• Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors.
• A recent tweet by Musk caused a 6.6% increase in the price of Dogecoin, and Shiba Inu by 2.5%.
• According to Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors, with a price range of about 3 percent on average for each of the 47 events after a tweet by Musk.
Elon Musk’s Influence On Dogecoin
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, Musk has come up with another tweet, causing a fair increase in the price of the meme coin in the last 24 hours.
Musk’s Tweet Triggers Price Surge
In a statement that is believed to be an apparent joke, Musk Tweeted: „High time I confessed I let the Doge out.“ There was an image attached to the post with the inscription „It was me, I let the dogs out.“ There was also a follow-up tweet where he wrote „Fact check me @CommunityNotes.“ Following this tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent.
Blockchain Research Lab Study
Blockchain Research Lab’s study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to the study, there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk. The study further observed that whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows.
24-Hour Move Of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872. From its 24-hour price data, it can be realized that the price surge was not substantial as the asset could not test its key resistance level of $0.09 before recording its first retracement as seen in the chart .
It is clear from this article that Elon Musks‘ tweets have significant influence on cryptocurrency prices such as those for Dogecoin and Shiba Inu coins. This is evidenced by Blockchain Research Labs‘ study which revealed that there are positive correlations between musk’s tweets and crypto prices movements around them
• The lead developer of Shiba Inu has called on members of all religious groups to come together and embrace Shibarium and all its gifts.
• The core values of Shibarium consist of a constant Shiba Inu burn on every Shibarium project, donations to nonprofit organizations, and support for the larger community.
• All religions are welcome, from Atheists to Luciferians, in order to collectively preserve righteousness in the world by standing up against corrupt leaders.
Shibarium Developed To Benefit Billion-Dollar Companies & Retail Investors
The lead developer of Shiba Inu, Shytoshi Kusama, has announced the launch of Shibarium – a L2 scaling solution that offers massive potential for both billion-dollar companies and retail investors alike. Kusama believes that with this new platform, individuals can walk away from oppressive systems and work together toward a better world with their combined skills, experiences and vision.
Core Values Of Shibarium
The core values behind Shibarium involve a constant Shiba Inu burn on each project as well as donations towards non-profit organizations for the larger community’s benefit. Additionally, profits will be donated to the Shib Doggy DAO Foundation which will dictate how best assets in the DAO can be used.
Shibarium Welcomes Members Of All Religions
In his call for unification during the testing period for Shibarium’s Beta version, Kusama urged projects, companies and entities to understand and accept the values held by the team and its community. He also extended an invitation to all religions – from Atheists to Luciferians – joining forces in order to preserve righteousness in our world through standing up against corrupt leaders.
DOOR Approach To Combat FUD
To protect itself against FUD (fear uncertainty doubt), Kusama proposed taking a DOOR (do our own research) approach while simultaneously teaching about new projects. This means that instead of relying on third party sources or speculation when researching new investments or platforms, it is important to conduct independent research instead so one can make informed decisions.
Kusama concluded that with this new platform we are able to turn tides without waging war – an opportunity we cannot pass up if we wish to achieve true equality across nations around the world. With this newfound ability comes responsibility: responsibility towards collective preservation of what we believe is right through speaking up against those who oppress us and uniting against injustice globally
• The Federal Reserve Bank of New York conducted a study concluding that Bitcoin has no intrinsic value and is not responsive to monetary or macroeconomic news.
• The report highlighted that the asset class of Bitcoin shares most of its features with gold, a store of value, rather than the US dollar.
• The report concluded that Bitcoin reacts with increased volatility before and after FOMC statements concerning interest rates.
Federal Reserve Bank Report on Bitcoin
The Federal Reserve Bank of New York conducted a study recently which concluded that Bitcoin has no intrinsic value and its current price depends on the discounted value of its future price. Furthermore, the report highlighted that Bitcoin shares most of its features with gold as a store of value, rather than the US dollar. Additionally, when it comes to macroeconomic news, the report found that Bitcoin responds more strongly to FOMC statements concerning interest rates compared to other asset classes like precious metals and S&P 500.
