Dogecoin Gets Elon Bump, Bitcoin Going For $50k Again While ApeCoin’s Popularity Brings Scams And Regulatory Threats

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Last Updated on 27 March 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Dogecoin got a bump through an Elon Musk reply today. The most popular memecoin jumped 10% after Musk hinted he would build a new social media platform (feeling that Twitter was obstructing free speech) or buy Twitter itself, to which one of his followers hinted there should be a Dogecoin tip jar in that case. The Tesla CEO confirmed jokingly.

Bitcoin meanwhile seemed to get ready to try and make a move for $50k again, which would coincide with last year’s jump from $40k to $60k as well (which took place in April and May). Beware if you once again see laser eyes on influencers and start hearing crazy price targets like 2 million or so, because that’s probably a sign a temporary top is in. In any case, the fact that we haven’t seen a meltdown in recent week and are once again looking up is good news at the end of the first quarter. Bring on the second I say.

Advertentie.

Scammers and regulators

Unless you’ve bene living under a rock in the past week, you’ve probably heard that the Bored Ape Yacht Club has launched it’s own cryptocurrency, called Apecoin. That has been so popular that by now technology media like the Verge claim that regulatory threats are looming and scammers are launching fake airdrops. Meanwhile the coin itself keeps climbing.

Earlier this week, several Twitter phishing scammers could be seen hacking verified accounts, some of which even had Bored Ape Yacht Club (BAYC) profile pictures, which helped to make the scammers look more credible. The criminals then tried to defraud crypto-users about $1 through a phony ApeCoin airdrop. This is not the first such story which has taken place, and because of Apecoin’s popularity, it probably won’t be the last.

Secondly, The Verge concluded that because of Apecoin’s phenomenal growth in the past week (it traded at $8 on it’s opening day and is now already up to around $14), the coin has amassed a $3 billion market cap in a few days only, it could get into regulatory trouble. The Verge concluded that Apecoin trades almost like a stock now and therefore if:

ApeCoin is indeed an unlicensed security, the SEC will get involved. If it isn’t a security, I expect the cryptocurrency community will widely copy its structure. Either way, these silly simians are going to be influential.