Kazakhstan’s government to create roadmap for developing crypto market

Kazakhstan’s government forming a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology in the country.State authorities have reviewed proposals to address the crypto industry’s development and reconsider the state’s approach to regulating crypto operations, according to a Tuesday announcement on the website of the Prime Minister of Kazakhstan.Officials have proposed to run crypto exchanges via a major national financial hub, the Astana International Financial Centre. The government also suggested establishing standards by which crypto exchanges can interact with local banks and clients.The new initiative aims to provide transparency and organization for the local crypto industry. “To date, out of the whole variety of companies working in the crypto industry, […] only mining companies are part of the market in Kazakhstan,” the announcement reads. The Republic of Kazakhstan is getting more serious about the crypto industry and digital assets. Last week, Kazakhstan’s central bank issued an official report on a possible central bank digital currency. The bank said that the digital tenge is not intended to replace either cash or cashless payments but would rather be an alternative option that would enable further development of the national payment system and reduce reliance on cash.

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Nebraska bill to allow banks to offer crypto services moves forward

Nebraska lawmakers are moving forward with an initiative that would allow state banks to offer cryptocurrency services.State Senators favored the measure through the first of three required votes in the legislature, with 39 lawmakers voting to advance the bill for enrollment and initial review on Sunday.Introduced by Republican Mike Flood in January, Legislature bill 649 aims to adopt the Nebraska Financial Innovation Act and create digital asset depository institutions as well as provide for charter, operation, supervision and regulation of such institutions.The initiative would reportedly make Nebraska the second state in the United States to set up a formal charter for cryptocurrency-powered banks, allowing them to facilitate crypto transactions. Wyoming was the first state to do so, chartering its first cryptobank in September 2020.Senator Flood said that he introduced the bill after talking with an entrepreneur friend who decided to move into the cryptocurrency industry in Wyoming. Flood said that Nebraska has an opportunity to become an early adopter of cryptocurrencies with the measure, which could help it benefit from technology and finance jobs. “This is a once in a lifetime opportunity not only for my district, but the state of Nebraska,” he said.Some lawmakers questioned whether it was right for the state to move into crypto, expressing skepticism about consequences of the measure. “This bill is not anywhere close to being in a form where it could pass,” Senator Steve Erdman reportedly said.As previously reported by Cointelegraph, Flood originally initiated two crypto-related bills, one of which outlines requirements for banks providing custodial services, providing classifications of digital assets and related technology like smart contracts and private keys. The regulatory initiative has not moved forward since a related hearing in February.

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Crypto-to-crypto swaps, explained

Finding a trustworthy provider, and certainty when it comes to fees, can be tricky. Just like businesses with decades of trading experience gain the trust of shoppers, crypto brands that have been around since the early days of Bitcoin achieve credibility — establishing a track record for delivering dependable service. Increasing numbers of large companies are now accepting digital assets as a payment method, meaning cryptocurrencies are increasingly entering our daily lives. But for mass adoption to be achieved, newcomers deserve to use platforms that offer full transparency when it comes to trading fees… as well as reactive customer service if they need assistance. The best brands now deliver live chat functionality, meaning users can speak to a real person if they have questions or need some troubleshooting tips. Fast-moving markets also mean that the value of cryptocurrencies can fluctuate sharply… and with barely any notice at all. This can result in slippage, where the amount of Cryptocurrency B you get in exchange for Cryptocurrency A declines in the time it takes for a transaction to be finalized. Providers such as Changelly counter this by delivering a fixed swap rate that means you’ll know how much crypto you’re going to receive in advance — in exchange for a higher transaction fee. Alternatively, you can bring costs down by using a floating rate and swapping your digital assets at the current market price. Changelly’s intuitive service is now available through Ledger, delivering an easy and secure way of swapping crypto.

