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Vitalik Buterin And Ethereum Foundation Selling ETH – Will Prices Fall?

Ethereum supporters are confident that prices will break the $2,000 level. However, recent moves by its founder, Vitalik Buterin, and the Ethereum Foundation, the team managing the smart contracting platform, raises concerns, especially from coin holders and traders, on whether the coin has what it needs to break above key resistance levels.

ETH Transfer Raises Concerns Among Investors

On May 5, a tracker, LookOnChain, noticed that Vitalik.eth, the domain associated with Ethereum co-founder Vitalik Buterin, transferred 200 ETH, which is worth about $400,000 at current valuation, to Kraken, a cryptocurrency exchange.

Shortly after that, the Ethereum Foundation also made a much larger transfer, moving 15,000 ETH, worth about $30 million, to the same platform.

 

This has raised concerns among holders, who are worried that the dumping of such a large amount of ETH could further pressure prices.

It’s worth noting that ETH is currently down 13% from its April highs, and sliding.

Ethereum Price On May 6| Source: ETHUSDT On Binance, TradingView

Coin holders, including those of ETH, typically send tokens from time to time. Even so, any transfer to a centralized exchange is interpreted as bearish. Vitalik Buterin might need funds to cover operating costs or even invest in projects. At this time, it is not known why he sells.

In the past, Buterin has sold ETH in batches without causing a significant price drop.

Despite this development, some analysts, including Santiment, believe that ETH may be decoupling from Bitcoin, and that it might soon recover, breaking above $2,000.

According to data from Santiment, a leading on-chain data company, there has been a significant increase in the amount of Ethereum being moved to crypto exchanges over the past few months.

 

Ethereum Sees Increased Adoption

Despite these concerns, there are also positive signs, based on on-chain activity.

A record amount of ETH was burned at the end of this week, thanks to the meme coin craze, and specifically, PEPE. The majority of meme coins run on Ethereum and are being actively moved with higher gas fees, providing a great opportunity to burn ETH and decrease the circulating supply.

 

 

In addition, Ethereum is seeing increased adoption from major companies and institutions, which is driving up demand for the cryptocurrency.

Last week, the European Investment Bank (EIB) announced that it had issued its first-ever digital bond on the Ethereum blockchain, marking a significant milestone for the cryptocurrency.

The increased adoption and burning of ETH due to the meme coin mania could sustain prices above key support levels in the days ahead. Still, it remains to be seen how prices will react in the days ahead.

The sharp drop on May 6, reversing gains of May 5, could anchor the next leg down, forcing even more liquidations towards the $1,500 support line.

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PEPE Market Cap Crosses $1 Billion As Gemini Listing Rumors Spread

Crypto Twitter’s favorite new meme coin Pepecoin (PEPE) has hit another milestone. With an impressive rally over the last 24 hours, the coin crossed the $1 billion market cap mark and has now solidified its position as a top 100 cryptocurrency. But after rallying over 20,000x since its launch three weeks ago, what could be driving this fresh rally for the meme coin?

Gemini Listing Rumors Spurs New Growth

On Thursday, Tyler Winklevoss, one of the co-founders of the Gemini exchange, tweeted a frog emoji that spurred listing rumors in the PEPE community. The tweet which carried only the single emoji was followed up by another tweet with the emoji but this time with the words “sounds rare” added to it.

Following the tweets, rumors quickly spread that the exchange may be planning to list the meme coin which has been pulling in significant volume since its launch. The rumors were further fueled by the PEPE team moving its treasury holdings to a multi-sig wallet.

The reason for this is that larger exchanges oftentimes require team treasury funds to be secured before they are listed. So speculations rose quickly about a possible listing and the Winklevoss tweet has the community convinced that the Gemini listing is coming next.

PEPE Rises 100% In One Day

At this point, it is no longer a surprise when PEPE moves so quickly. But moving from a $500 million market cap to over $1 billion in one day in a bear market is a considerable feat. Nevertheless, that is what the meme coin did.

Data from on-chain aggregator CoinGecko shows that PEPE’s price moved from a price of $0.00000114 which it opened the day with to a new all-time high of $0.00000310. This brought its market cap to a peak of $1.1 billion.

