Tesla CEO Elon Musk photographed in Austin, Texas, on April 7, 2022. The electric vehicle firm has also made forays into battery storage.
Suzanne Cordeiro | AFP | Getty Images
Dogecoin, the cryptocurrency branded after a viral dog meme from 2013, is up 35% since Monday as Elon Musk’s deal to buy Twitter approaches a close.
The price of the token often moves in lockstep with comments made by the Tesla CEO. Doge is up 10% in the last 24 hours after the SpaceX chief changed his Twitter bio to “Chief of Twit” on Wednesday. Similarly, the meme token saw a price surge in April when Musk first floated the idea of adding dogecoin as a payment method for Twitter’s subscription service, Blue. It also saw a sell-off in June as Musk tried to back out of the purchase.
But following a monthslong battle between Musk and Twitter over the sale, all signs point to Musk closing the deal by his deadline of 5 p.m. on Friday. The alternative is Musk facing trial in a Delaware courtroom.
The price surge in dogecoin — pronounced “doje coin” with a soft “g” sound — also coincides with rumors that Twitter is prototyping its own crypto wallet.
Jane Manchun Wong, apopular tech blogger known for her prescient calls in the space, tweeted on Monday that Twitter was “working on a ‘wallet prototype’ that supports ‘crypto deposit and withdrawal.'”
“We don’t know which kind of cryptocurrency will be supported yet, or which network,” Wong told CNBC.
Twitter has not announced a cryptocurrency wallet product, but the social media company did roll out a tipping feature last year, which allows users to send creators bitcoin via the platform. In February, Twitter added ether to its tips function.
Host Elon Musk during the monologue on Saturday, May 8, 2021.
Will Heath | NBCUniversal
The Elon Musk effect
It isn’t totally clear when or why dogecoin captured the heart of Elon Musk. The billionaire Tesla and SpaceX CEO has spent years talking up the token.
Musk’s tweets with sometimes oblique references to dogecoin have often sent it to new record-high prices. These posts have also helped drive retail investor interest.
“You have this one guy who is sort of like the cult leader,” said Asheesh Birla, a general manager at Ripple, which manages an alternative cryptocurrency used for payments.
Musk, however, isn’t alone in his celebrity endorsement of the animal-branded token. Dallas Mavericks owner Mark Cuban, Snoop Dogg and Kiss bassist Gene Simmons have all publicly rallied behind dogecoin in the past. Even beef jerky brand Slim Jim got in on the action at one point.
But there was more to dogecoin’s record price run than just celebrity backing. There has also been the enduring sentiment to “stick it” to the establishment.
“Dogecoin is like this kind of big F-U to the system,” said Avi Felman, Head of Trading at BlockTower Capital. “It’s like, ‘Yeah, this thing can have value, too. And I’m just going to buy it, because I’m going to buy it.'”
“Elon is basically pushing up this message of, ‘Why can’t dogecoin have value?'” said Felman of doge’s 2021 price rise. “People like these narratives. They like these stories. They like these jokes. And dogecoin just captured the mind and imagination of every single retail investor.”
“You have a rabid online community,” Birla said of the fan base of doge evangelists.
In 2013, software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of bitcoin and the many other cryptocurrencies boasting grand plans to take over the world.
“You have Twitter and Reddit, where they’re all sort of congregating and thinking about how to pump dogecoin,” said Birla.
Valuing dogecoin
The question of whether dogecoin holds value is debatable.
At the moment, there are very few use cases for the token. Though more merchants began to accept dogecoin as a method of payment last year, it is nowhere near the level of adoption necessary to be used as any sort of actual currency substitute.
“These days it’s all one big marketing ploy,” Mike Bucella, BlockTower Capital general partner, previously told CNBC.
Unlike rival cryptocurrencies such as ether, which let programmers build applications on their platform to do things like lend and borrow money, there isn’t much anyone can do with dogecoin.
Dogecoin isn’t really a reliable store of wealth either, given that this typically requires a certain degree of long-term faith in the coin and the blockchain upon which it’s been built.
“If you look at the dogecoin protocol itself, I don’t even know if there’s anyone over the last several years who has added new functionality or code to it,” said Birla. “Dogecoin doesn’t really have a development team behind it.”
Given these limitations, the run-up in dogecoin appears to be purely speculative. Dogecoin has value because other people believe that it has value — and because they believe that someone else is willing to buy it from them at a higher price.
Disclosure: “Saturday Night Live” is a TV show of NBCUniversal, the parent company of CNBC. CNBC owns the exclusive off-network cable rights to “Shark Tank,” which features Mark Cuban as a panelist.
The German city of Karlsruhe is setting an example for sustainability in waste management by deploying a fleet of 18 Mercedes-Benz eEconic electric garbage trucks that are helping make the streets cleaner, quieter, and a lot less stinky.
Since the end of September, the city of Karlsruhe has been relying on Mercedes’ fully electric waste collection vehicles throughout, with none of the area-specific restrictions or limited rollout strategies for one or two trucks at a time that typically accompany stories like these. Instead, the city is using the Mercedes eEconics for the same stuff they’d use the diesel versions for: residual waste disposal, paper collection, and bulky waste collection.
