Stocks Riding Dogecoin and Other Cryptocurrency All the Way to the Moon

VANCOUVER – USA News Group – A rocket has been lit by one of the richest people in the world that’s set to carry the meme-now-serious cryptocurrency Dogecoin (DOGE) “to the moon”. Through just one tweet by Elon Musk, CEO of Tesla, Inc. (NASDAQ:TSLA) and SpaceX, the value of DOGE shot up over 40%, pulling up TSLA shares over 3% along with it. Now Musk and TSLA are mulling over receiving DOGE for its cars, further cementing the assertion that crypto is headed for a lasting breakout. But TSLA isn’t alone in embracing DOGE and other cryptocurrencies in the days ahead, as has emerging international live-streaming platform developer Hello Pal International Inc. (CSE:HP) (OTC:HLLPF), peer-to-peer payment and money transfer services MoneyGram International, Inc. (NASDAQ:MGI) and PayPal Holdings, Inc. (NASDAQ:PYPL), and newly-public crypto exchange Coinbase Global, Inc. (NASDAQ:COIN).

Now generating revenue from both cryptocurrency mining and live-streaming, Hello Pal International Inc. (CSE:HP) (OTC:HLLPF) recently announced a roughly 12% increase of its monthly revenue in April 2021, compared to the previous month.

It was during that month of April that Hello Pal also announced the signing of a definitive purchase agreement to acquire a 51% interest (with an option to acquire 100% interest) in DOGE and Litecoin (LTC) Mining Assets.

"With the signing of the definitive agreement, we have taken the next step towards having cryptocurrency as an integral part of Hello Pal," said KL Wong, Founder and Chairman of Hello Pal International in the accompanying release. "We are also ecstatic that our choice of cryptocurrencies to mine seems to have been validated especially by the recent incredible surge in market interest and activity of Dogecoin. As far as we are aware, upon completion of this transaction, we shall be the only publicly listed company with primary exposure to Dogecoin."

The agreement comes with access to 12,500 mining rigs dedicated to mining DOGE/LTC. These mining assets provide a combined hash rate of 6.25 TH/s, which amounts to 2.1% of the entire current LTC network hash rate, and are hosted across multiple locations to ensure diversification of risk against potential factors that may adversely affect cryptocurrency mining.

Back in February, Hello Pal signalled to its live-streaming platform users its cryptocurrency mining initiative—which initially included Bitcoin (BTC) and Ethereum (ETH)—allowing users to participate in the mining process through access to crypto mining machines.

"It has long been our intention for cryptocurrency to play a central part on our platform, especially given the borderless nature of cryptocurrency and our international nature," said Wong. "The recent activity and interest in cryptocurrency presents us with a unique opportunity to introduce cryptocurrency to our users, as well as to bring cryptocurrency users to our platform." 

While these initiative generated interest, it wasn’t until the connection to Dogecoin was announced that interest in Hello Pal’s cryptomining initiative hit a tipping point. News of the DOGE/LTC mining assets initiative caused a surge of traffic to the Hello Pal official website, causing a server overload and temporary outage.

"The sharp increase in activity on our website and the Hello Pal app validates the clear position we have taken on Dogecoin as well as on cryptocurrency in general," said Wong.

EV manufacturing giant Tesla Inc. (NASDAQ:TSLA) caused a shockwave across the cryptocurrency market, through an about-face shift on its policy to accept Bitcoin (BTC)—on account of climate concerns.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," wrote Tesla CEO and Founder Elon Musk in a series of tweets. "Cryptocurrency is a good idea... but this cannot come at great cost to the environment." 

Just one day later, Musk’s tweet showed his intention to help Dogecoin developers “improv system transaction efficiency”. Bitcoin fell and Dogecoin soared. In the same week, Musk posed the question of whether his company should accept Dogecoin as payment for its goods.

In the meantime, shoppers online and those wanting to send payments to vendors and peers, are being greeted with more options to deal in crypto.

Both MoneyGram International, Inc. (NASDAQ:MGI) and PayPal Holdings, Inc. (NASDAQ:PYPL) have announced they’re open to these types of digital transactions.

Teaming up with cryptocurrency exchange Coinme, MoneyGram said it will let people buy crypto with cash or withdraw it from brick-and-mortar locations in the US.

"This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency," Alex Holmes, MoneyGram's chairman and CEO, said in a statement.

Backed mostly by an e-commerce trend boosted by the global health crisis, PayPal reported record quarterly profits of US$1.1 billion—compared with just US$84 million in the same period last year. PayPal made headlines last October with its shift to allowing cryptocurrency transfers.
Prominent CNBC TV host Jim Cramer recently made the connection between PayPal and newly-public crypto exchange Coinbase Global, Inc. (NASDAQ:COIN), claiming that both stocks give investors a more balanced exposure to an array of cryptocurrencies at once.

However, as of May 14, 2021, Coinbase was still “weeks away” from supporting Dogecoin trading on its platform.

“We plan to list Doge in the next six to eight weeks,” said Coinbase CEO Brian Armstrong. “And then more broadly, we’re going to be focused on how we can accelerate asset addition in the future.”

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