Yesterday in Crypto - Issue #30

Read time: ~7 minutes

The world of cryptocurrency is a rollercoaster, offering both unimaginable rewards and heart-wrenching pitfalls. The recent story of a Dogecoin investor serves as a stark reminder of this reality. Let's dive in:

🎢 Highs and Lows

• Dogecoin, which started as a meme, witnessed a meteoric rise in 2021. Its market cap surged from $1.2 billion to an astounding $75.26 billion in less than five months, peaking at $0.74 per coin.

• Glauber Contessoto, known as SlumDOGE Millionaire online, rode this wave, seeing his investment balloon to a jaw-dropping $2.9 million.

• But as quickly as fortunes are made, they can vanish. Dogecoin's value took a nosedive, and Contessoto's portfolio, once nearing the $3 million mark, dwindled to a mere $50,000.

💡 The Harsh Reality of CryptoThe Dogecoin saga underscores a vital lesson: the crypto world's risk and reward are often beyond comprehension until you're in the thick of it. Many newcomers dream of astronomical gains, but the volatile nature of cryptocurrencies means that fortunes can change overnight. One of the most common pitfalls? Not securing profits when the going is good.

📉 A Look at the MarketCurrently, Dogecoin trades at $0.0627, a 0.4%% decline over the past week. While some remain hopeful for another surge, others rue missed opportunities to cash in on their gains.

🔍 A Word of Caution: 

For those navigating the crypto waters, remember: it's not just about riding the wave, but understanding the importance of taking profits. Cryptocurrencies are known for their volatile nature, with prices that can skyrocket, but also plummet, in short periods.

While the allure of continuous gains can be tempting, it's essential to realize that the market's unpredictable swings can quickly turn unrealized gains into losses. Always have a strategy, stay informed, and never let emotions dictate your financial decisions.

The tech magnate and crypto enthusiast, Elon Musk, is reportedly on the brink of launching a groundbreaking digital payment platform.

🚀 The New Venture

Rumors suggest that Musk, the co-founder of PayPal, is contemplating a digital payment platform that might not just rival his former venture, but could potentially integrate cryptocurrency. This new platform, "X," could be a game-changer in the digital transaction space.📉 Musk's Digital Payment History

For those unfamiliar, Musk's journey with digital payments isn't new. He co-founded PayPal and even served as its CEO for a brief period. His renewed interest in the payment space, especially with a potential crypto angle, is causing quite a stir.

📈 Crypto Community's Take

The crypto world is abuzz with excitement and speculation. If Musk successfully merges traditional payment methods with cryptocurrency, it could set a new standard for digital transactions.

Could the integration be with Dogecoin? Bitcoin? Will it be a new coin that X creates specifically for this purpose? Could it even be $USDC - the ~$26,000,000,000 stablecoin? The founder of UDSC Issuer Circle, Jeremy Allaire, seems to like this route:

🤔 Why This Matters?

Elon Musk has been a significant influencer in the crypto realm, from his endorsements to his criticisms. His re-entry into the digital payment space, especially with a crypto twist, could have profound implications for the industry and accelerate mass crypto adoption.

Stargaze is making waves in the crypto space as a pioneering platform for NFTs inside (and soon outside) the Cosmos ecosystem.

🚀 Stargaze Overview

• Stargaze is the premier NFT marketplace built on the Cosmos ecosystem, aiming to redefine the NFT experience from the ground up.

• Stargaze, however, is more than just a marketplace - its a layer-1 blockchain designed specifically for NFTs.

• The platform's vision revolves around bridging content creators and their communities, offering tools for NFT projects to create DAOs, tokens, airdrops, and governance. They aim to become a 1-stop-shop social layer for blockchain and crypto.

📊 The Stats

🔍 Tokenomics

Stargaze recently updated their tokenomics - here are the changes that were proposed.

Bullish for stargaze. High inflation was suppressing the $STARS price and STARS stakers were paying the price. Prioritizing stakers should be a top priority for most chains.Remember… Stargaze is decentralized. They can’t implement this without the community voting on the changes.

It’s interesting how changes are implemented on a decentralized chain. if you’d like an example of one of the voted on proposals, click HERE🛠 Technology Overview

• Stargaze benefits from being part of the Cosmos ecosystem, leveraging the growing ecosystem and use of Tendermint technology.

• The platform can process a significant number of transactions, offering a competitive edge against other blockchains like Ethereum and Solana.

Not bullish enough yet? Here’s an update from the co-founder, Shane:

Stargaze is set to become the most interoperable NFT marketplace in all of crypto.🥊 Competition

• While Stargaze has a first-mover advantage in the Cosmos ecosystem, it faces competition from platforms like OmniFlix and Passage.

• The biggest competitor outside of Cosmos is OpenSea, which dominates the NFT marketplace volume.

🌟 In ConclusionStargaze is not just another NFT marketplace; it's a platform that's reimagining the NFT experience with innovative technology. They continuously ship updates and combine great tech with a great community. Surely, Stargaze is one to keep your eyes on.

Disclaimer - I own STARS in my portfolio.

That’s all for today. Step away from your computer and go outside with your loved ones this weekend. We’ll see you on Monday.

“Every informed person needs to know about Bitcoin because it might be one of the world's most important developments.” 

– Leon Luow, Nobel Peace Prize nominee.