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Dogecoin latest – Elon Musk sends cryptocurrency’s price SOARING ahead of SNL; plus Bitcoin and Ethereum updates LIVE

ETHEREUM’S incredible price surge has made its 27-year-old founder a BILLIONAIRE.

Vitalik Buterin now has at least $1 billion worth of the cryptocurrency in his main wallet – making him the world’s youngest crypto billionaire.

Buterin spearheaded the launch of the Ethereum blockchain in 2015.

Ethereum’s cryptocurrency, ether, surged past $3,000 for the first time early Monday morning, marking a 325% rise since the beginning of this year.

Ethereum’s incredible rise came after three years of decline which saw it falling below $100 in April 2020 following a previous high of $1,200 in 2018.

But over the past 12 months the currency has absolutely rocketed.

Boosted by a buoyant market and a strong Bitcoin, Ethereum has absolutely smashed it’s previous high, with forecasters now tipping the currency to hit a staggering $5,000 before plateauing.

That said, as with all cryptocurrencies, there are no guarantees that any investments will make money and in many cases investors has lost absolutely everything they have put into the coins.

Read our cyptocurrency live blog below for the very latest updates…

  • ‘YOU CAN LOSE EVERYTHING’

    Cryptocurrencies are highly volatile, so your cash can go down as well as up in the blink of an eye – you can lose all the money you put in.

    Plus, some products and cryptocurrency services are very complex to understand. You should only invest in things you understand. 

    There is also no guarantee that you’ll be able to convert cryptoassests back into cash, as it may depend on the demand and supply in the existing market. 

    Fees and charges may also be higher than with regulated investment products. 

    We know that crypto firms may also overstate the returns or understate the risks. Be careful. 

  • MOVE OVER DOGECOIN!

    Tiger King star Carole Baskin is getting into the cryptocurrency game with a cat-themed coin.

    Baskin’s Big Cat Rescue has launched a new altcoin called $CAT, which “is not a currency for investment, but rather is a purr-ency of our fans to show their love for the cats”.

    The coin will be used to buy walks at the sanctuary, cat themed merchandise and chats with Baskin and her team, Page Six reports.

    “I’m investigating cryptocurrencies because I am concerned about the volume of US dollars that are being printed and distributed with nothing to back them up,” Baskin said.

    “I like the idea of putting the power of money in the hands of the people, rather than banks and governments.”

    Credit: Facebook
  • ‘SHOULD BE A FUN RIDE’

    Antony Portno, founder of Traders of Crypto, said the rise of Dogecoin could possibly “end in tears”.

    “There has been much talk about getting Doge to $1, and whilst it has seemed like an impossible dream for a while, things are starting to pull in the right direction. Right now, it only needs another 50% gain to get there.

    “The way the market works, the price is only about the last trade and if the sellers hold back and the momentum is up, what’s to stop it. 

    “So will it all end in tears? Quite possibly, but it was overhauled at 5 cents and if the momentum moves the other way things could get nasty. As long as you are investing sensibly then it should be a fun ride.”

  • ‘DOGECOIN IS THE ANTI-ESTABLISHMENT REBEL COIN’

    Antony Portno, founder of Traders of Crypto, said: “On face value, it is a complete mystery as to why Dogecoin continues to grow, it is a meme coin, with bad tockenomics and no development. We all know the world of crypto is in equal measure, crazy and fickle. 

    “Social media has been the key contributor to the growth of dogecoin, which has been further fuelled by endorsements from the likes of Elon Musk and Mark Cuban.

    “It has gathered a cult following. Another reason why it is generating so much attention is that the coin value is going up, people only focus on coins that are going up. It has become an anti-establishment rebel coin. 

    “Yes, it doesn’t make sense as an investment on core “fundamentals” but who are you to tell me what I can invest in? Doge is two fingers to being told what to do, the rebellious coin.”

  • WHY IS THE PRICE OF DOGECOIN GOING UP?

    The price of Dogecoin has hit a fresh all-time high as interest in the “joke” cryptocurrency grows.

    Dogecoin hit a record high of $0.65 on May 5, but what is Dogecoin and why is the cryptocurrency going up?

    Dogecoin has received backing from celebrities including Elon Musk and Snoop Dog, pushing up the price.

    Dogecoin’s latest surge follows the announcement that a well known cryptocurrency platform will now accept Dogecoin.

    Customers who use eToro – and there are around 20 million of them globally – will now be able to buy and sell Dogecoin.

  • THE RISE OF ETHEREUM

    Ethereum is the second biggest digital currency after Bitcoin.

    Vitalik Buterin co-founded Ethereum in 2015 after dropping out of college.

