DOGE gains 58%, BTC drifts, GME cuts debt and makes e-commerce move
By John Shepard
12:08, 4 May 2021
Dogecoin (DOGE) was on the front foot early in the week and the ‘meme' coin is back at the number five spot by market capitalisation.
The cryptocurrency started the week strongly with a gain of 58%, and on Tuesday broke through the 50-cent barrier to hit an all-time high of $0.58.
For the first three months of the year it struggled to reach more than $0.05, but rose dramatically in the middle of April, hitting $0.38 on 17 April.
Dogecoin rally points towards more highs
Another push for dogecoin could spur further gains. It was the recent push through the previous all-time highs that saw a 400% gain in a week and fans want to see the 'joke' coin hit $1.
With a market cap of $58bn, Doge is not far behind Ripple’s XRP at $67bn in fourth spot, which has surrendered recent wins as the court case with the US Securities and Exchange Commission (SEC) continues.
Dogecoin was given a boost on news that the popular social trading platform eToro will begin offering the coin to investors. eToro has more than 20 million registered users and was under pressure for not listing the coin in its suite of crypto CFDs.
Other major platforms and exchanges, including Coinbase, have been reluctant to add the coin. Many are wary of the coin’s lack of project development or underlying value. That’s looking like the wrong decision as Doge powers forward on strong demand.
Bitcoin (BTC) is higher by a modest 2% on the week, but the coin is drifting after being above $58,000 on Monday. BTC is aiming to move back above $60,000 and received a boost from further option expirations.
It saw good gains from Friday after another options expiry passed the market by. This time $4.2bn in option trades expired, giving bulls the green light to move back in.
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GameStop opens new distribution centre
GameStop announced the expansion of its North American fulfilment capability with a contract for a 700,000 square-foot site in York, Pennsylvania. The new asset will support the company’s move to e-commerce and is expected to be operational by Q4 in 2021.
The company also announced its elimination from long-term debt and GME stock has completed its voluntary early redemption of $216.4m of its 10% Senior Notes due in 2023.
The stock was lower on the day with a loss of more than 6%. However, the company is now in a stronger position with the reduction of debt and a new facility to move away from the bricks-and-mortar business model that was hurt by pandemic lockdowns.
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