Dogecoin is Musk’s self-proclaimed favourite cryptocurrency. It was first launched in 2013 as a joke but has recently seen a surge in popularity following the tech mogul’s endorsement.
IBM’s Billy Markus and Adobe’s Jackson Palmer launched the crypto as a satirical critique of the cryptocurrency frenzy in 2013.
Its value has soared over 14,000% this year alone, up from $0.00468 on December 31. This makes it the fourth-largest crypto, after other huge players like Bitcoin and Ethereum.
Musk said:
“Lately, prices have been soaring for cryptos like Bitcoin, Ethereum and especially Dogecoin. Dogecoin actually started as a joke based on an internet meme, but now it’s taken over in a very real way.”
Robinhood crashes during Musk’s appearance
The stock trading app Robinhood said they were experiencing issues with crypto-trading during Musk’s appearance.
Update: We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check https://t.co/ZS733G6N1J
Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.
The crypto market crash is impacting North Korea’s weapons programme
The recent crypto market crash has made its way to North Korea, where hackers are bearing the brunt.
The isolated country relies on stolen crypto to fund part of their weapons program.
But as crypto holdings drop by millions of dollars, the nation is reportedly scrambling to find new ways to fund Pyongyang’s missile plans.
KCNA
North Korea has ramped up its stolen crypto assets in recent times leading to one of the largest cryptocurrency heists on record earlier this year.
Hackers allegedly stole $615 million worth of crypto prompting the U.S. tplace a warning about potential workers who are hiding their identities to find jobs abroad.
Meanwhile, crypto holdings have decreased in value with the market sliding below $1 trillion for the first time since January 2021.
Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients
It’s understood the miners handed devices to those who were running a mining hotel.
They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.
The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.
They were offered electricity prices that were below market value.
Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.