Today’s Crypto Analysis: BNB, SHIB, UNI, DOGE
Before talking about altcoins, it is important to be informed about where crypto market leader Bitcoin (BTC) stands in the overall scheme of things. BTC rallied on the back of tech stocks over the last week resulting in a moderate 6% gain. Additionally, inflation data has been cooling down giving investors hope that the US Federal Reserve might turn dovish when it comes to future interest rate hikes. However, BTC trade volumes are thin as it got rejected at $21,000 level itself. Volatility has come down drastically for BTC too.
Doge effect
At the onstart of this bear market, several experts critiqued memes coins like SHIB and DOGE cannot survive. With mounting pressures to sell at every resistance in the market, almost all investors lost hope in the meme narrative too. Yet, as fate would love irony, a select few foresaw Elon’s move to takeover Twitter and have made more than 100% gains. This was though clear in hindsight as Elon has been the biggest proponent of DOGE’s utility in the future. On top of that, Twitter has been the hotbed for crypto discussions and Elon’s move just catapulted DOGE to $0.14. However, investors should be cautious as RSI levels indicate overbought conditions and can quickly turn out to be a bad investment at these levels.
Dogecoin’s main rival Shiba Inu (SHIB) also rode the market sentiment by gaining 30% in the past 7 days. SHIB, which has already been accepted in many commercial venues, could greatly benefit if Elon has plans to integrate SHIB into Twitter.
CZ effect
Changpeng Zhao, CEO of world’s leading crypto exchange Binance, has positioned his firm to benefit from Elon’s Twitter buyout plan. And rightly, Binance has backed Elon and made a $500 million investment in Twitter. And, it doesn’t stop there. The exchange has its own blockchain platform and token. BNB (BNB) powers the Binance Smart Chain (BSC) and has a possibility of becoming Twitter’s payment infrastructure. Although it's merely a speculation, the crypto market is reacting positively to the current events. BNB is currently trading near $328 with a 20% gain from the previous week.
Uniswap’s dominance
Uniswap (UNI), one of the leading decentralized exchanges (DEX) in the DeFi ecosystem, has grown by over 140% in terms of volume over the previous month and currently does over $1.5 billion in 24 hours. Though over 95% of coins/tokens available on Uniswap are rugpulls, it remains the most trustable DEX to launch new crypto and to provide liquidity. UNI is currently trading near $7 with a 17% gain in the last one week.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.