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Crypto’s favorite memecoin, Dogecoin, is up despite a lack of development, but why? An interview with Elon Musk might contain the answer. Ethereum is now over the $2k mark since the news that BlackRock has filed for an Ethereum Spot ETF, despite a sell-off that occurred just after the news. Everlodge, a promising RWA property project has only been going up since its inception just a few months ago.
Why is Dogecoin doing well?
Dogecoin hit the $0.08 mark before a sell-off pushed it below this psychological barrier again. In a YouTube interview with Elon Musk, the crypto fan and CEO, explained why it was “better than Bitcoin” citing transaction costs and speed. These things, which demonstrate scalability, make it a better coin for everyday usage. Musk also explained how the inflationary nature of Dogecoin, often slated by critics, is also good for the adoption of the coin for transactions since people don’t simply want to hold it due to the increasing price.
However, he also clarified by saying ‘I’m not saying it’s, like, the ideal system for a currency.”
That said, the real reason for the increase in the price of Dogecoin is likely simply due to its correlation with Ethereum, as we can see in the chart below.
The red line is the price of Doge relative to Ethereum. Source: coingecko.com
Ethereum hits $2000 – where to next?
The crypto market has been rallying ever since the announcement of the Bitcoin Spot ETF filing by BlackRock. Why? Because if the largest asset management company in the world is getting involved, this signals two things.
Firstly, despite SEC chair Gary Gensler’s apparent wishes, crypto is here to stay. And secondly because of the large amounts of institutional capital that will be able to flow into crypto via the ETF.
When Blackrock filed for the Ethereum ETF just days ago, this was exciting news and caused the price to pump before retracing and then regaining ground. Arguably, the Ethereum Spot ETF is even more significant than the Bitcoin ETF, since Gensler declared that basically all cryptos apart from Bitcoin are a security.
The Ethereum Spot ETF application suggests that those in high places do not agree.
Everlodge price keeps rising
Everlodge, a token and platform soon to be launched on the Ethereum blockchain, has been rising regardless of the wider market. That’s because this exciting project is in presale, so there is no sell pressure.
And now that Everlodge seems set to go live in the middle of a bull market, the ELDG token is very likely to meet or exceed the predictions of a 30x gain on launch day.
But that’s not all. The presale stage seven has just begun, meaning that the price is currently $0.025, but will launch at $0.038 – a 52% increase.
As we’ve seen from Dogecoin, utility is important, if we want market-beating gains and a sustainable project.
Everlodge is taking advantage of the RWA (Real World Asset) trend, by tokenizing vacation properties on the blockchain as NFTs. This will allow investors to hold shares in properties around the world, receive rental income, and get free vacation stays in the Everlodge suite of properties. And as property prices appreciate, so will the value of the NFTs.
This whole ecosystem is powered by the native ELDG token.
Vacation home rentals were once the purview of the rich, but with Everlodge everyone can enjoy a diversified portfolio.