Pepecoin (PEPE) price chart from TradingView.com

If the Gemini listing rumors are true, then the meme coin could be gearing up for a run to $2 billion just off the listing alone. Its 24-hour trading volume of $800 million is also significantly higher than that of its largest competitors, including Dogecoin at $253 million and Shiba Inu at $94 million.

The meme coin has already been listed by Binance in its Innovation Zone and more exchanges are expected to follow suit.

Interestingly, another 6x move from its current price would see the market cap of PEPE flip SHIB, something that would be a considerable feat, making it the second-largest meme coin by market cap. However, for now, PEPE is resting easily as the third-largest meme coin in the market.

The community has also grown rapidly and as of the time of this writing, the PEPE official Twitter has over 233,000 followers. On-chain data also shows that there are now almost 92,000 holders of the less than one-month coin.

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BREAKING: Binance Lists PEPE And FLOKI In Innovation Zone

Meme coins PEPE and FLOKI are finally making their way onto Binance after an impressive run. Both communities have in the past called for the crypto behemoth to list the tokens but the exchange has been quiet about possible listings, until now.

PEPE And FLOKI Make It To Binance

The world’s largest crypto exchange Binance has taken another step toward supporting meme coins as it announced new listings for two of the largest meme coins in the world. In a post on its official website, Binance revealed that Twitter’s new favorite meme coins PEPE and FLOKI will be listed in its innovation zone.

Trading for both of these coins will begin on Saturday, May 6, while deposits for both cryptocurrencies have already been opened as of Friday, May 5. Both meme coins are listed for spot trading across four pairs, including PEPE/USDT, PEPE/TUSDT, FLOKI/USDT, and FLOKI/TUSD.

PEPE, FLOKI on Binance

Furthermore, the exchange revealed that it plans to also allow borrowing on both of these assets. The new margin pairs for FLOKI and PEPE will be available on Isolated Margin and Binance plans to add both of these in the next 48 hours. The Isolated Margin pairs include FLOKI/USDT and PEPE/USDT.

New Listings Trigger Price Rally

Binance posted the announcement on its website in the early hours of Friday and both assets have responded positively since then. PEPE rose to a new high of $0.0000028, crossing the $1 billion market cap, and FLOKI is up 60% in the last day as well.

PEPE price chart from TradingView.com (Binance)

The listings have also sparked a flurry of new activity in both communities, resulting in higher trading volume for both assets. However, while both PEPE and FLOKI hit a milestone with this listing, the win is really for PEPE here, a meme coin that is less than one month old and has already risen over 25,000x.

As the trend continues, it will be interesting to see where this coin ends up. With Binance already showing support by listing it in the innovation zone, it will not be long until other exchanges follow suit.

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Pepe Shakes Off CZ’s Controversial Views On Meme Coins, Shoots Up 709%

Pepe Coin has emerged victorious in the battle against skepticism and doubt, with an incredible rally that left even its harshest critics astounded. 

Despite the naysayers, including Changpeng “CZ” Zhao, the CEO of Binance, who openly expressed his confusion towards meme coins, Pepe proved to be a force to be reckoned with.

The coin has experienced a stunning resurgence, with Coingecko reporting a jaw-dropping 100% rally in just 24 hours, putting its price at $0.00000221.

The momentum didn’t stop there, as the coin continued its meteoric rise, boasting a remarkable seven-day increase of 708%, defying all expectations and proving its worth as a contender in the world of meme coins.

CZ Expresses Confusion Over Meme Coins

During a recent Twitter Spaces conversation, CZ expressed his confusion over the concept of meme coins. Despite this, he stated that Binance’s decision to list such coins is primarily based on user interest and trading volume, rather than his personal understanding of the coins. 

“I personally never really understood meme coins,” the Binance chief said. “There are many successful people who do seem to understand them, including Elon Musk, and others, so we go by users.”

CZ did acknowledge that meme coins like Pepe have recently gained popularity, and while Binance does not base listing decisions purely on hype, they do consider the level of speculative interest surrounding a coin.

Pepe is a recent example of a meme coin that has seen an incredible surge in price since its launch on April 14, with a price increase of nearly 38,900%. While the Binance big boss may not fully comprehend the concept of meme coins, he remains neutral on listing decisions, leaving them in the hands of a separate team at his exchange.

Potential Factors Behind Impressive Rise Of Pepe Coin

Pepe’s incredible price surge can be attributed to several factors. Firstly, the current market is experiencing an upswing, with most coins and tokens seeing a rise in value following the announcement of a 25 basis point increase in interest rates by the US Federal Reserve. 

