Elon Musk Accumulates Doge, Tether Suffers DDOS Attack, Meta’s High Fashion Marketplace 

Written by Lindi Miti

June 20, 2022

Elon Musk Accumulates Doge

Amid the crypto crash, Elon Musk, the founder of Tesla, tweeted that he still supports Dogecoin on Saturday. The price of DOGE coin shot up nearly 10% after the tech billionaire tweeted. DOGE is currently trading at $0.057 at the time of writing. 

Elon Musk first showed interest in the meme cryptocurrency in 2019. He tweeted that DOGE was his favorite cryptocurrency. In 2021, Musk mentioned DOGE on Saturday Night Live, a popular comedy sketch show, and the price of DOGE shot up to an all-time high of $0.74. 

Elon Musk is currently in a bid to buy Twitter. His main goal is to get rid of bots, and he has added that he will implement Dogecoin tipping (Twitter currently supports tipping in Bitcoin). Dogecoin is currently trading 91% down from its all-time highs.   

Tether Suffers DDOS Attack

Tether, one of the largest stablecoins, suffered a denial of service (DDOS) attack this weekend. On Saturday morning, Paolo Ardoino, the CTO of Tether, announced that the firm received a ransom request from a hacker to avoid a DDOS attack. 

“This morning @Tether_to received a ransom request to avoid mass DDOSes.They tried already once. On a normal day we have around 2k reqs/5minThe attack brought us to 8M reqs/5min,” wrote Ardoino. 

Two hours after the attack, Ardoino tweeted that they managed to mitigate its impact. Tether did not suffer any financial loss, and maintains its peg to $1. Despite the attack, Tether’s market cap is down 20% from its all-time high due to the bearing market conditions.  

Meta’s High Fashion Marketplace 

Mark Zuckerberg, the CEO of Meta – formerly known as Facebook, has announced that the company is launching a digital fashion store called Meta Avatars Store. High fashion brands such as Balenciaga, Prada, and Thom Brown have signed up for the initial launch next week. 

“We’re launching our Avatars Store on Facebook, Instagram, and Messenger so you can buy digital clothes to style your avatar,” Zuckerberg said in a Facebook statement. The items on sale will range from $2.99 to $8.99 initially. The stores will roll out in the United States, Canada, Thailand, and Mexico.

The Meta Avatars Store is starting with well-known brands to establish credibility. However, the aim is to allow all designers to sell their fashion items on the platform in the future. “We want to create a marketplace so creators, over time, can design clothing and sell it,” said Zuckerberg. It is worth noting that the free clothing options for Meta avatars will remain available. 

Written by Lindi Miti © Crypto University 2022

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