DogeChain was launched as an Ethereum Virtual Machine (EVM)- Compatible chain and its theme was completely based on famous meme token i.e. dogecoin. Dogecoin represents a large number of individuals who loves making money and community with a combination of laughter. The thing that billionaires like Elon Musk also joined the community has simply added to the Dogecoin craze. Today, it is the tenth biggest digital currency by market cap and it is worth 8.4 billion dollars.
In 2020, Elon Musk started showing interest in it and the coin experienced its most significant cost breakout with trading volume of $70 billion daily by April. The price hit the market cap of almost $90 billion and hit its all time high price of $0.7376. From that point, Dogecoin has stayed in the main 20 digital currencies by market cap and this month (July, 2022), it has become the tenth biggest crypto currency with a market cap of worth 8.4 billion dollars.
Coming towards the Dogechain, the blockchain developers stated that anybody who bridges over and utilized the chain would get airdrops. On August 24, Dogechain launched their DC token by means of airdrop to qualifying wallets. The passing standard was any Dogechain wallet that had intereacted with the protocol before 23rd August. This would require adding Dogecoin (DOGE) liquidity into the Dogechain protocol.
Dumping of 1 Million tokens by developer wallet:
Just recently, a user of Reddit posted that the Dogechain dev wallet mentioned by @ZachXBT was dumping the 20 billion tokens got from the airdrop at a pinnacle of 1 million tokens per minute. According to that user, the DC token holders for the most part can't dump their tokens as there is a fee of about 8 million DC token to bridge the Ethereum chain, in addition to minimum transfer of 9 million DC tokens ($16,000).
The Dogechain official Twitter has not answered any of the comments about what's going on. Dogecoin also warned the users not to risk their DOGE. Dogechain pitched itself as a layer 2 scaling solution to bring DeFi, gaming and NFTs to Dogecoin. Acquiring from the Dogecoin philosophy, the whole team behind Dogechain said the project is community based and supports the idea of fairness and equality.
If you are an old crypto investor or trader then you can understand that the rise and decline in crypto assets is normal and it happens occasionally. However, recently the crypto market crash has resulted in high-speed decline of crypto assets causing damage to many miners, investors and traders.
If we go deep into this crash then we can see that the price of Bitcoin plunged to its lowest point since 2020. The large cryptocurrency exchange i.e. Coinbase, tanked in value. The collapse of cryptocurrency that promoted itself as a stable means of exchange and not just this, more than $300 billion was eliminated by this crash in cryptocurrency prices causing a huge decline in overall crypto assets.
One of the most popular crypto currencies i.e. Bitcoin was also seen going down. The reason was again Terra crash. According to the news, the founder of Terra tried saving it from crash by selling Bitcoin worth millions of dollars which was also the reason that we have the high-speed decline of this asset.
However, the market situation these days was considered as a crypto winter as every other coin is at their worst phase. These things impacted many people including the Bitcoin miners. The month of June, 2022 was seen as the lowest for BTC miners.
This month (September, 2022), the Ethereum miners are in a difficult situation because of ETH's shift from PoW to a PoS mechanism that is going to take place within a few days. On the other hand, some good news came in for Bitcoin miners. After hitting the lowest in June 2022, the crypto king i.e. BTC is seen consistently rising since. As a matter of fact, BTC moved to as high as $24,000 on the graphs. Bitcoin's price appreciation assumed a key part in diminishing the stress on BTC miners as their benefit fairly expanded.
This month can be seen as a fairly good one as good days are waiting for miners. Also, Bitcoin's mining trouble has been on the downfall since arriving at its extreme high in May. This is likewise a decent sign for miners as they would require less computational ability to mine blocks. Nonetheless, following a 3-month downtrend, a slight addition in trouble happened recently.
