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?
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
According to reports, South Korean police have asked exchanges to ‘freeze’ the assets of the Luna Foundation Guard (LFG), a non-profit organization that supports the Terra (LUNA) cryptocurrency. Luna’s Non-Profit Under Scrutiny The Seoul Metropolitan Police Agency asked multiple exchanges in the country to prevent LFG from withdrawing funds on Monday (May 23, 2022), according […]
Terraform Labs’ founder, Do Kwon has cautioned “LUNAtics” against burning their LUNA tokens.
Popular decentralized exchange (DEX) platform on Ethereum, Uniswap, celebrates a major milestone. Via its official Twitter account, the team behind the protocol announced that it has processed $1 trillion in all-time trading volume. Related Reading | Coinbase Is on a Downwards Spiral and Could Be Taking your Crypto with It As seen below, this metric has been on an uptrend since September 2020. At that time, the protocol processed less than $10 billion in cumulative trading volume. The $1 trillion milestone was reached in less than a year as Uniswap went processing around $250 billion in cumulative trading volume to $750 trillion in March 2022. The metric has been on the rise despite the current downtrend across global markets. The team behind Uniswap stated the following: It’s been one hell of a ride. As of today, the Uniswap Protocol has passed a lifetime cumulative trading volume of $1 Trillion (…). We couldn’t have reached this milestone without the Uniswap community that continues to build alongside us. Here’s to the next Trillion. Additional data provided by the team behind the protocol suggest Uniswap’s popularity has been increasing along with its trading volume. The DEX’s market share surpassed 50% in August 2020 and has reached over 60% since that time. In addition, the number of Uniswap Users recently hit almost 4 million. In January 2021, the metric stood at less than 1 million users. This represents a 4x increase in a little over a year. The inventor of Uniswap, Hayden Adams, added: $1 trillion all-time volume. I don’t tweet milestones as often these days, but four commas blows my mind. Never expected Uniswap to grow the way that it has. Thanks to everyone who has been along for the ride. What’s Behind This Ethereum DEX Success? There are three potential events that have resulted in Uniswap’s increase in market share and popularity. The first in the deployment of its second iteration, Uniswap v2 introduced new features and functionalities replicated across the entire DeFi sector. The second is the launch of its governance token, UNI. The token rolled out around September 2020, when Uniswap’s fundamental began their upwards ascend, and it was airdropped to all users that ever interacted with the protocol. The event marked an inflection point in the adoption of DeFi protocols. The next year, the sector boomed with the introduction of non-fungible tokens (NFTs) into the mainstream and more people onboarding it. The third event was the launch of DEX’s third iteration, Uniswap v3. This version offered more rewards to users with active investment strategies. Today, most blockchain networks can’t exist without a DeFi sector and their own version of Uniswap. Despite its popularity, the DEX and other protocols have been affected by the current downside price action across large cryptocurrencies. Data from Token Terminal suggests Uniswap peaked in September 2021 when its total value locked (TVL) was close to $10 billion and its trading volume followed. Ever since then, this metric has been in a downtrend and currently appears to be consolidating. Related Reading | TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited At the time of writing, UNI’s price stands at $5.57 with a 5.5% loss in the last 24-hours.
Weld Money is getting a boost in its efforts to build a bridge between the world of crypto and fiat with the backing of ZenX Labs, the incubator program of the popular CeDeFi exchange Unizen. ZenX Labs will provide the expertise Weld Money needs to establish its business network, build full compliance around its payment […]
VeChain is a Blockchain-as-a-Service platform that aims to create a “reliable distributed business ecosystem that ensures smooth information flow, efficient collaboration, and high-speed value transfer”….
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Dune co-founder Charlotte Fang has abandoned an NFT initiative dubbed Milady, following a Twitter trolling firestorm. In January, a DAO purchased one of the last copies of Alejandro Jodorowsky’s “Dune,” a documentary made in 2013. The adaptation of Dune by Jodorowsky never made it to the big screen. Without much knowledge of copyright law, this […]
Legion Network, a ‘super app’ aiming to integrate the industry’s best services into one accessible blockchain ecosystem, has announced its official launch. The Legion Network app offers a variety of services ranging from crypto wallets, NFTs, play-to-earn, watch-to-earn, launchpads, rewards, and more. App Features: Legion Wallet – Legion Wallet is a non-custodial solution that allows […]
South Korean officials plan to question representatives from the country’s five largest crypto exchanges about the recent Terra (LUNA) collapse. According to a new report from local news outlet Newspim, Korea’s ruling party will hold an emergency meeting with representatives from Upbit, Bithumb, Coinone, Korbit and Gopax to discuss the ramifications of LUNA’s $40 billion implosion. […]
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Terraform Labs co-founder and CEO Do Kwon has finally listened to suggestions to burn most of LUNA’s hyperinflated circulating supply of over 6.5 trillion tokens. While he’s still against the idea, Kwon has…
Today, we caught up with Bob Ras, CEO, and Co-founder of Sologenic, a foundation that synergizes different financial markets by tokenizing various asset classes on a decentralized ecosystem built on the XRP ledger. The Sologenic team is focused on bringing both cryptocurrencies and non-blockchain assets under one umbrella for the ease of trading. During this […]
The move follows the horrific minting of its metaverse land that briefly “turned off the lights” of the Ethereum network.
Modern educational institutions are mere shells of the learning centers they once were as a result of fiat incentives.
Ariva has become one of the most trending and profitable digital assets of this fall. The development team calls it a token for tourists. In…
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