Crypto News RoundUp: Dogecoin Strikes Again, Venmo Rolls Out Crypto, Ethereum Shines
This week’s cryptocurrency news continues to be just as bullish as it has been for the last several Weekly Roundup posts here at Netcoins.
The Coinbase IPO is no doubt a big reason for that as institutional investors are watching the price action closely. The direct listing caused prices of exchange tokens to spike and once again pushed everyone’s favourite meme coin, Dogecoin, to new heights.
WallStreetBets moderators temporarily got in on the frenzy before pulling back. The prices of Dogecoin and cryptocurrencies as a whole have pulled back a little bit as well.
Enjoy diving into that and more!
Dogecoin Skyrockets as Reddit Thread ‘WallStreetBets’ Officially Allows Crypto Posts, Then Abruptly Bows out
Dogecoin. It’s the meme coin of all meme coins. For just one day, April 14, moderators on the popular subreddit WallStreetBets allowed it and other cryptocurrencies to be discussed on its pages.
That gave Dogecoin a big boost over the last week despite the fact that just 24 hours later, moderators on the WSB page reversed course simply because Bloomberg published a story saying that the popular online meme investing community is bowing down to crypto.
Nevertheless, Dogecoin has seen a more than 400% increase in price over the last seven days and is trading at over $0.40 per coin Canadian at the time of this writing. The project now ranks as the fifth most valuable cryptocurrency in the world by market capitalization.
Not too bad for a coin with no clearly defined use case.
PayPal’s Venmo Now Offering Cryptocurrency Trading
Venmo is now allowing users to buy, sell and hold cryptocurrencies right on the Venmo app. The rollout began this week and will continue for the next month or two. When it’s complete, more than 70 million customers currently using the app will be able to purchase cryptocurrency in denominations as small as one dollar.
Just like PayPal, trading cryptocurrency using Venmo will be limited to Bitcoin, Ethereum, Bitcoin Cash and Litecoin for now.
Earlier this year, the CEO of PayPal celebrated the fact the company is planning to allow more than 28 million merchants across America to accept cryptocurrency by purchasing a pair of boots online using the crypto in his own PayPal account.
Ethereum Gains 20% On Bitcoin in Seven Days
Ethereum is currently trading around $3,100 Canadian per token. It’s 6% gain on the week is a modest one relative to the gains most crypto traders are used to seeing on a regular basis.
But the news here is that Ethereum is up 20% over Bitcoin during that same time frame. Ethereum’s 2.0 upgrade is expected to be completed in the first quarter of next year and while Bitcoin is proving itself to be a store of value, Ethereum is so much more than that.
The overwhelming majority of DeFi and NFT action that has set the crypto world on fire over the last year occurs within the Ethereum ecosystem.
Pundits rightly point out that this means Ethereum’s fundamental value is much higher than the current token price indicates. Retail traders are recognizing that now. It’s not unreasonable to expect that institutional money will start flowing into Ethereum throughout the rest of 2021 and into next year as the 2.0 upgrade becomes official.
Ethereum Classic is on the upswing as well. The price of the token representing the original Ethereum coding structure is up over 50% this past week.
If the excitement surrounding the upcoming Ethereum upgrade has you wanting to invest, remember to use Netcoins. It’s one of the most trusted cryptocurrency exchanges in Canada and you can sign up for a free account.
That’s your weekly news roundup! See you next week!
Writer, content marketing at Netcoins.