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Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) traded lower on Thursday evening along with some other major cryptocurrencies.
However, some of the knockoff coins are seeing strong gains, with Shiba Toby (CRYPTO: SHBT) up 295.2% during the past 24 hours to $0.0000000545.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | +295.2% |
| 24-hour against Bitcoin | +278.4% |
| 24-hour against Ethereum | +285.9% |
| 7-day | -51.1% |
| 30-day | +280.1% |
| YTD | N/A |
For comparison, Dogecoin is down 2.3% during the past 24 hours, trading at $0.1237 at press time. Shiba Inu, the self-described “Dogecoin killer,” has lost 1.6% over the 24-hour period to $0.00002418.
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: Shiba Toby is a token on the Binance Smart Chain (BSC) that calls Shiba Inu its “meme father.”
The project behind the cryptocurrency said its game is in beta testing and will be implemented on the smart contract, enabling game enthusiasts to earn the Shiba Toby token when they win.
The token also plans to launch non fungible tokens (NFTs) shortly.
Dogecoin (CRYPTO: DOGE) traded muted and Shiba Inu (CRYPTO: SHIB) rose on Wednesday evening.
Some of the knockoff coins are also seeing strong gains, with Shiba Toby (CRYPTO: SHBT) up 861.1% during the past 24 hours to $0.0000001194.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | +861.1% |
| 24-hour against Bitcoin | +860.6% |
| 24-hour against Ethereum | +860.9% |
| 7-day | +576.9% |
| 30-day | +116.1% |
| YTD | N/A |
For comparison, Dogecoin is down 0.4% during the past 24 hours, trading at $0.1495 at press time. Shiba Inu, the self-described “Dogecoin killer,” has risen 1.5% over the 24-hour period to $0.00003121.
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: Shiba Toby is a token on the Binance Smart Chain (BSC) that calls Shiba Inu its “meme father.”
The project behind the cryptocurrency said its game is in beta testing and will be implemented on the smart contract, enabling game enthusiasts to earn the Shiba Toby token when they win.
The token also plans to launch non fungible tokens (NFT) shortly.
Read Next: Rumor Circulating That Floki Inu May Partner With Alfa Romeo F1; Developers Won’t Comment
When Bitcoin price is in an uptrend or a downtrend, it is usually obvious and undeniable due to just how powerful things can move. For example, the cryptocurrency soared from $3,800 to $65,000 during the most recent impulse.
Although there was a large setback, a trend-identifying indicator created by the “Father of Trend Following” suggests that Bitcoin is as bullish as ever, and after a defense of an important conflict line, the cryptocurrency is ready to blast off higher.
The Bitcoin Uptrend That’s Not Yet Ready To End
After Black Thursday in 2020, Bitcoin price went on a year-long uptrend that came to a climax this past April around the same time Coinbase Global (COIN) was listed on the Nasdaq.
The first ever cryptocurrency climbed more than 1,500% and reached more than a $1 trillion market cap. The correction wiped out more than 60% of it, and left the market reeling enough to question if the cycle had concluded.
Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe
Mixed signals are everywhere, with many pointing toward a bear market, with others are saying the integrity of the bull market was never quite broken. Sideways price action following the selloff has made the current trend a lot less clear.
However, zooming out using the Donchian Channels technical indicator on monthly timeframes, the uptrend holding becomes a lot more visible – especially when comparing past market cycle tops.
After defending the median, bulls should make a push higher causing the upper band to rise | Source: BTCUSD on TradingView.com
All About The Donchian Channels And How To Use Them
The Donchian Channels indicator was created by Richard Donchian in the mid-20th century. He was later nicknamed “The Father of Trend Following.”
The tool itself is used to help identify trends. An asset begins trending after making it through the median which acts as a line of conflict between bears and bulls. Expansion of bullish or bearish energy then causes the channel bands to widen.
Related Reading | Proof-of-Work: Bitcoin Back Programs That Put Your Money To Work For You
The median is best defined as a “mean” that assets return to after a period of trending. A successful defense of the median, typically results in another wave to the primary trend. If that trend is up, like what Bitcoin price is currently showing, then the upper channel should theoretically expand as prices rises higher.
Past bear markets in Bitcoin began when the median was lost, which caused the asset to trend toward the lower channel band instead. And past bull markets each had several pauses in the upper channel before another push higher was made. Could the recent pullback just be the first of many more to come as Bitcoin climbs toward the eventual climax to the current market cycle?
