Our focus column on the most important and interesting crypto projects is back, analysing the latest news and price trends. Today we focus on three very important projects: Stellar Lumens (XLM), Dogecoin (DOGE) and Ripple (XRP).
Summary
Stellar Lumens, Dogecoin and Ripple prices and market statistics
We start with the best performing project of the last 24 hours, Stellar Lumens. In fact, the asset has risen by 8% in a single day, increasing its price to USD 0.12.
As a result, its statistics have also risen, bringing its market capitalisation to $3.4 billion, with a daily trading volume of $170 million.
XLM has 27.5 billion shares outstanding with an average holding period of 49 days, making it the 17th most popular exchange.
Although XLM has had a good run, the same cannot be said for the other two cryptos. In fact, Rippe remained very flat last week with a stable price of USD 0.50.
Its market cap remains at $26.6 billion, with a daily trading volume of $793.3 million. Outstanding supply is XRP 53 billion with an average holding period of 51 days.
It remains in the top 5 in terms of popularity, in fourth place.
The same fate has befallen Dogecoin, the crypto has indeed maintained price stability at USD 0.0632. Capitalisation stands at USD 8.9 billion and daily trading volume at USD 180.1 million.
The outstanding supply is DOGE 140.9 billion with an average holding period of 101 days. It remains the seventh most popular stock.
Let’s move on to the latest news on these assets.
Elon Musk reveals Dogecoin founder’s income
Elon Musk, the CEO of Tesla and SpaceX, recently took to social media to respond to a tweet by Billy Markus, aka Shibetoshi Nakamoto, the founder of Dogecoin, regarding a drastic reduction in his earnings.
This interaction takes on added significance in light of Musk’s controversial influence on Dogecoin and accusations of market manipulation.
On 2 September 2023, Billy Markus revealed that his recent social media earnings had plummeted to around a third of what they had been in the previous two weeks.
The tweet quickly gained traction, he claimed: “My X paycheck is about a third of what it was compared to the previous two weeks, and I mean … that’s all magic bonus money for me that I really appreciate and it’s absolutely crazy and amazing that I get paid to shitpost on this app.”
Elon Musk responded by tweeting that the fluctuation was likely due to the “beta code” nature of the platform’s revenue sharing algorithm.
He also added that only verified users count for ad revenue, hinting at the complexity of the monetisation algorithms.
The interaction between Markus and Musk is a microcosm of wider issues surrounding the monetisation of social media, including high-profile cryptocurrency figures.
It raises questions about the fairness and stability of revenue-sharing models, particularly for content creators who rely on these platforms for their income.
It also highlights the ethical considerations of influential figures such as Musk, who are influencing market dynamics.
Elon Musk’s tweets have often led to wild price swings, as reported by various media outlets, earning him both admiration and criticism.
Musk has even faced legal action for allegedly manipulating the price of Dogecoin, although these allegations have yet to be confirmed.
The transfer of Ripple (XRP) to the Bitstamp exchange
Ripple, the payment protocol that powers XRP, has made a major cryptocurrency transfer to the Bitstamp exchange, marking a notable development in the cryptocurrency landscape.
This significant transaction has the potential to fuel the growth and expansion of both Ripple and Bitstamp.
The timing of Ripple’s transfer of XRP to Bitstamp has led some to speculate that the exchange is preparing for an increase in trading activity, perhaps signalling a surge in demand for digital assets.
Bitstamp has recently been in the spotlight for its strategic partnership with BCB Group to expand its range of payment solutions, making it an attractive destination for both traders and investors.
Ripple’s move to transfer a significant amount of XRP to Bitstamp not only highlights the changing dynamics of the cryptocurrency market, but also indicates a renewed interest and confidence in XRP’s potential.
This increased attention could potentially translate into positive price momentum for XRP, further solidifying its position within the digital currency ecosystem.
The cryptocurrency community will undoubtedly be closely following the implications of this strategic move by Ripple and the subsequent developments within Bitstamp, as they could have a significant impact on the cryptocurrency market in the near future.
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