DOGE finally accepted, its price should skyrocket at the end of the year.
After already gaining 10% in value over the first few days of October, the popular ‘meme’ currency Dogecoin (DOGE) is back in the news. There is still a lot of speculation about whether Elon Musk’s Tesla Inc. (NASDAQ: TSLA) will ever accept DOGE as a form of payment, after a very bold tweet from crypto YouTuber Matt Wallace predicted that Tesla would accept DOGE after Robinhood Markets, Inc.
Adam Aron, CEO of large movie chain AMC Entertainment Holdings, Inc. (NYSE: AMC) has previously suggested adding DOGE as a payment option. Of note, Aron would later tweet praise Musk for liking his DOGE poll. Prior to any major adoption caused by the growing popularity of DOGE, are the efforts of major DOGE miners such as Hello Pal International Inc. (CSE: HP) (OTC: HLPLF) which was the first listed company to have primary exposure to the Dogecoin (DOGE) and the makers of the mining machinery themselves, such as Ebang International Holdings Inc. (NASDAQ: EBON).
Last May, Hello Pal International Inc. (CSE: HP) (OTC: HLLPF) officially became the first publicly traded company with primary exposure to Dogecoin, providing users of their live streaming platform with access to 12,500 DOGE / LTC mining rigs, with a combined hash rate of 6.25 TH / s.
In August, the company hit a record C $ 3 million in monthly revenue. While there was an increase in price volatility in September, coupled with news from Chinese authorities expelling crypto from China, Hello Pal and its strategic partners Shanghai Yitang (who help manage mining operations from China). crypto company) appeared to have had the foresight to adjust their operations out of the country safely.
“We were fortunate to have Shanghai Yitang to help us navigate the current rapidly evolving cryptocurrency environment in China,” said KL Wong, Founder and Chairman of Hello Pal. “While there may be some delay from our initial expectations, we do not foresee any major obstacles in implementing our initial plans regarding crypto-mining and its integration into our international social platform. “
Prior to the move, there had been significant volatility in cryptocurrency spot prices in September, resulting in a slight drop in cryptocurrency income.
Despite the volatility, Hello Pal recently announced that it was still making + C $ 2.7 million in revenue for the month of September 2021, with 68% of their gross margins attributable to crypto mining.
“Dogecoin, often referred to as ‘the people’s coin’, is quickly accepted and adopted internationally,” KL Wong said when the company entered the DOGE market. “We anticipate gains for our user base and our live streaming services through the integration of Dogecoin. “
As Hello Pal’s efforts to move more and more mining rigs out of China continue, the company expects its crypto mining operations to reach full capacity again within the next two to three. next months.
Back when Hello Pal acquired its first mining operations through a 51% stake in Crypto Pal Technology – The purchase price of the acquisition was based on Dogecoin at $ 0.055, which as of October 5, 2021 was worth nearly 5 times to $ 0.2655.
Wong added, “By acquiring Crypto Pal at a minimal price, we are able to focus our strong cash position to implement our vision for Hello Pal’s suite of complementary applications as well as to make strategic acquisitions. “
Beyond its crypto-mining capabilities, Hello Pal also has a thriving live streaming platform, which has also seen growth during the year, both inside and out. outside of China. For its live streaming operations, the company saw a 30% increase in revenue in September from territories other than China, particularly operations in the Middle East and Southeast Asia, which continue to grow. improve their performance.
Another cryptocurrency mining entity affected by Chinese bans is Ebang International Holdings Inc. (NASDAQ: EBON). $ 11.04 million over the same period of 2020.
Ebang has made a name for itself as a chip design company for so-called application-specific integrated circuit (ASIC) mining machines, designed to produce high-performance Bitcoin (BTC) returns. .
But it was in February 2021 that the company announced its intention to launch a mining company Litecoin (LTC) and DOGE.
“We will develop LTC and Doge mining based on our Bitcoin mining business,” said Dong Hu, chairman and CEO of Ebang. “The development of the business will further promote our cryptocurrency-related activities and increase our revenue. We believe this move will accelerate the company’s transformation from a simple hardware maker to a diverse, vertically integrated blockchain company with comprehensive value implications for the blockchain industry. chain. “
With a nod to the most recent financial reports, Hu added, “To achieve long-term stable growth, the company plans to vigorously develop the financial technology (FinTech) business, while regularly pursuing research and development. development as well as the sales activities of Bitcoin mining machines and other cryptocurrencies such as Litecoin and Dogecoin. “
Another company that apparently shifted some of its focus from BTC to DOGE was Tesla Inc. (NASDAQ: TSLA), as evidenced by CEO Elon Musk’s abrupt change earlier this year. Musk’s earlier criticisms of BTC have been about the environmental impact of its production. However, now the billionaire Tesla is coming up with a radical Dogecoin idea through a tweet stating, “It’s very important that Doge’s fees go down to make things like buying movies viable.
This tweet came just a day after Matt Wallace’s tweet that involved Robinhood Markets, Inc. (NASDAQ: HOOD) in the change. In particular, the official launch of Robin Hood’s crypto wallets, which the company announced on its corporate blog on the same day as Musk’s tweet.
“Your crypto in one place with wallets: simple, secure and inexpensive,” the company said in the blog post. “We make crypto transfers safe, secure, and easy, whether you are a long-time crypto trader or one of the millions of people doing on-chain transactions for the first time. “
Not so sneakily incorporated into Musk’s tweet was the nod to movie tickets, which Adam Aron, CEO of AMC Entertainment Holdings, Inc. (NYSE: AMC) took and ran with.
Aron quickly launched a social media poll to find out whether or not his movie channel should add DOGE. The poll result, which reached over 140,000 votes, was 77% in favor of accepting the DOGE.
“Now we have to figure out how to do this,” Aron said of accepting Dogecoin. ” Stay tuned! “
Ethereum price prediction: will the price of ETH reach $ 10,000 before 2022?
Ether (ETH) flirted with its all-time high of $ 4,380 on October 21, but failed to break it by a few dollars. Some analysts, including the independent market analyst Scott Melker, believe that the approval of a traded fund scholarship (ETF) is the next logical step for the Securities and Exchange Commission (SEC) of the United States.
I bet we’ll see an Ethereum Futures ETF before we see a physical Bitcoin ETF.
As disappointed as the Ethereum bulls may be, they are likely to make a profit of $ 78 million when the options expire on October 22. The bears have apparently been caught off guard as Ether has accumulated a 35% gain since the start of the month.
Investor sentiment was also positively influenced by the Houston Fire Department Pension Fund, which announced an allocation of $ 25 million in Bitcoin (BTC) and Ether.
The constant reduction in the liquid Ether supply is also a key factor behind the recent rally. According to Glassnode data, Ether’s balance on exchanges is at its lowest level in two years.
Having fewer coins deposited on exchanges, especially for Ether, could mean investors are turning to decentralized finance (DeFi) in search of better returns. While it doesn’t stop anyone from selling, this move creates incentives for long-term holding, and the same goes for wagering ETH 2.0 to become a validator.