The support of Musk and other high-profile investors such as Mark Cuban pushed the dogecoin price to around 70 cents last year ahead of Musk's much-hyped appearance on the comedy sketch show Saturday Night Live. Initially created as "a joke," dogecoin has rocketed up the crypto rankings over the last 18 months after fading into relative obscurity in prior years. Take some time and download the cryptocurrency arbitrage tool I created, and see if you can uncover any inefficiencies currently in the market."I’m mainly supporting doge, frankly, because I think doge has the memes and dogs and it seems to have a sense of humor and doesn’t take himself too seriously," Musk, who last year revealed he personally owns dogecoin, bitcoin and ethereum, said during a recent interview on the Full Send Podcast. The large amount of exchanges present in the market creates unprecedented arbitrage opportunity, as each exchange carries it’s own pricing discovery mechanisms. If a cryptocurrency has barely any volume, you will not be able to sell easily, or at a reasonable price.Īrbitrage is a classic technique in profiting off of assets, and cryptocurrency is no exception. For your own models, it is best to consider the Ask at exchange #1, and the bid at exchange #2 For example, if the Bid is $19, and the Ask is $20, that gives us a spread of $1.
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