Raise the Woof — April 16

Chart of the Day

Mass migration? $2.4 billion in USDT were printed on April 14, pushing the total market cap of USDT on Tron to a staggering $24 billion and giving the blockchain a leg up against the Ethereum network. The growth of USDT on Tron could, in part, be attributed to the high transaction fees on Ethereum, which frustrated many crypto traders. In fact, CoinGecko’s data shows that USDT is the most traded cryptocurrency in the world, overtaking Bitcoin and the current most sought-after meme coin, Doge. 

Talk of the Town

Barking at the right moon. Elon Musk’s tweet has sent Dogecoin up, again. Though we are not suggesting direct causation between the rise of Dogecoin and Elon Musk’s mountain-moving superpowers, let’s face it — these coincidences have been one too many. The tweet went live right during a pullback period for Doge after the memecoin pushed to a new ATH near $0.14. It then propelled the Doge to surge past $0.25 in a span of a few hours — a feat that requires nothing short of a miracle, or a tweet if you are a tech tycoon and multi-billionaire with 50 million followers on Twitter. Meanwhile, Reddit forum r/wallstreetbets, the not-so-invisible hand behind the GameStop saga, banned all discussions of cryptocurrencies within 24 hours after allowing a restricted daily discussion thread.