Having already gained 10% in value in the first days of October, the popular Dogecoin meme currency (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 Musk’s praise for liking his DOGE poll. Prior to any major adoption caused by the growing popularity of DOGE, 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 Dogecoin (DOGE) and to mining machine makers 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 achieved record monthly sales of C $ 3 million. While there was an increase in price volatility in September, coupled with news of Chinese authorities expelling crypto from China, Hello Pal and its strategic partners Shanghai Yitang (who help run China’s mining operations). crypto) 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, leading to a slight drop in cryptocurrency income.
Despite the volatility, Hello Pal recently announced that it is 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,” said KL Wong 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 two to three years. . next months.
Back when Hello Pal acquired its first mining operations via 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. outside of China. For its live streaming operations, the company saw a 30% increase in revenue in September in 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 the 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 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 transformation of the business from a simple hardware manufacturer to a diverse, vertically integrated blockchain company with comprehensive value implications for the blockchain industry. chain. “
Winking at the most recent financial reports, Hu added, “To achieve long-term stable growth, the company plans to vigorously develop the financial technology (FinTech) industry, while regularly pursuing research and development. development. development as well as the sale of Bitcoin mining machines and other cryptocurrencies such as Litecoin and Dogecoin. “
Another company that has apparently shifted some of its focus from BTC to DOGE is Tesla Inc. (NASDAQ: TSLA), as evidenced by CEO Elon Musk’s abrupt change earlier this year. Musk’s earlier criticisms of BTC have concerned the environmental impact of its production. However, now 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 cryptocurrency transfers safe, secure and easy, whether you are a longtime 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 ETH Price Reach $ 10,000 Before 2022?
Ether (ETH) flirted with its all-time high of $ 4,380 on October 21, but failed to top it by a few dollars. Some analysts, including independent market analyst Scott Melker, believe that the approval of a traded fund scholarship (ETF) is the next logical step for the United States Securities and Exchange Commission (SEC).
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 expected 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 racked up a 35% gain since the start of the month. .
Investor sentiment was also positively influenced by the Houston Fire Department Pension Fund, which announced a $ 25 million allocation in Bitcoin (BTC) and Ether.
The constant reduction in the supply of liquid ether is also a key factor in the recent rally. According to Glassnode data, Ether’s trade balance 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 that doesn’t stop anyone from selling, this move creates incentives for long-term holding, and so does the ETH 2.0 bet to become a validator.