The digital currency market has been going through a rough patch now. Various kinds of cryptocurrencies have been experiencing the worst time they ever had in their lifetime. Some have even incurred losses and have fallen to depths from which it might even be difficult for them to return. Robinhood, the online brokerage firm has had to bear the brunt of many losses and even had to let go of almost a quarter of its employees. Various reasons led to it and some of them have been discussed in this article.
Reasons for downsizing at Robinhood
The main two reasons for the downsizing of the online brokerage firm, Robinhood were the disruption of the macro market as well as the crash of the cryptocurrency. These two factors led to the deterioration of the firm and left it with huge losses from which it was difficult for them to recover. As a resolution and to help sustain the firm, it had to. land on a tough decision which is downsizing. This news came recently when the co-founder and CEO decided to share it with the general public.
Further, the firm even published reports that showed the final results of tepid Q2 which were very poor. The firm was also charged with a 30 million dollar fine by the New York State Department of Financial Services for being involved in unethical activities such as any-money laundering. Their crypto branch of the company had to bear the brunt of it all. They were even charged with various other allegations and even disobeyed various rules. Other allegations included charges of breach of cybersecurity, violation of consumer protection protocols, etc. All of this further led the firm to its downfall in a way.
Impact of the layoffs on the firm
Needless to say, the layoffs had a huge impact on the whole firm in many ways. It did not only show the company in bad light or as one that is on the path towards destruction but also affected all of its functions. However, the main sectors that got affected the most were marketing, operations, and program management. The number of employees that had to let go of their jobs was estimated to be around 780 which constituted almost 23% of the whole staff. It was a blow that shroom the very core of the company.
What were the previous records of the company?
In the past, even though Robinhood has had to suffer losses the one it faced recently was the biggest of them all. In the previous year, it had to let go of almost 9% of its staff, however, it did not help the company in a big way or even in every that it needed. The economic conditions of the contemporary world are to be blamed for whatever's happening with the crypto market and with it with the firms.
Conclusion
There were some misconceptions made by the firm at the beginning of the year, which resulted in miscalculation and misinterpretation of data that led to the downfall of the firm. In the beginning, more users were getting involved with the platform as a result of the Covid 19 pandemic, however, this trend did not last for a long time.
The recent results that were then published by the company showed data that were quite disheartening to see. It showed a downfall or decline in every aspect of the firm. However, that particular firm witnessed a rise in its value and its share price after it was noticed by the FTX founder who invested a sum of 650 million dollars for a share of a 7.6% stake in the firm.
There are many projects in the crypto market at the moment where you can invest and earn but there are only a few of them that can promise a good return, better earnings opportunities and they are also potentially strong as compared to others and Predictcoin, without a doubt, is one of them.
Predictcoin is a crypto assets price prediction DAO, where users or "PREDers" (“PREDers is a term used for its users”) can predict the price of crypto assets at a particular time, which would be visible and accessible to all. It is a platform that'll attract the best predictors to predict crypto assets and earn $PRED while at it. $PRED is the governance token of Predictcoin and can be used to create user's profiles, predict on crypto assets and vote on community issues
Users would get the first hand experience and see what experienced predictors think the market would look like for a particular coin in the next few days. Thereby learning more about the market and the experiences.
How does it all work?
At Predictcoin, newbies and crypto traders get a clue about the market and learn more information about the green and red candles. Through this strong and well-built platform newbies would know and learn when to buy their favorite coins and when to sell, if they can study the experienced predictors on Predictcoin.
Coming towards the process, the whole prediction process is quite simple. Every week users can predict 5 different coins on Predictcoin with PRED. Each coin has only 10 seats to accept predictions and each prediction costs 10 PRED, you can only predict once from one wallet. (This means only 50 seats available in total per week and 500 PRED retrieved). Those who try to predict after seats are filled will be unsuccessful and can withdraw their 10 PRED back anytime. A position will open on Monday and users can secure their seats by choosing either Bull or Bear (Up or Down). On Friday the positions closes, it's also worthy to note that the percentage of those who chose Up or Down will already be visible for the world to see. The ones with the right predictions will be redirected to stake PRED to earn PRED at a very high APR, while the ones who predicted wrongly will be redirected to stake PRED to earn BNB at a very high APR. Only the wallets they predicted with can stake.