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The great tech exodus: The Ethereum blockchain is the new San Francisco

Remember the “Silicon Valley Tech Bubble”? In the early- to mid-2000s, the San Francisco Bay Area gave birth to some of the most storied and successful technology companies the world has ever seen. Facebook, Google, Salesforce, Twitter, Tesla, Lyft — the list itself could take up half of this article. From the palpable energy to the networking potential, one thing was certain: San Francisco was the place to be.For many, present-day San Francisco has lost its allure. Across the city, the cost of living continues to surge. The remaining inhabitants are cobbling together money to afford the egregiously high rates and are constantly browsing Zillow to see where the grass is greener. Suffice it to say, San Francisco has become unlivable for the working class and is no longer suitable, much less ideal, for many new and existing companies. Although it gave us early tech platforms, the overcrowded, overpriced locale clings to its reputation and the memory of what it once offered. This isn’t to bash the city of San Francisco but, instead, to highlight the allure of what is becoming San Francisco 2.0: Austin, Texas. The cheaper, sleeker city of Austin is siphoning off a high volume of San Francisco’s best companies and brightest people. Sound familiar? The blockchain community is in the midst of a similar shift.If you’re a developer, Ethereum was your San Francisco — you had to build there. Ethereum hosts many of the most notable decentralized apps available today and truly outlined the blueprint for smart contract development. Present-day Ethereum looks very different.Much like the city of San Francisco, Ethereum is becoming far too crowded and far too overpriced to retain its population. The limited scalability is forcing users to explore alternative options to circumvent the excessive gas prices and avoid network congestion. To maintain the analogy: Developers are looking for their Austin, Texas. In the blockchain ecosystem, the equivalent of Austin can be seen in the likes of similarly attractive chains like Solana, Binance Smart Chain or Polkadot, to name a few. The rise of nonfungible tokens has even brought newer chains, like Flow, to the forefront as an alternative option.New chain, who dis?Make no mistake, although NFTs are rising in popularity, decentralized finance remains at the heart of the crypto ecosystem. Among other things, the sustained rise of DeFi brought to light two critical concepts:Decentralized finance will (most likely) attract the most mainstream institutional capital. Ethereum is no longer equipped to handle the scaling decentralized economy.Related: DeFi-ing the odds: Why DeFi could rebuild trust in financial servicesFor this reason, alternative chains to Ethereum are receiving more developer attention than ever before. We’ve seen the likes of Polkadot, Moonbeam, Polygon, Binance Smart Chain and Solana not only challenge Ethereum but actually win over developers. It is possible, perhaps, that instead of completely abandoning Ethereum, developers are simply test-driving these alternative chains. Maybe a developer hasn’t given up their $3,500 per month San Francisco apartment, but they’ve sublet it while renting an Airbnb in Austin.Related: DeFi users shouldn’t wait idly for Eth2 to hit its strideOf course, the list does not end here. A multitude of other chains are gaining ground against Ethereum. Similarly, Austin is not the only hot destination; Miami, Denver and Toronto have each opened their arms to Bay Area transplants.Long-term implicationsAs more developers flock to new chains in search of respite from high gas prices, it is worth questioning whether this is the new normal or merely an experimental phase.At this moment in time, it is difficult to predict whether free agent developers are moving to new chains as a temporary means of mitigating gas prices or whether they view these chains as their new long-term homes. One thing we can say with absolute certainty is that alternative chains are threatening the development monopoly held for so long by Ethereum.Related: Where does the future of DeFi belong: Ethereum or Bitcoin? Experts answerAmong the most telling factors will be the unveiling of Ethereum 2.0. The upgraded solution promises to increase the efficiency and scalability of the Ethereum network — alleviating the most alarming pain points of the blockchain at present.Related: Ethereum 2.0: Less is more… and more is comingAt the same time, San Francisco had the biggest drop in rent across the country over the past several months, with costs dropping 23% early this year. San Francisco, in its own right, is trying to entice people with its own “2.0” unveiling.Related: Eth2 is neutral infrastructure for our financial futureOne question now haunts both Ethereum and San Francisco: Will it be enough?Although the number of developers on Ethereum is a bit harder to determine, we’ve already seen the number of newcomers to San Francisco fall by 21%. If this is any indication, Ethereum may be in danger of permanently losing its clientele to alternative chains if it does not address its problem areas in the very near future.Ethereum and San Francisco have both served as linchpins for development in their respective ecosystems. Their blueprints, in fact, are the basis on which these new and exciting alternatives are being built and modified.As the blockchain community reshuffles and new apartment tenants unpack boxes, it begs the question: In which blockchain do you reside? Hopefully, one that offers less network traffic, lower gas fees, and can handle an influx of newcomers. If not, it may be time to consider a move.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Alex Wearn is the co-founder and CEO of IDEX, a cryptocurrency exchange focused on performance and security. He has spent his career in software development, including time at a marketing analytics startup that was acquired by IBM and as an analytics project manager for Adobe. Prior to IDEX, he led the product management efforts for Amazon Logistics’ capacity planning. He has been working for crypto startups since 2014, transitioning to full-time with the launch of IDEX in 2018.

