Blockchain Bites: DOGE, Musk, Robinhood, GameStop and Crypto’s ‘Populist’ Revolution

Three stories

1. Elon Musk changed his Twitter bio to #bitcoin and the crypto jumped 20%, to highs last seen on Jan. 19. The two events are not definitely connected. However, just 15 minutes after Musk made the change, bitcoin climbed 15.7% to $37,050. It’s still ticking up.

Of course, with any rally, celebrity-driven or not, the question comes to stability. Blockchain analytics firm CryptoQuant’s “Exchange Whale Ratio” found that exchange inflows among major bitcoin holders is at an eight-month high, signaling a possible price drop.

  • However, “Elon’s tweet overrides all other bearish signals,” Ki-Young Ju, CEO of blockchain analytics firm CryptoQuant, tweeted. In a follow-up tweet, Musk appears to nod to bitcoin, saying “In retrospect, it was inevitable,” a quote later imbedded into the cryptocurrency’s blockchain by mining pool F2Pool.
  • The sharp rise to a 10-day high of $38,020 sparked $387 million worth of bitcoin short liquidations on major exchanges including Binance, Bitfinex, BitMEX, ByBit, Deribit, FTX, HuobiDM and OKEx.

Musk has frequently shown support for crypto broadly. Industry publication Protos found nearly every time he mentions a cryptocurrency, it rallies.

  • DOGE was the most talked about cryptocurrency on Twitter, including a cryptic picture of a dog in a sweater posing on the cover of a magazine, which Musk posted in the midst of a market rally. (The symbol of dogecoin is a Shiba Inu while the featured dog in Musk’s tweet appears to be an Italian Greyhound.)
  • Dogecoin climbed 800% Thursday to a record high of about $0.082 per coin. At one point, the meme coin entered the top 10 cryptocurrencies by market cap.

2. In another story about meme-driven market mayhem, Robinhood has limited cryptocurrency buying due to “extraordinary market conditions.” Traders can “still use settled funds to buy crypto,” a spokesperson said.

  • This is the second day in a row that Robinhood trading functionality hit up against the limits of memetic…

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