Cryptocurrency update: Dogecoin surges over 12% after Elon Musk's comment
Cardano, Tether USDT and USD Coin fell by 1.67%, 0.01% and 0.02%. These cryptos were trading at $2.13, $1.00 and $0.99 respectively.
Bitcoin, the world’s largest cryptocurrency on Monday, advanced 1.14% to $47, 546.25 levels, while Ethereum also added 2.57% to trade at $3,277.68. Majority of the top-10 cryptocurrencies were in green in the last 24 hours. Cardano, Tether USDT and USD Coin were in the red, down 1.67%, 0.01% and 0.02% respectively.
Dogecoin surged over 12% after Tesla CEO Elon Musk backed billionaire entrepreneur Mark Cuban’s claim that Dogecoin is the strongest cryptocurrency as a medium of exchange.
In an interview with CNBC last week, Cuban said that the Doge community is the strongest when it comes to using it as a medium of exchange. In response to this, Tesla boss Musk tweeted on Saturday, stating that he has been saying this for a while.
Both celebrity businessmen have been drawn to dogecoin for its light-hearted nature and strong community and have been important to its massive gain over the last year.
However, many investors are sceptical about altcoins such as dogecoins whose prices are heavily influenced by social media buzz and celebrity endorsements. They are also highly volatile and more complicated to use for purchases than mainstream payment methods.
Top 10 Cryptocurrency prices as on August 16, 2021
*All prices as of 16 August 2021, at 7:30 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 74.27
Wrestling Legend Chris Jericho enters NFT space
Semkhor NFT Studio, a Non Fungible Token (NFT) exchange had launched the Painmaker NFT, by partnering with Wrestling legend and All Elite Wrestling (AEW) superstar Chris Jericho, on Saturday.
The NFT exchange had designed the limited edition token based on Chris’s Painmaker character he portrays for AEW, and is available for $650.
On Friday, the 50 year old wrestling veteran had put out a tweet to sign up for the first ever Painmaker NFT.
Sign up NOW for the very first #Painmaker NFT, available TOMORROW! @SemkhorStudios https://t.co/yIHh92gDH7 pic.twitter.com/LwvOam8Kgv
— Chris Jericho (@IAmJericho) August 12, 2021
Chris Jericho, who is also a rock musician, podcaster and also an acclaimed author, became the second wrestler to enter the cryptocurrency space, following Maxwell Jacob Friedman popularly known as MJF (also from AEW), who became the first wrestler to have his own cryptocurrency token called MJF coin back in June. The Coin was launched in partnership with Rally.io.
Prior to his signing with AEW, Chris Jericho had worked extensively with the World Wrestling Entertainment (WWE) between 1999 and 2018.