In the 2021 bull run, cryptocurrencies that played on the dog theme dominated the market. It all started on April 2nd, when Elon Musk tweeted “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” In the weeks that followed, Dogecoin – cryptocurrency’s original meme – skyrocketed from a meager $0.05 to a high of $0.75 on May 7th. That means a DOGE holder who had $100 of Dogecoin on April 2nd would have had $1500 less than a month later. With the Tesla CEO incorporating DOGE into its accepted payments for merchandise sales and supercharging stations and suggesting that people who subscribe to Twitter Blue should be able to pay with Dogecoin, DOGE itself (approximately $0.08 at the time of writing) still has massive upside potential. But many feel as though they’ve missed out on the asset’s heyday. They’re looking for the next 10,000x that only comes from early adoption. These five dog-themed coins have the potential to do just that. Baby Doge ($BABYDOGE) is a deflationary token designed to become more scarce over time. They charge a 5% fee for each sale of the asset and redistribute that fee to Baby Doge Coin holders – meaning the longer you hold, the more you can earn. It’s worth noting that Musk himself tweeted about Baby Doge on July 1st 2021. Currently, Baby Doge sits at $263 million market cap. Dogelon Mars ($ELON) is a dog-themed project that seeks to outpace Dogecoin’s success. As the website says, “I am Dogelon. Dogelon Mars. Join me and together we will reach the stars.” The page refers to Musk’s vision of colonizing Mars – though the controversial billionaire has yet to mention the asset. ELON is currently ranked #126 on CoinMarketCap with a market cap of $267 million. Mini Doge ($MINIDOGE) started as a deflationary meme coin, but it’s since evolved into a Web 3 ecosystem complete with a play-to-earn adventure game that allows holders to earn NFTs and more tokens as they go. Mini Doge has a market cap of only $2.3 million. Pulse Doge Win ($PULSEDOGE) is a community meme token that was built on Binance Smart Chain with the intent of bringing adoption to PulseChain – a new layer 1 blockchain set to launch later this year. The website claims that those who hold PulseDoge on BSC at the time of PulseChain’s launch will receive an equal 1:1 airdrop on PulseChain. This means that if you buy the token now, you’ll get double for your money. PulseDoge has a $7.5 million market cap. Dogechain ($DC) is an up-and-coming layer-1 blockchain designed to give DOGE more DeFi utility. For a limited amount of time, $DOGE holders will be able to freeclaim $DC tokens when they bridge their DOGE over from centralized exchanges or other chains. Staking bridged $DOGE will yield $DC tokens over time, while staking $DC will allow users to earn yield, prizes, rewards, and voting rights on the Doge DAO. This means that buying $DOGE now could yield exponential gains when $DC launches. Additionally, the DogeChain team has been conducting a grand-a-day giveaway for the entire month of May. There are still a few days left to get involved. 2021’s epic bull run is over, but there will be another bull market, and people love their dogs. Dog-themed projects will continue to dominate the memecoin space for the foreseeable future. Will you 1,000x?
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Bitcoin had been recording massive liquidations since the digital asset had dropped from $40,000. The majority had been dominated by long liquidations as hundreds of thousands of traders saw their positions liquidated. However, since the price of the cryptocurrency has begun to settle around the $30,000 level, the liquidations have now also started settling. Leading […]
Bitcoin recorded a significant positive divergence early Monday, following seven days of trading below $30,000. The crypto is trading at $30,536.93 at press time, a decrease of 2.5 percent from the previous week, according to Coingecko data. In the preceding 24 hours, the worldwide cryptocurrency market capitalization increased by almost 2 percent, reaching nearly $1.3 trillion. However, the total trading volume of cryptocurrencies was up by more than 28 percent to $62.13 billion. Bitcoin has struggled in recent weeks as the U.S. Federal Reserve has increased interest rates and inflation has remained up, increasing the likelihood of further monetary tightening. Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming Bitcoin No Longer A Hedge Vs. Inflation? In the past, Bitcoin was recommended as a hedge against inflation, but in recent months it has proven to be closely associated with risk assets, such as the Nasdaq 100, which has fallen in response to broader market volatility. Over the past 10 days, Bitcoin’s price has been trading flat, consolidating around $30,000. Bitcoin may find it difficult to recapture its former glory, since investors appear to be avoiding riskier assets in the present inflationary environment. According to Mudrex Co-Founder and CEO Edul Patel: “Despite a nearly 3 percent increase over the past 24 hours, Bitcoin was unable to breach the US$30,000 threshold. Over the last week, Bitcoin’s price remained unchanged, as it struggled to move beyond its support.” The Dow Jones Industrial Average (DJIA) has decreased for nearly eight consecutive weeks, and major indexes have followed suit. As the S&P 500 declined, a strong correlation between it and the crypto markets became clear. BTC ending the week at $30,000 represents its seventh straight weekly closing in the red territory, according to Darshan Bathija, CEO and Co-Founder of Vauld. BTC total market cap at $578 billion on the daily chart | Source: TradingView.com For his part, popular crypto analyst Lark Davis writes: “Bitcoin is exhibiting a massive bullish divergence on a daily scale. The last time something similar occurred was in 2021. Could this portend a massive rally?” Suggested Reading | Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery Crucial Next Two Weeks For BTC Genesis Global Trading’s Noelle Acheson and Konrad Laesser said in a Saturday note that the price of Bitcoin will likely fluctuate between $29,000 and $31,000 over the next two weeks. Some economic-data releases, such as U.S. gross domestic product (GDP) or inflation figures, “may alter the narrative,” according to Acheson and Laesser. According to analysts at WazirX Trade Desk, BTC’s monthly trend has broken below the ascending channel pattern. Meanwhile, the next level of resistance for BTC is anticipated to be $40,000, while the nearest level of support is $24,000. Bitcoin’s monthly relative strength index is currently at 47, its lowest level in more than two years. The support level for the RSI is 43, according to analysts. Featured image from Al Bawaba, chart from TradingView.com