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Stablecoins present new dilemmas for regulators as mass adoption looms

Stablecoins present peculiar challenges to regulators. Although there is no single, agreed-upon definition of a stablecoin, the common denominator of the commonly used definitions is that stablecoins are designed to maintain a stable value in relation to a specified currency, asset or pool of such currencies/assets. They are contrasted with regular cryptocurrencies, which have no such stability mechanism and whose values tend to fluctuate, sometimes even substantially. Related: All risk, no gain? The vague definition of stablecoins is causing problemsStablecoins do not denote a uniform category but represent a variety of crypto instruments that can vary significantly in legal, technical, functional and economic terms. Despite its name, it is important to stress that this asset does not guarantee stability, which depends on the specific design features and governance mechanisms.Related: Algorithmic stablecoins aren’t really stable, but can the concept redeem itself?Regulatory attention to stablecoinsStablecoins have been on the rise since 2014, when the first stablecoin, Tether (USDT), was launched, and even though they have become an important digital asset in the blockchain ecosystem within a few years, they have not attracted much regulatory attention. This abruptly changed with the announcement of the Libra project in June 2019 by the Libra Association, of which Facebook is one of the founding companies. Related: The way of the stablecoin: A journey toward stability, trust and decentralizationAlmost immediately, many financial authorities around the world — including the Financial Stability Board, European Central Bank, Bank of England, United States Federal Reserve as well as the U.S. House of Representatives Committee on Financial Services — issued strong statements on Libra, where the collective sentiment was caution and concern, highlighting the serious potential risks.Related: How Facebook Libra is seeking compliance, but may not launch by 2020Libra’s potential to become global and access billions of users through a user-centric social network platform revealed an entirely new dimension to stablecoins. The potential impact of a global yet fast, cheap, easy, seamless payment solution through a platform that is already seamlessly integrated within the lives of the global population would be very far reaching indeed. The authorities have come to realize that this crypto asset warrants special attention, due to its potential scale, borderlessness and impact on economies and financial systems. In the following months, many official reports and documents analyzing stablecoins were produced by bodies like the ECB, G7, FSB, Financial Action Task Force and International Organization of Securities Commissions. They mostly highlighted risks and challenges, including risks to financial stability and concerns over consumer and investor protection, Anti-Money Laundering, Combating the Financing of Terrorism, data protection, market integrity and monetary sovereignty, as well as issues of competition, monetary policy, cybersecurity, operational resilience and regulatory uncertainties.Among the plethora of official statements and reports, the Libra Association announced a redesigned project Libra 2.0 in April 2020, and soon afterward, the coin was rebranded Diem, in an effort to distance it from the controversies surrounding Libra.Related: New name, old problems? Libra’s rebrand to Diem still faces challengesStablecoins and the United StatesIn the United States, the Office of the Comptroller of the Currency was actively contributing to the debate, publishing three interpretive letters related to digital assets. The first letter in July 2020 concluded that national banks can hold digital assets in custody on behalf of their clients. The second letter in September 2020 concluded that national banks can hold stablecoin reserve accounts on behalf of their clients. Finally, the latest letter issued in January 2021 effectively granted permission to national banks and federal savings associations to participate as nodes in the independent node verification networks (a common form of which is a distributed ledger) and use stablecoins to facilitate payment activities and other functions.The OCC acknowledges that, like other electronically stored value systems, stablecoins are electronic representations of currency. Instead of value being stored in a more traditional way, it is represented in a stablecoin, but this constitutes only a technological distinction and does not affect the underlying activity or