This article provides an update on the most interesting news (in the past 48 hours) about popular meme-based cryptocurrency Dogecoin (DOGE).
As you may know already, on July 13, S&P Dow Jones Indices (S&P DJI), a division of S&P Global, announced the launch of five new cryptocurrency indices, the main one of which is the S&P Cryptocurrency Broad Digital Market (BDM) Index. The BDM “provides a wide performance snapshot of the cryptocurrency market and includes more than 240 coins at launch.”
The other four crypto indices introduced at this time are subsets of the BDM:
- S&P Cryptocurrency LargeCap Index
- S&P Cryptocurrency BDM Ex-MegaCap Index
- S&P Cryptocurrency BDM Ex-LargeCap Index
- S&P Cryptocurrency LargeCap Ex-MegaCap Index
This means the index provider’s S&P Digital Market Indices, which previously consisted of the S&P Bitcoin Index, S&P Ethereum Index, S&P Cryptocurrency MegaCap Index, now has eight indices.
Anyway, on July 20, Coindesk reported that it had managed to get hold of a list of the constituents of the BDM index and noticed that several highly popular cryptocurrencies, most notably XRP and Dogecoin, were left out. An unnamed source told Coindesk that Dogecoin had been excluded because “they don’t have a white paper.”
Yesterday, at the (virtual) ₿ Word conference, Tesla and SpaceX CEO Elon Musk talked about Dogecoin while speaking at a panel that also featured ARK Invest CEO Cathie Wood, Twitter and Square CEO Jack Dorsey, and which was moderated by Steve Lee, who is Product Lead at Square Crypto.
Musk said that he likes Dogecoin because he loves dogs and because the DOGE community has great memes and does not take itself too seriously. He went on to say:
“The most ironic and entertaining outcome would be that the cryptocurrency that was started as a joke to make fun of cryptocurrencies ends up being the leading cryptocurrency.”
Even more interesting Musk revealed that his crypto portfolio, which appears to his only area of investing outside of owning shares in his companies, consists of Bitcoin, Ether, and Dogecoin.
Musk also mentioned that he could imagine people owning in their homes space heaters that would provide not only heat but could also simultaneously be used for mining the crypto of your choice (the three he mentioned were Dogecoin, Bitcoin, and Ethereum).
However, this is not really a new idea. More than three years ago, as TechCrunch reported, French startup Carnot introduced a home heater (“QC1”) featuring two AMD GPUs (Sapphire Nitro+ Radeon RX580 with 8GB of VRAM) that was designed to mine ETH by default. Its goal was to enable people to “make heating a source of revenue, not an expense.”
And finally, Coinbase Commerce, the part of Coinbase that provides non-custodial cryptocurrency payment solutions, announced yesterday that it had support for Dogecoin.
The only other cryptocurrencies supported by Coinbase Commerce are Bitcoin, Bitcoin Cash, DAI, Ethereum, Litecoin, and USD Coin.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.