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Dogecoin Continues To Garner Attention After Tweeting “I Haven’t and Won’t Sell Any Doge”

FN Media Group Presents Microsmallcap.com Market Commentary

 

New York, NY – June 3, 2021 – Dogecoin continues to earn significant recognition from Elon Musk as an accepted investment option and payment method after another tweet on May 20th. Naturally, companies from around the world are looking to make their mark in the cryptocurrency space with different innovations and uses for crypto, including using these currencies to pay for their products and services and embracing crypto mining initiatives. Companies such as Hello Pal International Inc. (CSE:HP) (OTCQB:HLLPF), Tesla (NASDAQ:TSLA) Riot Blockchain Inc. (NASDAQ:RIOT), SOS Limited (NYSE:SOS), and Marathon Digital Holdings Inc. (NASDAQ:MARA) have made strides in positioning themselves as key industry leaders and trendsetters in the cryptocurrency space.

 

Hello Pal Acquires Interest in Crypto Mining Assets

 

International live streaming, language learning, and social-crypto platform provider Hello Pal (CSE:HP) (OTCQB:HLLPF) recently made an exciting move within the crypto mining space last month after acquiring 51% interest in Crypto Pal Technology Ltd., which owns 12,500 mining rigs dedicated to mining Dogecoin (DOGE) and Litecoin (LTC), from a company controlled by Shanghai Yitang Data Technology Co. Ltd, with an option to increase its interest to 100% within two years after the completion of the transaction. The mining assets have a combined hash rate of 6.25 TH/s or 2.1 of the entire LTC network hash rate.

 

The transaction, which was previously announced in March 2021, was amended so that Hello Pal will no longer acquire an interest in a single cryptocurrency mining facility. Instead, the company has entered into a guaranteed services agreement with Yitang to ensure that its mining assets are hosted across multiple locations in order to guarantee diversification of risk against potential future local governmental regulations and seasonal fluctuations of electricity costs.

 

“With the signing of the definitive agreement with Yitang, 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. “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.”

 

Just days later, Hello Pal announced the acquisition of a 51% interest in Crypto Pal Technology Ltd at the low acquisition cost of $3.5 million, consisting of $1.5 million cash and 1,800,000 units. Crypto Pal currently has 12,500 mining rigs that are actively mining Dogecoin and Litecoin. As a result of the acquisition of Crypto Pal, Hello Pal has created the first publicly listed company focused on mining Dogecoin.

 

Following its move into the crypto mining space, Hello Pal closed a brokered private placement led by Canaccord Genuity for gross proceeds of C$7.25 million. The company said that the strong demand for this offering is “a testament to our highly-accretive acquisition of Dogecoin and Litecoin mining assets and the continued robust growth of our live-streaming services.”

 

In regards to the robust growth of its live-streaming services, Hello Pal just announced that in May the company achieved its sixth consecutive month above $2 million in revenue, with a gross margin of 14%.

 

Companies Taking Bold Steps in the Crypto Space

 

Tesla (NASDAQ:TSLA) has also made waves with its recent announcement that its subsidiary, SpaceX’s mission to the moon will be funded entirely by Dogecoin. The DOGE-1 Mission to the Moonl, which will launch aboard a rideshare SpaceX Falcon 9 rocket, usually costs roughly $62 million to book which translates to around 129 million Dogecoin at its current values. Tesla CEO Elon Musk tweeted about the deal, adding that this would be the first time cryptocurrency is used in space. “The mission will demonstrate the application of cryptocurrency beyond earth orbit and set the foundation for interplanetary commerce. We’re excited to launch DOGE-1 to the Moon!” said Tom Ochinero, SpaceX Vice President of Commercial Sales.

 

Riot Blockchain Inc. (NASDAQ:RIOT) has made a move towards becoming an industry leader in Bitcoin mining in the US after signing a definitive agreement to acquire Whinstone US, North America’s largest Bitcoin hosting facility. According to Riot, the acquisition of Whinstone is foundational to its strategy to become a global leader in bitcoin mining and is set to place Riot as North America’s largest bitcoin mining and hosting company by total developed capacity. Speaking about the acquisition, Riot’s CEO Jason Les said, “After the consummation of this transaction, we will have created a very clear path for the company’s future growth. Riot will wholly own the largest bitcoin mining facility in North America with very low power costs and one of the most talented development teams in the industry.”

 

SOS Limited (NYSE:SOS) recently announced that its Canadian and US subsidiaries obtained MSB licenses from the US Crimes Enforcement Network Department of the Treasury, and the Financial Transactions and Reports Analysis Centre. This US MSB license will allow SOS subsidiary to act as a foreign exchange dealer, money transfer agent and seller of money orders, while the Canadian license allows SOS to conduct money transfers and be a forex dealer and virtual currencies. According to the release, the licenses are part of the company’s efforts to become compliant as they work towards launching an exchange.

 

One of the largest enterprise Bitcoin self-mining companies in North America Marathon Digital Holdings Inc. (NASDAQ:MARA) became the first North American enterprise miner to produce bitcoin in adherence to the anti-money laundering regulations and the US Department of the Treasury’s Office of Foreign Asset Control’s standards..Marathon announced the launch of a compliant bitcoin mining pool on March 30 and began directing its hashrate through the compliant mining pool on May 1. “By excluding transactions between nefarious actors, we can provide investors and regulators with the peace of mind that the bitcoin we produce is ‘clean’, ethical, and compliant with regulatory standards,” said Fred Thiel, CEO Marathon. The pool will accept other US-based bitcoin mining companies starting June 1, 2021.

 

Of course, all eyes could shift focus to Dogecoin moving forward, as Tesla CEO Elon Musk and other supporters continue to sing its praises, which could bode well for Hello Pal.

 

“As far as we are aware, we are the only publicly listed company with primary exposure to Dogecoin,” said Hello Pal CEO KL Wong.

 

To learn more about Hello Pal, please click here.

 

DISCLAIMER: Microsmallcap.com (MSC) is the source of the Article and content set forth above.  References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

 

The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of Hello Pal International Inc.

 

FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

 

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.

 

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Source: Microsmallcap.com

 

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