Robert Kiyosaki advises selling bitcoin amid its crash, yet plans to buy more, likening his approach to Warren Buffett’s “buy and hold forever” strategy. Vivek Ramaswamy’s chances of becoming Trump’s vice presidential pick have surged by 1,100% on Polymarket. Ripple CEO Brad Garlinghouse criticizes SEC Chair Gary Gensler, warning his actions could affect the election. […]
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Robert Kiyosaki on Bitcoin Crash: Most People Should Sell — He’s Waiting to Buy More, Follow Warren Buffett’s Strategy
Rich Dad Poor Dad author Robert Kiyosaki says most people should sell bitcoin now that the price of the cryptocurrency is “crashing.” However, he affirmed that he is waiting to buy more bitcoin, emphasizing that “all markets go up and down.” The famous author noted that his strategy is similar to Berkshire Hathaway CEO Warren […]
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Exploring Crypto’s Most Expensive Assets: The 5, 4, and 3-Digit Clubs
Throughout bitcoin’s history, the leading crypto asset has traded at five digits per unit for over 28% of its time. In 2022 and 2022, bitcoin (BTC) and yearn finance (YFI) were the only two tokens trading in the five-digit range; however, currently, only bitcoin maintains that status. The following is an overview of the most […]
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Floki Floats 22% On Marketing Blitz, Aims For ‘World’s Most Used Crypto’ Title
Floki, the self-proclaimed “Doge Killer,” is taking a bite out of the memecoin market with a bark and a marketing blitz. The Shiba Inu-inspired cryptocurrency announced plans for its most aggressive marketing campaign yet, sending its token price skyrocketing.
Floki’s Aggressive Marketing Push
Floki’s marketing director, Sabre, remained tight-lipped about the specifics, but promised the upcoming effort would dwarf anything they’ve done in the past two years.
This news, coupled with the announcement of Floki futures trading on Coinbase coming May 30th, fueled a 24-hour price surge of 22%, propelling Floki to the top of the memecoin heap.
Shout out to those with longer term memories that know what to expect from #Floki and our moves.
With the experience and knowledge to navigate the toughest challenges, we are gearing up to announce our biggest marketing activations in over 2 years across the coming months pic.twitter.com/UOo4awAD8o
— Sabre (@SabreEthereum) May 27, 2024
This is basically Floki strapping on its jetpack and aiming for the moon. The marketing blitz shows they’re serious about taking over the memecoin space, and Coinbase listing futures is like getting a thumbs-up from the crypto trailblazers themselves.
According to Sabre, the upcoming marketing push will help Floki in “dominating” the memecoin field and achieving its objective of becoming the “most widely utilized cryptocurrency in the world.”
Floki isn’t the only dog chasing its tail in the memecoin race. Coinbase is also adding rival memecoins Shiba Inu and Bonk to its futures roster. But with Floki leading the pack in price gains, it seems to have stolen the early show.
The price rally marks a significant turnaround for the coin. After bottoming out in April, the token has been on a steady climb, but Monday’s announcement ignited a breakout, pushing prices to an 11-week high. This represents a staggering 160% increase since mid-April.
However, analysts caution that Floki’s victory lap might be premature. The memecoin market is notoriously fickle, and external factors like economic headwinds and the ever-present threat of dogecoin dominance could throw Floki a curveball. Additionally, the success of Floki’s marketing campaign remains a mystery.
Floki: Market Performance
The memecoin’s most recent major marketing campaign targeted visitors in New York’s Times Square, where the brand was emblazoned on screens near the Nasdaq billboard for two months, starting on March 15.
Today, the price of FLOKI is .00027, with a 24-hour trading volume of ,025,844,340.44. This marks a 27.82% increase over the past week. With a circulating supply of nearly 10 trillion, the market cap stands at .6 billion.
Featured image from iStock, chart from TradingView
Most Important Bitcoin Indicator Nears Bullish Flip: $150,000 Soon?
In a recent analysis, James Coutts, Chief Crypto Analyst at Realvision, signaled a potential bullish turn in Bitcoin’s near future, attributing the forecasted change to shifts in global liquidity measures, specifically the Global Money Supply (M2) index which is widely seen as most important price catalyst. Coutts detailed this anticipation in a thread on X, where he examined the relationship between major economic indicators and Bitcoin’s price cycles.
Global Money Supply And Its Correlation With Bitcoin
Coutts’ analysis begins with the M2 money aggregates, which consist of cash, checking deposits, and easily convertible near money. He tracks these aggregates across the 12 largest economies, all adjusted to USD. This measure, he suggests, is central to understanding liquidity flows within the global fiat, credit-based financial system. According to Coutts, “The money stock often moves in one direction, with significant drops like those seen in 2022 being rare and typically brief.”
