After Elon Musk's $44 billion purchase of Twitter, virtual currency industries soared, and crypto meme coins enjoyed a huge rise in price. At 4 p.m. (ET) on Monday, 24-hour figures showed that dogecoin (DOGE) had gained 26.3% in price versus the US dollar.
Today, Dogecoin (DOGE) is still up 18.8% and hanging just around the $0.15 mark. Many individuals assume the spike is due to rumors that Musk would integrate dogecoin payments into some of Twitter's functions.
While dogecoin's price rose on Monday, many other notable meme coin assets joined the fray. Shiba inu (SHIB) gained 1.7% during the past day, and Dogelon mars (ELON) gained 13% against the US dollar.
While DOGE, ELON, and SHIB all witnessed significant rises, the baby dogecoin (BABYDOGE), the fourth largest meme currency asset, is currently down by 0.8%. In contrast, the Floki inu (FLOKI) has gained 2.1% versus the US dollar in the previous 24 hours.
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Coins like kishu inu, samoyedcoin, catecoin, the doge NFT shards, and hoge finance saw significant rises in meme tokens. On Monday, Litedoge (LDOGE) gained 162.6%, and Vitoge (VITOGE) gained 98.8%.
Robinhood sacks 9% of its staff following stock fall
Robinhood, a leading retail trading company, has let off 9% of its workers following a stock firesale which sent HOOD to all-time lows.
HOOD has dropped about 38% in the last 30 days, to $9.99 at the time of writing, the lowest rate since the company's initial public offering (IPO) in mid-2021.
As per TradingView, the drop is part of a longer-term downtrend in which the value of HOOD has been steadily declining from its all-time high of about $70.39 on August 4, 2021.
Vlad Tenev, CEO and co-founder of Robinhood, revealed the reorganization in a blog post on Tuesday. He observed that the firm's employment had roughly sixfold expanded between 2020 and H1 2021, from 700 to approximately 3800 personnel, during a "period of hyper-growth."
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Tenev, on the other hand, believes that too many employment functions at the corporation have subsequently become obsolete, stating the following:
"Due to the rapid expansion in personnel, there are some duplicate positions and job tasks and more levels and complexity than is necessary." We concluded that reducing Robinhood's workforce is the best move to boost efficiency after carefully examining all of these aspects."
"We will continue to hire excellent people in important areas and give our staff with extra learning and career progression opportunities," he added.
