Dogecoin briefly became the 4th largest cryptocurrency by market capitalization before its very own ‘Dogeday’. The meme cryptocurrency is up 340% in the past week and briefly replaced XRP as the 4th largest cryptocurrency by market capitalization. According to CryptoCompare data Dogecoin has topped the volume rankings with $20.9 billion traded in the past 24 hours.

After Coinbases historic direct listing on the Nasdaq exchange several executives have sold billions of dollars worth of equity. According to data from Capital Market Laboratories 12,965,079 shares worth $4.6 billion were sold by insiders. CEO Brian Armstrong sold 749,999 shares worth just over $291 million.

OKEx has gone live with Bitcoin lightning network deposits and withdrawals and is the 7th major exchange to adopt the scaling solution. The integration will allow users to send faster and cheaper transactions than on Bitcoin’s primary network. The solution is best suited for smaller transactions that don’t require the same degree of finality as larger transactions might.

This Thursday, 22 April at 9am EST / 2pm BST,  hear a live panel on Institutional Mining featuring speakers from Bitfarms, Compute North, MicroBT, BlockFills, and Bytetree.

Top stories in the Crypto Roundup today:

• Dogecoin Briefly Becomes the 4th Largest Cryptocurrency on ‘Dogeday’
• Coinbase Executives Sold Billions in Equity Shortly After COIN Listing 
• OKEx Launches Bitcoin Lightning Network Deposits and Withdrawals
• Join The Digital Asset Trading and Technology Series panel on Mining this Thursday

Dogecoin Briefly Becomes the 4th Largest Cryptocurrency by Market Cap

Dogecoin briefly became the 4th largest cryptocurrency by market capitalization before investors declared April 20th as its very own ‘Dogeday.’ The meme cryptocurrency is up 340% in the past week and briefly replaced XRP as the 4th largest cryptocurrency by market capitalization. According to CryptoCompare data Dogecoin has topped the volume rankings with $20.9 billion traded in the past 24 hours.

Dogecoin has had an impressive 2021 thanks to support from influencers like Elon Musk who have driven a social media frenzy over the coin. The hype has crescendoed, leading to the declaration of today being recognized as ‘Dogeday.’

There are concerns over the centralised supply and the risk of whales dumping on the retail frenzy in a similar fashion to the Gamestop saga earlier this year. According to risk management platform TRM labs “the single largest wallet has 28% of all dogecoins, and five wallets control 40% of the entire dogecoin supply.”

Coinbase Executives Sold Billions in Equity Shortly After COIN Listing

After Coinbases historic direct listing on the Nasdaq exchange several executives have sold billions of dollars worth of equity. According to data from Capital Market Laboratories 12,965,079 shares worth $4.6 billion were sold by insiders. CEO Brian Armstrong sold 749,999 shares worth just over $291 million.

Although observers on social media were quick to comment negatively on the reports, the facts tell a different story. According to Coinshares CSO Meltem Demoirs, “each of these execs have tons of unvested options that account for the majority of their holdings - in reality they’ve each sold less than 10% of their total shares.”

The COIN share price has hovered around $340 and it is clear there are major buyers scooping up shares from insiders. Innovative investment firm ARK invest has purchased over $350 million in shares for their ETF products.

OKEx Launches Bitcoin Lightning Network Deposits and Withdrawals

OKEx has gone live with Bitcoin lightning network deposits and withdrawals and is the 7th major exchange to adopt the scaling solution. The integration will allow users to send faster and cheaper transactions than on Bitcoin’s primary network. The solution is best suited for smaller transactions that don’t require the same degree of finality as larger transactions might.

It is hoped that widespread adoption of the scaling solution will alleviate network congestion and reduce bitcoin transaction fees. OKEx stated in their press release: “OKEx is pleased to announce that BTC Lightning Network is now live on OKEx website, enabling much faster and cheaper BTC transfers. OKEx users are now able to use the Lightning Network for both BTC deposits and withdrawals.”

Join The Digital Asset Trading and Technology Series live panel on Mining this Thursday

Digital assets have come a long way over the last decade. And yet, their adoption as an institutional asset class is finally beginning to take form. The Digital Asset Trading & Technology Series (DATTs) 2021 is your front-row seat to hear industry experts discuss and debate the evolution of this asset class. Through biweekly live sessions, DATTs will delve into the most pressing opportunities and challenges of the digital asset economy - focusing on prime brokerage, institutional mining, and asset management.

This Thursday, 22 April at 9am EST / 2pm BST,  hear a live panel on Institutional Mining featuring speakers from Bitfarms, Compute North, MicroBT, BlockFills, and Bytetree.

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