Tesla stock had a rough year in 2022. The company ended down -69%.
The company might have experienced a serious drop due to the bear market, but Tesla is reporting 2022 year-end vehicle production and delivery numbers.
The tech company actually had a growth of 40% over the last year.
However, the fourth quarter numbers still fell shy of analysts’ expectations.
Still, there’s hope for shareholders wondering if Tesla stock will ever recover.
Although economists are saying there’s a strong probability of a recession hitting the U.S. economy by the first quarter of the new year, it may be short-lived.
Will Tesla stock go up in 2023?
Here’s what experts are predicting.
Latest Tesla Stock News
Tesla stock news: Will Tesla stock recover?
Tesla reported 1.31 million deliveries in 2022, a growth of 40% over the previous year.
In the fourth quarter, Tesla reported deliveries of 405,278 vehicles and production of 439,701 vehicles.
Deliveries are the closest approximation of sales disclosed by Tesla.
These numbers represented a new record for the Elon Musk-led automaker and growth of 40%in deliveries year-over-year.
However, the fourth quarter numbers fell shy of analysts’ expectations.
According to a consensus of analysts’ estimates compiled by FactSet, as of Dec. 31, 2022 Wall Street was expecting Tesla to report deliveries around 427,000 for the final quarter of the year.
Estimates updated in December, and included in the FactSet consensus, ranged from 409,000 to 433,000.
Regardless, Tesla was able to beat previous deliveries, demonstrating gradual growth for its investors.
Big investors continued to sell shares on during the last weeks of December as news surfaced of productions suspensions.
But much of Tesla’s drop in production has been out of the company’s control.
The latest decline came after the Wall Street Journal reported that Tesla will continue a week-long production halt at its Shanghai facility, facing a fresh onslaught of Covid cases within its Chinese workforce.
Tesla shares fell over 70% from their record high in November 2021.
The stock ended down 69% in 2022, roughly double the decline in the Nasdaq.
Among major car makers, Ford is down 45% and General Motors has fallen 43%.
But Elon Musk also played a big role in the decline of the company’s share price.
In this SEC filing, we see the Tesla CEO has sold approximately 22 million shares equivalent to around $3.6 billion.
Selloffs at this magnitude move the markets.
After the massive selloff, Elon said during a Twitter space call that he will not sell any Tesla shares for about two years.
The Tesla CEO said that he foresees a serious recession in 2023 and needed to prepare for a worst-case scenario.
But Elon Musk isn’t the only one predicting a recession going into the new year.
Both Bank of America and Wells Fargo CEOs are predicting a recession to hit the United States by the first quarter of 2023.
What Are the Experts Saying?
What are experts saying about the stock market?
While technical analysis shows us the stock market is in a downtrend channel, experts are saying a recession will have a great impact on the continuation of a bear market in 2023.
Dan Raju, CEO of Tradier, a brokerage platform says, “The Fed’s obsession with recession will likely result in more interest rate hikes in the first quarter of 2023, which means that we are going to have continued volatility in the financial markets.”
“We feel that going into the fall, the stage will be set for a strong recovery from the 2022-2023 cyclical bear market,” says David Keller, president and chief strategist at Sierra Alpha Research.
“If and when a market bottom emerges in the first half of 2023, we’d be looking to technology as a fantastic long-term opportunity, given the heavy drawdowns since late 2021.”
It seems tech stocks, Tesla stock included, may not all be headed towards what may seem like a never-ending downward spiral.
As we begin to recover from this bear market later in the year, we can expect Tesla stock and others to rise as investors begin to look at long-term opportunities.
However, it’s important for retail investors to prepare for the worst as talks about a recession looms.
“A recession is very likely in the U.S.,” BoFa wrote in its Year Ahead 2023 report. The bank points out that this recession can last through the third quarter of 2023.
Shares are down approximately -22.66% in the past 5 trading days and -77% in the past year-to-date.
Trading volume remains healthy despite its yearly downtrend.
Majority of companies have been affected drastically by our current bear market, and Tesla shares have been no exception.
Shareholders want to know, when will Tesla stock rise again?
Let’s discuss what is happening with Tesla as a company first and then assess its probabilities.
Here are the latest Tesla news and updates.
Tesla is Currently Headed Towards its Worst Year
Tesla (TSLA) is currently headed towards its worst month, quarter, and year on record.
