Ethereum, Dogecoin volatile after Elon Musk’s 'SNL' gig
Bitcoin remains the most valuable cryptocurrency while Ethereum is second
Dogecoin is 'marketing campaign for bitcoin': Morgan Creek Digital co-founder
Gokhshtein Media CEO David Gokhshtein and Morgan Creek Digital co-founder Jason A. Williams discuss their outlooks for the cryptocurrency market.
Ethereum has surged past $4,000 to a new record high Monday, according to prices tracked by Coindesk. And Dogecoin remains volatile after a wild weekend following Tesla and SpaceX CEO Elon Musk's hosting appearance on "Saturday Night Live" in which he noted the currency started as a joke.
SPACEX TO LAUNCH ‘DOGE-1’ LUNAR MISSION NEXT YEAR
Ether, the world's second-largest cryptocurrency, continues to gain traction in a market that has been dominated by Bitcoin, which is currently hovering around $57,000, up slightly but off its record high of $63,000.
Its mainstream popularity is largely based around non-fungible tokens, or NFTs, which are supported primarily on its blockchain. An NFT is a unique digital token that can turn any item in the digital world, from tweets to Gifs to videos, into a collectible asset. Like Bitcoin and other cryptocurrencies, NFTs are sold and bought via the blockchain. Non-fungible tokens verify authenticity and ownership by encrypting the creator's signature on the blockchain.
Ether also gained support from the European Investment Bank, which issued its first digital two-year bond of 100 million euros on the Ethereum blockchain, in collaboration with Goldman Sachs, Santander, and Societe Generale.
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As for Dogecoin, it rebounded after a brief plunge into the $0.40 area after Musk mentioned the cryptocurrency during his "SNL" monologue and called it "a hustle" during the NBC variety show's "Weekend Update" segment. Dogecoin's volatility on Saturday caused crypto trading on Robinhood's investment platform to temporarily shut down.
Then on Sunday, Musk's aerospace company also announced that it would literally be taking Dogecoin to the moon. SpaceX will partner with Geometric Energy Corp. to launch the first-ever commercial payload entirely funded by Dogecoin in the first quarter of 2022.
Geometric Energy CEO Samuel Reid says the transaction solidifies the meme token as a "unit of account for lunar business in the space sector."
SpaceX vice president of commercial sales Tom Ochinero added that the mission will "demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce."
"We’re excited to launch DOGE-1 to the Moon!" Ochinero said.
The mission's financial value was not disclosed.
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