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Market Summary
Top Stories
Dogecoin Drops After Elon Musk’s SNL Appearance. It’s a Reminder to ‘Sell the News.’
Doge has been stealing headlines and dominating in gains in anticipation of the Saturday Night Live with Elon Musk. Unfortunately, for those hoping to sell their doge for a new car, Elon’s Saturday Night Live appearance led to a 36% decrease in the price of Doge. As most people know, Doge was started as a joke on Bitcoin but it has become a serious investment in this bull market. The Dallas Mavericks have even started to accept Doge as payment for tickets. Personally, I am not a firm believer in the staying power of Doge after the excitement of the bull market has died down. You can look to the past bear market as evidence for this. Not only was the price significantly lower but the developers stopped working on updating the code in 2019.
Shiba Inu And 9 Other Dogecoin Inspired Cryptocurrencies You Should Know About
The recent Dogecoin frenzy has paved the way for other copycats to attempt to capitalize on its moment in the spotlight. One of the successes of those copycats was a coin called Shibu Inu(Shib) which rose 383% on May 8th. Don’t be fooled by the name because this coin is completely different. For one, Shib is an ERC-20 token and they are attempting to be more than just a meme. In fact, they have created their own exchange to buy Shib coin called Shibaswap which will be available soon. Not only that but they are releasing tokens called BONE and LEASH. All three tokens are able to be staked for rewards but BONE is special because it is the governance token for their ecosystem. Something I find interesting is their obsession with Vitalik Buterin and Ethereum. In their whitepaper, they outline how they sent 50% of the total supply to Vitaliks wallet in order to give him the ability to rug them. An unconventional move for a very unconventional crypto.
The Week On-Chain(Week 18, 2021)
On-chain data for both Bitcoin and Ethereum indicate strong conviction to hold both assets remains, as coin maturation becomes increasingly evident, and network activity trends higher. The Ethereum chain in particular has seen a notable boost as it hits another all-time high of 4000$. This activity has followed the gas limit increase which has led to gas prices falling and transaction volumes increasing. The overall throughput of the Ethereum chain has reached a new all-time high this week of 16.5 transactions per second, 3 more than its previous all-time high of 13.5. It seems that investors are taking notice as the number of long-term holders has consistently increased. Another thing that this article points out is how the Ethereum NVT ratio is currently on a downtrend indicating transaction volumes are increasing relative to the market cap.
Decentralized exchange protocol Uniswap v3 goes live on Ethereum
On Wednesday, May 5th, the long-awaited Uniswap V3 went live. Uniswap v3 aims to make the on-network exchange of tokens drastically more capital-efficient by incorporating Concentrated liquidity. It gives individual LPs granular control over what price ranges their capital is allocated to. Individual positions are aggregated together into a single pool, forming one combined curve for users to trade against. One of the most eye-catching to me is that it automatically generates an NFT based on the properties of your LP position.
Square reports $3.51 billion in bitcoin revenue via its Cash app for first quarter of 2021
Square’s Cash App brought in $3.51 billion in bitcoin revenue during the first quarter of 2021, according to Thursday’s earnings release. This news comes as more institutional investors invest in Bitcoin as a hedge against inflation
Continued Reading
Top DeFi protocols generated $252 million in revenue for token holders and users in April
Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG
Decentralized bank unveils new, cutting-edge use case for NFTs
Chart of the Week
This chart which I pulled from Galaxy’s digital’s full report on Dogecoin shows how Elon Musk’s tweets have affected the price of the meme coin. This week, the Texas Blockchain club had the opportunity of hosting Alex Thorne, head of research for Galaxy digital, for a meeting. His report has some very in-depth analysis but if you spark notes version, he believes that as long as Bitcoin and jokes are around that Doge will have value.
Top Tweets
Ross pinned this solemn thought on what makes a true friend. This marks his 2,778 day wrongfully imprisoned.
Deribit introduces an extremely bullish option for traders looking to bet on Ethereums price action. I am extremely on Ethereum but even for me, this is steep.
Matt shares the epic highs and lows, triumphs and defeats of being a doge bull.
Lyn Alden did a rather long report on inflation which couldn’t have come at a better time.
Video of the Week
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Texas Blockchain’s ‘State of the Market’ is a student-led editorial. None of the views expressed by the authors should be taken as the view of the University of Texas at Austin or the Texas Blockchain organization. Furthermore, none of the views expressed should be taken as financial advice in any circumstance.