Investors continued to sell shares on Tuesday as we saw a drop of more than -8%.
But much of Tesla’s drop in production is out of the company’s control.
The latest drop comes after the Wall Street Journal reported that Tesla will continue a week-long production halt at its Shanghai facility, facing a fresh onslaught of Covid cases within its Chinese workforce.
Tesla Stock Price Today | Latest Tesla news and updates.
Tesla shares have fallen over 70% from their record high in November 2021.
The stock is down over 68% in 2022, roughly double the decline in the Nasdaq.
Among major car makers, Ford is down 45% and General Motors has fallen 43%.
Last week, Tesla expanded discounts in North America for buyers of Model 3 and Model Y electric vehicles.
Those discounts came after the automaker offered incentives in mainland China for December auto sales earlier this month.
Elon Musk Sells Tesla Stock
Business News: Elon Musk Sells Tesla Stock.
Elon Musk’s newly acquired company Twitter has been losing money after several companies paused or suspended advertising on the social media platform.
In this SEC filing, we see the Tesla CEO has sold approximately 22 million shares equivalent to around $3.6 billion.
After the massive selloff, Elon said during a Twitter space call that he will not sell any Tesla shares for about two years.
The Tesla CEO said that he foresees a serious recession in 2023 and needed to prepare for a worst-case scenario.
But Elon Musk isn’t the only one predicting a recession going into the new year.
Both Bank of America and Wells Fargo CEOs are predicting a recession to hit the United States by the first quarter of 2023.
Based on these predictions, there’s a strong probability we will not be seeing shares of Tesla rise again until we enter another bull market or see signs of a bear market coming to an end.
But I’m curious to know your thoughts on what is happening with Tesla stock.
Leave your thoughts below.
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The ‘Twitter Files’ segment on Twitter is exploding as Matt Taibbi walks us through on how and why Hunter Biden’s laptop story was suppressed on the social media giant’s platform.
In this article, I’m going to break down the key highlights of the ‘Twitter Files’ part 1.
Matt Taibbi says that in the beginning, Twitter more than lived up to its statement, “the power to create and share ideas and information instantly, without barriers.”
But at some point, this statement was completely manipulated.
That is, when both Democrats and Republicans gained access to directly influence what was allowed on Twitter and what wasn’t.
At first, tools for controlling speech were designed to combat the likes of spam and grifters, or financial fraudsters.
Over time, Twitter staff began to take advantage of this leverage tool by accepting speech manipulation on the platform from outside sources.
And apparently, CEO Jack Dorsey had no idea this was occurring!
By 2020, requests from connected actors to delete tweets were routine.
Email exchanges would read: “More to review from the Biden team.”
The reply would come back: “Handled.”
Twitter Files: Provided by Matt Taibbi, article curated by Frank Nez.
According to Taibbi, celebrities and unknowns alike could be removed or held for review on the behalf of a political party.
A Major Imbalance Between Democrats and Republicans
While both Democrats and Republicans had access to these tools, the system wasn’t balanced.
Because Twitter was overwhelmingly staffed by people of democratic political orientation, there were more channels, more ways to complain, and more opportunities for Democrats to take advantage of than there was for the Republican party.
Twitter Political Contributors
In 2018, Democrats contributed $295,722 to Twitter while Republicans only contributed $11,100 for access to manipulate speech on the platform.
2020 showed a massive jump in contributions from the Democratic party, totaling to $909,431.
Twitter Files, provided by Matt Taibbi, article curated by Frank Nez.
The Twitter files shows us that Democrats tampered with elections in 2020 by removing content on Twitter that interfered with their campaign.
One of the biggest coverups being Hunter Biden’s laptop story.
Let’s dive into it.
Why Hunter Biden’s Laptop Story Was Hidden
On October 14, 2020, the New York Post published ‘Biden Secret Emails‘, an exposed based on the contents of Hunter Biden’s abandoned laptop.
Twitter took extraordinary steps to suppress the story, removing links, and posting warnings that it may be “unsafe”, says Taibbi.
The transmissions to share via direct message were blocked, a tool that is reserved for extreme cases, such as child *ornography.
White House spokeswoman Kaleigh McEnany was locked out of her account for sharing the story on Twitter.