Normal garbage duty, in other words. And, in such daily use, they do a great job. The trucks cover an average route distance of around 80 km (about 50 miles) on 112 kWh battery packs (usable capacity is ~97 kWh) which can be reliably completed in single-shift operation without intermediate charging — thanks, in part, to Mercedes’ efficient electric motors and regenerative braking that shines in the trucks’ typical stop-and-go duty cycles.
More than a single shift, in fact. The fleet managers report that after “a good 80 kilometers with around 60 stops on its daily route,” energy consumption was only around 35% of the battery capacity, meaning the charge level dropped from 100% to 65% and 64% respectively.
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At the same time, CO₂ emissions are significantly reduced: depending on the area of application, each eEconic can save between 150 and 170 tons of CO₂ per year. This results in a total potential annual saving of around 1,200 tons of CO₂ emissions.
The purchase of the electric vehicles was funded by the Federal Ministry of Transport (BMV) as part of the guideline on the promotion of light and heavy commercial vehicles with alternative, climate-friendly drives and the associated refueling and charging infrastructure (KsNI). The funding guideline was coordinated by NOW GmbH, and applications were approved by the Federal Office for Logistics and Mobility.
Electrek’s Take
Look, you know me. There is absolutely ZERO chance that I’ll be able to remain objective about anything that’s putting down more than four thousand lb-ft of torque. Make that thing quieter, cleaner, and generally better for me and my community, and there’s even less of a chance of me saying anything critical about it.
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Electreon just took a big step toward expanding wireless EV charging. The Israel-based company signed a memorandum of understanding (MoU) to acquire the assets of InductEV, a Pennsylvania-based firm known for its ultra-fast, high-power static wireless charging systems used by heavy-duty electric transit and freight fleets.
If the deal closes after due diligence and regulatory approvals, the combined company would bring together Electreon’s dynamic wireless charging tech – the kind that can charge vehicles while they drive – with InductEV’s high-power stationary systems. That would create one of the most complete wireless charging portfolios on the market, covering everything from passenger EVs to vans, buses, heavy-duty trucks, and even autonomous vehicles.
Electreon and InductEV together hold around 400 granted and pending patents, and have a lot of field experience across their respective projects. Electreon says that pairing its manufacturing capabilities and global footprint with InductEV’s ultra-fast tech will help streamline and speed up fleet electrification.
Both companies already work with major vehicle OEMs, which Electreon asserts will make integrating wireless charging into future vehicle platforms easier.
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Electreon CEO Oren Ezer said the deal would combine the two companies into “a truly global powerhouse for wireless EV charging.” He added that “the decision by InductEV’s shareholders to invest in Electreon is a tremendous vote of confidence in our shared vision.”
InductEV CEO John F. Rizzo said, “Together, we’re combining world-class innovation with real-world experience to deliver even greater value to our North American and European customers and accelerate the shift to wireless power for sustainable commercial transportation.”
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The Dolphin Surf is already one of Europe’s cheapest EVs, yet BYD may have an even more affordable electric car up its sleeve.
Is BYD launching the Racco mini EV in Europe?
BYD revealed the Racco at last month’s Japan Auto Show, its first EV designed exclusively for overseas markets.
The mini EV, or “kei car,” is launching in Japan, where over 1.55 million of them were sold last year, accounting for about a third of new vehicles sold.
Although Japan has been a brutal market for foreign brands to crack, BYD believes it may have an edge. The Racco measures 3,395 mm in length, 1,475 mm in width, and 1,800 mm in height, or about 600 mm longer than the Dolphin Surf.
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That’s about the size of the Nissan Sakura EV, Japan’s best-selling electric car. Like the Sakura and most kei cars, the Racco has a boxy, upright stance. It has four doors, with the back two sliding open.
BYD Racco EV (Source: BYD)
Powered by a 20 kWh battery pack, the mini EV is expected to have a driving range of around 180 km (112 miles).
BYD is using its Blade lithium iron phosphate (LFP) battery packs to keep costs down. Although prices have yet to be revealed, the Racco is expected to start at around 2.5 million yen ($18,000) in Japan, putting it on par with the Nissan Sakura.
The BYD Racco EV debuts at the Japan Mobility Show (Source: BYD)
If it launched in Europe, the Racco could go on sale for under £15,000 ($20,000), putting it on par with the Dacia Spring (£14,995) and Leapmotor T03 (£15,995). The BYD Dolphin Surf currently starts at £18,650 ($24,300).
Although it will arrive in Japan first, BYD may launch its smallest, cheapest EV in Europe after all. BYD’s vice president Stella Li suggested to Autocar that the Racco could play a key role globally as an affordable, entry-level EV.
The BYD Dolphin Surf EV (Source: BYD)
“In Japan, we are already launching a kei car; we will be very interested to follow the EU regulation,” Li said, adding, “If there’s some space, we can bring that car here.”
The regulation Li is referring to is the new “E-car” segment that the European Commission president, Ursula Von der Leyen, called for in September.
Von der Leyen said that Europe “should have its own E-car,” where “E” stands for efficient, economical, and European, and added “we cannot let China and others conquer this market.”
The Racco could sit underneath the Dolphin Surf in BYD’s growing European lineup. However, the company is focusing on expanding hybrid options. Li said launching Racco was “not a topic” the company is immediately focused on.
The Seal U, Europe’s best-selling plug-in hybrid through September, will be the first vehicle built at BYD’s new factory in Turkey, as it seeks to gain an edge through local production.
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