Are you bummed about GameStop? Not because you lost your shirt, but because the ride is over? Looking for some more wild fun completely divorced from any meaningful definition of the word “fundamentals”? Well, some of the people who brought you the world’s trolliest short squeeze (and some of their famous friends) have a new joke for you to get in on.
The meme-inspired token rallied 37% in 24 hours to a record high of $0.084945 at 10:20 a.m. ET on Monday, according to data from CoinMarketCap…. Dogecoin’s stellar run has boosted its market value to over $10 billion, making it the No. 10 digital coin on CoinMarketCap’s ranking…. Dogecoin was created in 2013 and is based on the then-popular “doge” meme that portrays a shiba inu dog alongside multicolored text in comic sans font. The cryptocurrency was initially started as a joke but has gained a following.
Its price is up by more than 1,600 percent so far this year, pushed in recent days by celebrity cheerleading from the likes of Tesla’s Elon Musk, the rapper Snoop Dogg and the rocker Gene Simmons of Kiss, who all promoted Dogecoin on social media.
Well, that was a very short while away from Twitter, indeed. But thought Musk’s interest in Doge appears limited to shitposting, he’s a bit more serious about another crypto, to the extent that he’s serious about anything. And he’s not alone.
Tesla announced Monday it has bought $1.5 billion worth of bitcoin…. Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.” That would make Tesla the first major automaker to do so. The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments.
Famed fund manager Bill Miller extended his endorsement of Bitcoin by reserving the right for one of his portfolios to indirectly invest in the largest cryptocurrency.
The Miller Opportunity Trust may invest in the Grayscale Bitcoin Trust, a vehicle institutions use for Bitcoin exposure, a filing with the U.S. Securities and Exchange Commission shows. Miller’s fund would be prohibited from additional investing in the Grayscale trust if its aggregate Bitcoin exposure tops 15%.
Silver prices briefly jumped more than 10% to $30 a troy ounce early last week, then retraced much of their recent advance as bets on popular investments for retail traders, such as GameStop Corp. , unraveled…. The trading activity has put the commodity squarely in the limelight, raising its profile with individual investors, [Electrum Group’s Thomas] Kaplan said…. “The irony is—and I don’t know if they were crazy for buying GameStop—but in silver they got it right….”
Outsize swings are common in the notoriously volatile market, but it is unusual for prices to move so much more than gold without a fundamental driver, traders said…. Online investors’ rising interest in silver can only help, Mr. Kaplan said. “You’re going to create this mountain of generally knowledgeable silver bulls, and that’s a sea change for me.”
Tesla buys $1.5 billion in bitcoin, plans to accept it as payment [CNBC]
Bill Miller to Allow Opportunity Fund to Buy Into Bitcoin Trust [Bloomberg]
Tweets from Elon Musk and other celebrities send dogecoin to a record high [CNBC]
Dogecoin, the Cryptocurrency That Started as a Joke, Is Spiking [NYT]
Silver Billionaire Thomas Kaplan Welcomes Recent Trading Frenzy [WSJ]
The Hopes That Rose and Fell With GameStop [NYT]