Chainlink could dip towards its 200-SMA close to the $31-mark before attempting a bullish bounce back. BitTorrent Token minimalized its losses at $0.007-support, while XVG could remain subdued below the $0.06-level unless the CMF recovers above the half-line.
Like most other altcoins, Chainlink traded in the red at press time, down by 16.5% in the last 24 hours. On the 4-hour chart, losses were maintained at $32.8-support but a further dip could take place over the coming sessions.
The Awesome Oscillator was below the half-line and bearish momentum could drag LINK towards the $31-mark. The aforementioned level coincided with the 200-SMA and defending this would deny an extended sell-off. The RSI attempted a comeback above 40 and this was a positive sign moving forward. If the price does breach its press-time resistance, a bullish comeback was possible towards $40.
BitTorrent Token [BTT]
BitTorrent registered losses of nearly 10% over the past 24 hours and a single candlewick on the 4-hour timeframe even dropped as low as the 200-SMA (green) at $0.005. The Squeeze Momentum Indicator moved below the half-line as momentum rested with the bears, but volatility was on the lower end. Low volatility could minimize losses around $0.007-support and the price could continue to consolidate within a tight channel.
On the other hand, the MACD showed a bearish crossover and threatened to move below the half-line. If bearishness persists over the coming sessions, BTT could drop lower towards the $0.0057-mark.
After forming a local high above $0.0794, Verge retraced all the towards $0.047-support on the back of bearish cues from the broader market. The OBV has drifted higher over the past week and buying volume would likely continue to push XVG higher once the broader market recovers.
On the downside, the Chaikin Money Flow was below the half-line as capital outflows outnumbered inflows. The lack of capital inflows have generally led to a subdued XVG market and the price could remain below the $0.06-level unless the CMF recovers.
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All hail the Shiba? Rise of Dogecoin pretenders fueled by meme frenzy
Shiba Inu (SHIB) has been the talk of the cryptoverse and mainstream media recently. It is a meme coin themed around the Shibu Inu dog, a Japanese dog breed that Dogecoin (DOGE) is also basing its image on. According to data from CoinMarketCap, SHIB hit its all-time high of $0.0000388 on May 10 after it surged more than 2,500% from trading at $0.00001478 on May 7.
The token has now been listed on most of the major exchanges, such as Binance, Coinbase, FTX, OKEx and even Binance’s Indian counterpart, WazirX. It had also briefly broken into the top 20 cryptocurrencies list by market capitalization. Currently, it has dropped off in the rankings, with a market cap of just over $6 billion. Earlier on May 10, SHIB’s market capitalization hit an all-time high of over $13.5 billion.
SHIB was launched in August 2020, soon after Dogecoin’s hype on TikTok sent the coin to a two-year high. According to its “Woof Paper,” a total of 1 quadrillion tokens were minted, 50% of which was locked into Uniswap with the keys thrown away. The other half, however, was sent to Ethereum co-founder Vitalik Buterin’s wallet in an uninvited fashion.
The intention behind sending 50% of the tokens to Buterin was to ensure price stability since ideally, the demand-supply dynamic wouldn’t allow the price to swing rapidly since one entity owns a large portion of the circulating supply.
However, Buterin gave away over $1 billion worth of SHIB to a coronavirus charity in India known as the India Covid Relief Fund. This led to the price of the coin crashing by over 50% almost immediately as the market began to panic.
Disclaimer: The coins described below are highly volatile and speculative in nature. This article is not an endorsement of these coins. If you opt to trade any of these coins, do so at your own risk.
Dogecoin killers out there? Maybe not just yet
According to the coin’s woofpaper, it claims to be the “Dogecoin Killer,” citing the enormous supply of the token as a differentiating factor between the two. In fact, on May 10, the demand for Shiba Inu grew so much that Binance ran out of ETH addresses since the token is based on the Ethereum blockchain.
Johnny Lyu, CEO of KuCoin — a crypto exchange — spoke with Cointelegraph about the positives of such high demand from retail investors: “It can be considered as a way to quickly learn about blockchain and the cryptocurrency industry. It provides new users with a lower threshold compared to some mainstream cryptocurrencies such as Bitcoin and Ethereum.”
As the token is competing with DOGE, it’s important to assess how it’s performing relative to Dogecoin. At the time of writing, SHIB is trading in the $0.000016 range, amounting to around 10,000% of gains in the last 30 days in comparison to around 300% gains in the same 30 days for Dogecoin, which is currently changing hands at roughly $0.50. Speaking of Dogecoin’s use cases, Lyu further elaborated:
“Dogecoin has a unique cultural symbol along with abundant application cases. For example, SpaceX announced recently that it will launch the DOGE-1 moon mission, and the cost will be paid by Dogecoin. This will allow more people to learn about and use Dogecoin along with Musk’s preference for Dogecoin.”