its permissibility. To address potential risks, banks should act in accordance with existing regulatory and compliance requirements, while staying consistent with applicable laws and safe-and-sound banking practices.On the other hand, in December 2020, just before the end of the U.S. Congress tenure, a draft of the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act was introduced, which proposed significant increases in the regulatory oversight of stablecoins, requiring all stablecoin issuers to have a banking charter, be licensed by multiple federal agencies and follow banking regulations. The bill is at the early stages of the legislative process and has not been introduced to the House of Representatives yet.Related: A nightmare on Stable Street: Centralized stablecoins may be doomedStablecoins and the European UnionIn the meantime, the EU Commission issued a comprehensive regulatory proposal on Markets in Crypto-Assets, or MiCA, in September 2020, which aims to address potential risks to financial stability and orderly monetary policy from stablecoins, particularly those that have the potential to become widely accepted and systemic. MiCA provides a bespoke regulatory framework and establishes a uniform set of rules for crypto-asset service providers and issuers. Related: Europe awaits implementation of regulatory framework for crypto assetsFor stablecoins of significant potential, MiCA introduces more stringent compliance obligations, including stronger capital, investor and supervisory requirements. They will cover governance, conflicts of interest, reserve assets, custody, investment and the white paper, as well as provisions on authorization and operating conditions of service providers, who will need to be specifically authorized. Requirements include prudential safeguards, organizational requirements and rules on the safekeeping of funds. Additionally, more specific requirements will apply to certain services, including crypto-asset custody; trading platforms; exchange of crypto assets; reception, transmission and execution of orders; and advice on crypto assets. MiCA is one of the most comprehensive attempts at regulating stablecoins and targets stablecoins not governed by financial regulation. The EU regulators want to leave no stablecoin outside of the regulatory framework. The offering and trading of any stablecoins that do not fall within MiCA definitions (e.g., Tether), and do not fulfill regulatory requirements will not be permitted within the EU. Denial of regulatory approval to certain stablecoin products that thrive in other jurisdictions may give rise to regulatory arbitrage.TakeawaysCurrent regulatory scrutiny around the world is heavily oriented toward investigating and emphasizing potential risks. The benefits of stablecoins and the advantages of cheaper, faster and seamless payments (including cross-border remittances) are less accentuated, mostly just acknowledged.A major regulatory challenge relating to global stablecoins is international coordination of regulatory efforts across diverse economies, jurisdictions, legal systems, and different levels of economic development and needs. Calls for the harmonization of legal and regulatory frameworks include areas such as governing data use and sharing, competition policy, consumer protection, digital identity and other important policy issues. Regulatory difficulties are compounded by a remarkable diversity in structure, economic function, technological design and governance models of stablecoins.Stablecoins are an important piece of the puzzle for a future DLT-based digital economy, and the challenge for regulators is to ensure adequate regulatory treatment, supportive of innovation and mindful of potential risks. The potential global outreach of stablecoins magnifies regulatory tasks but also reinforces the urgency and importance of adequate regulatory considerations.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.This article is for general information purposes and is not intended to be and should not be taken as legal advice.Agata Ferreira is an assistant professor at the Warsaw University of Technology and a guest professor at a number of other academic institutions. She studied law in four different jurisdictions, under common and civil law systems. Agata practiced law in the U.K. financial sector for over a decade in a leading law firm and in an investment bank. She is a member of a panel of experts at the EU Blockchain Observatory and Forum and a member of an advisory council for Blockchain for Europe.The opinions expressed are the author’s alone and do not necessarily reflect the views of the University or its affiliates.

