All the latest news, analysis and predictions for the cryptocurrency space
Following a quiet couple of days at the start of June, positive news about dogecoin being added to Coinbase saw a sudden surge in price for the meme-inspired cryptocurrency on Wednesday.
It shot up by more than a third within the space of just a few hours and continues to trade above $0.40 amid online rallying cries from the “Doge Army” to push it past its previous all-time high of $0.72 to $1.
Bitcoin, which had stuck to a relatively narrow band between $34,000 and $38,000 since late May, finally broke out of it on Thursday morning and now looks to be testing $40,000. Ether has seen a similar 4 per cent rise and is now pushing back towards $3,000.
We’ll have all the latest news and updates from the crypto market right here.
Crypto market ‘green’ for the first time all week
All major cryptocurrencies have seen price gains over the last 24 hours, while simultaneously trading higher than this time last week.
This means that it’s a completely green board on the CoinMarketCap price index for the first time all week – barring that anomalous red mark from Tether, but that’s a stable coin so it is pegged to the US dollar.
Unsurprisingly, the biggest weekly movement comes from dogecoin, which saw a huge surge on Wednesday after Coinbase announced support. From today, users of Coinbase Pro will now be able to buy and sell the meme-inspired cryptocurrency for the first time.
Ask our experts anything about the current crypto comeback
With the market showing tentative signs of a comeback, we’ve gathered two experts to take your questions about bitcoin, dogecoin and the broader crypto space.
Readers of The Independent will be able to pose questions to Samantha Yap, a cryptocurrency expert who is the founder and CEO of blockchain and fintech PR firm YAP Global, and Fred Schebesta, a crypto advocate and founder of comparison platform Finder.com.
Why did this crash happen? Is it a market collapse or just a price correction? And what developments in the DeFi and crypto world are they most excited about?
Ask your questions before 11am BST tomorrow (3 June) and we’ll put them to our panellists. You can find out all the details right here:
Ask your questions in the comments and our experts will answer them
‘Rise up Doge Army’
American snack maker Slim Jim is getting involved in the current dogecoin price rally, sharing a traffic sign with the words: “Rise Up Doge Army.”
With the cryptocurrency on the march again, there have been renewed calls across social media to push the price to $1.
The Doge Army has so far managed to buck market expectations throughout 2021, with a stratospheric price rise fuelled almost entirely by memes and rocket emojis.
In trying to explain the phenomenon last month, founder of Traders of Crypto Antony Portno told The Independent: “Social media has been the key contributor to the growth of dogecoin… It has gathered a cult following.
“It has become an anti-establishment rebel coin. Yes, it doesn’t make sense as an investment on core ‘fundamentals’ but who are you to tell me what I can invest in? Doge is two fingers to being told what to do, the rebellious coin.”
Crypto price predictions released by CoinMarketCap
Leading price-tracking website CoinMarketCap has published its monthly predictions for 10 popular cryptocurrencies.
Crowd-sourcing estimates from tens of thousands of its users, CoinMarketcCap’s forecasts were unanimously positive. SafeMoon appears to have the most amount of hype surrounding it, with an average gain predicted of more than 80 per cent by the end of the month.
Interestingly, the crypto with the lowest estimate was dogecoin, with predicted gains of less than 10 per cent. In the hours since this report was published, dogecoin has already smashed past its $0.40 estimate and is now approaching $0.45.
Dogecoin price breaks past $0.40 – and keeps going
The price of dogecoin is now up by more than a third over the last 24 hours, thanks to the news from Coinbase that it will add the cryptocurrency to its platform this week.
It has already risen from $0.31 to $0.44 and is showing no signs of slowing down. There is still a long way to go until it even gets close to the record high it reached last month, though it only took five days for dogecoin to rise to its ATH of $0.72 after passing $0.44 for the firs time in early May.
Shiba Inu coin is also up on Wednesday, despite there being no indication that Coinbase has any intention of listing it. The meme-based cryptocurrency based on a meme-based cryptocurrency was up 15 per cent, taking its market cap above $4 billion.
An online petition for trading app Robinhood to list Shiba Inu coin is currently among the top 10 most popular petitions on Change.org. At the time of writing, it has more than 86,000 signatures.
Bitcoin price crash a collapse or just a correction?
Bitcoin is still in limbo since a slight recovery from its record-breaking price crash last month.
Currently trading just above $37,000, the market-leading cryptocurrency has failed to break out of the $34,00-$38,000 range since last Friday.
This relative period of calm has led analysts to speculate whether the market has properly collapsed, or if it is just a price correction on the path to new all-time highs later in 2021.
We’ve crunched the numbers to see how this crash compares to previous ones in 2013/14 and 2017/18 – and consulted experts to find out which way they think the market is headed.
As it turns out, it is only the sixth worst price correction in bitcoin’s 12-year history.
You can read the full story here.
Dogecoin price rise boosted by more Musk tweets
Dogecoin continues to push back towards $0.40, spurred on by more tweets from Elon Musk.
This time the tech billionaire has shared a picture of him “as a child”, showing a mocked up image of a Shiba Inu dog with computer setup from 1980 in the background. The caption reads: “I have to keep my passion hidden from the public or I’ll be socially ostracized.”
Musk has actually bought dogecoin for his own child, revealing earlier this year that he bought some of the cryptocurrency for his baby X Æ A-Xii so that it can be a “toddler hodler”.
Elon Musk claims dogecoin takeover is ‘inevitable’
Following Coinbase’s announcement that it will be adding dogecoin to its professional trading platform, Elon Musk has reshared a meme showing the meme-inspired crypto eclipsing the global financial system.
The Tesla and SpaceX CEO captioned the meme: “It’s inevitable.”
Dogecoin is now up more than 7 cents since the Coinbase Pro news came out, a rise of more than 20 per cent. It is expected that all users will have access to dogecoin within the next few weeks.
You can read the full story about Coinbase’s latest addition right here.
Dogecoin launches on Coinbase Pro
Coinbase Pro users will be able to trade dogecoin from Thursday after the popular crypto exchange announced support for it.
Coinbase wrote in a blog post: “Starting today, transfer Doge into your Coinbase Pro account ahead of trading. Support for Doge will generally be available in Coinbase’s supported jurisdictions. Trading will begin on or after 9AM Pacific Time (PT) Thursday 3 June, if liquidity conditions are met.”
The price of dogecoin immediately shot up following the news, rising by nearly 10 per cent.
Bitcoin remains in top 10 global assets
Bitcoin continues to enjoy its relative period of stability on Wednesday morning, shifting in price by less than 1 per cent over the last 24 hours.
Despite heavy losses throughout the month of May, bitcoin remains in the top 10 global assets by market cap, however a fall of just 1 per cent would see it lose this status.
With a market cap of $686 billion, the cryptocurrency currently outranks payments giants Mastercard and Visa. The $300 billion market cap of ethereum is also greater than that of PayPal.