The CEO of Robinhood believes DOGE is the "Future Currency of the Internet."
Dogecoin is quickly becoming a symbol of the crypto world's rags-to-riches transformation, with supporters hailing it as the "future." As a result, DOGE is establishing itself as a premier cryptocurrency and the go-to investment instrument for new crypto consumers.
On Thursday afternoon, Robinhood CEO Vladimir Tenev turned to Twitter to explain how Dogecoin (DOGE) may become the "next currency of the Internet" if developers take a vital step to improve its functioning.
On Thursday April 14, the CEO of the popular stock and cryptocurrency exchange pondered that topic carefully on Twitter, and came to the conclusion that it is doable, with two major modifications.
After his retail investing platform implemented a function allowing customers to buy and trade dogecoin, Robinhood CEO Vlad Tenev outlined the possibility in a long Twitter thread. Perhaps inspired by Tesla CEO Elon Musk's recent calls for Twitter to integrate Dogecoin, and responses from fellow crypto executives like FTX CEO Sam Bankman-Fried, who tweeted, "sure, why not DOGE," Tenev outlined how the popular meme coin could one day become the internet's chosen currency.
When compared to typical credit card network costs, Tenev stated that Dogecoin already has "vanishingly modest" transaction fees of around $0.003 per transaction — a benefit "compared to the 1-3 percent network fees that major card networks charge."
According to BitInfoCharts, the average cost of using Dogecoin since April 1 has fluctuated between $0.19 and $0.30. Over the same time span, Bitcoin has fluctuated between $1.35 and $3. The transaction cost range for Ethereum is substantially broader, ranging from $11 to $43.
Dogecoin presently has a 1-megabyte block size and a 1-minute blockchain, which means it can execute around 40 transactions per second (TPS). Though significantly quicker than Bitcoin and Ethereum, it pales in comparison to conventional rails.
The frequency with which this occurs, as well as the maximum size of the block, which limits the number of transactions it can carry, define how many transactions per second (TPS) it can process. The crypto business adheres to Visa's current 24,000 TPS and potential 65,000 TPS.
Tenev argues that the block size and block time of Dogecoin are the primary areas that need to be improved if the cryptocurrency is to gain widespread adoption.
Dogecoin's current block time, according to Tenev, is "a little on the lengthy side for payments," with a platform capable of completing about 40 transactions per second (tps). He added that in order to execute speedier transactions with credit card and payment processing giant Visa, which clears over 650,000 TPS (Transactions Per Second), DOGE's capacity would need to be increased by 10,000. Similarly, increasing the size of the block might speed up transactions on the chain.
However, in order to compete with Visa and other major payment processors, Tenev stated that Dogecoin developers will need to increase their efforts. Tenev noted in a Twitter thread on Thursday that the block time for Dogecoin, or the time it takes to add new blocks to the blockchain for transaction verification, should be faster than it is now. Tenev believes that the meme coin's creators strive for a 10-gigabyte block over time.
Furthermore, Tenev stated that doge is inflationary and has an endless supply, as opposed to bitcoin, which has a fixed quantity. However, considering the quantity of tokens issued each year, the doge's inflation rate is lower than the dollar's, he noted.
The Robinhood CEO also pushed back on worries that dogecoin might create inflation due to its ever-expanding quantity of tokens, arguing that the currency's inflation rate is now lower than that of the US dollar.
In recent years, Dogecoin has grown in popularity alongside other top cryptocurrencies such as bitcoin and ether. To create a market move, Dogecoin has always relied on substantial cryptographic advancements. Doge began as a prank eight years ago. Then, in early 2021, Elon Musk discovered it, thought it was humorous, and used his Twitter influence to transform the obscure cryptocurrency into a top-10 to-15 digital asset with a market valuation of $19.5 billion.
According to Coinbase, a single dogecoin was worth roughly $0.15 on Friday afternoon, with values expected to remain around that level for the rest of 2022.
