Hello and welcome to this week's Overbit Insights.
According to team owner Mark Cuban, since accepting Dogecoin as payment for products in March, the Dallas Mavericks organisation has seen significant sales made using the meme-inspired cryptocurrency.
Cuban announced Thursday that the organisation would offer "Special pricing" for those paying with Dogecoin during the Mavericks' summer sale to continue this push.
"It's a medium that can be used for the acquisition of goods and services," Cuban tells CNBC Make It. "The community for doge is the strongest when it comes to using it as a medium of exchange."
Cuban tweeted in April that Dogecoin is the "One coin" that people use for transactions, while he has previously said that ether is also utilised as digital money.
"Ethereum is digital money," Cuban said to Ellen DeGeneres in April. According to DeGeneres, Cuban views Bitcoin, the largest cryptocurrency by market value, as a "Digital equivalent of gold" rather than a currency.
The Bitcoin community anticipates worldwide acceptance of the cryptocurrency, but detractors argue that it is much too dangerous and unpredictable to be utilised as a currency. Some experts advise investors to be extra careful when investing in Dogecoin, as it lacks the scarcity and technological advancement that Bitcoin, for example, possesses.
While Dogecoin started out as a meme coin, it certainly seems to be transcending its original role as more big names like Musk and Cuban rally behind the currency. The Dogecoin community will, as always, be a point to watch going forward as the market gets more momentum behind it.
To conclude this week's edition of Overbit Insights, we take another look at Ethereum statistics relating to recent burns and how they may be affecting pricing.
Ethereum traders are paying close attention to data from the underlying Ethereum blockchain's recent update, known as the London hard fork, and the possibility that the upgrade would limit the cryptocurrency's supply growth.
Under Ethereum Improvement Proposal 1559, a component of the London upgrade known as simply EIP 1559, base fees paid to transact on the blockchain are "burned," meaning they negate some of the 2 ETH generated as miner rewards with each data block.
According to the website Watch the Burn, as of press time, 38,261 ETH has been destroyed in accordance with EIP 1559. The amount is more than $120 million, and it is estimated that it has cut the net issue of new ether by 35%.
The primary question is whether institutional investors, who are increasingly entering digital-asset markets, will begin to view ether as an inflation-resistant asset, as many Bitcoin bulls have. While Bitcoin increased by 16 per cent in August, ether increased by 26 per cent.
Year to date, the price of Ethereum has quadrupled, while the price of Bitcoin has increased by 58%. FundStrat, the investment-research firm, stated this week: "... (we) should continue to see further disinflationary and perhaps even deflationary effects on Ethereum's circulating supply, resulting in positive price performance."
Some analysts anticipate that Ethereum will eventually challenge Bitcoin for the top spot in the market capitalisation rankings of digital assets. This challenge, known as "the flippening", is a term coined by cryptocurrency insiders to describe the anticipated change in the leaderboard.
We will certainly keep you updated on the Ethereum front and beyond in our following issues. Thank you for reading this week's edition of Overbit Insights and we'll see you next week!