Pepe Coin’s debut coincided with this market uptick, contributing to its initial spike in value.

Additionally, crypto whales have taken notice of Pepe Coin, with many investing in the latest meme coin. One notable example saw a crypto whale swapping all their assets for Pepe, immediately netting a profit of over $1 million.

Other whales have also used the price surge to lock in profits, resulting in exponential returns on investment.

-Featured image from Twitter/Watcher Guru

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Dogecoin Next Big Hurdle: Barreling Past $0.50 Mark In 2023

Dogecoin (DOGE) is now making serious waves in the investment world as the potential for its value to reach $0.50 in 2023 becomes a hot topic of discussion among crypto enthusiasts and investors alike. 

Despite its humble beginnings, Dogecoin’s popularity continues to soar, and its recent performance has caught the attention of many who are eagerly watching to see if this cryptocurrency can continue its meteoric rise.

Let’s delve into the realm of Dogecoin and examine the route it would take to attain this significant achievement.

From Internet Meme To Investment Sensation

Dogecoin started off as a joke in 2013. But little did anyone know that it would become a phenomenon in the world of cryptocurrencies. Created by two software engineers, Billy Markus and Jackson Palmer, the coin’s logo was inspired by the popular internet meme of a Shiba Inu dog.

Initially, Dogecoin was nothing more than a fun project for Markus and Palmer, but the coin’s popularity skyrocketed when Tesla, SpaceX, and now Twitter CEO Elon Musk tweeted about it in 2020. Musk’s tweet sent Dogecoin’s value soaring, and it has since become one of the most talked-about cryptocurrencies in the market.

In fact, Musk has been a significant factor in the rise of Dogecoin’s value. His tweets about the coin have caused significant fluctuations in its value, and he even referred to himself as the “Dogefather” during his appearance on Saturday Night Live.

Despite its origins as a joke, Dogecoin has become a legitimate investment option for many people.

Is The Moon ‘Within Reach’ For Dogecoin In 2023?

As we look ahead to the future of Dogecoin, many are wondering if the cryptocurrency will reach the much-hyped milestone of half a dollar in 2023. While it’s impossible to predict the future of any investment, Dogecoin has already defied expectations and become a legitimate player in the world of cryptocurrencies.

Dogecoin’s value continues to hold steady, with the cryptocurrency trading at $0.07941 according to CoinMarketCap. Despite a small 1.13% rally in the past 24 hours, Dogecoin has seen a slight 0.48% dip over the past seven days.

After reaching an unprecedented peak of $0.7376 on May 8, 2021, the value of Dogecoin has experienced a significant decline. Whether or not the cryptocurrency will be able to rebound and reach the coveted $0.50 mark remains to be seen, as it depends on a range of factors such as market dynamics, supply, and adoption.

Meanwhile, according to CoinCodex’s optimistic short-term Dogecoin price forecast for 2023, the cryptocurrency’s price could rise to $0.096137 by April 25, before continuing to rise to $0.109626 by May 21.

Perhaps surprisingly, its technical analysis was neutral, with 21 indicators sending bullish signals and nine sending pessimistic ones.

On the basis of past trends, DigitalCoinPrice forecasted that the average price of Dogecoin in 2023 would be $0.18, while in 2024 it would rise to $0.22, and in 2025 it would reach $0.32.

Based on the site’s DOGE price forecast, the cryptocurrency’s value might hit $0.94 in 2030 and rise to a possible $1.30 in 2031.

-Featured image from CoinEdition

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Meme Coin Mania Sweeps The Globe: Top 10 Countries Leading The Craze In 2023

The rise of the meme coin mania in 2023 has taken the cryptocurrency world by storm, and a new report by CoinGecko shows that the trend is most popular in the United States, India, and the United Kingdom. These countries account for over 50% of all meme coin fans this year, indicating a strong interest in these assets.

But the appeal of meme coins continues beyond there. The report also highlights the popularity of these coins in other regions, including Southeast Asia’s Philippines and Malaysia, Nigeria and Morocco in Africa, Oceania’s Australia and New Zealand, and Canada. This diverse mix of countries suggests that meme coins have a global appeal.