DOGE crashed by more than 25% following Tesla CEO’s Saturday Night Live appearance where he dropped several references to the meme token. His appearance also led to the price of Tesla dropping 14%, thus losing nearly $20 billion in market value.
However, on May 14, Musk made an announcement that he would be working with the DOGE development team to “improve system transaction efficiency.” This news led to the rebound of the token’s price from $0.38 to trading in the $0.50 range as the community envisions further adoption by brands and firms as payment options available to retail investors.
Jake Wujastyk, chief market analyst at TrendSpider — a technical analysis software company — told Cointelegraph that the DOGE price drop before SNL was not a coincidence: “This flush in price to the mid-$0.30s was conveniently timed right before this announcement by Elon Musk.” He further added:
“Dogecoin moved down to the volume shelf around $0.35 earlier in the week (an area where people who originally had profits in the $0.40s+, were back to break even). This is exactly where technical traders should have expected a bounce as supply dried up in this area (due to a lack of profits held by those that held DOGE around $0.35 originally).”
While SHIB is currently the most talked-about dog-themed meme coin apart from DOGE, there are several other highly volatile and speculative dog meme tokens that are floating around in the cryptoverse, which were launched in the hope to replicate the performance of DOGE.
One of the other coins from the same development team as SHIB is called LEASH. This coin has a limited total supply of just 107,647 tokens. Due to this low supply and the hype around the project, the sister token of Shiba Inu has seen astronomical gains of 6,500,000% since the beginning of May.
Another such coin is Kishu Inu (KISHU), a token themed around Shiba Inu’s distant relative, the Kishu. The project’s white paper speaks of a farming decentralized application in the future similar to SHIB’s upcoming ShibaSwap marketplace where users can swap the token and even earn rewards through staking. The coin is currently changing hands at $0.00000001, posting over 4,000% gains in the last 14 days.
Another coin that is trying to capture the DOGE hype is Dogelon Mars (ELON), a coin based on Elon Musk and his love for space travel. Similar to SHIB’s tokenomics, upon minting, 50% of the supply was sent to Buterin’s wallet address, and the other 50% was locked on Uniswap in a liquidity pool with an Ether (ETH) pairing. ELON is currently trading at $0.00000070 and has posted over 220% gains in the last 14 days.
It doesn’t end there. There are many more projects that are trying to imitate the financial performance of Dogecoin — UnderDog (DOG), Doge Token (DOGET), DogeFi (DOGEFI), DogeSwap (DOGES), PAW Token and ShibaCorgi Token, to name a few. In fact, there is now even a CAT token, which was launched by Netflix show Tiger King star Carole Baskin.
Wujastyk further elaborated on the feasibility of these dog-themed meme tokens: “There are many coins popping up and simply riding the Dogecoin coattails. Most of these coins have no utility at all other than being a vehicle of speculation.” He further added: “These are mostly just coins riding the coattails of the current coin mania. Generally, this does not end well and many new traders will likely get burned.”
Since most of these dog-themed meme coins apart from DOGE are Ethereum-based ERC-20 standard tokens, the hype around them led to additional congestion on the Ethereum network and thus drove up the gas fees. Consequently, the price of dabbling into these coins has now increased substantially.
The blockchain is currently in the process of transitioning to Ethereum 2.0, which will see a proof-of-work consensus model replaced by a proof-of-stake consensus that aims to improve the scalability of the network and thus reduce gas fees for investors. But this process will take some time to conclude.
In the meantime, the general love for dogs and the desire to become quick millionaires like several DOGE investors are leading to meme coins flooding the market. But whether it is just a bubble or if there will be a paradigm shift in crypto due to these tokens remain to be seen. Most likely, Doge will pave the way for these coins and decide their future based on its own adoption and price action.
UK Bitcoin wallet provider Caricoin to create NFT platform for reggae artists
Jamaican reggae artist Bay-C has partnered with Caricoin, a London-based Bitcoin (BTC) wallet company, to create a nonfungible token (NFT) platform for fellow performers in the Caribbean.
According to a report by the Jamaica Observer, the planned NFT platform will allow reggae and dancehall creatives in the Caribbean to gain more from their efforts in the music industry.
The planned NFT platform for musicians in the Caribbean is a further extension of the three-year partnership between Caricoin and the reggae star. Commenting on the plans for the NFT platform, Bay-C stated:
“Not everybody wants to understand how the blockchain technology works, some just want to get the content out; know that they have this NFT, so we’re trying to make it as easy as possible for as many people in the Jamaican and Caribbean creative space.”