    The mass appeal of his cryptocurrency may lie in the fact it has faster transaction times than Bitcoin.

    Buterin owns 333,000 Ether coins, which now have a value of $1.029billion (£742million). His software savvy father was the one who originally introduced him to Bitcoin in 2011.

  • EXPLAINED: HOW RISKY IS CARDANO?

    Like any cryptocurrency, Cardano is a high risk investment because they are unregulated here in the UK. It means you won’t have a level of protection if something goes wrong, plus fees and charges may be higher than regulated investment products.

    Cryptoassets are also complex to understand, making them dangerous for those who aren’t in the know.

    They’re also extremely high risk due to their volatility, meaning they can go up as well as down, so you should only invest if you can afford to lose the cash.

    Ms Streeter said: “Much of the demand for these coins and tokens have come from traders hoping to benefit from future price rises rather than using them as a means of exchange.

    “Gains are often being fuelled by frenzied chat across social media with influencers jostling for position to push their favoured coins. But like a slot machine, many of the coins being pushed into circulation are very much a speculative bet and investors should only get involved if they have money they can afford to lose.”

  • WHY IS CARDANO GOING UP?

    This morning, Cardano peaked at $1.38 (99p) but has since dropped slightly to $1.33 (96p). However, it’s not as high as it was on April 14, when the cryptocurrency hit $1.56 (£1.12).

    Mark Hipperson, founder of cryptocurrency exchange firm Ziglu, explained that it’s the sixth largest cryptocurrency with a market cap of around $45billion (£32billion).

    Over the past 52 weeks, its valuation has increased by 3,360% and since January 1 2021, it has increased 568% in value.

    Comparatively, Bitcoin has gone up by 706% and 93% during the same time, while Ethereum has risen by 1,194% and 204%.

    “The cryptocurrency has seen incredible growth in recent months, which has raised the attention of a number of crypto enthusiasts,” he said.

  • WHAT IS CARDANO?

    Cardano is a cryptocurrency that uses blockchain – making it difficult to be hacked.

    It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

    Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.

    Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation.

    The “altcoin” has been designed to make sure that investors can have some say in how the currency is run. It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.

  • WHO ACCEPTS DOGECOIN?

    Dogecoin’s latest surge in price has been put down to eToro now supporting the cryptocurrency.

    The trading platform will now let users buy and sell Dogecoin, alongside other cryptocurrencies and more mainstream investments like stocks and shares.

    Other trading platforms which let you buy and sell Dogecoin include Binance and Kraken.

    But you can’t buy and sell Dogecoin on all platforms which offer cryptocurrency trading.

  • SURGE IN CRYPTO POPULARITY

    Cryptocurrencies are the second most desired asset type among traders in Australia, according to a survey by TradingView.

    “The popularity of cryptocurrency appears to be moving ahead of most traditional asset classes,” Glenn Leese, TradingView’s director of growth for Australia, said, CoinDesk reports.

  • THE LATEST TECH NEWS

    In other tech news, Apple experts have leaked some interesting details about the 2022 iPhone lineup.

    Facebook is trialling a video call speed dating app called Sparked.

    And, Google is bringing out a feature to help Android users avoid collisions while texting and walking.

  • ETHEREUM TOPS YOUTUBE VIEWS

    Ethereum is currently the most popular cryptocurrency on YouTube with more than 231 million views, according to data analysed by Total Processing.

    The cryptocurrency has started dominating social media platforms such as YouTube, with related videos racking up millions of views on the platform.

    Bitcoin comes in close second in the crypto YouTube rankings, with 199 million views to date.

  • ‘OBSESSION WITH SPREADSHEETS’

    Vitalik Buterin, 27, co-founded Ethereum with eight others.

    The programmer was born in Russia in 1994. He moved to Canada with his family when he was four but now lives in Singapore.

    The young billionaire was considered gifted and talented as a child and had an obsession with spreadsheets.

    He dropped out of University of Waterloo in 2013 to travel the world and meet other crypto enthusiasts.

    However, his software savvy father was the one who originally introduced him to Bitcoin in 2011. In 2014, the first Ethereum network was crowdfunded and it went live in 2016.

  • DOW JONES LAUNCHES NEW CRYPTO INDEXES

    The S&P Dow Jones Indices launched new cryptocurrency indexes yesterday, further mainstreaming digital currencies including Bitcoin and Ethereum by bringing them to the trading floors of Wall Street.

    The new indexes, S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index, will measure the performance of digital assets tied to them.

    The list will expand to include additional coins later this year, the division of financial data provider S&P Global said.