From the US to India, The Global Phenomenon Of Meme Coins Takes Hold

The top 10 countries leading the meme coin craze in 2023 make up the majority of interest in these assets, representing 82.9% of all fans. This indicates that even though meme coins may have started as a niche trend, they have quickly gained a following worldwide.

Meme Coins

According to the report, the United States is at the forefront of the meme coin craze in 2023, accounting for a whopping 23.6% of the global interest in these speculative assets. With over 2 million views on the top meme coin pages, it is clear that Americans are embracing this new type of cryptocurrency.

The report shows that the most popular meme coin in the US this year is Shiba Inu, which generated 60.7% of all US interest in meme coins. This is not surprising given the coin’s recent surge in popularity due to celebrity endorsements and high-profile listings on major cryptocurrency exchanges.

Following closely behind Shiba Inu is Pepe, a trending crypto that recently drove 11.8% of meme coin interest in the US. Other popular meme coins in the country include Bonk and Volt Inu, which generated 5.7% and 4.9% of US interest, respectively.

Moreover, India will be the second-largest driver of the meme coin hype in 2023, accounting for 20.3% of all interest across the countries. Shiba Inu is the most popular coin in India, generating 55.8% of the country’s interest in these speculative assets. Baby Doge Coin also received a relatively high share of interest, with 29.9% of India’s meme coin interest.

Floki is the most popular meme coin in the Philippines, generating 26.7% of the country’s interest in these assets. Shiba Inu and Bonk also received similar interest levels at 18.3% and 17.8%, respectively. Baby Doge Coin and Pepe were close behind, with 12.7% and 10.2% share of Philippines meme coin interest, respectively.

Shiba Inu Reigns Supreme

According to the report,  Shiba Inu is the most popular meme coin among investors in 2023, driving 46.7% of interest among the top meme coins. 

Baby DogeCoin is the second most popular, generating 12.3% of investor interest. This is followed by more recent coins, Pepe (9.4%), Floki (8.6%), and Bonk (8.2%). Furthermore, Pepe captured the most interest in Canada, accounting for 26.9% of all interest in the country.

Interestingly, while Dogecoin pioneered the meme coin space, it generated only 61.1% of interest in Morocco and received only minor interest in the other countries surveyed. 

Overall, the report by CoinGecko shows that meme coins continue to gain popularity and are a force to be reckoned with in the cryptocurrency market. As new coins emerge and gain traction, it will be interesting to see how this market evolves and whether meme coins will continue to be a dominant trend in the cryptocurrency world.

Meme coins

Featured image from Unsplash, chart from TradingView.com 

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This Meme Coin Created By GPT-4 Is Now Worth $40 Million, Here’s Why

As the meme coin season continues to unfold, there have been more novel ideas coming out of the space. The most recent one that is catching investors’ attention is a meme coin that was created using the famous ChatGPT-4 artificial intelligence (AI). As the coin continues to rally, let’s take a look at its inception and how it has been able to grow this much.

The Genesis Of Turbo Toad Token

About two weeks ago, a Twitter user that goes by Rhett Mankind posted that they had given GPT-4 a $69 budget with the instruction to create a meme token that become the most successful new meme token. What followed was an interesting thread sharing the process and creation of the token.

After going through different suggested names, Rhett finally settled on the name Turbo Toad Token (TTT) following a Twitter poll where the name emerged as the most popular. GPT-4 further provided the prompts to create AI images for the meme coin, as well as develop the tokenomics for it.

The coin was initially launched by Rhett but failed on the first try. However, the second iteration proved to be successful after a crowdfunding round carried out on Twitter. The website created was very basic but investors quickly latched on to the coin, pulling in around 50 holders with a 69 billion total supply on the first day. This is where it gets interesting.

AI-Generated Meme Coin Grows To $40 Million

The last iteration of the meme coin was launched on Sunday, April 29, and in the next three days, the coin exploded. First, TURBO launched at a price of around $0.00001773, data from Dextools shows, and it has already grown over 10x since then. Its holder base rose from 50 wallets on launch day to 4,474 at the time of writing, with over 14,600 transfers already carried out on the contract so far.

Interestingly, this meme coin has surged faster than some of its counterparts, now sitting at a $40 million market cap after touching a new all-time high of $0.00056 in the early hours of Wednesday. Likewise, its 24-hour trading volume on decentralized exchanges reached over $14 million, making it one of the most traded meme coins on the Ethereum network during this time period.