This also led public policy executive Caroline Strom to reach out to the Twitter team regarding the unusual circumstances.
Twitter’s response to Strom was that Hunter Biden’s laptop story had been removed for violation of the company’s “hacked materials” policy.
Provided by Matt Taibbi, article curated by Franknez.com.
According to Matt Taibbi, these decisions were made from those with the highest levels of authority in the company without the knowledge of from former CEO Jack Dorsey.
Head of legal, policy, and trust Vijaya Gadde played a key role.
“They just freelanced it,” is how a former employee characterized the decision.
A Violation of the 1st Amendment
Democratic congressman Ro Khanna reached out to Gadde in efforts to hop on a call and discuss the backlash on ‘re speech’.
“Khanna was the only Democratic official I could find in the files who expressed concern, says Taibbi.”
Vijaya Gadde emails provided by Matt Taibbi, article curated by FrankNez.
“Hope you’re well Vijaya! But this seems a violation of the 1st Amendment principles. If there is a hack or classified information or other information that could expose a serious war crime and the NYT was to publish it, I think the NYT should have that right.”
“A journalist should not be held accountable for the illegal actions of the source unless they actively aided the hack. So to restrict the distribution of that material, especially regarding a Presidential candidate, seems not in the keeping of the principles of NYT v Sulivan“, said Ro Khanna.
This has been part 1 to the ‘Twitter Files’ exposing why Twitter blocked Hunter Biden’s Laptop story and how Democrats were able to influence the election by suppressing a story that had the potential to sway public opinion.
Market News: Retail investors are raising awareness of market injustices.
I’ve been fortunate enough to have seen the rise of retail investors for the better part of 2+ years against Wall Street.
Conflicts of interest amongst Wall Street, banks, and mainstream media were uncovered during the ‘meme stock’ frenzy in January of 2021.
But it didn’t stop there.
Throughout 2021 and 2022, the retail community has raised awareness of market injustices, claiming the SEC’s chairman Gary Gensler has only been complicit to the illicit activities that occur on Wall Street.
The disadvantage retail investors have over hedge funds has never been clearer.
Between naked shorting, FTDs, OTC trading, Dark Pool trading, PFOF, and short and distort campaigns, the cat has been out of the bag.
The question now is what is being done to tackle the problems retail investors are facing?
Wall Street has been able to take advantage of the little guy through the predatorial practices mentioned above with no repercussions from regulators.
Will retail investors continue to rise against Wall Street in 2023?
There are no doubt activists will continue to push reform until there is real change that levels the playing field for retail.
People Are Waking Up to Mainstream Media
Elon Musk has been calling out mainstream media on Twitter for misleading information or ridiculous hit pieces.
The impact Elon is having on Twitter is something that has not been seen.
He’s been able to raise awareness by simply ratioing mainstream media accounts, often times putting them in their place.
False. Also, Business is still not a real publication. Just give up.
People have always voiced their opinions and concerns with mainstream media, but now the people have the biggest influencer in the world backing them up.
Citizen journalism has already been exponentially rising as blogs and independent media websites begin to report what mainstream media is failing to report.
Mainstream media has been used by big financial institutions to push agendas that cater to their financial interests.
In a CNBC exclusive, Elon Musk says “hedge funds have used short selling and complex derivatives to take advantage of retail investors.”
This is something retail investors who purchased so called ‘meme stocks’ last year found out very easily.
The complex derivatives Elon is referring to could be an array of things such as options trading, HFT, swaps, borrowed stock, and even naked shares.
The Tesla CEO says hedge funds will short a company, conduct negative publicity campaigns to drive the stock price down, then cash out and do it multiple times over.
This tactic is what’s known as “short and distort”.
Hedge funds impose their influence on corporate media such as The Fool, Wall Street Journal, and MarketWatch to scare people out of their money.
How Can Retail Investors Make a Dent?
Wall Street and Mainstream Media | Wall Street corruption.
Retail investors will have to continue to raise awareness when activists and citizen journalism demands it.
But even retail investors have had their better days, with some even refusing to give their viewership to independent hosts and journalists simply due to capitalization involvement.
Retail investors have more power than they know, but it only combats mainstream media when they support citizen journalism or independent hosts working on spreading the truth.
The people will rise against Wall Street corruption, with or without independent journalists and platforms.
