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First Mover Americas: Dogecoin Takes Center Stage

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Meme cryptocurrency dogecoin (DOGE) jumped 10% on Tuesday, registering its largest single-day gain since April 3, according to Binance data tracked by charting platform TradingView. The crypto has gained 25% over the past two weeks amid speculation that it could be used as a payment mechanism on the rebranded Twitter platform. "As crypto is entering the summer lull that we initially expected for August, DOGE might be the summer’s highflyer as other crypto themes are taking a backseat,” said Markus Thielen, head of research and strategy at Matrixport “Musk is on a marketing tour in re-inventing Twitter," he added. Bitcoin (BTC), meanwhile, remained near a one-month low just above $29,000 as investors await the release of the U.S. Federal Reserve policy announcement later today.

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Singapore’s High Court has recognized crypto as property capable of being held on trust in a case involving Seychelles-based exchange Bybit and a contractor, according to a court judgment published on Tuesday. Bybit brought a case against Ho Kai Xin, claiming that in breach of her employment contract, she abused her position to transfer over 4.2 million of Tether’s USDT stablecoin to addresses she owned and controlled. Ho also transferred a quantity of fiat currency to her own bank account. “Like any other thing in action, USDT is capable of being held on trust,” said presiding Judge Philip Jeyaretnam.

Nigeria is changing its eNaira model to encourage more use of that central bank digital currency (CBDC), Central Bank of Nigeria (CBN) Acting Governor Folashodun Shonubi said Wednesday. The West African country has been working to push for broader adoption of its eNaira CBDC, which was introduced in October 2021. As of March of this year, the number of eNaira wallets was just 13 million versus the country’s population of nearly 224 million. To boost the service offering and make it more user friendly, CBN upgraded its eNaira app to enable contactless payments, local news outlet The Sun reported earlier in July. The bank didn't provide details of planned changes to the eNaira model and hadn't responded to a request for more information by publication time.

Chart of the Day

  • Futures tied to the Bloomberg commodity index have risen by 9% in four weeks to the highest since April 18.

  • With China assuring stimulus to counter economic slowdown, futures could rise further, adding to inflation and forcing central banks, including the Federal Reserve, to keep interest rates higher for longer.

  • The Bloomberg commodity index comprises comprised of WTI crude oil, brent crude oil, low sulphur gas oil, natural gas, gold, silver, platinum, palladium, copper, zinc, nickel and aluminum.

  • Source: TradingView

- Omkar Godbole

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