No Intrinsic Value
The Fed provided a model which shows Bitcoin as an asset with no intrinsic value for which its current price depends on the discounted value of its future price. According to this model, several hypotheses were derived including that monetary news negatively affects the value of speculative assets through an interest-rate channel. This implies that when there is an unexpected increase in US inflation, it may lead to higher input costs for exports which then make a nation’s exports less competitive in global markets – resulting in decreased demand and thus lower prices for cryptocurrencies such as Bitcoin.
Comparison with Other Assets
The recent study conducted by the Federal Reserve Bank concluded that crypto assets compare to gold and other precious metals rather than fiat currency (the US Dollar). Moreover, it was found that crypto assets are unresponsive to both monetary and macroeconomic news when compared to other asset classes like precious metals and S&P 500 index.
Volatility & Use as Payment
Despite sharing similar features with gold as a store of value, there is one major downside – cryptocurrency’s high volatility rate makes it impractical for use at scale as payment or currency in everyday transactions due to large fluctuations in their values over short periods time.
In conclusion, according to this study by Fed’s researchers, crypto assets such as bitcoin share similarities with gold as a store of value but cannot be used at scale due to their high volatility rate making them impractical for use as payment or currency in everyday transactions .
• Chainwire Israel is organizing the first annual ETHTLV from February 1 to 9 in Tel Aviv.
• The event aims to invigorate the country’s thriving startup community, establish its foothold in the global web3 scene, and discuss steps to onboard the next billion users.
• Attendees will learn from serial entrepreneurs who have established businesses and authorities in the web3 space, including ConsenSys, Fireblocks, StarkWare, Collider, and MarketAcross.
Chainwire Israel is organizing the first annual ETHTLV from February 1 to 9 in Tel Aviv. The event aims to invigorate the country’s thriving startup community, establish its foothold in the global web3 scene and discuss steps to onboard the next billion users.
Attendees of this week-long series will learn from serial entrepreneurs who have forged businesses and become authorities in the web3 space. These include ConsenSys – a market-leading blockchain technology company founded by Ethereum co-founder Joe Lubin; Fireblocks – a highly valued blockchain infrastructure company founded by cybersecurity veterans; Starkware – a company focused on scaling Ethereum using Zero-Knowledge Rollups; Collider – Israel’s biggest web3 venture capital fund; and MarketAcross – a leading global blockchain marketing firm that has helped build leading brands such as Binance and Polkadot.
The programme for ETHTLV will feature keynotes, workshops and panel discussions complemented by more than a dozen community-led side events throughout the week. From February 5 to 6, StarkwareSessions will be focused around L2 scalability network while Building Blocks (by Collider, Fireblocks and MarketAcross) will be sharing expertise on building products/services in Web 3 on February 7th. MetaMask (ConsenSys’ leading self-custodial Web 3 wallet) is hosting a hands-on developer workshop on 8thFebruary.
Reaction From Industry Leaders
Commenting on their involvement with ETHTLV , Dror Avieli VP of Customer Success at ConsenSys said,“We are excited to be part of EthTLV week! Tel Aviv has a vibrant and innovative tech environment – We are looking forward to meeting some of most creative developers & progressive technologists who can help us build next generation of Web 3 dapps & solutions“. Idan Ofrat of Fireblocks added „Without doubt Israel has some of greatest tech talents in world – We believe that our expertise & knowledge at Firebocks can help bring better user experience for DeFi projects & work towards greater adoption“.
ETHTLV promises an action packed week full of learning opportunities for attendees along with access to industry leaders & best practices for developing successful projects/products within Web 3 space . It looks set to firmly establish Israel’s presence within global Web 3 ecosystem & be just what it needs get closer towards its goal of onboarding billion new users into this space