Dogecoin is genuinely gaining traction. Dogecoin is accepted by BitPay, a cryptocurrency payment processor, but it only accounts for a small portion of sales, and Ethereum founder Vitalik Buterin is on the Dogecoin Foundation's Advisory Board, which was re-established in August, along with a Musk appointee.
As crypto networks expand in size, so do the hardware requirements for keeping the network's transaction records. These needs might grow to the point that it is no longer practical for smaller hobbyists to maintain the network. This might eventually lead to worries about centralization.
This choice, defined as speed against decentralization, would need "more complex gear," Tenev admits. It would make mining Dogecoin at home more costly for hobbyists. Tenev, on the other hand, believes "that's actually a reasonable bargain."
Tesla CEO Elon Musk is one of the most vocal supporters of dogecoin, having invested in the meme currency and allowing users to pay for products on the electric vehicle maker's website using dogecoin.
DOGE's price has only risen since it is clear that the cryptocurrency's strongest strength is its supporters.
Tesla supercharging station will take Dogecoin as payment. Click here to readOpenSea is closing in on support for Solana NFTs in April, substantially widening the NFT community.
Bitcoin (BTC) dropped below $45,000 during early Asian trading hours on Friday, causing cryptocurrency markets to fall 3.5 percent in the previous 24 hours.
Cardano's ADA and Avalanche's AVAX fell 5%, while Polkadot's DOT, Shiba Inu's SHIB, and Dogecoin's DOGE fell more than 7% in the last 24 hours. Solana's SOL continued to outperform, holding flat on Friday after leading advances on Thursday; BNB Chain's BNB also excelled, dropping 3%.
Bitcoin and other cryptocurrencies were broadly flat on Thursday, holding onto gains from a recent rise as risk sentiment in broader markets froze and investors followed developments in the Russia-Ukraine conflict.
Over $400 million in crypto-tracked futures liquidations occurred in the last 24 hours. Liquidations are forced closings of a trader's leveraged crypto trading position by an exchange owing to a partial or entire loss of the trader's initial margin.
Bitcoin futures had the most future losses, totaling more than $120 million, followed by ether (ETH) futures, which had $63 million in losses. However, because of turbulent trading, some less popular futures lost more than other prominent cryptos on Friday.
Solana (SOL 9.57 percent) soared into double digits in early trade on Thursday, following a massive increase on Wednesday. The cryptocurrency had gained 4.1 percent in the previous 24 hours and had reached a high of 6.2 percent.
Solana is up 25.1 percent in the previous week, indicating a strong run, and its value is rising today as the value of other cryptocurrencies falls. Volatility remains the norm for cryptocurrencies, and at times like these, it benefits Solana investors. However, keep in mind that the gain in prices might be reversed just as fast as it began.
As corporations begin to take Solana more seriously, investors continue to pour into it. Coinbase Global just began trading for several Solana-based tokens, and OpenSea announced yesterday that it will begin holding about 50 Solana non-fungible coins. Many investors who trade exclusively in Bitcoin or Ethereum may be unaware of what is being built atop Solana. Therefore, these movements provide exposure to the ecosystem. As genuine businesses are formed on the blockchain, this should lead to even more investment and increased prices for Solana and its tokens.
While the cryptocurrency industry as a whole appears to have regained its feet in recent weeks, the price of Solana has truly shone. According to CoinMarketCap, Sol has the best performance of any Top 30 cryptocurrency, with a 31 percent gain in the previous seven days. has made some huge movements in the previous several days. Solana's price movement is probably definitely a reaction to NFT marketplace OpenSea's plans to include Solana on the platform in April.
OpenSea, a nonfungible token (NFT) marketplace, has announced the upcoming integration of the Solana (SOL) blockchain within its platform, a long-awaited move that industry experts and numerical data indicate could have reciprocal benefits across both ecosystems, as well as positive sentiments for the wider NFT market. Solana is quickly becoming a big player in the NFT market, with high-grossing titles such as Solana Monkey Business and Degenerate Ape Academy. Both NFT collections have produced over $100 million in lifetime volume, while Aurory's play-to-earn collection has topped the $75 million level. The market will undoubtedly be influenced by OpenSea's backing. For starters, the floor price of Solana-based NFTs and transaction volumes might skyrocket. Solana is also home to DeFi technologies and Web3 programs.
