Cryptocurrency

According to Ben Armstrong, the crypto influencer, all meme coins will eventually go to zero, except maybe DOGE. In a recent tweet, Armstrong described meme coin trading as a game of “hot potato.” He advised his followers to take profits from their meme coin investments as often as possible.In an earlier tweet, Armstrong informed his Twitter followers that he rolled over some of his profits from GENSLR and POOH into DINO. According to him, this is his first time being involved in such high-risk, speculative cryptocurrency trading, otherwise referred to as “degen”, short for degenerate.Among the meme coins Armstrong traded, GENSLR rallied by over 200% between May 6 and May 7, 2023. In the 24 hours, the token’s price surged from $0.000000005306 to an all-time high (ATH) of $0.00000003588. As of the time of writing, GENSLR’s price has retraced and traded at $0.00000002976.POOH rallied from $0.00000001341 on May 5 to $0.0000001954 on May 6, 2023, marking a new ATH for the token. Despite retracing after reaching the new ATH, POOH has gained over 96% in the last 24 hours and traded at $0.0000001206 at the time of writing.The kind of quick pump experienced by GENSLR and POOH is characteristic of low-cap cryptocurrencies targeted by investors in degen trading. They are usually very volatile and tend to surge significantly over short periods. However, they are considered high-risk investments because of the tendency of their prices to drop sharply. Hence, Armstrong’s advice to followers is to take profits.Data from CoinmarketCap shows that DINO is not yet in a significant uptrend, and the token has gained only 3.1% in the last 24 hours. However, DINO’s current state qualifies it as an ideal candidate for a significant rally, with a market cap of $234,115 and a growing community.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post All Meme Coins Will Eventually Go To Zero – Ben Armstrong appeared first on Coin Edition.See original on CoinEdition More

The crypto trader and analyst Ali predicted in a tweet this morning that Ethereum (ETH) may experience some sell pressure soon. His post follows the recent spike in the number of ETH deposits made on centralized exchanges, as recently indicated by on-chain data.At press time, ETH’s price was trading at $1,902.60 after a 3.09% 24-hour loss according to CoinMarketCap. This negative daily performance had also flipped the altcoin leader’s weekly performance into the red, which stood at 0.03% as a result. In addition to weakening against the U.S. Dollar, ETH was also down against Bitcoin (BTC) by 1.53%.Daily chart for ETH/USDT (Source: TradingView)The crypto’s price has dropped below the 9-day and 20-day EMA lines in today’s trading session. The wick present above the current daily candle suggests that the sell pressure Ali had predicted has already entered ETH’s charts, as bears attempt to push ETH’s price lower.Before ETH’s price reaches the next key support at $1,800, it will receive some support from the 50-day EMA which was trading at around $1,850 at press time. Should the altcoin’s price reach this level it will either rebound or continue to drop. The recent spike in active ETH deposits on centralized exchanges supports a bearish thesis, however.A break below the 50-day EMA line will leave only the aforementioned support at $1,800 before a drop to $1,670, should the sell pressure continue. However, bulls may prevent the drop to $1,670 and enter into long positions for ETH, given that it has been trading in a consolidation channel between $1,800 and $2,015 for the last 2 weeks.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post ETH Will Experience Short-Term Sell Pressure, Predicts Trader appeared first on Coin Edition.See original on CoinEdition More

The U.S. equities markets have become vulnerable to adverse news on the regional banks, as seen from the sell-off in the past three days. Compared to that, Bitcoin (BTC) has held strong and is hovering near its critical overhead resistance at $31,000. Continue Reading on Coin Telegraph More

Preliminary data from the government for 2023 shows that mining fees collected by April 27 totaled 240 million tenge – worth over $541,000 at the time of writing. The figures are much lower than the 652 million tenge (~$1.5 million) in fees paid in the first quarter of 2022. Continue Reading on Coin Telegraph More

In a Twitter discussion on May 5, Titan of Crypto flagged a rare bull signal on the Bollinger Bands indicator for the Bitcoin monthly chart.Continue Reading on Coin Telegraph More

Amid an ongoing debate over miner costs and susceptibility to Bitcoin price dips, new figures suggest that miners are firmly in the black in the long term. Calculations from on-chain analytics firm Glassnode suggest that since 2010, fees and block reward subsidies have netted miners billions. Miners total all-time income is almost 40% higher than their estimated costs, coming in at $50.2 billion versus $36.6 billion, respectively.Continue Reading on Coin Telegraph More

Fortunately, ChatGPT can help. As an artificial intelligence (AI)-powered chatbot, ChatGPT can offer personalized advice on various financial topics, including budgeting, investing, debt management and retirement planning. By analyzing your financial situation and goals, ChatGPT can provide customized recommendations and insights to help you make informed decisions about your money. Continue Reading on Coin Telegraph More

As previously reported by Cointelegraph, PEPE saw a 2,000% boom in value following its launch in late April 2023. The token’s rally is primarily attributed to zealous memecoin hype, with the project widely shared on Twitter over the past month.Continue Reading on Coin Telegraph More