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Dogecoin trader explains why shorting DOGE now makes sense
Dogecoin (DOGE) has surged nearly 100% quarter-to-date (QTD) on hopes that Elon Musk would integrate the token onto the Twitter platform. However, DOGE’s potential to continue its uptrend in the coming weeks is low, one popular market analyst argues. Short Dogecoin hard? Independent market analyst GCR said he is moderately short on DOGE based on its price’s recent reaction to a Musk tweet. Notably, DOGE formed a local top at $0.158 on Nov. 1. The same day, Musk shared a picture of his pet Shiba Inu wearing a t-shirt with the Twitter logo. pic.twitter.com/eaIYaDRBnu — Elon Musk (@elonmusk) November 1, 2022 GCR argues that the Musk-effect is wearing off when it comes to Dogecoin’s potential integration into Twitter, meaning that most of the gains are already priced in....
UK lawmakers open inquiry into NFT regulation — ‘there are fears that the bubble may burst’
Members of the United Kingdom’s Digital, Culture, Media and Sport Committee have opened an inquiry to hear from the public on the potential benefits and risks of nonfungible tokens, or NFTs, and blockchain on the country’s economy. In a Nov. 4 announcement, the DCMS committee said its inquiry was related to the sudden growth of the NFT market, responding to fears the assets may be overvalued and at risk of the bubble bursting. According to the committee, NFT regulation in the U.K. is “largely non-existent,” with the DCMS planning to assess the assets ahead of a review by the treasury department. What are the risks, and benefits of NFTs and the wider blockchain? We want to consider whether NFT investors, especially vulnerable speculators, are put at risk by the market and whether there is a...
Diddy Makes a Big Move Into Cannabis Game With $185 Million Purchase of Major Pot Players
Sean “P. Diddy” Combs never does anything halfway. On Friday (Nov. 4) the music/fashion/sprits/media mogul announced that he plans to make a major investment in the legal marijuana game with a $185 million deal to buy licensed weed operations in three states. If approved, the deal would create the nation’s largest Black-owned and licensed cannabis company, a platform Diddy said he wants to use to increase Black participation in the field. “It’s diabolical,” Combs, 53, told the Wall Street Journal about his desire to get into the pot business to help address long-running inequities that have seen Black people disproportionately arrested and jailed for marijuana crimes even as they make up a “tiny” percentage of the market for legal weed. “How do you lock up communities of people, break down...
Cory Marks Ready to Support a Major Tour, After 3-Year Pandemic Delay
After years of trying to sell his hard-charging sound to Canadian country radio, Cory Marks had finally found his hit song and opening tour slot to propel his career forward in 2020. The year prior he released his first bankable hit, “Outlaws and Outsiders” — an anthemic track produced by his new label boss and collaborator Ivan Moody from Five Finger Death Punch with features from country legend Travis Tritt and rock icon Mick Mars of Mötley Crüe. The song hit No. 1 on Billboard’s rock chart and helped earn him an opening slot for Canadian country legend Gord Bamford’s 2020 tour. Then the pandemic hit, and the breakout career of the former Royal Military College hockey player was temporarily put on ice. But after a three-year wait, Marks is returning to the road, opening for a...
Twitter Layoffs Begin as New Owner Elon Musk Complains of Ad Revenue Drop
Employees braced for widespread layoffs at Twitter Friday as new owner Elon Musk overhauls the social platform. In a letter to employees obtained by multiple media outlets, the company said employees would find out by 9 a.m. PDT (noon EDT) if they had been laid off. The email did not say how many people would lose their jobs. Some employees tweeted early Friday that they had already lost access to their work accounts. They and others tweeted messages of support using the hashtag #OneTeam. The email to staff said job reductions were “necessary to ensure the company’s success moving forward.” Twitter’s roughly 7,500 employees have been expecting layoffs since Musk took the helm of the company. Already, the billionaire Tesla CEO has fired top executives, including CEO Parag Agrawal, on his fi...
Metacade (MCADE), a New P2E Project to Contend with Axie Infinity (AXS)
The Play2Earn (P2E) revolution is here to stay. Or so says Absolute Reports, who forecast that the P2E market will reach a $2.8 billion valuation by 2028, up from $776 million in 2021. Games like Axie Infinity have risen to become incredibly popular, and now a new project called Metacade is seeking to reach mainstream success in the growing GameFi market. In this article, we’ll explore what made Axie Infinity so popular and why Metacade could soon be overtaking it as one of the most valuable P2E projects. Axie Infinity (AXS) Offers Multiple Ways to Earn While Gaming Axie Infinity (AXS) is a P2E game built atop the Ethereum blockchain. It’s a Pokémon-style game where users collect and battle Axies. Axies are virtual monsters that are stored on the blockchain as NFTs, which players buy and s...
