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Hyunsoo Rim11/12/24

Dogecoin traded more than Microsoft and Amazon combined yesterday

With the crypto market on a tear following its advocate Donald Trump’s election win, bitcoin prices hit a record high on Monday, topping an unprecedented $88,000. But among the myriad of digital tokens riding the crypto wave, few are doing it quite like dogecoin, which hit a 2024 high yesterday and crossed the $0.41 mark early this morning for the first time since May 2021 — having nearly doubled over the past week, according to Coindesk.

But it's not just the price action surrounding the meme coin — an asset much loved by Elon Musk — that’s remarkable. Yesterday, nearly $18 billion worth of dogecoin was traded, per CoinGecko, more than the amount that changed hands in the stock of tech giants Microsoft ($10 billion), Apple ($9.4 billion), and Amazon ($7.3 billion). Indeed, in terms of single stocks, only Tesla ($73 billion) and Nvidia ($26 billion) managed to stay ahead of the beloved dog-themed crypto, holding their spots as the most-traded among tech behemoths. And, according to preliminary data, dogecoin has already traded more today: some $23 billion worth, according to CoinGecko. Silly season is officially back in full swing.

Dogecoin vs. Mag 7 trading volumes — Sherwood News

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Getty Images shares moon on licensing deal with Perplexity

Getty Images soared Friday after announcing a multiyear licensing deal with AI search company Perplexity AI. Reuters reports:

“Under the agreement, Perplexity will integrate Getty’s API technology into its AI platform workflows, enabling users to access premium visuals while improving image attribution. The collaboration is part of a wider trend of digital platforms signing licensing deals with AI content providers to expand content access while respecting intellectual property rights and generating revenue.”

Getty was up as much as 85% in the premarket trading session, but those gains are quickly dropping as holders rush to dump the stock, which has been a truly disastrous long-term trade.

In fact, Getty has had a pretty bizarre ride since it returned to the public markets on July 25, 2022, as part of a SPAC deal — in a previous life it had been publicly traded before being taken private in 2008. Within days of its return, Getty became a minor meme stock, spiking more than 250% before crashing a couple months later.

Since then, the stock’s trajectory has been abysmal. Prior to the announcement of the Perplexity AI deal on Friday, it was down 80% from its trading debut. No wonder people are trying to get out fast.

At last glance, those 85% gains in the premarket have been swamped by sellers, shrinking today’s gain for Getty down to 17%.

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