Dogecoin has surged in value by 150% since Tuesday, with 74% of the increase happening in just 24 hours, due to speculation that Elon Musk will incorporate the cryptocurrency in his latest Twitter takeover. Investor Charles Hoskinson even proposed creating an ultra-fast, identity-enabled Dogecoin sidechain for social networks, with 80% voting in favour. However, investors should remember not to give in to FOMO and use a crystal ball to predict Dogecoin’s future. Other news in the spooky edition of the crypto news wrap-up included a wider support for Ripple against the SEC, and the Beige Book districts report containing conflicting data on consumer prices.
Dogecoin’s Rise and Charles Hoskinson’s Boo
Cryptocurrency users had a spooky surprise this Halloween as Dogecoin’s value began to rise dramatically. The meme-based token’s price rose by 150% since Tuesday, with 74% of that increase coming in the space of a single day. Investors hoped that Elon Musk might incorporate Dogecoin into his Twitter takeovers, leading the cryptocurrency to become the sixth largest by market cap. Charles Hoskinson, the creator of Cardano, even suggested creating an ultrafast Dogecoin sidechain custom-built for social networks which received 80% of the vote in favor.
Bitcoin and Ethereum’s Market Watch
Bitcoin saw a drop of 0.5% on the day, coming in at $20,502. Ethereum’s value was also down, experiencing a 1% drop and settling at $1,573. Investors were urged to keep their heads, especially when considering the levels needed to maintain a bullish market. The crypto community hoped to maintain the local golden pocket, holding steady above $20,400. If these levels are breached, it’s feared that the crypto world will enter a bearish phase.
Ripple Labs versus the SEC
The Blockchain Association, a Washington-based lobbyist group filed an amicus curiae to show support for Ripple Labs against the SEC. The group alleged that securities laws being used by the SEC was far too broad and left the cryptocurrency industry walking through dark woods of vague regulation. There were allegations that the Howey Test did not apply in this case as the XRP token was deemed an asset rather than an investment contract.
Will the Fed’s FOMC Scare Investors this Halloween?
As inflation levels continue to scare the Fed, fears about potential future rate hikes have caused anxiety among investors. It’s unknown what the future might hold for cryptocurrencies, which have recently enjoyed a spike in value. The crypto scene is alive and well with many assets, including Ethereum, Bitcoin, and Chiliz experiencing an upswing in recent weeks. Investors will have to wait and see what the future holds.