Avalanche (AVAX) has displayed recovery on its chart. Over the last 24 hours, the altcoin brought home 4.8% gain. Although, there has been a considerable daily gain, AVAX is trading underneath its long-standing price floor. It is difficult for investors to look at just the daily gain as a good enough reason to buy the coin at the moment. Technical for the coin hasn’t suggested strong bullishness which might suggest that AVAX could be a good buy at the time of writing. Avalanche (AVAX) has lost 8% of its market value in the last week. This forced many investors to liquidate the asset and leave. Since, AVAX broke below its long term support area, this could act as an important red flag for the investors. The next solid area of support for AVAX was at $20. The coin traded around the current price level previously in the month of August, a year ago. Avalanche Price Analysis: One Day Chart Avalanche (AVAX) was exchanging hands at $31 at the time of writing. The altcoin has been laterally trading at that price mark for nearly a week now. It revisited this price mark last year, however, back then the coin was on an uptrend. Immediate resistance for the coin stood at $40 as established previously. A fall below the current price level could send AVAX near the $20 support mark. Failing to settle near the $20 mark could bring AVAX anywhere between the $12 and $9 support level. Technical Analysis The altcoin continues to depict weakness on its chart. The technical outlook seems bearish because buyers are nowhere to be seen in the market. As the coin revisited the August, last year’s price level, AVAX remained under the grasps of the sellers in the market. According to the Relative Strength Index, the indicator was bordering the oversold mark. Until and unless, RSI manages to move above the half-line, it is too early to call this price action a reversal. Going by the Directional Movement Index that reads the price direction, bears are in control. The -DI line was above the +DI mark signifying bearishness. The Average Directional Index line (red) was near the 50-mark, this reading meant that price action was strong with less signs of a reversal. Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues On the one day chart, AVAX’s technical pointed towards a possible change in price direction at the time of writing. Moving Average Convergence Diverge aka MACD, displayed a green signal bar above the half-line. A green signal bar above the half-line might mean a buy signal, if continued buy signals are witnessed it may mean a change in price momentum. Parabolic SAR also depicted a dot beneath the price candles, this means a change in price direction. If more dots are seen beneath the candlesticks over the upcoming trading sessions then AVAX might stage a recovery on its chart. Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming
Galaxy Digital CEO and Bitcoin (BTC) bull Mike Novogratz is issuing a warning to crypto traders, saying that altcoins could still see massive devaluations. Novogratz tells his 463,600 Twitter followers that altcoins are at still risk of losing more than half of their value even if they are already down big from their all-time highs. […]
The post Bitcoin (BTC) Bull Mike Novogratz Warns Crypto Traders, Says Altcoins at Risk of Another 70% Decline appeared first on The Daily Hodl.
The Terra (LUNA) token has seen a pumping activity as a section of investors speculate on the coin’s resurrection after a stunning drop that shook […]
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The effects of the long liquidations that rocked bitcoin after the digital asset had fallen to $25,000 continue to be felt even now. Bitcoin which has since managed to recover above $30,000 once more remains a prime liquidation target in the market. Even now, a week after the crash that had seen it record its largest liquidation event in six, long traders are still being rekt in the markets. Bitcoin Liquidations Touch $61 Million Bitcoin long liquidations may have slowed down but they are far from over. In the last 24 hours, the market has seen more than 61 traders liquidated which has come out to more than $257 million liquidations in the last 24 hours. Naturally, bitcoin liquidations make up a large portion of this and long traders have been the worse hit in the market. Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover Bitcoin liquidations touched above $61 million on Friday after a particularly brutal day of trading on Thursday. The majority of these had taken place in the mid-afternoon to early evening of Thursday that saw traders liquidate more than $30 million. This had been a result of bitcoin falling below the $30,000 level, a level which it will ultimately retake in the early hours of Friday. Indicators had turned bullish for the digital asset after this recovery. Even though long traders had seen the most losses for the 24-hour period, it was beginning to turn in their favor as short traders started taking more of the heat with time. BTC recovers above $30,000 | Source: BTCUSD on TradingView.com Crypto Market Still Red Liquidations across other cryptocurrencies such as Ethereum had also been significant in this same 24-hour period, although not to the same extent as bitcoin. In total, there have been $29 million in Ethereum liquidations over the last 24 hours and $7.16 million on the 12-hour chart. Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000 The broader crypto market liquidations touched as high as $258 million as of the time of this writing. Data from Coinglass shows that 73.55% of this figure has been made up of long liquidations. 40.28% of these liquidations have come from crypto exchange Binance, where long liquidations were of a similar percentage. On Okex, 81.54% has been from long liquidations and has made up the majority across various exchanges as well. Other digital assets that have seen large liquidations including GMT, SOL, and APE, are all being driven by the recent downtrend. Bitcoin has recovered above $30,000, ETH is back above $2,000, and this is facilitating a change. The most recent liquidations on the 4-hour chart have been made up of shorts as sentiment begins to turn positive among investors. Featured image from The Indian Express, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
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Galaxy Digital CEO Mike Novogratz is breaking his silence more than a week after Terra (LUNA) collapsed wiping out billions of dollars. Novogratz says that the tightening of monetary policy by central banks contributed to the collapse of Terra (LUNA), a blockchain protocol focused on issuing algorithmic stablecoins. “This macro backdrop put pressure on Luna […]