Predictcoin would also be marketed as the leading cryptocurrency to be used on predicting both crypto assets, football matches & sports games. Apart from partnering up with major sports predicting platforms, they are also planning to work on developing in-house predicting features for sports games as well.
Predict Pool:
A Predict Pool is a pool on Predictcoin generating & distributing $PRED to winners of price predictions, stakers & farmers. Funded initially with 5,000 $PRED (see above in tokenomics), the predict pool would act as a backup plan or reserve for the price prediction and the whole Predictcoin ecosystem.
Winding Up…
If any of you think that you can predict better than anyone else then it’s a great opportunity for you to earn by being one of the PREDers. We will keep on updating you with potentially strong and promising projects till then make sure you check out predictcoin and get benefits out of it.
Crypto Twitter is a growing virtual space for virtual currency platforms. It is renowned for its consistency of blockchain projects, CEOs, founders, lead developers, and investors. The platform is wrapped with posts of their activity regarding the crypto industry. Hence, it became a remarkable space for industry updates, experts' opinions, and also trending crypto offers.
But the concern is that the platform became a center point of hackers and scammers, who are randomly grabbing the investors' assets through tactics. The scam or misleading activities are taking place through multiple techniques like sending a token to the user's wallet offering attractive assets. The only aim is to get access to the user's wallet.
In this article, we are going to provide information regarding some of the most common crypto and NFT scams on Twitter.
The Honeypot Scam :
Honeypot scams are one of the most renowned financial exploits nowadays. It spread dominance in both traditional finance and the crypto industry. They are now prepared for Twitter as well. The scammers lure victims to send crypto into a wallet. After, they take off the funds.
Lucrative Rewards Scam :
They sometimes offer lucrative rewards to the users for participating in simple tasks. The task is like transferring coins from one wallet to another, as simple as that. The bad actors might act like crypto newcomers. They may have mysterious stocks of crypto assets. They act like they don't know how to trade these tokens for fiat currency. The related wallet may have mysterious winnings for credibility to the users. Though, it will lack accepted tokens to cover the transaction fees.
Bot Scam :
When a user transfers over the funds to wrap transaction fees, a bot will automatically transfer the tokens to a wallet that is controlled by the scammers.
Those tactics have become very easy to purchase or use bots to generate fake likes and retweets. Scammers use this advantage to get fake authenticity. They smartly play by turning off the comments for the tweet. That prevents them from the social media whistle-blowers.
Fake Website Scam :
When any user reaches the fake page, they are asked to fill in their wallet details to complete certain activities related to the task. These wallet details are recorded and used to exploit assets.
The Gaming Scam :
In that kind of fake gaming exploit, scammers send users a prototype of a P2E platform. They might be asked or lure users to try the game and offer a reward for their review. Which users extract the file containing the malware, and run the program. The scammer can also hire artists and pay them to develop digital art for some fake company.
This exploit takes place by downloading a certain file on users' PCs or devices. Though the files may look like genuine files from the surface. It helps to enter some kind of malware or script that can scan users' systems for passwords and private keys.
Unicode Letter Scam :
Previous experience shows that scammers have started following Unicode letters to create fake or lookalike links and airdrops. The links redirect users into hoax websites that seem like actual registration pages. When users fill in their login details revealing all their information to the scammers. That leads them to be drained by the scammers.
Unicode letters look like regular letters. The signs and symbols are the players. For instance, '¡' this inverted exclamatory sign can be used as the letter 'i' in a link. The symbols for the Greek letter alpha 'α' are used as the English letter 'a'. These cause to make the links legitimate pages and seem like genuine websites. It is an easy way to trick users.
