limited to voting. The SFG tokens are secured by the Ethereum standard, as it is designed as an ERC-20 token and it finds its major utility when used in yield farming or when staked.

The SFG tokens have no private placement and are also not pre-mined. To earn SFG, users will need to provide liquidity to the supported pools. Only a total of 21 million, with 100% of these based on contribution distribution.

SFG gives a very high yield with an Annual Percentage Yield (APY) which could be as high as 523.65% according to CoinMarketCap. This yield, however, also depends on either of the supporting pools the user picks. S.Finance has a platform that comes with a simple design, making it difficult not to give acclaim to the project developers. However, in today’s cryptocurrency ecosystem, diversity and the ability to be able to pick from a variety of choices is the hallmark of decentralized finance.

The attempt to maintain transparency through the submission of its smart contract for auditing changes the entire narrative about the seemingly limited impact of S.Finance’s niche market.

PerlinX (PERL)

PerlinX prides itself as an asset liquidity engine. The project focuses on democratizing the trading of real-world assets through decentralized liquidity pools and synthetic asset generation. While the PerlinX operational model might sound too complex for a new user to the decentralized finance ecosystem, the project provides a simplified guide to help anyone get started.

PerlinX is governed through the PERL tokens with two major compelling utility or use cases. These include;

Supply Liquidity and Earn Incentives, and;
Collateralization and the creation of Synthetic Assets.

In the former use case, PERL can be used to supply liquidity through staking as made possible through the Balancer Protocol that the PerlinX liquidity pools utilize. Rewards are earned for these liquidity provisions with APY that can be as high as 161.41%.

PERL also serves as the major collateralization asset in the creation of synthetic tokens or assets of any kind. While this feature is not yet integrated according to the PerlinX website, it certainly will be a game-changer for the PerlinX DeFi penetration strategy.

As an asset, the PERL tokens have good potentials, as evident in the solid fundamentals of the underlying projects. The PerlinX protocol is utilizing a third-party integration strategy to open its users to other standard DeFi protocols in the space. Examples of these include its support for both Balancer and UMA, with a promise to add additional protocols later on.

Over the past year, PERL has surged over 1,027% and despite the meteoric growth, it remains a low cap token. This can be taken as a sign of hidden potential in the token which can be unlocked only with further ecosystem development and incentives rollout amongst other perks.

Bella Protocol (BEL)

Bella is a decentralized finance protocol that opens users to a whole new world of opportunities. Primarily, the protocol seeks to take advantage of the shortcomings of other DeFi projects bordering on high gas fees, slow speed, and poor user experience to roll out a platform that addresses these issues.

The Bella DeFi suite lets users deposit and enjoy high-yielding arbitrage opportunities which can either be on-chain or through the protocol’s custodial service. The Bella protocol and its associated products are automated, have zero gas fees, and capped with a high yield. Per CoinMarketCap, the yield could be as high as 505% per annum.

The Bella Protocol argues that it represents the BlackRock of Crypto Wealth Management with a wide range of product suites. The products on offer include;

Bella 1-Click
Bella Lending, and;
Bella Flex Savings

The Bella 1-Click is a smart portal for popular DeFi products and serves as a simple yield farming tool. The Bella lending product is a decentralized money market with liquidity mining that can easily be deployed. The lending product offers a referral bonus and supports liquidity pool tokens. The Bella flex savings works like a smart Robo-advisor to help investors select the highest yield from a variety of crypto products with a guarantee of high yield.

The Bella protocol is powered by the BEL tokens, a relatively young token that has surged by over 1000% from inception to date. The tokens also have a hidden potential as the broader offering from the protocol is yet to be rolled out as contained in the project roadmap.

PancakeSwap (CAKE)

In the decentralized ecosystem of today, there are iterations to product offerings which in most cases is aimed at ushering in the appropriate scalability, offer a better user experience, and guarantee productivity across the board. PancakeSwap and its native token, the CAKE, are an example of an ambitious drive to gain a larger market share amongst all decentralized exchanges (DEXs) around.

PancakeSwap is an Automated Money Maker (AMM) and yield farming protocol built on the Binance Smart Chain (BSC) network. With PancakeSwap, users can exchange or swap tokens, provide liquidity through farming and earn fees in return. PancakeSwap has gained tremendous traction since it was launched, competing with only Uniswap, one of the first protocols built atop the Ethereum network.

