Rising Dogecoin Acceptance Sees Meme Currency's Potential Rise for Users and Miners

FN Media Group Presents USA News Group News Commentary

VANCOUVER, BC, Oct. 7, 2021 /PRNewswire/ -- USA News Group  -  After already gaining 10% in value over the few days of October, the popular "meme" currency, Dogecoin (DOGE) is back in the news. There is still much speculation over whether Elon Musk's Tesla Inc. (NASDAQ:TSLA) will one day accept DOGE as payment, after a very bold tweet by crypto YouTuber Matt Wallace predicted Tesla would accept DOGE after Robinhood Markets, Inc. (NASDAQ:HOOD) releases its new wallets. Adam Aron, CEO of major cinema chain AMC Entertainment Holdings, Inc. (NYSE:AMC) has already suggested he'll add DOGE as a payment option. It's noted that Aron later would tweet praise towards Musk for liking his DOGE poll. Ahead of any major adoptions caused by the rising popularity of the DOGE, are the efforts of prominent DOGE miners such as Hello Pal International Inc. (CSE:HP) (OTC:HLLPF) which was the first listed company with primary exposure to Dogecoin (DOGE), and the makers of the mining machines themselves, such as Ebang International Holdings Inc. (NASDAQ:EBON).

Back in May, Hello Pal International Inc. (CSE:HP) (OTC:HLLPF) officially became the first listed company with primary exposure to Dogecoin, delivering users of their livestreaming platform access to 12,500 DOGE/LTC mining rigs, with a combined hash rate of 6.25 TH/s.

By August, the company hit a record of C$3 million in monthly revenue. Though there was increased price volatility in September, coupled with the announcement of Chinese officials expelling crypto out of China, Hello Pal and its strategic partners Shanghai Yitang (which help manage the company's crypto-mining operations) seemed to have had the foresight to adjust their operations out of the country safely.

"We've been very fortunate in having Shanghai Yitang helping us navigate the current fast-changing cryptocurrency environment in China," said KL Wong, Founder and Chairman of Hello Pal. "Although there may be some delay compared to our initial expectations, we do not foresee any major hurdles in implementing our original plans regarding crypto-mining and its incorporation into our international social platform."

Ahead of the move, there was significant volatility in cryptocurrency spot prices in September, which resulted in slightly lower cryptocurrency revenues.

Despite the volatility, Hello Pal recently reported it still achieved +C$2.7 million in revenue for the month of September 2021, with 68% of their gross margins attributable to crypto-mining.

"Dogecoin, often referred to as "the people's coin", is being rapidly accepted and adopted internationally," said KL Wong back when the company entered the DOGE market. "We anticipate gains to our userbase and livestreaming services from the integration of Dogecoin."

As Hello Pal's efforts in relocating more and more mining rigs out of China continue, the company expects its crypto-mining operations to reach full capacity again sometime over the next two to three months.

Back when Hello Pal acquired its first mining operations through a 51% interest in Crypto Pal Technology—The purchase price of the acquisition was based on Dogecoin at US$0.055, which as of October 5, 2021 was worth nearly 5x at US$0.2655.

Wong added, "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."

Beyond its crypto-mining capacities, Hello Pal also has a thriving livestreaming platform, which has also seen growth over the year, both inside and outside of China. For its livestreaming operations, the company saw a 30% increase in September revenues from non-China territories – in particular the Middle East and Southeast Asia operations which continue to improve in performance.

Another crypto mining entity impacted by China's bans is Ebang International Holdings Inc. (NASDAQ:EBON), which recently reported total net revenues from the first six months of 2021 as US$18.30 million, representing a 65.69% period-over-period increase from US$11.04 million in the same period of 2020.

Ebang has made a name for itself as a chip design company for what are known as application-specific integrated circuit (ASIC) mining machines, designed to produce high-performance Bitcoin (BTC) yields.

But it was back in February of 2021, that the company announced its plans to launch a Litecoin (LTC) and DOGE mining business.

"We will develop LTC and Doge mining on the basis of our Bitcoin mining business," said Dong Hu, Chairman and CEO of Ebang. "The development of the Business will further promote our related cryptocurrency-focused businesses and increase our revenue. We believe this move will accelerate the Company's transformation from solely a hardware manufacturer to a diversified and vertically integrated blockchain company with comprehensive involvements in the blockchain industry value chain."

Flashing forward to the most recent financial reports, Hu added: "To achieve long-term stable growth, the company plans to vigorously develop financial technology (FinTech) business, while steadily carry out research and development as well as sales business of mining machines of Bitcoin and other cryptocurrencies such as Litecoin and Dogecoin."

Another company that seemingly shifted some of its attention from BTC to DOGE was Tesla Inc. (NASDAQ:TSLA), as evidenced by CEO Elon Musk's abrupt shift earlier this year. Musk's earlier criticisms over BTC were regarding the environmental impact of its production. However, now the Tesla billionaire is proposing a radical Dogecoin idea through a tweet stating: "Super important for Doge fees to drop to make things like buying movie tix viable."

This tweet came just one day after Matt Wallace's tweet that implicated Robinhood Markets, Inc. (NASDAQ:HOOD) in the shift. In particular, the official launch of Robin Hood's crypto wallets, which the company announced on its company blog the very same day as Musk's tweet.

"Your crypto in one place with wallets: simple, secure, and low-cost," said the company in the blog post. "We're making crypto transfers safe, secure, and simple––whether you're a long-time crypto trader, or one of the millions of people transacting on-chain for the first time."

Not-so-sneakily embedded in Musk's tweet was the nod towards movie tickets, which Adam Aron, CEO of AMC Entertainment Holdings, Inc. (NYSE:AMC) took and ran with.

Aron promptly launched a poll on social media on whether his theater chain should add DOGE or not. The result of the poll which reached over 140,000 votes was 77% in favor of the DOGE's acceptance.

"Now we need to figure out how to do that," said Aron about accepting Dogecoin. "Stay tuned!"

For more info, please visit: https://usanewsgroup.com/2020/11/16/live-streaming-is-taking-the-market-by-storm

Article Source: 

USA News Group
http://USAnewsgroup.com
info@usanewsgroup.com

DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Hello Pal International Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Hello Pal International Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Hello Pal International Inc. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Hello Pal International Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles.

While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

USA News Group is Source of all content listed above.  FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with USA News Group or any company mentioned herein.  The commentary, views and opinions expressed in this release by USA News Group are solely those of USA News Group and are not shared by and do not reflect in any manner the views or opinions of FNM.  FNM is not liable for any investment decisions by its readers or subscribers.  FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM was not compensated by any public company mentioned herein to disseminate this press release.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Media Contact Information:
FN Media Group, LLC
Media Contact e-mail:  
editor@financialnewsmedia.com 
U.S. Phone: +1(954)345-0611

SOURCE USA News Group