However, there is a danger that Solana NFT markets such as Magic Eden and SolanArt will lose a significant portion of their market share to Solana. Over the previous week, Magic Eden accounted for more than 90% of Solana NFT sales. The change was initially disclosed in January, when tech journalist Jane Manchun Wong declared on Twitter that "OpenSea is working on Solana integration, as well as Phantom wallet compatibility."
Solana will join the list of three networks: Ethereum, layer-2 Polygon, and Klaytn, and will be viewable via the drop-down "all chains" option on the rankings page. OpenSea joyfully referred to the announcement as the "best-kept secret in Web3," referring to the large number of tweets and media stories on the possibility of a Solana launch. Adam Montgomery, the company's head of blockchain, also expressed his thoughts on the launch.
The launch of NFT marketplace LooksRare in January 2022 was the first true leadership threat to OpenSea's multi-year monopoly in the NFT field. It witnessed the implementation of an airdropping scheme, which allowed seasoned investors to claim governance Looks tokens as rewards for using the site.
According to Dune Analytics, LooksRare has registered a total of 55,874 users since its debut on January 10, facilitating almost $21.3 billion in transaction activity. In comparison, since the launch of its competitor, OpenSea has registered 884,052 new members. Nevertheless, these investors have only traded a little more than $12 billion in volume.
Solana is already present in a number of NFT markets, including Magic Eden, Solanart, and Solsea. Based on both user adoption and actual volume counts, Magic Eden holds a rather dominant dominance in Solana's NFT market. The table below breaks out Solana NFT activity during the previous 30 days by the top three markets. In the case of Solana's ecosystem, DappRadar marketplace data shows that Magic Eden now leads the field with a $41.05 million trade volume over the last 30 days, followed by Solanart and Solsea with $4.39 million and 656,830, respectively.
Following Magic Eden's collaboration with Overtime, co-founder Jack Lu told Cointelegraph that NFTs will allow the next generation of sports enthusiasts to enjoy sports in a fundamentally different way than the previous generation of millennials, who grew up passively watching sports on TV or in person.
OpenSea's growth might pose competition to Magic Eden, the primary marketplace for Solana NFTs. The 2% transaction fee charged by Magic Eden is 50 basis points lower than that charged by OpenSea, providing buyers and sellers a modest advantage. It remains to be seen whether this is enough to beat the market leader.
The amount of NFT activity on Solana has recently increased. According to CryptoSlam, 4 of the top 20 NFT collections by 24-hour sales volume are on Solana as of the article's writing. To put things in perspective, Solana hasn't had a single collection in the top 20 in the previous 30 days. As a result, there is a noticeable increase in interest in Solana NFT projects. While a 24-hour sample size is insignificant, NFT sales on Solana exceeded $11 million for the second day in a row on March 30th. The two-day period of March 29–30 was the strongest for NFT sales on Solana since early October. It should also be noted that the number of unique purchasers surpassed 8,600 over that two-day period. It's worth noting that daily unique purchasers have held up rather well in recent months, even when sales have been low. But, once again, the sample size is limited. I believe we can draw some conclusions from the trend in average NFT sale price over the last few months.
While it is no secret that Solana wants to be a lower-cost layer 1 alternative to Ethereum, it appears that Solana is certainly appealing to lower-cost NFT buyers and sellers in the early stages. The average retail price of a Solana-based NFT in August was well over $2,500. As March comes to a conclusion, the average price of Solana NFTs has dropped below $500. When average NFT sales data is compared to ETH and fellow Avalanche, it gives an intriguing perspective.