Donchian Channel on the monthly says #Bitcoin still plenty bullish after defense of the median. Donchia-say you weren’t warned. pic.twitter.com/LMPwBGR5RP
— Tony “The Bull” Spilotro (@tonyspilotroBTC) August 18, 2021
Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
Meme coins are rallying with the best of them as bitcoin, which has a 46.2% dominance rate, continues to dictate the direction of the market. Dogecoin and fellow dog-themed cryptocurrency Baby Doge Coin are riding the bitcoin-fueled tide higher, but they each have catalysts of their own that warrant a rally.
Baby Doge soared as much as 54% in the last 24 hours after a roller coaster of a week. This meme coin was created to outperform its meme father Dogecoin on transaction speed and its deflationary nature.
In early July, Baby Doge burned 10 quadrillion coins — valued at USD 7.2 million at the time — to mark its one-month birthday and in a nod to Elon Musk’s tweet about the cryptocurrency. Coin burns take those tokens out of circulation and fuel the scarcity narrative.
Baby Doge Catalyst
Baby Doge Coin has managed to get on the radar of Gate.io Exchange, which is ranked among the top 10 cryptocurrency trading platforms. Gate.io will perform a free airdrop of BabyDoge on July 22 “to reward platform users.” The offering generated a great deal of excitement in the Baby Doge community, with followers calling for Doge’s meme son to go to the moon. The Baby Doge Coin team touted a Gate.io listing.
For a project that was launched in early June, Baby Doge Coin has been gaining traction. This meme coin’s community has grown to more than 475K holders as of July 20.
Dogecoin Catalyst
Dogecoin is also higher by a double-digit percentage in the past 24-hour period, giving investors something to cheer about after a bout of selling.
The Dogecoin team has been riding the wave of space travel, now that Richard Branson and Jeff Bezos have both successfully completed their missions. Dogecoin investors are hoping Elon Musk will be the charm, as the SpaceX founder recently vowed “to put a literal Dogecoin on the literal moon.”
Dogecoin has not only captured the attention of billionaire Musk but also consumer brand AXE, which makes men’s grooming products. AXE on July 20 distributed “DogeCans” to fans for free. While the Dogecoin supply might have the potential to be infinite in nature, the cans are not and were part of a limited edition. AXE’s DogeCans are complete gone.
The AXE team is a fan of the Dogecoin project and has been engaging with the community for days in hopes of sending the DOGE price to the moon.
This article was originally posted on FX Empire
More From FXEMPIRE:
A fourteen-year-old native of the Netherlands would prefer to receive his pocket money in cryptocurrency.
What Happened: In a handwritten note shared on Twitter, the teenager asks his father, who owns and operates a Cardano (CRYPTO: ADA) stake pool, to give him his weekly allowance in ADA instead of fiat currency.
Wow I received this from my son of 14 today! #cardano #cardano #smartcontract It basically say he wants his allowance paid out in ADA en calls it a smart contract pic.twitter.com/pPZcpOidTh
— NEO Stakepool (@neo_stakepool) July 12, 2021
“I always hear you speak about your coins and Cardano. Always enthusiastic and with a smile and that it’ll be the future. I have for this reason decided that I would like to get my pocket money in ADA from next week,” said fourteen-year-old Noah in the note.
Noah concluded the note by adding, “Don’t you think this is a smart contract?”
Why It Matters: Staking is a way for long-term crypto holders to earn passive income on their investments by delegating their cryptocurrency to various stake pools.
According to data from Staking Rewards, Cardano has over $29.5 billion in staked value leads as the crypto-asset with the largest amount staked.
Over 69% of ADA’s circulating supply has been staked so far, earning an average reward of 6.63% per annum.
JPMorgan Chase & Co. (NYSE:JPM) estimate that the launch of Ethereum (CRYPTO: ETH) 2.0 could kick-start a $40 billion staking industry by the year 2025.
Read also: What is staking
“Not only does staking lower the opportunity cost of holding cryptocurrencies versus other asset classes, but in many cases, cryptocurrencies pay a significant nominal and real yield,” said the analysts.
Price Action: At press time, ADA was trading at $1.26, down 3.12% over the past 24-hours.
Ethereum was down by 3.91% during the same period, trading at a price of $1,949 at the time of writing.