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Elon Musk seals Twitter deal
Elon Musk filed a Schedule 13D with the SEC earlier in April adjusting his proposal with Twitter.
He proposed acquiring 100% of Twitter in a $44 billion cash deal on April 14th to take the social media company private.
Elon advised that if the company did not accept his offer he would pull his 9.2 stake out of the company since both their values did not align for the public’s best interest, free speech as Musk has said.
The Tesla and SpaceX CEO became Twitter’s biggest shareholder when it acquired a 9.2 stake in the company.
He purchased more than 73.4 million shares according to the Schedule 13D filing.
Elon’s stake was worth roughly $2.89 billion when the market closed that Friday.
A week after the proposal was made, Elon exposed the Twitter board for not holding any shares of the social media company themselves.
Now the deal is officially sealed according to REUTERS.
What does Elon Musk want to do with Twitter?
Elon Musk says he wants to eliminate spam bots on Twitter as well as bring back freedom of speech on the social media platform.
This is an incredibly important part of the acquisition that has many avid users excited about the takeover.
Elon Musk has been a long-time advocate for freedom of speech and has also exposed injustices in the market.
He understands how the market is manipulated through what he describes as ‘short and distort‘ campaigns.
This is where media is used to create a negative headline on a stock and then short sellers attack it, profiting from the falling share price of a profitable and successful business.
Tesla has been a victim to this type of abuse in the market and Elon has created a disruption in the SEC by exposing this fraud.
But the SEC hasn’t done anything about the market manipulation, but rather investigated Elon Musk instead.
Similarly, what occurred with ‘meme stocks’ last year has retail investors fighting for market transparency as millions of investors have been cheated from their money.
The retail community finally feels like they have a giant on their side.
How will free speech be monitored on Twitter?
Elon Musk on Free Speech – Twitter acquisition
Elon expresses during a TED talk that the Twitter acquisition is not for monetary gain but rather an effort to provide humanity with a platform where freedom of speech is not compromised.
In that TED talk, he mentions free speech will abide by laws so it is not lawless.
People against the acquisition think the social media are looking at the negatives rather than the positives.
A social medial platform that can no longer limit Twitter posts from being seen due to scandalous exposure allows the truth to be seen.
Elon Musk said on TED he’s big on the truth.
And those who support Elon Musk buying Twitter is too.
What are your thoughts on Elon Musk buying Twitter?
The purpose of Elon Musk buying Twitter is to provide people with a social media platform that cannot be influenced by outside forces, which could potentially harm the narrative of the truth.
While people might argue that a man with so much money and power should not have more influence and more power, I disagree, depending on who wields that power.
Because there are currently people running the country who abuse this power.
And unlike Elon Musk, they are not for the truth.
I’d love to hear your thoughts in the comment section below.
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The SEC is uncomprehending of the real issues at hand
When former SEC Chairman Harvey Pitt was asked what he would do today, he responds by saying he would investigate the motive behind Elon Musk wanting to buy Twitter.
Regulators to Elon: Why do you want Twitter?
Elon Musk: For free speech.
Regulators: Right, we got that, but why?
There are a number of things the SEC could be focusing on but continue to neglect retail’s concerns.
Harvey Pitt said Elon Musk is using influencer marketing to move the masses which could be dangerous.
Necessary commentary here: I rather someone with Elon’s influence to move the masses if it means exposing the shortcomings of our incompetent regulators.
The people have already been speaking out about the SEC for years, now they just need a scapegoat do ‘de-escalate’ the sentiment.
But the truth is we need more influencers to speak out on market injustices and corruption in our government.
Elon Musk has not created any damage to the market, our incompetent leaders have.
The SEC has no public support
Here’s a red flag, the SEC has absolutely no public support.
Numerous polls on Twitter have been conducted by retail investors where more than 90% of people say they do not trust the SEC.
Investors believe the SEC has been compromised and no longer serve the people, but rather serve the financial institutions in a pay-to-play system where accountability for systemic risk is pardoned with a fine.
Unfortunately, parties on the same side will attack Elon Musk’s reputation to shut down public perception.
Former SEC Chairman Harvey Pitt fails to realize we no longer live in a world where the people sit in silence.
Social media has given communities platforms to raise awareness of injustices in the world.
The reason why regulators and affiliates have a problem with Elon Musk buying Twitter is because they don’t want the people to have that power.