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GameStop saga paves the way for a new decentralized financial order

Every significant transformation comes with a new toolset, one that is always surprising at the time and obvious in hindsight. Bitcoin (BTC), climate change and GameStop are all examples of ways in which mass action is pushing for dramatic, not evolutionary, action. We can also see that these are individual vectors of the same movement, highlighting the inefficient parts of the legacy system and the solutions driven by an aggregation of individuals with a collective belief.What is so striking, but not unexpected, is that some of these events highlighted the opaque nature of centralized systems. They follow the recent trend of companies like Reddit, Robinhood and E-Trade restricting user access to entire platforms or specific features. The GameStop episode demonstrated how centralized systems could steer trading processes and unfairly disadvantage retail investors for the benefit of legacy institutions. Specifically, it brought to light a surprising amount of collateral requirements on brokers — such as Robinhood — by the clearing corporations. The reasoning for this was the maintenance of sufficient levels of margin.Related: GameStop tale exposes regulatory paternalism and DeFi’s true valueAnother thing that came to light is that brokers like Robinhood, Fidelity, E-Trade, Charles Schwab and TD Ameritrade engage in a much-debated practice called “payment-for-order-flow” that could lead to front running. In this process, market-making firms like Citadel Securities pay a broker a fee to access orders placed by retail traders. When bundled, these orders give market makers access to information about potential short-term, future price movements. Is there any benefit for the retail trader? As the brokerage companies state: yes, as this practice allows for commission-free trades.Although these practices are commonplace in traditional internet and finance within a narrow context, things can get uncertain when we take a broader perspective of similar implications of censorship in other areas of our society.In response to this broken system, viable decentralized alternatives create the precondition for a mass exodus, marking a historical curtailment of centralized structures. Decentralized finance, or DeFi, and decentralized exchanges, or DEXs, play an important part in this broader transformation, addressing the opacity inherent in legacy financial systems and the resulting disadvantages to common participants. Related: GameStop saga reveals legacy finance is rigged, and DeFi is the answer Can DeFi and DEX be a fair alternative to traditional finance? The decentralized nature of blockchain technology confers censorship resistance. It thus allows for applications where the ability for centralized actors — such as Robinhood — to restrict traders can simply be designed out. The open-source and auditable nature of a decentralized ecosystem would make such moves obvious and result in the discrediting of such exchanges by its users. Thus, DEXs offer the promise of a censorship-resistant exchange function where users, regardless of retail or institutional status, can conceptually participate on a much more even playing field. Innovation around DEXs is still in the early and experimental stages. But, it carries the potential to allow disparate participants unfettered access to a limitless world of asset exchange, not just for traditional blockchain tokens but public equities, commodities, derivatives and — yes indeed — even eventually GameStop, should the users demand it.Related: The rise of DEXs: Fueled by DeFi and ready to disrupt the status quoMany founders in the space say that the inequalities of traditional finance motivated them to build their part of the DeFi ecosystem. Alex Pack, the managing partner of Dragonfly Capital, said: “The goal of DeFi is to reconstruct the banking system for the whole world in this open, permissionless way. You only get that shot every 50 years.”In 2014, Bitcoin Foundation’s Harsh Patel published a paper titled “A block chain based decentralized exchange,” outlining how code, not institutions, could manage the trading market. The idea wasn’t new, but it came at a time when crypto markets were facing difficulties. Mt. Gox, along with many other centralized crypto exchanges, met its demise between 2011 and 2014 through hacks and loss of its users’ assets.Related: Report on crypto exchange hacks 2011-2020 To avoid the flaws inherent in centralized exchanges, a number of entrepreneurs sought to launch DEXs, supporting what would come to be the core values of DeFi: transparency, unfettered access to trading opportunities and markets, and the option to participate in decision-making in the platforms they use through ownership of governance tokens. Related: DeFi is the future of banking that humanity deservesThe future is decentralizedEarly DEX protocols functioned by utilizing smart contracts to facilitate cryptocurrency trading in direct peer-to-peer transactions. However, challenges, including lack of liquidity and poor user experience, prevented DEXs from becoming viable platforms for users. Today, iterative and innovative DEX protocols have made considerable strides to overcome those challenges and are shaping up to have trading interfaces familiar to traditional markets. For example, traders today can buy crypto with card and bank account balances directly with fiat on/off ramps that convert fiat to cryptocurrency and vice versa.In addition, soon-to-launch DEXs will introduce features germane to traditional markets such as market analytics, and trading tools like liquidity charts, trading volume and order book depth. These functionalities provide users with objective real-time data and insights into the trading landscape. In this new financial system, DEXs that utilize automated market makers — like Uniswap or 1inch — generate an equal playing field for all participants. There are no brokers, clearinghouses or centralized market makers; trades are settled peer-to-peer or peer-to-protocol without arbitrators, except those codified by smart contracts. And critically, there are no different sets of rules for different groups of players.Access is also improved. Whereas in traditional markets, it can be difficult to gain entry due to the complex requirements for accreditation, a typical DEX requires little to no private information from the user. These standards offer a benefit of pseudonymity and a measure of privacy protection that otherwise isn’t guaranteed when handing over your personal, identifiable information to a centralized broker. However, this may change with more Anti-Money Laundering laws coming to DeFi and the regulatory environment remaining uncertain. But, teams are working on solutions to address both the compliance requirements and an individual’s desire for privacy, which enables users to retain full ownership of their assets and identity rights, and grants specific permissions to businesses to verify their identity.If the GameStop saga proves to be more than just a momentary anomaly, we might presently be witnessing the emergence of a profound change in the financial system or the creation of an entirely new one. As financial technology companies made it easier for consumers to participate in financial markets, DEXs are tackling the flaws of centralized markets. In some ways, this generation of DEXs may become the new Robinhood’s. Perhaps this is one of those moments where the people, and not institutional legacy, will define the future.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Elvina Kamalova is a director of investments at Aludra Capital, a digital assets investment management firm based in San Francisco. Elvina has a background in digital assets investments, portfolio management and fintech product development. She is the recipient of the President’s Volunteer Service Award, presented by former President Barack Obama. She’s supported underrepresented entrepreneurs and STEM education of girls and believes in the importance of developing solutions for reducing the wealth gap and cultivating human advancement.