Currently, the Global M2 is neutral, but Coutts predicts imminent changes: “There is a sea of red across my macro & liquidity dashboard, but signs are emerging that this is about to change. Global M2 holds the key for the next leg of the cycle due to its high correlation with $BTC bull cycles.”
The rate of change in M2 money supply is more critical than its nominal value. Coutts noted, “The chart confirms what our MSI performance table suggests: Bitcoin usually moves with shifts in M2 momentum.” He explained that despite the global money supply MSI indicator being in an uptrend, the momentum remains sluggish, maintaining a Neutral MSI. For a shift to a bullish MSI signal, an increase in momentum is necessary, requiring a combination of dollar depreciation, credit expansion, and increased government debt issuance.
Coutts pointed out the crucial role of credit conditions, as evidenced by corporate bond spreads (BBB/Baa) compared to the US 10-year Treasury yield, which have historically aligned with significant inflections in Bitcoin’s cycle. “These spreads are currently narrowing, indicating that corporations are managing to issue and roll over debt despite the high interest rates resulting from the record hikes in 2022 and 2023,” he observed.
Using the chameleon trend indicator on the corporate spread index, Coutts suggests a strategy: “Long Bitcoin when the index shows a bearish trend (red) and stay alert for potential trend reversals (turning green).”
The Role Of the Dollar And Future Outlook
A key to this cycle, according to Coutts, is the behavior of the DXY (Dollar Index), which measures the US dollar against a basket of foreign currencies. “The Dollar is range-bound. A break below 101 would be rocket fuel for Bitcoin,” he asserted, emphasizing that market sentiment on liquidity is often reflected in real-time by DXY movements.
Coutts also touched upon the US debt situation, suggesting that without a conservative shift in Congress advocating for fiscal responsibility, more deficit spending is likely on the horizon, which could further influence liquidity conditions favorable to Bitcoin.
Coutts concluded with a note of caution mixed with optimism: “While my framework needs 2/3 MSI indicators to turn Bullish for macro headwinds to turn into tailwinds, Bitcoin price action will probably sniff out this inflection in the macro before most indicators react.”
His analysis suggests that if Bitcoin breaks above its all-time highs, it would be unwise to bet against it, anticipating potential climbs towards 0,000 in this cycle. “The DXY holds the key to the Bitcoin cycle as it prices in mkt expectations on liquidity in real time. And liquidity is coming. Watch the 101/102 level on DXY If that breaks, then we should see ~0k btc this cycle,” he remarked.
At press time, BTC traded at ,090.
Coinshares Reports Its Most Successful Quarter Ever in Q1
Coinshares International Limited, a European investment company specializing in digital assets, has announced its Q1 2024 results, marking the most successful quarter in the company’s history. The company reported a 216% year-over-year (YoY) increase in revenue, gains, and other income, and an over 4x YoY increase in adjusted EBITDA. Total comprehensive income increased by over […]
Bitcoin News
Crypto Traders Discuss Why Memecoins Have Been 2024’s Most Profitable Narrative
Journalist and host Laura Shin interviewed crypto traders Ansem and Kel, known on X as blkoiz06 and Kelxyz, for her Unchained Podcast. They discussed why memecoins had become the most profitable crypto trade this cycle and what the future might hold for the sector.
Is There Value In A Memecoin?
To begin with, Shin asked the traders whether there was substance in tokens based on memes, as it has been a big argument against them. To Ansem, people “think too hard” about the value of memecoins as projects. Moreover, he considers there’s no real gain in comparing whether other altcoins deserve or have more value than meme-based tokens.
Why Memecoins Have Been 2024’s Most Profitable Crypto Trade: Ansem and Kelxyz
Dive into the wild world of memecoins with @blknoiz06 and @kelxyz_!
Discover how Ansem and Kel trade memecoins, the risks and rewards, and their predictions for the future of memecoins
Plus,… pic.twitter.com/QovysNwAGP
— Laura Shin (@laurashin) May 7, 2024
Ansem further explains that the crypto community is “very internet-centered,” with its members being “internet people” since crypto’s origin. As a result, the community is knowledgeable about the financial aspect but is also knees-deep in online culture.
The trader believes “there’s value in memes and culture on the internet.” People in the community are “financializing” meme virality and realizing that it’s a possibility with crypto.
Shin jokingly added that if this trend had been popular in 2016, the Drake meme creator would be a “bazillionaire” by now. The host seemingly referenced the still-popular meme that originated from Drake’s Hotline Bling music video.
Agreeing with this argument, Kel asserted that, over the last 20 years, many trillion-dollar businesses have capitalized attention as their “winning trade businesses idea.”
All these trillion-dollar businesses (…) facilitate directing attention and the way they’ve done that successfully has been, oftentimes, via memes. One could even make the argument that memes are the core engine of the entire Internet.