We can say the same for crypto.
Crypto hedge funds are emerging as laws are being written for cryptocurrency.
Crypto is a true representation of supply and demand, unlike the stock market which is tailored specifically for financial institutions.
The SEC caters to hedge funds and market makers, not the people.
Should the president or the people elect the SEC?
The president elects the SEC Chairman and commissioners.
Which means it would be quite difficult to remove these people from power.
Is this right though?
Should it be difficult to remove government officials from power?
That doesn’t sound American to me.
The people should be allowed to vote these people into power.
Jon Stewart for SEC Chairman, anyone?
Our government is getting more powerful and greedier.
We need people such as Elon Musk to raise awareness of the corruption in the markets.
It’s time the people take their power back and start holding regulators accountable.
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Elon Musk makes Twitter an offer
Elon Musk Twitter News – Elon Musk Twitter Letter
Elon tweeted this morning that he “made an offer” and shared a link to his filed Schedule 13D.
I’ll be leaving the link to the report down below, but I’d like to break it down for you first.
The name of the reporting person is indeed Elon Musk, so this proposal comes directly from him, not his team.
The SEC report shows the SpaceX CEO currently owns 73,115,038 shares of Twitter stock (TWTR), or a 9.1% stake in the company.
Elon Musk is now proposing to acquire all of Twitter’s outstanding common stock at a $54.20 per share cash deal.
Because it’s only a proposal at the moment, the deal is non-binding for now until conditions and receipts require legal agreements and approvals.
If the proposed transaction is completed, the Common Stock would be terminated and delisted from the New York Stock Exchange as the SpaceX CEO takes the company private.
Elon Musk scripts on the full acquisition of social media company Twitter
I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.
As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.
Twitter has extraordinary potential. I will unlock it.]
Best and final
Elon Musk says his offer to buy Twitter is best and final.
The Tesla CEO states that he will not be playing back-and-forth games.
“If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.”
Now, the CEO makes it very clear that this is not a threat, but simply not a good investment without the changes he seeks to make in the social media company.
He says those changes will not happen without taking Twitter private.
The Twitter management team will have Musk’s advisors available to them after they’ve received the proposal.
There will be more details in their public filings, according to Elon.
Dogecoin has taken the internet by a storm. This cryptocurrency keeps increasing in value and it’s leaving old economic ways behind.
Doge is currently known to be ‘The Internet Currency’ since the takeover of memes and online trading.
Although Dogecoin started as a joke, it has now succeeded as a peer-to-peer cryptocurrency.
Doge has hit another milestone thanks to no other than Elon Musk who seems to love this cryptocurrency and its community.
Dogecoin soared 800% in just on day in late January. We saw a spike in AMC during this time as well.
Now, the fact that Elon Musk can tweet out a meme and allow a community of investors to make money from it is hilarious and amazing at the same time.
The influence man. We’ll go over that a little later. Let’s go over why Dogecoin is causing a disruption and frenzy everywhere online.
Welcome to Franknez.com – the blog where you can digest content on stocks, crypto, and market news. Today we’re getting into Dogecoin.
Lets get started!
What is Dogecoin?
Dogecoin is a digital currency that can easily be sent online from person to person with total security.
You can send Dogecoin to people internationally within seconds. Dogecoin is also now being accepted by online retailers! This means you can use it actually purchase both digital and hard goods from businesses accepting this form of payment.
Dogecoin Cryptocurrency launched at the end of 2013. It rose in popularity at a time when the creators were just beginning to explore the possibilities in regards to Bitcoin’s invention.
It is currently a hype coin due to the Reddit community teaming up to take it to the moon. Which by the way they’ve done an excellent job in, attracting multiple celebrities to the cryptocurrency and meme community via Twitter.
Pre-Dogecoin
Dogecoin currency was originally copied from an earlier cryptocurrency known as Luckycoin, which no longer exists. In 2014 Dogecoin’s mining process was integrated with Litecoin’s.
What is cryptocurrency mining?
Mining is a term used when cryptocurrency data such as transactions and data blocks are being recorded in a blockchain.
So, who created Dogecoin? The developer known to invent Doge are Billy Markus and Jackson Palmer. Their idea came about when deciding to create a form of payment that could be instant, fun, and free from traditional banking fees.
