Cryptic ball: here's to the crazy bets.
The crypto market is up 3.5% over the past day. This may seem little, but if you look at the majors you'll see how BTC is testing the key $63k resistance and how ETH has just printed a new all-time high, finally conquering the $4500 mark - on top of news CME will launch ether futures this December 6th (oh, the December 2017 vibes!). So far, this ascend is going smoothly, with few taking notice, but it will soon enter the same parabolic mode experienced by smaller alts.
Take the case of Loopring's LRC, a Layer 2 scaling solution for Ethereum initially focused on DEXs. It's up 4.7x in the past seven days, having pumped 100% yesterday alone. The move follows rumours that GameStop the gaming company behind the popular GME stock ticker, will somehow use this protocol for its blockchain integration plans, namely an NFT marketplace.
I feel the train is past us, at least until more investigation surfaces, but you know how powerful the WallStreetBets crowd can be. These were the guys that mooned AMC and GME last year, and their cult following can create trends that last. However, if you decide to ignore the principles of responsible investing and follow the hype, please consider that if the rumours are disproved, then LRC will dump hard. As always, remember to do your own research and have a plan in place!
Visual block: here's to the new funds.
Three things: here's to the metaverse pump.
- Jeff Dorman covers the trickle-down effect brought by Meta.
- Mario Gabriele made a great briefing on DAOs and how these organisations are "absorbing the internet".
- Hayden Capital produced a 73-page research memo on Coinbase's stock. They believe it will continue to grow multiple-fold.