Altcoins

Gucci to start accepting $BTC, $SHIB, $DOGE & More!

The fact that renowned international clothing and fashion brands are now accepting digital currencies as payment mode and participating in blockchain technology, NFTs, and Metaverse is proof enough of the massive growth of digital currencies. 

Gucci, the international fashion brand, recently announced its plan in Web 3.0 to accept crypto payments in selected US stores by the end of this month. The high-end luxury fashion brand will also extend this service to its other stores in North America by this summer. 

What to expect?

According to the sources, in-store payment will be accepted as crypto, starting with Bitcoin, Shib, Dogecoin and more, using a link that will be sent to customers using email. The customer must scan the QR code using their digital wallets to make the purchase. 

As per the news, the first Gucci stores to accept crypto payments are Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.

Vogue, the American fashion and lifestyle magazine, also mentioned, 

“Gucci will accept payments in more than 10 currencies, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, and five stablecoins pegged to the US dollar. It will also accept Dogecoin, a “meme” cryptocurrency originally created as a joke.“

Marco Bizzari, the President and CEO of Gucci, also released a statement, 

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”

Gucci is one of the early adopters of crypto and Web 3.0 to target Gen Z. The brand has been interacting with the metaverse for the last year and also recently collaborated with Superplastic to release a collection of 500 NFTs to take its crypto approach a notch further. 

Why Does Elon Musk Support Dogecoin?

Controversial billionaire and CEO of Tesla, Elon Musk, has caused Dogecoin’s price to surge following a recent tweet. Musk urged fast-food giant McDonald’s to accept Doge as a payment method. In return, the billionaire promised to eat a kids’ meal on live television. 

Musk tweeted, “I will eat a happy meal on tv if @McDonalds accepts Dogecoin.” His tweet immediately affected the meme coin as it surged a whopping 8%  to $0.1445, based on data from CoinMarketCap. Dogecoin is valued as the 10th most valuable cryptocurrency and is worth about $18 billion. However, recent weeks have not been so green for it, but thanks to Musk, it’s witnessing a resurrection.

Musk’s tweet was inspired by a tweet from McDonald’s, which was a pointer to their interest in the crypto space.  The fast-food giant wrote on its Twitter, how are you doing people who run crypto Twitter accounts.” The tweet came amidst a Monday sharp sell-off in the crypto market. 

During instances of downward volatility, the crypto community routinely jokes about flipping burgers at McDonald’s. As bitcoin fell below $40,000 over the weekend, El Salvador’s president, Nayib Bukele, tweeted a photoshopped image of himself in a McDonald’s uniform. All this spiked the fast-food restaurant’s interest in crypto.

Hoskinson and McDonald’s

The recent tweets captured the attention of 

Cardano founder Charles Hoskinson. Hoskinson said he was happy about McDonald’s tweet.  As a result, the official Twitter account of McDonald’s followed Charles Hoskinson. A relationship seems to be brewing. 

Why Doge?

The question on everyone’s lips is why has Musk chosen to share his affection with Dogecoin more than other cryptocurrencies. This would not be the first time the Tesla frontman has advocated a wider adoption for Doge. 

Musk isn’t just asking for Doge to be used as a means of payment; his car company Tesla accepts dogecoin as a form of payment for some of its products. Also, it temporarily accepted bitcoin as payment for some products last year, but Musk’s bias lies with Dogecoin.

Some time ago, the billionaire issued a call for developers to post ideas for dogecoin upgrades and improvements on Reddit and GitHub. Musk has consistently chosen the meme-based cryptocurrency as his favored digital asset in recent years, having eagerly accepted the honorary title of dogecoin CEO following a 2019 Twitter poll.

Several fans and crypto users quizzed the billionaire on why he supports Dogecoin; Musk responded on Twitter: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”

Despite his advocacy for Dogecoin, Musk maintains that true financial value is obtained from delivering services to humans.

$GM coin – the new culture coin spreading a new Meme movement

Throughout the year, the potential of cryptocurrencies to transform people’s fates and livelihoods has been demonstrated, as countless individuals have become involved in the cryptocurrency. In addition, several organizations have embraced blockchain, and countless countries are implementing policies to legalize crypto activities in their nations. 

The Popularity of Meme Coins

Meme coins are one of the most popular trends in crypto and have grown largely popular in recent days. Meme coins, like popular mainstream coins like Ethereum and Bitcoin, have grown in popularity; however, unlike these mainstream coins, meme coins are based on global trends, comedies, humour, gags, or even revolutionary activities.

Over the previous year, meme coins have become one of the most popular trends in the cryptocurrency market. Investors flocked to thriving coins hoping to profit from them, and recently, another coin has risen and is widely considered the BTC of meme coins.

Introducing $GM

In the last few days, GM has taken the crypto space by storm and has experienced mind-blowing growth. For most people, the GM meme coin is a movement that is both relatable and resourceful. 

GM is a catchall phrase meaning “good morning,” but because of its long history, it is now a bonding factor for many crypto societies. Several crypto groups and Discord have become associated with it, and it continues to gain widespread attention like BTC years ago.

Like BTC, GM is a unifying factor, a movement that has the backing of several crypto users since it imitates an everyday gesture people make to themselves. Currently, it has over 5,000 Telegram subscribers, 10,000 Twitter followers, and 10,000 token holders in a few days since it launched. 