The project continues to rely on GPT-4 for improvement updates with the most recent recommendation being that more liquidity be added to the token. As a result, the liquidity for the token has grown to $1.4 million as the community clamored to add more liquidity.

As for the token, there is no telling where it goes from here due to the volatile nature of meme coins. However, the support from its community has already seen the meme coin more than double its value in a single day.

Crypto total market cap chart from TradingView.com (Meme coin)

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Is Meme Coin Season Back? Here’s What The Numbers Say

Meme coins are rallying once more with 1,000% increases in a matter of hours now becoming the order of the day. With so many new meme coins performing well in the market, it is starting to look like a repeat of the infamous 2021 meme coin season. However, unlike in 2021, a whole new set of tokens are leading the charge this time around.

Pepe Coin (PEPE) Triggers New Meme Run

Before Pepe Coin (PEPE) launched in mid-April, meme coins had become another fixture in the market, just moving along with the general crypto market trend. However, PEPE would rise from a $50,000 market cap to over $600 million in less than three weeks and what followed was euphoria that triggered another meme coin bull run.

Since PEPE’s success, a number of other meme coins have entered the market and many have found success as well across multiple chains. An example of this is the AIDOGE meme coin that launched on the Arbitrum blockchain around the same time as PEPE and in the two weeks that followed, the price of the cryptocurrency rose over 100x.

Following the performance of both of these meme coins, activity spiked significantly on both blockchains with new coins entering the market. The next two weeks saw the entrance of new players such as WOJAK and SHIBAI, both of which have been listed on multiple centralized exchanges as well.

Ethereum’s decentralized exchange trading volume is now dominated by these new meme coins, as well as the newly listed token pages on both on-chain data aggregators Coinmarketcap and CoinGecko.

OG Meme Coins Take A Back Seat

While it seems the meme season is back in full bloom, the original meme coins are not enjoying any of the action. Instead, cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) are still seeing losses during a time when these new meme coins are performing incredibly well.

For example, DOGE is changing hands at a price of $0.07822 at the time of this writing, with 24-hour losses of 0.84% and 7-day losses of 0.08%. In the same vein, SHIB is down 1.28% in the last day to be trading at $0.000009875. It has performed even worse on the weekly timeframe with a drawdown of 2.97%.

Dogecoin (DOGE) price chart from TradingView.com (Meme coins)

Obviously, investors are looking toward newer meme tokens in a bid to catch the next 100x, and coins like DOGE and SHIB have already grown too much to give such returns. Hence the reason why new meme coins are getting all of the attention right now.

Something investors should keep in mind is the large number of rugs that are also being deployed by scammers to take advantage of unsuspecting profit-chasers. So it is important to research new coins to ensure they are not honeypots or rugs before buying.

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Sad Frogs: Why The Parabolic Pepe Coin Could Flatten By 80%

Pepe coin, the meme cryptocurrency based on the popular internet meme, has become the newest sensation across crypto.

Although it has made early buyers extremely happy – and extremely wealthy – it could soon leave many holders feeling flattened due to a possible 80% correction. Let’s take a closer look.

Feels Good, Man… For Now

What goes up, must come down. The bigger they are, the harder they fall. Regardless of the phrase you choose, there is a lesson related to Pepe possibly on the way.

Few meme coins these days are a bigger deal than Pepe, rising from nothing to into the top 100 cryptocurrencies by market cap in a little over two weeks since its launch.

It’s vastly out-performed meme coin brethren Dogecoin and Shiba Inu, and the dozens of new coins that Pepe’s runaway success has spawned. But after an especially big rally of well over 400% in the last 48 hours, holders who bought he top could ultimately find out what it means to be a sad frog meme.

parabolic pepe coin curve

Predicting A Massive Pepe Coin Crash

PEPEUSDC on Uniswap is one of the first charts to launch on TradingView with the largest amount of price data. Since the chart’s inception, it has brought investors 3,000% ROI. Earlier adopters turned $250 into a cool mil.

Those who bought the top might be at risk of turning a million into lot less, considering the risk of a more than 80% correction. The risk is due to the parabolic curve pictured above breaking down violently.

A rule of thumb in technical analysis is to expect at minimum an 80% retracement of a parabolic rally. Crypto holders would do well to remember that Peter Brandt famously called for an 80% collapse in Bitcoin after the 2017 peak.

