Dogecoin's Market Cap North Of $70 Billion Makes It The Fourth-Most Valued Coin

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27 May, 2021, 12:30 GMT

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PALM BEACH, Fla., May 27, 2021 /PRNewswire/ -- A recent survey of 8,008 cryptocurrency users and nonusers in the U.S. to examine the ways in which they plan to use crypto to make purchases, what crypto they plan to use — and how merchant acceptance can influence merchant choice and consumer spend, said that U.S. consumers see cryptocurrency as more than just a store of value: 46 million plan say they plan to use it to make payments for everything from financial services to groceries. An article in Yahoo.com Finance focused on one cryptocurrency, the Dogecoin, saying that a $1000 bet on Dogecoin to start 2021 now tops the average US income.  It's May 4th article said: "It took Amazon 13 years to deliver a 10,000% return to investors. It has now taken Dogecoin five months. The cryptocurrency hit a new all-time high of $0.60… pushing Dogecoin's market cap north of $70 billion to become the fourth-most valued coin, according to Yahoo Finance's data partner CoinMarketCap. That's now larger than the market cap of Moderna, one of the companies shipping COVID-19 vaccines to save the world from the pandemic.  Active companies with recent developments in the Tech Industry include: Marathon Digital Holdings, Inc. (NASDAQ: MARA), Hello Pal International Inc. (OTCQB: HLLPF) (CSE: HP), Riot Blockchain, Inc. (NASDAQ: RIOT), Bit Digital, Inc.  (NASDAQ: BTBT), Canaan Inc. (NASDAQ: CAN).

That means a $1,000 bet placed on Doge to begin the year, when its price was around half of one penny, would now be worth more than $100,000. In fact, at the $0.56 price that Dogecoin seemed to stabilize around on Tuesday, the position would be worth $103,703. Considering the U.S. Census Bureau last reported the average American household income at $69,000, that same $1,000 bet on Dogecoin could have delivered about 1.5-times the average household income in just five months. if you invested $1000 into the following on January 1, 2021, you'd have this much as of May 4: - Tesla: $907; - GameStop: $8,990; - Bitcoin $1,946; and -Dogecoin: $103,703…  Doge, which also offers cheaper transaction fees and quicker settlement times than most other cryptocurrencies, has had something else going for it long before Musk jumped on board. For years the cryptocurrency has boasted a wide and welcoming community."

Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF) BREAKING NEWS: Hello Pal Acquires Dogecoin Miner Crypto Pal - Creates first listed entity focused on mining Dogecoin  - Hello Pal International Inc., a provider of international live-streaming, social-crypto and language learning mobile apps, is pleased to announce the highly accretive details of its recent acquisition of a fifty-one percent (51%) interest in Crypto Pal Technology Ltd. ("Crypto Pal") that closed on May 25, 2021 (see news release dated May 25, 2021).

Financial Benefits of Acquisition:

  • Purchase Price for Crypto Pal was based on Dogecoin at US $0.055
  • Low acquisition cost of $3.5 million, consisting of $1.5 million cash and 1,800,000 units.
  • Cost to mine Dogecoin and Litecoin significantly less than Bitcoin.

Strategic Benefits of Acquisition:

  • First listed company with primary exposure to Dogecoin.
  • Access to cryptocurrency will accelerate growth of user base and livestream revenues.
  • Imminent launch of beta version of cryptocurrency-focused app, being part of the suite of Hello Pal apps.

Hello Pal Founder and Chief Executive Officer, KL Wong states, "Our acquisition of Crypto Pal is the next step in bringing the world closer together and promoting social tolerance.  Dogecoin, often referred to as "the people's coin", is being rapidly accepted and adopted internationally.  We anticipate gains to our userbase and livestreaming services from the integration of Dogecoin."

KL Wong further adds, "By acquiring Crypto Pal at a minimal price, we are able to focus our strong cash position to implement our vision for Hello Pal's suite of complementary apps as well as carry out strategic acquisitions."

The recently acquired Crypto Pal currently has 12,500 mining rigs that are actively mining Dogecoin and Litecoin.  The mining rigs are hosted across multiple locations to ensure diversification of risk  as well as to take advance of variations in electricity costs in different geological areas according to seasonal weather patterns.  Crypto Pal has entered into a long-term guaranteed service agreement with Yitang Data Technology Co. Ltd. ("Yitang"), a seasoned manager and operator of crypto-assets and mining facilities.  With Yitang engaged on a long-term basis, Crypto Pal has ensured cost certainty and operational continuity relating to the mining of Dogecoin and Litecoin.  CONTINUED…  Read this entire press release and more news for Hello Pal at:  https://www.financialnewsmedia.com/news-hp 

Other industry developments from around the markets include:

Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, has recently entered into a binding letter of intent with Compute North to host approximately 73,000 of Marathon's previously purchased Bitcoin miners as part of a new 300-megawatt data center located in Texas.

Under the terms of the agreement and based on specified requirements being met, Marathon will provide Compute North with an 18-month bridge loan of up to $67 million, in tranches, to construct the facility. The initial term of the contract is three years with increases capped at three percent per year thereafter. Implementation is planned to take place in stages between October 2021 and March 2022.

Once all of Marathon's miners are installed, the Company's hashrate will be approximately 10.37 EH/s, the Company's average mining cost for hosting services, electricity, data center management, and hosting related capital expenditure across all its facilities will be $0.0453 per kWh, and Marathon's operations will be approximately 70% carbon neutral.

Riot Blockchain, Inc. (NASDAQ: RIOT) one of the leading Nasdaq-listed public Bitcoin ("BTC") mining companies in the United States, recently reported financial results as of and for the three-months ended March 31, 2021.

Increased mining revenue by 881.1% to $23.2 million for the three-month period ended March 31, 2021, as compared to $2.4 million for the same three-month period in 2020; Increased mining revenue margin to 67.5% for the three-month period ended March 31, 2021, as compared to 40.4% for the same three-month period in 2020; Produced record net income of $7.5 million, or $0.09 per share for the three-month period ended March 31, 2021, as compared to a $(4.3) million net loss, or $(0.15) per share, for the same three-month period in 2020; Achieved a record net income margin of 32.5% for the three-month period ended March 31, 2021; and Increased total cash and Bitcoin to $275.6 million, as compared to $235.0 million as of December 31, 2020.

Bit Digital, Inc.  (NASDAQ: BTBT), a Nasdaq-listed Bitcoin mining company headquartered in New York, and Foundry Digital LLC, a wholly-owned subsidiary of Digital Currency Group focused on digital asset mining and staking, jointly announced that Bit Digital is now mining Bitcoin on Foundry USA Pool with approximately 5,679 mining machines generating up to 280 PH/s of computing power.

With Bit Digital's addition, Foundry USAPool is now a step closer to Foundry's ultimate aim of securing a permanent spot among the world's top 5 Bitcoin mining pools. Backed by its parent company DCG, it is the first North American Bitcoin mining pool that pays its users through the Full-Pay-Per-Share ("FPPS") payout method without relying on an external party, guaranteeing stable, risk-free payouts.

Canaan Inc. (NASDAQ: CAN) a leading high-performance computing solutions provider, recently announced that it plans to release its first quarter 2021 financial results before the market opens on Tuesday, June 1, 2021.  The Company's management team will hold a Direct Event conference call on Tuesday, June 1, 2021, at 8:00 A.M. Eastern Time (or 8:00 P.M. Beijing Time on the same day) to discuss the financial results.

Details for the conference call are as follows:   http://apac.directeventreg.com/registration/event/1050349. All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call.

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