The Risks And Criticisms Of Memecoin Mania
To understand why memecoins have become the narrative of Q1 2024, the traders discussed the risks and arguments against the tokens.
One of the biggest criticisms of memecoins is their high-risk nature. Because they are much smaller and not backed by institutional money, they can “be riskier” and “more easily go to 0.”
Despite this, traders consider that many investors, especially new ones, find memecoins attractive because they have the potential to give 100x to 1000x returns.
Moreover, losing money is not exclusive to memecoins. To illustrate his point, Ansem compared the people who bought Doge’s top to those who bought Bitcoin at ,000 last cycle before it fell to ,000.
To the trader, how much a token can drop and investors buying the top is part of the general market dynamics instead of a characteristic of memecoins. However, he clarifies that there is better criticism of the sector.
Ansem considers the shady behavior behind the projects’ teams a crucial issue to address. To him, a framework could prevent creators from controlling a large supply of the tokens and dumping them immediately after launch or rug-pulling investors.
In the replies to the podcast, a user argued that the reason behind the recent frenzy is driven by “the Financial nihilism and the lack of liquidity that the youth has.” Adding that investors are “Buying a mere coin is like a lottery ticket.”
It is worth mentioning that trading memecoins like lottery tickets is not an unseen phenomenon. On-chain research platform Lookonchain recently reported a trader seeing 4,906x gains in one day by precisely doing that.
This guy won a 4,906x lottery ticket today, so lucky!
He trades MEMEcoins like buying a lottery ticket, investing 0.1/0.2/0.3 $SOL for each #MEMEcoins.
He invested 0.2 $SOL() in $AGORA today, then sold 2M $AGORA for 0K, with 959K $MILK(worth K) left.
So he turned … pic.twitter.com/fnJDQnavfI
— Lookonchain (@lookonchain) May 7, 2024
Per the report, the trader invests 0.1/0.2/0.3 SOL for each memecoin. Yesterday, the investor turned into 7,000 by turning 0.2 SOL into 2 million AGORA.
What’s In Memecoins’ Future?
When asked what is in store for the sector, both traders concurred that memecoins are not going away. To Ansem, the community behavior towards memecoins is like that of NFTs last cycle. With NFTs, investors felt like they were part of a community and were working towards developing it.
The shared experience of relating is another crucial factor in the craze of meme-based tokens, as seen in communities of tokens like Dogwifhat (WIF).
Adding to that idea, Kel asserted that “all memes will become coins” in the next ten years. Moreover, the trader wouldn’t be surprised if “the creation of a meme was natively financialized” by then, as the trend of financialization of things continues to increase.
Ultimately, he believes the sector is in the early stages of this trend as the community tries to “capture the moment of a meme” and capitalize on it now that crypto has made financialization “trivial from a tech perspective.”
Most FTX Creditors to Receive Over 100% Repayment, Court Document Shows
FTX is poised to repay nearly all its account holders fully, according to a reorganization plan presented in court. The bankrupt cryptocurrency exchange has raised about billion mainly by selling investments from itself and its affiliate, Alameda Research. This fund will ensure payments of 118 cents on the dollar for 98% of creditors with […]
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Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential
As the crypto market exhibits signs of a burgeoning altseason, crypto analyst Alex Wacy has shared a strategic forecast with his 175,000 followers on X. Wacy predicts a selective yet explosive growth phase for altcoins, emphasizing the critical nature of asset selection and market timing.
Crypto Market Outlook And Asset Selection Strategy
Wacy’s recent thread underscores the anticipation of a massive altseason: “Only ~15% of altcoins will bring 10-100x in this hyper growth. Asset selection matters more than ever. One slip-up, and you’re out.” His analysis highlights the potentially selective nature of the upcoming market phase, suggesting significant disparities in performance among altcoins.
Wacy believes the market is currently undervalued and primed for a significant uptick. He suggests that the consolidation of the total altcoin market cap above 0 billion would confirm the bull trend, signaling the onset of altseason. This perspective is rooted in current market behaviors where sentiment remains largely bearish, presenting a contrarian opportunity for growth.
He categorizes the current sentiment into three types of capitulation—price, time, and growth—indicating varied investor behaviors that often precede market recoveries. The prevailing fear of further drops, according to Wacy, will likely clear out weak hands, setting the stage for a supercycle driven by Fear of Missing Out (FOMO) and subsequent strong buying activities.
Top 6 Altcoins With The Most Potential
#1 And #2: WIF as well as PEPE are the memecoins highlighted by Wacy as potential early movers in the anticipated altseason. “Look at WIF and PEPE, structurally similar to DOGE during its meteoric rise. These coins have cultivated a community and meme appeal that could very well parallel SHIB’s market cap in the previous cycle,” Wacy asserts. He notes that PEPE appears particularly poised for a breakout, whereas WIF, though currently weaker, has the potential for quick shifts in market sentiment.
