Monat: Januar 2023

• Dogecoin’s price spiked after Elon Musk’s 25 January tweet.
• Its social mentions and engagements saw a jump due to increased attention.
• Many holders may have the opportunity to sell their holdings for a profit, which could negatively impact Dogecoin in the future.

Dogecoin, a meme-inspired cryptocurrency, saw an unexpected spike in its price soon after Elon Musk tweeted on 25 January. The tweet which mentioned that he would be interested in eating McDonald’s if Dogecoin was accepted as a valid form of payment by the fast food chain, sparked interest and speculation on social media. Notable mentions included the McDonald’s team which further fueled speculation.

The increased attention resulted in a jump in Dogecoin’s social mentions and engagements. According to data from LunarCrush, Doge’s social mentions grew by 4% over the last week, along with a corresponding increase in engagements. The Realistic or not, here’s DOGE’s market cap in BTC’s terms also increased, indicating that many Dogecoin holders may have the opportunity to sell their holdings for a profit. Additionally, the negative long/short difference suggested that these profitable addresses belonged to short-term holders. This could mean that these holders might sell their DOGE holdings for financial gain, which could potentially have a negative impact on the cryptocurrency.

Furthermore, the number of long positions on Dogecoin continued to increase, which indicates traders are still optimistic despite the potential short-term selling pressure. On the morning of 29 January, Dogecoin was trending on Twitter, and its social volume metric had also spiked. All in all, the increased attention on Dogecoin could lead to both positive and negative outcomes for the cryptocurrency. It remains to be seen how the markets react in the long-term.

• Tron’s network has been gaining popularity among various geographies, with Dominica and St. Martin recently adopting TRX as legal tender.
• TRON’s development activity has seen a sharp dip, but sentiment towards the cryptocurrency has been positive.
• The TRON ecosystem saw interesting developments in the past week, such as the launch of liquid staking and a decentralized resource marketplace.

The Tron network has been steadily gaining traction among various geographies, with Dominica and St. Martin recently announcing their decision to adopt the TRX token as a legal tender. The news was shared on Twitter by TRON founder Justin Sun and the announcement came as a major step forward for the legitimacy and mainstream adoption of TRON and other digital currencies.

The news was met with widespread enthusiasm from the cryptocurrency community, as the sentiment towards TRON has been largely positive. This was reflected in the price of TRX, which saw a marginal increase in its market capitalization following the announcement.

Furthermore, the TRON ecosystem saw some interesting developments in the week that went by. These included the launch of liquid staking, which will enable users to stake their TRX tokens to earn rewards, as well as a decentralized resource marketplace, which is aimed at improving the revenue for TRX staking. Additionally, Tron also saw an increasing use of Tether [USDT], the world’s largest stablecoin by market cap, on its blockchain.

Overall, the Tron network has seen a lot of positive developments in the past week, which is likely to further bolster investor confidence in the cryptocurrency. With more countries likely to legalize TRX as legal tender in the near future, the future looks bright for TRON and its native token.