Crypto News

5 Up-and-Coming DOGE Projects that Might be Worth Your Money

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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TA: Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance

Bitcoin remained strong above the $28,500 support against the US Dollar. BTC is rising, but it must clear $28,500 to move into a positive zone. Bitcoin started a fresh increase after it tested the $28,500 support zone. The price is now trading above the $29,500 level and the 100 hourly simple moving average. There was break above a major bearish trend line with resistance near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move higher towards the key $30,600 resistance zone. Bitcoin Price Forms Triple Bottom Bitcoin price extended decline below the $29,500 support zone. However, the bulls were active near the main $28,500 support zone. A fresh base was formed near $28,600 and the price started a fresh increase. There was a clear move above the $29,200 and $29,500 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $30,630 swing high to $28,635 low. Besides, there was break above a major bearish trend line with resistance near $29,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $29,500 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com An immediate resistance on the upside is near the $30,160 level. It is near the 76.4% Fib retracement level of the downward move from the $30,630 swing high to $28,635 low. The next major resistance is near the $30,600 level. A clear move above the $30,600 resistance level might start a steady increase. In the stated case, the price may perhaps clear the $31,200 resistance zone. Fresh Decline in BTC? If bitcoin fails to clear the $30,600 resistance zone, it could start another decline. An immediate support on the downside is near the $29,600 level. The first major support is near the $29,500 level and the 100 hourly simple moving average. A downside break below the $29,500 support might send the price further lower. The main support is still near the $28,500 level, where the bulls are likely to take a strong stand. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $29,500, followed by $28,500. Major Resistance Levels – $30,150, $30,500 and $30,600.

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Institutional Investors Seek Safe Haven In Crypto Products Amid Market Uncertainty

Institutional investors have been a big part of the crypto market ever since they started investing in the market. Just like every other investors, institutional investors are not immune from the wild price fluctuations that characterizes the crypto market. This has resulted in big money looking for safe havens to move their money into while the worst of the market blows over. Sometimes, they turn to altcoins but this time around seem to have fond better luck with crypto products. Outflows Rock Market The recent recovery of the crypto market has been rocked once more by outflows. As prices had recovered, more investors had chosen to take profits and this had lead to more outflows. The previous week saw these outflows from digital investment products grow as high as $141 million in a single week, one of the largest in 2022. This had seen the total assets under management (AuM) decline towards one-year lows, now sitting at $38 billion. The last time AuM was this low had been in July 2021. Related Reading | LUNA Records 100% Growth In A Single Day. More Upside Coming? Both Bitcoin and altcoins were not spared the onslaught. For the pioneer cryptocurrency, the inflow trend from the previous week had been swiftly reversed. It instead saw outflows totaling $154 million in a single week, making it the largest loser from last week. In the same vein, Ethereum had also followed in the footsteps of bitcoin with outflows reaching $0.3 million.  Other altcoins would not follow this trend though. Digital assets such as Cardano and Polkadot have been making their way into the radar of institutional investors and this saw both asset bring in $1 million in inflows respectively.  Crypto market cap drops to $1.239 trillion | Source: Crypto Total Market Cap on TradingView.com Blockchain equity investment products would suffer the same fate as Bitcoin and Ethereum and outflows had reached $20 million. This followed the recent trend of broad sell-off in equities that had seen more investors move out of them. Multi-Crypto Products Provide HavenB With so much bad news floating around the market, institutional investors have sought refuge in other places besides directly investing in cryptocurrencies. What they have landed on have been the multi-crypto investment products which have emerged the recent winners for last week.  These multi-crypto investment products saw inflows totaling $9.7 million for last week alone. This has brought the total assets under management to $185 million for multi-crypto investment products, while the total inflows make up 5.3% on a year-to-date basis. Related Reading | Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000 It remains one of the best performing when compared to its other counterparts. While others have seen countless weeks of outflows in 2022 so far, there have been only two weeks where multi-crypto investment products had recorded outflows, making it a safer bet for institutional investors during times of market uncertainty. Nevertheless, year-to-date and month-to-date net flows remain positive for bitcoin. It currently sits at $307 million and $187 million respectively. Although $1.1 million had left the market as a result of outflows from short bitcoin. Featured image from Moneycentral, chart from TradingView.com

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Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

The crypto markets have accepted the depegging of UST and the subsequent downward spiral of LUNA, both of which impacted the price of Bitcoin and the entire digital asset spectrum. According to a recent report by the Glassnode team, the Bitcoin market has been trading lower for eight weeks, making it the ‘longest continuous series of red weekly candles in history.’ Even Ethereum, the most popular altcoin, painted a similar picture. Bearish fluctuations damage returns and profit margins directly or indirectly. To make matters worse, derivative markets forecast shows more declines in the coming three to six months. Derivative Markets Hint At More Pain For Bitcoin According to derivative markets, the prognosis for the next three to six months remains fearful of further fall. On-chain, the report stated that blockspace demand for Ethereum and Bitcoin has dropped to multi-year lows, and the rate of ETH burning via EIP1559 has reached an all-time low. Glassnode calculated that the demand side will continue to face headwinds due to poor price performance, uncertain derivatives pricing, and extremely low demand for block-space on both Bitcoin and Ethereum. The report explains: Looking on-chain, we can see that both Ethereum and Bitcoin blockspace demand has fallen to multi-year lows, and the rate of burning of ETH via EIP1559 is now at an all-time-low. Coupling poor price performance, fearful derivatives pricing, and exceedingly lacklustre demand for block-space on both Bitcoin and Ethereum, we can deduce that the demand side is likely to continue seeing headwinds. Both Bitcoin and Ethereum’s price performance over the last 12 months has been disappointing. Long-term CAGR rates for Bitcoin and Ethereum have been impacted as a result of this. Source: Glassnode BTC, the largest cryptocurrency, moved in a roughly 4-year bull/bear cycle, which was frequently accompanied with halving events. When looking at long-term returns, the CAGR has dropped from almost 200 percent in 2015 to less than 50 percent as of this writing. Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Furthermore, Bitcoin had a negative 30% return over the short term, implying that it corrected by 1% every day on average. This negative return for Bitcoin is very similar to prior bear market cycles. Source: Glassnode When it comes to ETH, the altcoin performed far worse than BTC. Ethereum’s monthly return profile revealed a depressing picture of -34.9 percent. Ethereum likewise appears to be seeing diminishing rewards in the long run. Furthermore, during the previous 12 months, the 4-year CAGR for both assets has dropped from 100% to only 36% for BTC. Also, ETH is up 28 percent per year, emphasizing the severity of this bear. To make matters worse, the derivative market warned of future market declines. Near-term uncertainty and downside risk continue to be priced into options markets, particularly over the next three to six months. In reality, during the market sell-off last week, implied volatility increased significantly. Total crypto market cap stands at $1.2 Trillion. Source: TradingView The Glassnode analysis concluded by stating that the present bear market has taken its toll on crypto traders and investors. Furthermore, the Glassnode team emphasized that downturn markets frequently worsen before improving. However, ‘bear markets do have a tendency of ending’ and ‘bear markets author the bull that follows,’ so there is some light at the end of the tunnel. Related Reading | TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited Featured image from iStockPhoto, Charts from Glassnode, and TradingView.com