What can I purchase with Dogecoin?
You can buy gifts, groceries, services, and pretty much just about anything else the dollar can buy online.
You’ll be surprised that the Dallas Mavericks are have accepted Doge as a form of payment for both tickets and merch.
In fact, they are currently the largest Dogecoin merchant in the world. More on that below.
Companies accepting Dogecoin as payment
A few companies such as The Kessler Collection announced that it would be accepting Dogecoin for payment at its hotels through their partnership with BitPay.
The Kessler Collection owns some of the biggest hotels and resorts including the Beaver Creek Lodge, Casa Monica Resort & Spa, Elliot Park Hotel, and Grand Bohemian Hotel Asheville to name a few.
Even the adult entertainment industry has begun accepting Dogecoin payment along with Bitcoin and Ethereum.
Dogecoin is primarily used in the gaming and streaming world as a means to tip content creators. We’ve seen this on Reddit and Twitter.
However, more and more mainstream companies are accepting cryptocurrency as a form of payment. The question is how did all of this blow up?
Dogecoin is revolutionizing the way we transact and buy things. There is no middleman or bank to process your transactions or take a cut.
Every transactions is also completely anonymous.
Dogecoin has a block time of 1 minute while other cryptocurrency has a block time of approximately 10 minutes. This means transactions are a lot quicker if you’re using Doge. This is something people really love about Doge.
Because of this, Dogecoin is a better use-case as a currency than other cryptocurrency because of how convenient it is.
The power of social media
Elon Musk took to twitter his personal support for Dogecoin. SpaceX’s CEO influenced Doge to soar more than 100% from one tweet alone.
But that’s not all, Elon has now published several tweets regarding cryptocurrency in general, we’ve seen this with Bitcoin too. Elon has figured out that his influence can legitimately increase the price of an asset.
We wonder if this is all a test. Can he do this with other assets?
Well, people figure he can. Retail investors and meme investors alike tweet Elon every day pitching him ticker symbols to call out. This of course is in hopes that said stock will see a surge in price action.
Oh come on Elon, do us all a favor!
Elon Musk Tweets Doge
While some people might have thought Elon to be a little crazy for supporting cryptocurrency, the Reddit community surrounding these meme stocks and coins have praised Musk.
When you have someone as big as Elon Musk supporting your community it no longer becomes a joke. He’s even announced that you can now buy a Tesla with Bitcoin.
For those of you who thought cryptocurrency was just a trend, think again. Cryptocurrency is changing the way we transact and view the digital world.
Other celebrities that have endorsed Dogecoin include Snoop Dogg, Gene Simmons, and Kevin Jonas. Mark Cuban just recently announced he would be accepting Doge as a form of payment for tickets and merchandise.
We’ve seen Mark support what retail investors are doing in the meme world of stock investing as well. He’s mentioned on r/wallstreetbets that his 11 year-old son took a position in both AMC and Blackberry stock via. Markets Insider.
The Dogecoin community and foundation raised about $50,000 worth of Doge in 2014 for the Jamaican Bobsled Team, which had qualified for but could not otherwise afford to attend the Sochi Winter Olympics.
This act inspired a second donation by the Dogecoin community led by Eric Nakagawa. Donations were collected to build a well in the Tana river basin in Kenya with Charity: Water. They raised approximately 40 million doge valuing $30,000 at the time.
In this same year, the community also raised 67.8 million Dogecoin, approximately $55,000 at the time, in an effort to sponsor NASCAR Sprint Cup Series driver Josh Wise. Also nicknamed ‘Moonrocket’. The car featured a Dogecoin/Reddit paint scheme.
What’s the difference between Bitcoin and Dogecoin?
Dogecoin stands out as being the easiest and quickest to transact. Another advantage this cryptocurrency has over Bitcoin is that it’s cheaper to use.
This is mainly because until recent times it’s been less popular than Bitcoin.
Cryptocurrency supply
Bitcoin has a max supply of 21 million gill which means it’s a deflationary type of currency. Because there’s only an exact quantity of currency, the price action will continue to surge as the demand for Bitcoin increases. This is Bitcoins advantage.
Dogecoin on the other hand is an inflationary currency which means we continue to make more of them. Just like our USD. It’s initial supply was capped at 100 billion DOGE, but developers scrapped this idea a few months after the launch.
