A swell of positivity for the Merge proof-of-stake helped push Ethereum above US$2k on the weekend, while Bitcoin rose above US$25k briefly.
Both coins seem to have hit a wall at the moment, though, while dog coins helicopter-wag their tails up.
Welcome to Monday in crypto…
Top 10 overview
With the overall crypto market cap at US$1.21 trillion and down a bit since the weekend highs, here’s the current state of play among top 10 tokens – according to CoinGecko.
Look who’s poked its nose back into the top 10.
Elon “The Dogefather” Musk’s favourite crypto, Dogecoin (DOGE) has memed its way past smart-contract platform Polkadot (DOT), which is now sitting just outside at #11 and wondering if that orange speck at No.12 is getting closer. It is.
And that’d be Shiba Inu (SHIB), which is on a tear today and is currently up about 34% over the past 24 hours. What’s with the doggy pumps then? It’s not always easy to tell, but this weird, strangely popular crypto category does often tend to rise as one.
A look at the top-performing memecoins over the past day, for instance, and Coingecko data tells us it’s populated by dog sh*tcoins… using the term in er, the nicest possible way.
Something called Woofy (WOOFY) heads the pack with a 92% gain, while the likes of SHIB, Kuma Inu (KUMA; 38%) Dogelon Mars, Floki Inu, JejuDoge, Akita Inu, Poodl, Australian Safe Shepherd (ASS) and DogeBonk (shall we go on?) are all barking up the right sick-gainz tree.
But as for the headline act, which is Shiba Inu atm (apologies DOGE)… we can at least pinpoint the following token-burning reason, courtesy of this SHIB fan account…
711 Million SHIB Burned in Last Week, Shiba Inu Burn Rate Up 824%
Per the Shibburn website, the SHIB burn rate was showing a rise of 824% as a whopping 292,259,359 SHIB tokens were burned in the last 24 hours. pic.twitter.com/HA8vQEMyvU
— Shib 2022 (@SuhelMemon4) August 14, 2022
One word of caution, though, plenty of traders have been pointing to a head and shoulders (bearish) pattern on SHIB’s technicals, with a daily close needing to confirm above the $0.00013 level for the bullish momentum to potentially continue or at least hold.
Good news is, with the daily close (EDT time) approaching, SHIB is well above that mark at the moment ($0.000017).
DOGE, meanwhile, looks pretty good on the charting for now, having breached upwards through a “symmetrical triangle” that was acting as a consolidation zone for the past few months, as shown below. Possibly pretty bullish if it can confirm that upwards leg-humping action.
Uppers and downers: 11–100
Sweeping a market-cap range of about US$10.4 billion to about US$508 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
• Shiba Inu (SHIB), (mc: US$10.1 billion) +34%
• Chiliz (CHZ), (mc: US$1 billion) +11%
• Dogecoin (DOGE), (mc: US$10.7 billion) +9.5%
• Tenset (10SET), (mc: US$613 million) +7%
• Gala (GALA), (mc: US$545 million) +7%
• Lido DAO (LDO), (mc: US$1.49 billion) -8%
• BitDAO (BIT), (mc: US$678 million) -7%
• Quant (QNT), (market cap: US$1.6 billion) -6%
• Tezos (XTZ), (market cap: US$1.65 billion) -5%
• Maker (MKR), (market cap: US$921 million) -5%
Around the blocks
A selection of randomness and pertinence that stuck with us on our daily journey through the Crypto Twitterverse…
Peter Schiff might just be the biggest gold fan since Francisco Pizarro and is an unrelenting Bitcoin hater, so it’s hard to completely trust his technical analysis here. That said, just to keep an open mind on thoughts from one of the biggest crypto bears around…
Old man draws lines on charts
— Dan Held (@danheld) August 14, 2022
… who incidentally just agreed to put his Euro Pacific Bank into liquidation. And that, unsurprisingly, makes plenty of headlines on Bitcoin-focused sites.
Someone countering that outlook, however, is the noted “global macro trader” Mark Dow, who apparently “perfectly” called the 2017/18 BTC top and bottom, according to popular YouTuber Crypto Zombie.
🚨 #Bitcoin due for a pullback? Possibly…
However, $BTC speculators may be in for a RUDE awakening as legacy indicators flash!!
— Crypto Zombie (@TheCryptoZombie) August 14, 2022
Dow tweeted the following words:
“Bear market is over. Doesn’t matter if we correct, dip, pullback, whatever. It’s over,” adding: “We’re overbought short term, tho.”
This week the benchmark interest rate reached 69.5% in #Argentina. It has increased 1750bp in two weeks. The official inflation rate has surged to 71%. It is expected to exceed 90% by year-end.#Bitcoin is more than an investment. Bitcoin is hope.
— Michael Saylor⚡️ (@saylor) August 14, 2022
Hope, Michael Saylor? Or hopium? Either way, this column’s author is holding his BTC, ETH and various other sh*tcoins, at the time of writing, and maybe even dollar-cost averaging into the top two.
That said, none of anything presented here should be taken as financial advice, of course.
This content first appeared on stockhead.com.au
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