New York Department of Financial Services Restructures Cryptocurrency Oversight, Axes Ripple and Dogecoin from Greenlist
The New York Department of Financial Services (DFS) has removed Ripple and Dogecoin from its "greenlist" of approved cryptocurrencies, while Bitcoin, Ether, and the PayPal Dollar remain. The DFS has positioned itself as a leader in digital asset regulation, with its BitLicense program and virtual currency unit.
Robinhood, the popular financial platform, has expanded its self-custody Web3 wallet to include Bitcoin and Dogecoin networks, allowing users to securely manage, transmit, and receive cryptocurrencies.
Large Dogecoin transactions worth hundreds of millions of dollars are being moved by wealthy crypto investors as the memecoin rebounds from its monthly low. Whale Alert, a blockchain-monitoring platform, detected the transfers, including one involving a crypto whale moving 308,390,532 DOGE worth $19.22 million from Binance to an unknown wallet.
Billy Markus, co-founder of Dogecoin, recently interacted with the crypto community on social media platform X, revealing his personal preferences for virtual currencies and disclosing the technical foundation of Dogecoin. Markus emphasized the importance of cautious investment and stated that his first principle for investing in cryptocurrencies is to never invest more than you are willing to burn in the fire. In addition, Markus revealed that he favors Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies in terms of market value. Markus expressed his opinion on Dogecoin straightforwardly, likening it to "Bitcoin wearing a dog costume" and emphasizing the fun spirit of Dogecoin.
American comedy animated series Futurama has incorporated cryptocurrency into its latest plot. The episode aired on Hulu on August 7th. The episode is set in the year 3023, where people are still mining Bitcoin, but its price is still unstable. Therefore, people are trying to find new ways to make money, such as mining thallium and selling it to miners. The show also jokingly addresses concerns about the high energy consumption involved in Bitcoin mining and features a "cryptocurrency nation" called "Doge City" named after the popular Dogecoin (DOGE).
Bitcoin Rises Slightly After PayPal Launches Stablecoin, NFT Trading Volume Picks Up, Outflows Continue for Digital Asset Investment Products
Bitcoin experienced a slight rise following the launch of PayPal's stablecoin, PYUSD, which is fully backed by U.S. dollar deposits. However, other top 10 non-stablecoin cryptocurrencies remained flat or decreased, with Dogecoin being the biggest loser. The Forkast 500 NFT index increased as NFT trading volume picked up. Digital asset investment products experienced outflows totaling US$107 million in the week ending August 4, with Bitcoin-related products seeing the largest weekly outflows since March. However, outflows into Bitcoin short positions stopped for the first time in the past 14 weeks, suggesting institutional investors may be adjusting their Bitcoin strategies.
Elon Musk, the boss of X app (formerly known as Twitter), has denied rumors that the company is developing its own cryptocurrency. Musk stated that no "X coin" will ever be created or launched. While speculation about crypto payments on the platform has been circulating since Musk's purchase of Twitter last year, the company has only introduced a Subscription feature for micropayments in fiat currency. Despite the community's hopes for Dogecoin payments, Musk has not clarified whether they will be implemented.
Mishaboar, a respected leader and contributor in the Dogecoin community, has issued a warning to fellow enthusiasts about the proliferation of numerous tokens carrying the DOGE name on various chains. These tokens are not affiliated with genuine Dogecoin and are instead created by scamming teams using deceptive tactics to lure unsuspecting investors. One concern is the use of a large decoy wallet by these scamming teams, which creates the illusion of not participating in dumping activities. The rise of DOGE imposters coincides with rumors about the integration of Dogecoin into Elon Musk's X platform, which has fueled speculation that scammers are taking advantage of the hype and attention.
According to a popular crypto analyst, Dogecoin (DOGE) may experience a significant downward movement after its strong performance last month. The analyst, known as Rekt Capital, believes that DOGE appears bearish after failing to break through the resistance of a falling wedge pattern. In the worst-case scenario, DOGE could drop to the diagonal support of the pattern at around $0.055. Rekt Capital also shares insights on Bitcoin, Ethereum, and TomoChain, stating that BTC is still bullish, ETH needs to stay above $1,863 to rally above $2,000, and TOMO may be poised for a correction after closing below its high timeframe resistance at $1.60.
Dogecoin is currently trading above the $0.075 resistance against the US Dollar and could continue to rally if it breaks the $0.0835 resistance zone. The price is trading well above the $0.0765 zone and the 100 simple moving average (4 hours), with a major bullish trend line forming with support near $0.0760 on the 4-hours chart of the DOGE/USD pair.