markets

11/12/24

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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Whitney Houston

Oracle is on pace for its best day in the stock market since 1992

Oracle shareholders are singing “I Will Always Love You” to the stock.

markets

38m

Joby takes off as Uber says it’ll add Blade helicopter trips to its app

Shares of air taxi maker Joby Aviation are up more than 7% in premarket trading Wednesday, following news that Uber will add the company’s Blade helicopter and seaplane services to its app as soon as next year.

Joby CEO JoeBen Bevirt said in a statement that the fresh partnership “will lay the foundation for the introduction of our quiet, zero-emissions aircraft in the years ahead.” A Joby air taxi completed its first test flight between US airports last month. The company has said it’s 70% complete with the fourth stage in the five-stage FAA certification process.

Uber, which was flat on the announcement, sold its air taxi business to Joby in 2020.

Joby announced its $125 million acquisition of Blade (minus the company’s primary organ transplant business) in early August. More than 50,000 passengers used Blade services last year, according to Joby’s press release.

markets

54m

Nio sinks after announcing $1 billion share offering to fund EV development

US-listed ADRs of Chinese EV maker Nio sank more than 8% in premarket trading on Wednesday as investors face $1 billion in share dilution from a secondary offering.

Nio plans to issue up to nearly 182 million shares, raising up to $1 billion according to terms seen by Bloomberg.

Net proceeds from the sale will be put toward R&D around smart EVs and used to “develop future technology platforms and vehicle models across its brands,” Nio said in its announcement. The company also plans to expand its battery swapping and charging network.

The EV maker, which has yet to post a profit in its 11-year history, has ambitious growth plans despite the steep competition in China. It delivered a record 31,305 vehicles in August, including 10,575 sales of its Onvo L90, a Tesla Model Y competitor. The new three-row, $27,000 SUV is the company’s fastest model to reach 10,000 sales.

J. Edward Moreno

Hims expands into testosterone treatments

The company will start with compounded enclomiphene, with more treatments to come in 2026.

Hims & Hers Health CEO Andrew Dudum

David Crowther, Claire Yubin Oh

CLOUDY WITH A CHANCE OF a $1 Trillion market cap

Oracle’s insane cloud infrastructure forecast is giving shades of Nvidia’s data center business

But it’s just a forecast, of course.

A businessman with his head in the clouds.

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