PancakeSwap’s advantage is its cheaper transaction fee for swaps and other features enabled on the platform. The PancakeSwap ecosystem is robust and the exchange has over $8 billion locked across its liquidity and Syrup pools respectively. PancakeSwap’s core product offerings include but not limited to;

Swapping,
Liquidity Provision
Farming, and;

Besides these products which come with great rewards, PancakeSwap also offers a Bridging infrastructure through which crypto assets on the Ethereum blockchain can be converted into a BSC-supported asset. This Bridge enablement is key in guaranteeing interoperability amongst these two competing blockchains.

The CAKE token, a BEP20 asset is undoubtedly a high-performing DeFi token to date. Besides supporting a highly productive and diverse liquidity mining pool, it has surged by over 13,283% since November 2020 when it traded at $0.198 to its current value of over $26 according to data from CoinMarketCap.

The growth of the token is arguably in the robust utility that was created around it. CAKE finds its way in the wide range of incentivization programs including in the Collectibles and Team Battle feature integrated by the decentralized exchange. The performance of the CAKE token, over the past 6 months is an indication of traction and revolution DeFi is heralding today.

Conclusion

The digital currency ecosystem today is a growing investment niche with diverse assets being rolled out every other day. While cryptocurrencies are a revolutionary effort to being on increased financial equality around the world, the ecosystem presents some digital assets which play this role in a more remarkable way involving their potential return on investments.

The five tokens featured in this article including  SFG, PERL, BEL, CAKE, and NMX are just one in a river of many crypto assets, however, they have seen a meteoric rise owing to the creativity of their developers and the versatility of the coin’s utilities in its native ecosystem.

The higher-yielding tokens particularly CAKE and NMX are seen to have unique offerings which speak of their exceptionalities. NMX in particular has over-impressed seeing it is the youngest of the coins profiled. The catch from this is that, the more the features designed to reward its users, the better the likelihood of any project to see increased valuations.

Nominex exchange and its native token NMX are particularly trailing the blaze in this regard and any new height attained both in token price and exchange user count will be a well-deserved one.

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Bitcoin Dominance Rises as Altcoins Suffer Double-Digit Crash (Market Watch)

Bitcoin’s price continues to lose ground, and it dropped to just over $31,000 hours ago. However, its dominance over the market has increased to a monthly high as most alternative coins have dumped by double digits.

Bitcoin Dominance on the Rise Despite the Correction

As CryptoPotato reported over the weekend, BTC had recovered some of the recent losses and had pumped to just over $36,000. However, more FUD from China emerged at that point and reversed the price trajectory rather rapidly.

In a matter of days, bitcoin lost another sizeable chunk of value and dropped to just over $31,000 yesterday. This became the asset’s lowest price line since early June.

Since then, the bulls attempted a brief recovery, which drove BTC to an intraday high of just over $33,000. However, with all the bearish signs looming in, the cryptocurrency lost another grand of value and is currently struggling to remain above $32,000.

Although its market capitalization has declined to around $600 billion, its dominance has increased to the highest level in nearly a month of around 46.5%.

BTCUSD. Source: TradingView

Altcoins Deep in Red

BTC’s rising dominance means that the alternative coins have dumped in value. Ethereum has dropped by 5% again, and it currently stands just above $1,900. It’s worth noting that ETH was riding well above $2,600 less than a week ago.

The situation with the rest of the larger-cap altcoins is significantly worse, with double-digit price losses across all charts. Binance Coin is down by 14% to $275. This means that BNB has lost roughly $100 in about a week.

Cardano (-12%), Ripple (-13.5%), Dogecoin (-24%), Polkadot (-14%), Bitcoin Cash (-11%), Litecoin (-10%), Chainlink (-10%), and MATIC (-13%) are all deep in red.

Cryptocurrency Market Overview. Source: Quantify Crypto

From the lower- and mid-cap altcoins, Helium leads the adverse trend with a 20% dump. NEO (-19%), Theta Fuel (-19%), Kusama (-18%), Amp (-18%), Qtum (-17%), THORChain (-16%), Ontology (-14%), Bitcoin Gold (-16%), and Filecoin (-16%) are just a few more representatives of the double-digit price decline club.

Ultimately, the cumulative market capitalization of all cryptocurrency assets is down by more than $200 billion in a day and over $400 billion in a week.

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Nicolas Maduro States Venezuela Pioneered Crypto Adoption in South America as Petro Use Flounders

President Nicolas Maduro stated that Venezuela was a pioneer in cryptocurrency adoption in Latam in an interview with Bloomberg last week. Venezuela is still one of the first cryptocurrency volume movers in South America. However, the petro token, its official cryptocurrency, has failed to pick up steam in national and international markets.