You have our swords: 12 independent entities pledge legal support for Ripple
Fintech firm Ripple is garnering more support from the crypto and finance industry in its ongoing battle with the United States Securities and Exchange Commission (SEC). On Nov. 4, Ripple CEO Brad Garlinghouse proudly tweeted that the number of companies, developers, exchanges, associations and investors officially supporting the firm has reached 12. The pile of amicus briefs being filed is mounting up according to Ripple Labs general counsel Stuart Alderoty. An amicus brief is a legal document filed in appeals cases to aid the court by providing extra relevant information or arguments. These briefs are filed by amicus curiae, a Latin phrase that translates to “friend of the court.” “It’s unprecedented (I’m told) to have this happen at this stage,” Garlinghouse exclaimed. For those of you ...
NFTs still in ‘great demand’ as unique traders rise 18% in Oct: DappRadar
October may have seen a decline in nonfungible token (NFT) trading volume and sales, but analytics firm DappRadar says an 18% growth in monthly unique NFT traders shows the market is still in “great demand.” According to a Nov. 3 report from DappRadar, the number of monthly unique NFT traders in October reached 1.11 million, increasing 18% from September, of approximately 950,000. This is despite trading volumes falling 30% to $662 million in October, the lowest registered in 2022, while the sales count decreased by 30% to 6.13 million, the firm said, adding: “The rise in the unique traders’ count indicates that new people are entering the NFT market, and it is still in great demand.” Number of monthly unique NFT traders (millions). Source: DappRadar The month was a busy one for the ...
‘Everything is fine’ — Gala Games calls for calm after fears of multi-billion dollar hack
Blockchain gaming company Gala Games urged its community for calm after misplaced fears of a multi-billion dollar rug pull or hack caused the GALA token to temporarily crash 25.6%. The initial panic, which Gala Games later implied was unfounded, came after a single wallet address appeared to mint over $2 billion GALA tokens out of thin air — which was flagged by blockchain security firm PeckShield on Nov. 3. Fears that the unusual activity was a sign of an exploit or rug pull caused the GALA token price to drop a dramatic 25.6% from $0.0394 to $0.0293 over a 130-minute stretch late on Nov. 3, according to data from CoinGecko. However, Gala Games took to Twitter on Nov. 4 to dispel the “FUD” surrounding its native token, explaining that “lots of people are tossing around words like ‘h...
Moonvember kicks off with sweeping staff layoffs across crypto
The crypto and tech industry has seen a slew of staff cuts this week against a backdrop of difficult market conditions, though on a positive note, some are bucking the trend. Crypto companies, including crypto exchanges, venture capital firms and blockchain developers, have been forced to reduce headcount in order to stay nimble amid the bear market. Some, however, have done the opposite, opening up offices in new locations and markets. It comes a few weeks after multiple high-level executives, such as OpenSea’s former chief financial officer, Kraken’s co-founder Jesse Powell and Ripple Labs’ engineering director, have all made headlines for either exiting or stepping down from their roles in the space. Stripe cuts around 1,000 staff Patrick Collison, CEO of payments processor Stripe...
JAY-Z and Jeff Bezos Are Looking To Buy the Washington Commanders
Earlier this week, NFL‘s NFC East team, Washington Commanders‘ owner Dan Snyder has set the gears in motion to explore a potential sale. Now just a day after the announcement, business moguls JAY-Z and Jeff Bezos have reportedly began looking into acquiring the team. Snyder’s sale comes at a time when the owner has been in hot waters with both the NFL and the US Government’s House Oversight Committee due to his history of sexual harassment and financial misconduct through the organization. Snyder and his wife have reportedly hired Bank of America Securities “to consider potential transactions.” Billionaires Bezos and JAY-Z are among big-name front runners who have shown interesting in buying the team. Bezos, who has a net worth of $114 billion USD already has ties in the area, owning the W...
Quebec’s energy manager to seek government approval to stop powering crypto miners
Hydro-Québec, the firm managing electricity across the Canadian province of Quebec, plans to reallocate energy supplied to crypto mining firms. According to a Nov. 3 tweet from Canadian lawmaker Pierre Fitzgibbon, the government will request a decree from the energy board to release the company from its obligation to power crypto miners in the province. Hydro-Québec allocated 270 megawatts toward the mining firms, but electricity demand in Québec is expected to grow to a point that powering crypto will put pressure on the energy supplier. The report Hydro-Québec filed with the government’s energy board on Nov. 1 said temporarily reducing the power provided to mining firms could help prevent threats to the “reliability and security” of energy for Québec residents. The distributor repo...