According to Bay-C, the planned NFT platform for Caribbean reggae stars will come online before the end of 2021. The reggae star said he is encouraging his colleagues to get involved with NFTs.
The upcoming reggae NFT platform is another example of Caricoin’s continued expansion in the Caribbean. The U.K. Bitcoin wallet company made Jamaica its home back in 2015 and announced plans for a crypto exchange back in 2016.
Bay-C has some previous experience with NFTs, releasing seven copies of one of his songs as digital tokens. The reggae star reportedly plans to expand his NFT foray by releasing digital collectibles as part of his second full album, King Bass.
Owners of the King Bass NFT collection will reportedly gain access to redeemable and unlockable content as well as coupons and playing cards.
Musicians and other celebrities continue to delve into NFTs, releasing digital collections leveraging on their personal or creative brand identities.
Cardano Reaches All-Time High as Founder Pitches to Mark Cuban
Cardano, the fourth-largest cryptocurrency by market capitalization, reached a new all-time high on Sunday, one day after Charles Hoskinson engaged in a conversation with Mark Cuban around the topic of Cardano’s potential.
ADA, Cardano’s token, has gained more than 60% in value over the past 2 weeks according to CoinGecko data, reaching an ATH of $2.45 on May 16th at a time when projects using Proof-of-Work (PoW) consensus protocols like Bitcoin experienced a steep drop in value.
Long seen as one of the biggest potential alternatives to the Ethereum network despite not having completed the development process, Cardano is now gaining traction as news of Tesla’s decision to stop accepting Bitcoin due to environmental concerns continue to affect projects relying on PoW.
While Ethereum will be transitioning to a Proof-of-Stake consensus protocol with the release of Ethereum 2.0, the network still uses a PoW approach that might have prevented it from being considered as a reliable alternative at this time.
This barrier should also be added to concerns about the ability of the network to escalate and operate efficiently at a time of high congestion.
Cardano’s latest releases provided developers and users with the option to create native tokens but the platform is still lacking smart contract features. The Alonzo update, which is expected to occur by the end of this month, will add smart contract support and open the doors for new uses of the network.
Hoskinson Pitches ADA to Mark Cuban Via Twitter
Mark Cuban, an American billionaire with a net worth estimated around $4.3 billion, has shown an increasing interest in cryptocurrencies such as DOGE and BTC over the past months.
The Dallas Maverick’s, an NBA team owned by Cuban, even started accepting the popular Shiba Inu-based cryptocurrency as a valid payment method for acquiring the team’s merchandise and tickets.
The entrepreneur started a Twitter discussion by asking his followers if they were” personally, able to use $ADA for anything?”, with thousands of followers quickly providing their opinions and retweeting his question.
You’re breaking my heart mark…. But levity aside. Come by the farm in Colorado sometime and let’s chat.
— Charles Hoskinson (@IOHK_Charles) May 15, 2021
One of such followers was Cardano’s Founder, Charles Hoskinson, who about an hour later replied with an invitation for Cuban to visit him in Colorado to chat about the project.
Hoskinson would later mention that the project has, “five million students in Ethiopia, thousands of assets issued on Cardano, a nice DApp ecosystem brewing for smart contract launch, a new VC model with catalyst, huge community.”
While Cuban seemed to find this information interesting and recognized Hoskinson’s status as an “ETH OG”, he also shared his belief that the platform was still not “there yet” in terms of applications while also mentioning the lack of smart contract functionality.
All Eyes are Set on the Alonzo Update
Like Mark Cuban, Cardano critics have been quick to point out that the network still lacks an essential aspect of blockchain technology: smart contract functionality.
This has made the Alonzo Hard Fork one of the most anticipated deployments for the network, as it will allow the network’s users to actually test the claims made by the project’s development team.
Hoskinson also Tweeted a 12-minute video in which he talked about the project’s history, goals, and status, directly addressing it to Cuban.
Mark Cuban Cardano https://t.co/x0zYCeSIRd
— Charles Hoskinson (@IOHK_Charles) May 15, 2021
In the conversation with Cuban, Hoskinson replied to the concerns around Smart Contracts by tweeting:
“We rebuilt the entire smart contract model. It took four years to do it, but it’s necessary if you actually want security and scale. No more DAO hacks, less off-chain code. Consistent operating cost. Furthermore I want all devs not just solidity devs”
This smart contract model will finally be seen with the release of the Plutus Core in the Alonzo update, which the project’s developers assure will provide greater security and flexibility.
With Ethereum 2.0 also advancing on its development, the success of the Alonzo hard fork will prove to have an important impact on how the race between Ethereum and its competitors advances in the future.
Especially at a time when enterprises are paying more attention than ever to environmental-friendly alternatives to Ethereum and Bitcoin.
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