    The company first announced the plan in December when it said it would cover more than 550 of top-traded coins and that its clients will be able to create customized indices and other benchmarking tools on cryptocurrencies.

  • RECORD PEAK

    Ethereum powered to another record peak of $3,530 on Tuesday, amid increasing institutional interest.

    Dogecoin – created as a joke for early crypto adopters – hit an all-time high of $0.5922.

    It was last up 36% at $0.5549, according to CoinGecko.com.

  • NOT APPY

    Popular trading app Robinhood struggled to keep up with surging demand for cryptocurrencies.

    The platform is back up and running after going down for a short time for buyers and sellers of Bitcoin, Dogecoin and other cryptocurrencies.

    On Robinhood’s status page, the tech company said “all systems are now operational” after experiencing technical issues leaving users unable to trade.

    An earlier message said: “We are experiencing issues with crypto trading. We are working to resolve this as soon as possible.”

    Furious traders took to Twitter to complain about the issue – which happened as the price of Dogecoin rocketed.

  • ‘HUGE EGOS’

    There were eight co-founders of Ethereum – all of whom boast “huge personalities, huge egos, some more than others,” cryptocurrency author Camila Russo told Decrypt.

  • SO, WHAT IS ETHEREUM?

    Ethereum is a cryptocurrency that was released in 2015 – it’s the second largest after Bitcoin.

    In fact, some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market. It was founded by eight people, one of which is 27-year-old Vitalik Buterin.

    Ethereum is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.

    A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit. This ledger is the foundation of any cryptocurrency transaction.

    Ethereum has rocketed in value over the course of this year. Earlier this week, it reached a record-breaking high of $3,000 – up nearly 1,500% since this time last year.

  • WORD OF WARNING

    Cryptocurrencies are highly volatile, so your cash can go down as well as up in the blink of an eye – you can lose all the money you put in.

    Plus, some products and cryptocurrency services are very complex to understand. You should only invest in things you understand. 

    There is also no guarantee that you’ll be able to convert cryptoassests back into cash, as it may depend on the demand and supply in the existing market. 

    Fees and charges may also be higher than with regulated investment products. 

    We know that crypto firms may also overstate the returns or understate the risks. Be careful. 

  • DOGECOIN HIGHS

    Dogecoin continues to post new highs after rallying 23% so far today and more than 50% in the last day.

    The meme cryptocurrency is changing hands for around $0.66 after climbing to a record high of around $0.696 on Wednesday, according to CoinDesk data.

    Dogecoin is now up 1,017% over a 30-day period, according to Messari data.

  • BIDDING WITH BITCOIN

    Sotheby’s said it would accept bitcoin and ethereum as payment for Banksy’s iconic artwork “Love is in the Air” – a first for physical art auctions and the latest sign of growing mainstream acceptance of cryptocurrencies.

    Bidding for the work is estimated at $3 million to $5 million, Sotheby’s said, with the buyer having the option to pay with cryptocurrency.

    The auction house has tied up with cryptocurrency exchange Coinbase Global Inc for the sale.

    Coinbase said the partnership could pave the way for further adoption of cryptocurrency across the bidding house’s auctions.

  • ‘GROWING INSTITUTIONAL INTEREST’

    Ethereum posted inflows of $30.2 million last week and an all-time peak of $13.9 billion in 2021, CoinShares weekly data shows.

    “The biggest reason for the surge (in ethereum) appears to be the growing number of developers building DeFi applications on the platform, but also the growing institutional interest,” Petr Kozyakov, co-founder and chief executive officer at global payment network Mercuryo, told Reuters.

    DeFi are crypto platforms that facilitate lending outside of traditional banking institutions.

    Other cryptocurrencies such as Polkadot, Binance and Cardano saw minor inflows.

  • MILA KUNIS WARNED ASHTON KUTCHER AGAINST BITCOIN

    Mila Kunis warned Ashton Kutcher against investing in Bitcoin – but said it was “bad financial advice”.

    Speaking on The Late Show with Stephen Colbert, she said Ashton sat her down and said: “Hey, babe, I got to explain this thing to you. Tell me if I’m crazy.

    “There’s this thing, it’s like mining for money. It’s called cryptocurrency, and there’s this company. It’s called Bitcoin.”

    She said she was concerned about the cryptocurrency not being insured and said it was a “horrible idea”.

    “And he went, ‘Cool, we’re investing in it.’ So he didn’t listen to me. I mean, this happens all the time.”

  • NO GUARANTEES

    Investing and making a purchase in cryptocurrencies such as Bitcoin is risky.

    Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.

    Investing in cryptocurrencies is not a guaranteed way to make money.

    You should also think carefully about making purchases with a cryptocurrency.

    For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.

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