10,000 dogecoin is being created every minute. Unlike Bitcoin, there’s no limit to how much doge can exist. While Dogecoin can spike in the short-term, it’s highly unlikely it holds its value once more people start using it. This is primarily due to the fact that Doge is being created every minute.
What does this mean for the price of Doge?
Because Doge is not rare, all this means is that it’s going to take a lot more work for Doge to increase in price. Once the entire world is using Dogecoin, chances are 1 dogecoin will equal 1 dogecoin.
Can Dogecoin reach $1?
According to the market cap, Doge is worth approx. $0.31. In order for Doge to reach one dollar it would need a price increase of 300%. That’s quite a big jump.
The market cap would have to be approximately 125.4 billion which is an insane number. Doge will have to grow larger than the top 8 cryptocurrencies combined:
Bitcoin
Litecoin
Stellar
Chainlink
Cardano
Polkadot
Ripple
Tether
The closes cryptocurrency with that market cap is Ethereum. Doge could potentially reach $1 but it’s going to take quite some time.
The question is, will there be enough hype and people getting in on the cryptocurrency to increase the market cap up to 125 billion?
You be the judge.
What’s with Doge 4/20?
Doge 4/20, also referred as Doge Day, is the day the Dogecoin community hopes to celebrate the day Doge reaches $1.
Even if Dogecoin doesn’t go to $1 on April 20, it’s highly likely the community marks 4/20 as DogeDay.
So what exactly happened on DogeDay 4/20?
They cryptocurrency actually dipped with many investors continuing to add to their positions. DogeDay could have really used a tweet from Elon.
Recent Dogecoin news
Dogecoin crashes Robinhood: Robinhood just recently announced that they would be allowing their users to buy Doge from the platform. The results? A massive crash. Though, everyone was still able to buy Doge.
A petition for Amazon to start accepting Dogecoin has surfaced on change.org. You can view it here. If that happens then the price of Dogecoin will skyrocket.
With Dogecoin getting more popular by the day, it’s no surprise transactions crashed Robinhood.
Investors beware, Robinhood is no longer known as a quality trading platform since the halt of GameStop and AMC purchases. Don’t say you weren’t warned.
If Dogecoin is accepted as a from of payment from Amazon, this will influence more people to by the cryptocurrency, as well as increase it’s value. Whether this happens or not we’ll just have to find out. This post is continuously being updated as recent news and updates emerge.
Where can I buy Dogecoin?
Here’s a list of exchanges where you can buy Dogecoin:
Your English platforms will be Coinbase, Kraken and Binance. I personally use Coinbase. The layout is simple and easy to use.
Making my first deposit in Coinbase was easier than I thought and it didn’t take long at all for my deposit to go through.
Purchasing cryptocurrency seems quicker and easier than purchasing stocks which is something I really liked. Perhaps it’s Coinbase’s quick layout that makes it seem so easy to transact. I highly recommend it though, be sure to check it out for yourself.
How much does Dogecoin cost?
Dogecoin is currently trading around $0.26. and is ranked #8 in popularity on the watchlist via. Coinbase.
Will Dogecoin keep going up?
As long as people keep buying doge the price action will continue to go up. We’ve seen institutions and companies start to buy this cryptocurrency for quite some time now.
This reminds me of what’s going on with AMC Entertainment at the moment. More and more institutions are bulking up on the stock. We’ve seen that this of course drives price movement.
As doge continues to grow in popularity, so will its price.
Should you buy Dogecoin?
Dogecoin has the potential to be a crazy short-term investment. If you’re looking to make a quick trade then Doge could be for you. Especially with heavily influential people driving the value up with a single tweet.
Dogecoin is a token that can be easy to transact in online communities. If you’re active in communities that accept it then it can be a great currency for tipping content creators you appreciate.
Or, if you want to simply be a part of the Dogecoin movement and have some cryptocurrency in your portfolio, buy it.
How can I keep my cryptocurrency safe?
It is best not to keep your cryptocurrency in your exchange accounts. You can send your cryptocurrency to a cold storage wallet. These are basically USBs with passwords. Ledger is a company known for it’s cold storage wallets.
If you happen to hold a large amount of cryptocurrency, I suggest investing in one of these bad boys for a peace of mind.
Leave your thoughts below!