All doge go to heaven
4 min read

All doge go to heaven

B21 Crypto. We help you stomach cryptoassets.

Cryptic ball: 101 pumps.

What a day in the crypto markets. Shortly after midnight UTC, a massive dump happened across the board, with ether dropping ~8% in a couple of hours. Total market cap fell nearly 5% too, but all that has been forgotten already. It's alt season after all and anything can happen. Alas, with Elon Musk's appearance on Saturday Night Live this May 8th, even doge has pumped +50% after that dip!

We've first told you about this event on April 29th, explaining that a dogecoin reference had been confirmed - something which, in bull markets, lead to massive hype around any project. Since then, doge has climbed 100%, or 2x, half of it just today! As you can see below, it now seems it has found a local top at $0.6. But with some days left before Saturday, it seems likely the $1 prophecy will be full-filled!

Chart art: who's scared of profit taking?

Ether's aggressive profit-taking caused record liquidations. Don't lose your capital!
In a bull market, dips provide great buy opportunities. Look at what happened to doge!

Market musings: easy markets don't make good traders.

With ether breaking $3,500 more and more people are getting into the thrill stage of a market cycle. While on the first week of April we were able to safely tell you alt season was about to hit full throttle, and even though we've been writing about how we feel this ride will only hit the brakes in July (even though some people think FOMO for ether might crash things more), it's important to note volatility is increasing and bitcoin is again looking like it wants to cool down bulls a bit.

And, you can't possibly imagine we'll continue pumping straight until London's hard fork is fully priced in sometime in July. So, if you have just started investing or trading in this bull market, please take some time to do the following: 1) learn what is your investment/trading style - here's a good pdf summarising all that; 2) understand scams are increasing in sophistication, so catch-up with this great OpSec primer; and 3) don't trade on your emotions - this means having a trading plan, learning how to use stop orders, and not engaging in panic buying or selling!

Visual block: we've pasted this before and will do it again.

Source: Russell Investments, click on the chart and check the interactive guide! Your correspondent feels we're arriving at the thrill phase, with euphoria happening later in the year.

Three things: reading is money.

  • After Andreessen Horowitz, it's time for Multicoin Capital to announce a new $100 million crypto fund. Learn how the big guys do it here.
  • Curious to know more about Ethereum killers? Start by reading this great overview of Binance Smart Chain from Brave New Coin's Aditya Das.
  • Flabbergasted with Ethereum's success? Check CoinMetric's latest State of the Network to understand where it comes from and how much can it still go on.

Tweet tip: it's not time to short the bulls.

Still, shorting denial is great. The question is whether it's denial or hope!

Meme moment: the sound of bark.

Alex Kr├╝ger is one of Crypto Twitter's best accounts. Give him a follow @krugermacro!

COVID Crypto Relief Fund: made with help from B21.

Click on the image to learn more about this transparent community initiative. Even Vitalik Buterin, Ethereum's founder has donated!

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Legal Notice
Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of guidance in the report will lead to any particular outcome or result.