Avalanche has seen a 44 percent increase in average NFT price since November, when most coin values peaked, but Ethereum and Solana NFTs are still significantly below their highs. While NFT average price drops have been rather severe, especially since August in the instance of Solana, the number of unique NFT purchasers on Solana has been growing.
Solana's average NFT pricing drop has not been due to a lack of interest in the network. It's more of a sign that Solana does, in fact, decrease the barrier to entry for NFT buyers and sellers. While Avalanche has a strong overall trend, Solana has seen significantly greater acceptance as a network for feasible NFT applications than Avalanche or Polygon.
Nonetheless, prudence is advised. Despite the increase in NFT activity on Solana and the significant increase in the price of SOL over the last week or two, the token value is likely still well beyond what would be acceptable based on other measures. After all, NFTs are only a subset of the activity on layer 1 blockchains. Even if I view the NFT action on Solana as generally good, it's critical to examine all on-chain activities when determining whether the performance in SOL is warranted.
When it comes to minting non-fungible tokens, Solana is one of the most popular networks among artists. In recent months, the protocol has emerged as a serious contender to the market leader, Ethereum. Despite its sales volume disadvantage, Solana has certain benefits over its competitor. It employs a Proof-of-History consensus technique, allowing it to execute transactions at a high throughput of more than 60,000 transactions per second (TPS). In comparison, Ethereum presently has a processing capacity of up to 15 TPS.
It is also less expensive to mint NFTs on the Solana network. Because the gas expenses are lower than those of Ethereum, the blockchain technology is more eco-friendly.
In a recent tweet, OpenSea revealed the Solana integration date.
Tesla supercharging station will take Dogecoin as payment.
On Saturday, Elon Musk, CEO of Tesla and SpaceX, revealed on Twitter that the company's supercharging station will take Dogecoin as payment.
Elon Musk has not specified what users will be able to pay for with the cryptocurrency. Some speculate that Tesla supercharger stations would take dogecoin, while others view Musk's post as referring specifically to the forthcoming Hollywood café and drive-in cinema.
However, this news has had little impact on the price of dogecoin. Dogecoin was trading around $0.1416 at the time of Musk's post. While the price rose slightly to $0.1452, it then dropped to $0.1412.
Nonetheless, advocates of Dogecoin applaud Musk's effort to expand the parody cryptocurrency's popularity. Musk, a strong supporter of both Doge and Bitcoin, has long hinted about using Doge as a payment mechanism across several aspects of Tesla's operations. Doge is accepted at the company's online store, and there have been rumors that Tesla would accept the cryptocurrency as a means of payment for its automobiles in the future.
Last year, Musk stated that because Bitcoin mining is "moving towards sustainable energy," his business would likely begin taking Bitcoin as payment for its electric vehicles. Musk claims that if he determines that Bitcoin mining uses 50% or more renewable energy, Tesla will resume accepting payments.
Due to worries over the usage of fossil fuels in mining, the digital currency was halted in May 2021 due to worries over the digital currency's plummet.
In a tweet on Thursday, he expressed concern about the "huge usage" of coal and other carbon-intensive energies to create the electricity needed to mine digital currency. Tesla said in February of last year that it had acquired $1.5 billion in Bitcoin and planned to accept it as payment, sparking a spike in both the company's stock and the currency.
In a recent interview, he also backed Dogecoin over any other crypto currency.
"The transaction value of Bitcoin is low, and the cost per transaction is high. At least on a spatial level, it is appropriate as a value-storage medium. But, at its core, Bitcoin is not a good alternative for transactional currency, "he added, adding that, despite its origins as a joke, Dogecoin is better suited for transactions.
Musk tweeted in January saying that Tesla would take Dogecoin as payment for some Tesla merchandise.
Musk then attempted to persuade McDonald's to embrace DOGE by eating a Happy Meal on television. Read more here.
Musk also acknowledged that, in addition to Tesla's investment, he has a sizable personal bitcoin position, as well as lesser Ethereum and Dogecoin holdings.