After that parabolic rally ended, BTCUSD dropped at full 84% from top to bottom before it was over. Brandt nailed the target over a year in advance. If Pepe coin has topped out after a 3,000% gain, a roughly 80% correction might be due.

But much like Bitcoin then, after the correction, Pepe coin being such a new and hot coin should eventually bring substantial returns again. However, while the greater crypto market corrects, profit taking could aggressively spill into Pepe holders, who have a lot more room to fall compared to the rest of the market. As a result, things could get ugly quickly.

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Shiba Inu Price Sluggish: Is It A Good Time To Invest Or Cut Losses?

Shiba Inu (SHIB) kicked off the year aggressively as it rallied alongside other meme coins. However, as the year progresses, Shiba Inu has experienced a downward trend leaving investors wondering: should they hold or sell? 

Shiba Inu coin’s value on Coingecko is currently at $0.00001027, experiencing a decrease of 3.4% over the last seven days and a more significant slump of 7.8% over the past two weeks.

The question on every investor’s mind now is: what move should they make next with the meme coin?

Key Levels To Watch For Shiba Inu

For traders and investors who want to get a clear grasp of SHIB’s price trajectory, it’s important to remember that there are two key levels to consider: the support level and the resistance level. The support level is currently set at $0.0000095.

Alternately, the resistance level, which is now at $0.00001 at the time of writing, signifies the price at which sellers are expected to enter the market and sell their SHIB holdings, hence exerting downward pressure on the price of the meme coin.

The price of SHIB may signify a negative signal and cause traders to sell if it breaks through the support level. On the other hand, if the price rises over the $0.00001 resistance level, it can be a bullish indicator that buyers are flooding the market and pushing the price higher.

As such, keeping a close eye on these key levels can help traders make informed decisions when buying or selling SHIB.

SHIB’s Growing Community, Shibarium Dev’t Could Make It A Good Buy

Shiba Inu could be an attractive buy this month because of several reasons. For one, its community is rapidly expanding with many supporters believing in the project’s long-term potential. 

Additionally, the Shiba Inu team has been diligently working on a decentralized ecosystem that includes a non-fungible token (NFT) platform, a decentralized exchange, to mention a few.

The Shiba Inu community’s enthusiasm for Shibarium has been apparent in recent posts on the Telegram group “Shibarium Tech.”

While there have been attempts to obtain information about the latest developments from Shytoshi Kusama, individuals have not heard anything as of April 27 despite Kusama’s promise of “big news before May.”

Kusama responded to the community’s eagerness for Shibarium updates by highlighting the transparency of all activities related to Shibarium, including token transfers.

He also emphasized the team’s dedication to making progress and stated that they are working diligently towards their goals. 

According to Kusama, the team is currently in “go mode” and focused on achieving their objectives rather than just hanging out.

Positive updates about Shibarium could have a positive impact on the meme token’s price during the month of May.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)

-Featured image from NorCal Shiba

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Why Bitcoin, Ethereum May Not Be The Best Plays For The Next Bull Market

Since the launch of bitcoin, there have been massive gains recorded by those that got in early and held on long enough. The same was the case with Ethereum, whose market cap grew to the hundreds of billions. However, the growth that these digital assets have already seen over the years, it has put a hamper on how much they can still grow over the coming years. This is why investors are looking elsewhere for larger gains.

Bitcoin, Ethereum Gains Are Lower

Over the last bull market, it became apparent that bitcoin and Ethereum will no longer be able to give the kind of returns that early investors had gotten. During the previous cycle low, bitcoin had dropped to as low as $6,000 but had reached $69,000 during its peak. This was a 10x growth for the digital asset.

The case was similar to Ethereum, the second-largest cryptocurrency by market cap, although it had fared much better compared to bitcoin. It had grown from its cycle low of around $100 to $4,800 at its peak. This was about a 500x growth for the digital asset.

BTC grows 10x | Source: BTCUSD on TradingView.com

However, their already massive growth has been putting investors off of them, not because they are not good investments but because the potential to explode exponentially has been greatly reduced. An example is that from bitcoin’s current price, even if it were to reach $100,000 per coin, it would still be a less than 10x growth.