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Dogecoin dumps following mention from Elon Musk on Saturday Night Live

Meme cryptocurrency Dogecoin finally got its long-awaited shoutout on Saturday Night Live — but despite hodler hopes, the immediate result has been a violent dump.First teased by entrepreneur and DOGE cheerleader Elon Musk in late April, the Tesla CEO finally mentioned the digital asset on live television tonight in his opening monologue of the sketch comedy show. The reference was a throwaway line from Musk’s mother, who joined him onstage and asked if her Mother’s Day gift would be Dogecoin; Musk replied that it would be. In the minutes afterwards, $DOGE dumped upwards of 25%, falling as low as $.50 from $.66 highs at the start of the show. It has since partially recovered, trading at $.52 at the time of publication.The DogefatherSNL May 8— Elon Musk (@elonmusk) April 28, 2021An hour before the episode began, the price of DOGE sat at $.66, down from an all-time high of $.72. A pair of bearish headwinds may have shared responsibility for the pullback: Musk himself seemed to try and get ahead of the hype, urging followers in a Tweet to “invest with caution,” and a host of new data indicates that many investors may be rolling their DOGE profits into other, largecap digital assets. Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq— Elon Musk (@elonmusk) May 7, 2021

Additionally, Barry Silbert — the founder and CEO of Digital Currency Group, the parent company of crypto investment vehicle company Grayscale — announced a public short on DOGE via the FTX exchange. In a series of follow-up Tweets, he revealed that the position was $1 million in size, and that any proceeds or remaining funds after closing the short would be donated to charity. Okay $DOGE peeps, it’s been fun. Welcome to crypto!But the time has come for you to convert your DOGE to BTC[disclosure: we’ve gone short DOGE via https://t.co/s8Qde2Ub4Z]— Barry Silbert (@BarrySilbert) May 8, 2021

(It’s unclear if Silbert was is using “we” in reference to Digital Currency Group, one of its portfolio companies, or is simply and bizarrely using a plural pronoun in reference to himself). Many DOGE investors were nonetheless holding out hope for a high-profile shoutout on what looked to be a major pop culture event. NBC, the studio behind SNL, chose for the first time ever to live-stream the episode on Youtube, per the Wall Street Journal. Even a mention could have significant impact on the price of DOGE as well: the meme currency has proven to be susceptible to price movements based on positive social media volume, and multiple studies have shown that Tweets from Musk often lead to price appreciation. A mention on an even bigger platform was thought to potentially lead to even greater gains. Leading into the premier of the episode, Alameda Research trader Sam Trabucco (who said in a previous Tweet that he was “studying the typical SNL episode structure to try and understand when a DOGE mention would be the most natural”) speculated that if a joke or mention didn’t come in Musk’s opening monologue, it would be “all over.”My instinct is if it’s not in his monologue it’s all over.— Sam Trabucco (@AlamedaTrabucco) May 8, 2021

Despite arriving during the monologue, traders nonetheless responded negatively. It remains to be seen if a DOGE-centric skit later in the show can perhaps turn the speculative asset’s fortunes around.

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