Crypto Companies Slash Ad Spending By 90% Amid Market Jitters
Numerous crypto companies are slashing their marketing budgets, despite the need to regain customer confidence in the asset class, which has fallen in recent months. After spending millions on multiple ad campaigns and Super Bowl commercials, many businesses are now reducing their advertising dollars because of the continued market instability.
Ad spending on TV has also been down: Crypto.com’s marketing expenses decreased to $2.1 million in May, from $15 million in November of last year, while Gemini’s marketing campaigned was cut back to $478,000. The Journal article also cited a fall in the industry’s huge commercial spenders, including appearances by prominent Hollywood celebrities and sponsorships that would place big names on sporting arenas in Los Angeles and Miami.The decrease follows a severe downturn in the bitcoin markets.
BabyDoge Army Burns 2.8 Quadrillion Coins Within Hour
BabyDoge community has announced that nearly 3 quadrillion Baby Doge Coins from the circulating supply of the meme token have been burned as part of the plan to annihilate 50 quadrillion BabyDoge.
Despite the impressive figure, this sum of the meme tokens is worth roughly just $4,056, while the coin is changing hands at $0.000000001408. Over the past 24 hours, it has demonstrated a ten percent surge, as per data provided by CoinMarketCap.The initial supply of BabyDoge totalled 420 quadrillion but after recent burns it has been reduced twice down to about 232 quadrillion canine coins, inspired by Dogecoin and Shiba Inu dog breed.
Bitcoin mints more than 13,000 'wholecoiners' in the past seven days
Bye-bye bear market blues; welcome to the network, Bitcoin (BTC) believers. Over the past week, the number of Bitcoin wallet addresses containing one BTC or more increased by 13,091. The total number of “wholecoiners” surged to 865,254.
Christian Ander, the founder of the Swedish Bitcoin exchange BT.CX told Cointelegraph that "This is good for the ecosystem that it’s growing from the ground up because want the economy to be bottom up.” At an approximate price of $20,000 per Bitcoin, the sharp increase in the number of whole coiners would suggest that retail–or “plebs” as they are affectionately known–are buying Bitcoin as fast as their incomes will allow. The number of addresses adding 0.1 BTC ($2,000) or more has also begun a parabolic run over the past 10 days.
Elon Musk Hints Twitter Will Integrate Crypto Payments if His Takeover Bid Is Successful
Tesla CEO Elon Musk has suggested integrating crypto payments into Twitter. “My goal would be to maximize the usefulness of the service,” he told Twitter’s employees in his first all-hands meeting with them.
Tesla and Spacex CEO Elon Musk, who may become the new owner of Twitter Inc., had his first all-hands meeting with Twitter’s employees Thursday. Musk answered many questions about how he plans to run the social media company if his bid to buy Twitter is successful. However, the $44 billion deal is currently on hold, and Musk has accused Twitter of a material breach of the merger agreement. During the meeting, Musk mentioned crypto a few times, according to a leaked transcript of the meeting and a leaked video posted by Project Veritas.
Russia: Oil Company Gazpromneft To Launch a Cryptocurrency Mining Operation With BitRiver
U.S sanctions against Russia have played a role in the adoption of cryptocurrencies in the European country, causing oil companies like the giant Gazpromneft to look for new ways to exploit natural resources —this time for cryptocurrency mining.
According to information shared by the St. Petersburg International Economic Forum, the two companies will work together to harness surplus electricity from the carbon dioxide (CO2) released during Gazprom’s oil extraction operations in Russia. This is often a problem for many companies because they must burn it in the atmosphere, but what Gazpromneft is doing could be a better solution. Igor Runets, founder and CEO of BitRiver, said that the company intends to eventually build a mining infrastructure in Russia with support from Gazpromneft.