The same with Ethereum, although the digital asset does carry more potential for larger growth compared to bitcoin due to it being much younger. If ETH were to grow to $10,000 per token, it would barely be a 10x growth.

Altcoins Take The Cake

Altcoins had barreled ahead of market leaders such as bitcoin and Ethereum when it came to gains in the last bull market. Where these large digital assets were doing below 500x, smaller altcoins such as Dogecoin and Shiba Inu had recorded ROI in the thousands.

Mainly, meme coins were notorious for such returns, but altcoins from other spheres had seen the same kind of growth too. FTM is a token that had traded as low as $0.2 and peaked above $3.4 during the bull market. DOGE’s price had made an impressive run-up from $0.004 to $0.7 at the height of its rally.

However, these are only, but a small example of the many ways altcoin had been great investments during the bull market. With the next bull market expected to happen in 2024, it is no surprise when investors are turning to smaller cap tokens in hopes of catching the next DOGE or SHIB.

Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
Featured image from Medium, chart from TradingView.com

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Dog Eat Dog: Elon Musk Leaving Doge Behind For New Dog Coin?

Elon Musk has seemingly left behind the Dogecoin for a shiny new dog coin; Shiba Inu. Shiba Inu is a dog breed. More specifically, the dog that is used in the Dogecoin memes is a Shiba Inu. Given the popularity of Dogecoin, the coin seems to have been created to benefit from that popularity.

The coin is created by someone who is only known by the name Ryoshi. Little else is known about the founder. This is very similar to the case of bitcoin with Satoshi Nakamoto. A moniker that no one has claimed is them to this date.

Related Reading | Crypto Isn’t Money, Annual Economic Report On Bitcoin

Musk posted a cryptic tweet on his Twitter earlier today apparently in reference to a dog breed he’s getting. But the message behind the tweet was received loud and clear by the market.

The tweet simply said, “My Shiba Inu will be named Floki.”

After the tweet went live, the price of Shiba Inu rose quickly. Rising 23% in a couple of hours.

More interestingly is the creation of another dog coin named Floki. The coin seems to have been created after Musk tweeted and now the coin is up a whopping 3,000 percent.

Rise Of The Dog Coins

The billionaire has always been a die-hard fan of Doge. Always tweeting in support of the coin and the project. He calls it the coin of the future. But it wasn’t until a couple of months ago that the billionaire’s tweets started leading the coin to pumps.

With the movement of market prices after his tweets, people seem to have started to hang on to the billionaire’s every word. Putting money into a newly made coin just because he mentioned that he was going to name his dog that.

Shiba Inu price chart from TradingView.com

 

Shiba Inu price pumps after Elon Musk's tweet | Source: SHIBUSD on TradingView.com

This is not the first time that Elon Musk has mentioned Shiba Inu. He made reference to the coin earlier in March when he tweeted that he was going to get a new dog. A Shiba Inu breed. The tweet read, “I’m getting a Shiba Inu. #resistanceisfutile.”

The tweet made no mention of the coin itself. But nonetheless, people took it as such and the coin pumped. SHIB, as the Shiba Inu coin is commonly known, has pretty much followed the pattern of Dogecoin ever since. Rising and falling accordingly whenever Musk tweeted and people bought the coin.

Doge And Subsequent Dog Coins

There have been a number of meme coins made as a nod to the Dogecoin. Coins like the DogeFather, Shiba Inu, ShibaPup, and others. Shiba Inu touts itself as the Dogecoin killer.

These coins have no use cases really. If anything, they are just coins made to pump and dump and make a quick buck from. There is nothing remarkable about the projects themselves.

But the remarkable thing is how these coins seem to gain market value. Coins with seemingly nothing to offer the market somehow end up with a huge market valuation. Shiba Inu currently has a $7.32 billion market cap.

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All of these coins have one thing in common; they are all in reference to dogs.

Dogecoin itself that started all of it was created as a “tongue-in-cheek” joke towards bitcoin and the crypto market. It was not meant to do anything. Even the founders sold off all of their coins early on.

Musk has been talking about getting a Shiba Inu for months now but has still not gotten one. And people are using his tweets to manipulate the market.

Whether Musk meant the tweets to promote to coin is not known. But investors certainly think that’s what it’s meant to do.

Musk has been talking about getting a Shiba Inu for months now but there is none in sight.

Featured image from Observer, chart from TradingView.com