The Widespread Growth of GM

Asides from that, the project has generated over $100 million in TVL, and these numbers are expected to double in the coming days as the founders are experienced developers and crypto experts who will stop at nothing to see this project become the king of meme coins.

GM started as an effort to honour Rak, the co-founder of Solana, whose ban from Twitter was met with harsh resistance from his followers who decided to start a movement that would become the next wave in the crypto space.

GM has tokenized its value into $GM on the Ethereum blockchain, which is presently listed on three major centralized exchanges as well as Uniswap.

The basic idea is that the price of the token will reflect the spontaneous spread of the GM meme on social media networks. The more people realize the power of “good morning,” the more they would want to be associated with a coin that imitates this warm gesture.

The Ethereum blockchain supports the ERC20 token $Gm. A 10% tax is applied to each transaction. A 2% reflects holders, 4% auto liquidity locking to Uniswap, and 4% to the marketing wallet make up the 10 per cent.

With the huge growth and spread of the $GM, now will be the best time for new users to jump on the trend.

What’s happening in the Crypto World

It’s that time of the week when we look at the latest news of the crypto ecosystem happening over the week. Today, we will be giving you the rundown of what’s happening with Bitcoin, Altcoins, and other crypto projects. 

Vitalik Doubling Down on PoS 

After the whole fiasco caused by Elon Musk’s tweet, several crypto investors started wondering if it’s time to move on to another cryptocurrency. However, Vitalik Buterin, the co-founder of Ethereum, cleared all the doubts in his latest interview. On asking about the future of Bitcoin, he said, 

“Proof-of-stake is a solution to the [environmental issues] of Bitcoin—which needs far fewer resources to maintain,”  

He added that the Proof of Stake mechanism would be established in Ethereum as well. However, when asked about a timeline, he said, 

“[We thought] it would take one year to [implement] POS… but it actually [has] taken around six years” due to the complexity of building such a model.”

The PoS mechanism is more efficient than the PoW (proof of work) mechanism and can help resolve the “carbon footprint of Bitcoin.”

Is DogeCoin’s winning streak coming to an end?

After the continuous support from Elon Musk to DogeCoin, its popularity rose exponentially. However, its recent surge in network activity shows signs of curve flattening. 

Recently DogeCoin was the talk of the town as it briefly processed a higher dollar value in daily transactions than BTC and ETH combined. The altcoin’s price saw a continuous upward graph throughout 2021, with wallet-to-wallet transactions peaking at $82 Billion on May 5. 

However, the popularity was short-lived as the daily transactions dropped to $5 billion on May 26, signifying a 93% drop. Crypto is a volatile market, and these fluctuations are a part of the community. However, it would be interesting to see what the future holds for DogeCoin. 

Other DeFi news

On the other hand, the DeFi world saw quite an eventful week with some significant announcements.

  • Telcoin gained 300% after transitioning to Polygon Network’s layer-2 scaling solution.
  • TechX acquired Mobilum, a crypto-to-fiat gateway, for $13.2 Million. 
  • Total crypto market cap gained $400B, with DeFi tokens taking the lead in the recovery. 

Tesla to accept Dogecoin?

While cryptocurrencies are soaring high with new functionalities, altcoins are not far behind. Altcoin Dogecoin has especially been in the news these last few days. Dogecoin, which is a meme-inspired altcoin, has seen a sudden surge in popularity. This popularity is significantly contributed by Elon Musk, a man with several credentials to his name. 

There are several factors in action here that are making the Dogecoin talk of the crypto coin. From Elon Musk and other digital top-league influencers to SpaceX being paid in full in Dogecoin for its next payload mission, Dogecoin has seen quite a rush. 

Tweets from Mark Cuban and Elon Musk

Recently Mark Cuban and Elon Musk tweeted about Dogecoin that boosted its popularity and price by 20% in a day. Little did we know this tweet was just a pretext to what Elon Musk was actually planning about his companies and Dogecoin. 

Apart from Elon Musk, Mark Cuban and Vlad Tenev also tweeted about altcoin, which significantly contributed to its popularity gain. 

Elon Musk plans to put Dogecoin on Moon

Soon after the first tweet, Elon Musk put another tweet on April 1st hinting at SpaceX’s plan to put ‘literal Dogecoin on the literal moon’. 

However, the buzz died quickly as we did not see any follow-up since the tweet until May 10th, when he announced that SpaceX would be paid in full using Dogecoin for its next payload mission. This tweet was widely appreciated all over the crypto community as it marks the worldwide involvement and acceptance of cryptocurrencies in the economic sector. 

Dogecoin to be included in Tesla?

After SpaceX, Elon Musk hints at a collaboration between Tesla and Dogecoin with his latest poll on Twitter. Today, he tweeted a poll asking, “Do you want Tesla to accept Doge?”

 

This tweet instantly became viral, with over 76% of people voting yes.

Does this mean that Tesla will soon include Dogecoin in its everyday transactions and financial services? Well, we cannot say anything for sure, but seeing the subtle but exponential involvement of Dogecoin and Elon Musk, it might be safe to say that Tesla and Elon Musk have something exciting for us in the store.