#3 Ondo Finance (ONDO): This Real World Asset (RWA) focused coin is characterized by its robust buy support during price dips. Wacy sees ONDO as an undervalued asset with a significant upside. “ONDO has a resilient buy floor; even slight retractions to around .64 could offer lucrative entry points ahead of substantial upward trajectories,” he advises. His first target is the .62 price zone.
#4 Arweave (AR): Known for its decentralized data storage solutions, Arweave is praised by Wacy for its strong market structure and resilience during downturns. Moreover, Arweave is building AO, a decentralized computer network which can be run from anywhere. “Arweave isn’t just storage; it’s a foundational technology in a decentralized future. A consolidation above would likely be the catalyst for an explosive growth phase,” he predicts.
#5 Echelon (PRIME): Wacy discusses PRIME’s multifaceted ecosystem, which encompasses a trading card game and an AI-powered game, both of which are gaining traction. “Echelon stands at the confluence of gaming and blockchain technology, attracting a broad audience with its innovative gameplay and decentralized features,” he remarks. From a technical analysis perspective, the PRIME price is near a favorable buying zone from .97 to .5. “Hoping that altcoins are already entering the altseason, would like to see a V-shaped reversal,” Wacy states.
#6 Ethena (ENA): This synthetic dollar protocol offers an alternative to traditional banking and is poised for growth. “Ethena’s pattern on the weekly charts typically precedes major price movements. With the next major unlock event slated for April 2025, the buildup could be substantial,” Wacy explains. He likens ENA’s current price trajectory with the one of SEI.
Strategic Profit-Taking
Wacy also provides strategic advice on profit-taking, anticipating that the altcoin market index, TOTAL3, could ascend to between trillion and .3 trillion during the altseason. He suggests considering partial profit-taking once the market reaches approximately .6 trillion. His rationale is based on historical patterns where many investors fall prey to greed, resulting in substantial losses.
The analyst further advises preparing a profit-taking strategy in advance, advocating for the reservation of 10-15% of positions for potential further growth beyond initial targets. He warns that the last surge in a growth phase often triggers excessive greed, suggesting that recognizing such signals could be crucial for timely exits before the onset of bear market conditions.
At press time, WIF traded at .58.
PEPE Chart Heats Up: Crypto Analyst Calls It One Of The Most Attractive
Cold Blooded Shiller (@ColdBloodShill), a well-known figure in the crypto analysis community, recently shared a technical analysis of the PEPE/USDT pair on Binance, marking it as one of the most promising charts in the current market landscape. With his analysis, posted to his 272,000 followers on X, he describes the potential movements of PEPE, both bullish and bearish, as it approaches a critical juncture on its trading chart.
Why PEPE Is One Of The Most Attractive Crypto’s Right Now
The chart, set on a four-hour time frame, details PEPE’s price action and its interaction with significant technical levels. A key focal point of Shiller’s analysis is the resistance-turned-support zone between approximately .0000063 and .0000062. This level, highlighted in green, previously acted as a strong resistance zone, and its conversion to support suggests a foundational shift in market sentiment towards PEPE.
Moreover, PEPE is currently approaching a crucial resistance marked by a descending trend line in red, indicating a potential breakout point. However, Shiller cautiously notes that while the asset is on the verge of breaking this downtrend, there’s a risk of what he terms a “fakeout.” This scenario could see the price initially breaking above the trend line only to retract back below it, potentially leading to a decline of about 13% towards the established support zone at .0047423.
Should this support hold against market volatility—a common challenge in the crypto trading sphere—it may serve as a springboard for PEPE. Shiller speculates a possible rally that could result in a 47.47% increase from the support level, targeting an upper price level of .000011. Such a movement would not only confirm the strength of the current support but also signify a strong bullish market phase for PEPE.
The analysis also pays close attention to the Relative Strength Index (RSI) hovering near the 50 mark, a neutral territory that indicates the asset is neither overbought nor oversold. This positioning suggests the potential for significant price movement in either direction, emphasizing the importance of the upcoming potential breakout or fakeout scenario.
Cold Blooded Shiller’s analysis concludes with a nod towards taking a chance on PEPE if it begins to show signs of a firm breakout. His detailed observation and the technical markers he highlights suggest that, despite potential risks, the reward could indeed be substantial should favorable conditions prevail.
“PEPE [is] one of the sexiest looking charts out there right now. Consolidating above it’s former significant level. Does it have the chance for lower and some fuckery with a fakeout? Yes. Is it worth the opportunity shot if it starts to breakout? Absolutely yes,” he stated.
At press time, PEPE was trading at .000006976. Thus, the meme coin is approaching the 200-EMA at .000006677. If this support does not hold, a retest of the red support zone seems plausible.