President Nicolas Maduro Reaffirms Venezuelan Pioneer Status in the Cryptocurrency Field

Venezuelan President Nicolas Maduro reaffirmed the pioneer action that Venezuela had on crypto adoption in Latam. The statements were given during an interview offered to Bloomberg, where he also referred to geopolitics and sanctions-related topics. Maduro was quick to ascertain that the country was one of the first to give cryptocurrencies a pivotal role in monetary policy. Maduro stated:

Venezuela created a cryptocurrency the Petro and created a worldwide cryptocurrency operating system, which has allowed many people to do national and international trade and has opened a window to the consumers of Venezuela.

Venezuela created the Petro network back in 2017 when cryptocurrencies had much less importance in world markets. The first objective behind its issuance was to sidestep economic sanctions imposed by the United States. According to other media, it was also a secret joint venture built with Russian aid.

However, Venezuela did not apply the Salvadoran model of adopting bitcoin as legal tender. At least not in the same way. When asked about why Venezuela did not take that route, Maduro stated:

All cryptocurrencies can circulate in Venezuela, you can easily combine currencies and cryptocurrencies, you can from Venezuela have euros, dollars, yuan, Russian rubles, or bolivars and buy any cryptocurrency. You can have Petros and change them to dollars or you can have Petros and change them to Bitcoin

Venezuela is one of the countries with the biggest cryptocurrency use in Latam, with peer-to-peer markets like Binance moving millions of dollars monthly. Cryptocurrencies play an important part in the lives of a great number of Venezuelans.

The State of the Petro

However, the petro token has not gained the same popularity as other crypto assets. It failed to pick up steam both as a medium of exchange and as a store of value in the country.

The petro (PTR) initially had a launch value of $60, the price of a barrel of oil at that time. It was also announced that the minimum wage would be anchored to the value of the petro. However, this has not been applied in practice, and the value of the minimum wage is now about three U.S. dollars. Also, the actual value of the petro in national exchanges is way lower than the quoted official price.

At one time, thousands of stores accepted petro as payment via Biopago, a bank-linked platform. But that has changed. The government stopped exchanging these petros for bolivars instantly. This meant businesses had to face volatility on the petro market and trade petro on a secondary exchange market. This made accepting petros unpractical, and it is unlikely to change in the future.

However, cryptocurrency penetration in payments is still really small in Venezuela. U.S. dollars or the national fiat currency, the sovereign bolivar, constitute the most popular ways of paying for goods or services.

What do you think about the current state of the Petro? Tell us in the comments section below.

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Bitcoin Transfers to Spot Exchanges at Highest Levels Since March 2020 Crash

Although bitcoin has already lost roughly 50% of its USD value in two months, the asset could be primed for even more adverse price developments. After the death cross and reports suggesting institutions are dumping, new on-chain data revealed that investors had deposited massive portions of their holdings to exchanges, which could lead to another sell-off.

Largest Exchange Inflows Since March 2020

A lot can change in the ever-volatile cryptocurrency market in a few months. In April, BTC seemed destined for new records, which were popping up almost daily until the mid-month peak of $65,000.

While the community sentiment was highly optimistic and members envisioned even a six-digit price tag in the following months, few very could have predicted what followed. And what followed was a gradual decrease in the next thirty days and a substantial price drop in the next week to $30,000 following FUD from China and negative news from Tesla and Elon Musk.

Although bitcoin recovered more than $10,000 in the next few weeks on favorable developments in El Salvador, this rally seemed somewhat weak due to China’s brutal crackdown.

Consequently, BTC started to freefall again and lost all progress in a few days. The fear is back in the market, and investors seemed determined to act on this. CryptoQuant’s researches pointed out that June 21st was the highest daily spike in bitcoin inflows from external wallets to spot exchanges since the mid-March 2020 crash.

Thus, such trading platforms saw their netflows turn “significantly positive for the first time since the distribution in the $50,000 range.”

Bitcoin Inflows to Spot Exchanges. Source: CryptoQuant

It’s worth noting that the aforementioned crash last March resulted in a 50% drop for BTC’s price in a day when it bottomed below $4,000.

It Gets Even Worse

Investors sending their bitcoins to exchanges is just the tip of the iceberg when it comes down to bear market signs. As CryptoPotato reported earlier this week, the 50-Day MA crossed below the 200-Day MA, resulting in a death cross for BTC. History shows that similar developments have previously led to adverse price movements.

Separately, other recent reports indicated that institutional investors have not only stopped allocating funds in bitcoin-tracking products, but they have started to make sizeable withdrawals.

Additionally, BTC whales have begun another worrying trend of disposing of their assets, which could lead to further price slumps.