🧘♂️IDENTIFIED: Top 3 Altcoins
Market Meditations | September 6, 2021
Don’t underestimate SOL, FTT and…
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? What a great time to learn more about crypto. BTC is holding its ground and ETH is approaching new ATHs! We have a lot to talk about…
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Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
Starting to see some sort of breakthrough out of the 0.618 area. We have had one solid daily close above and hoping to see continuation from here.
Just looking for one more solid daily close of confirmation; a green daily close.
Best scenario? A jump up in price from here.
Next major resistance at $60k level.
Final level of resistance at $4k. Thereafter, price discovery.
Remember, ETH underperformed last time so it is likely to outperform BTC if we break this resistance level.
$4k is a significant resistance level and BTC has a bit more room to run until $60k resistance level (in an uptrend scenario) as such there may be an argument to be made that BTC is a more interesting play for now.
We would think that given SOL has been in a parabolic uptrend for so long, there are better plays. However, we also thought that when it was $130 and it continued to pump…
Now this is what we have been talking about since below $50.
This has been our favourite play for a long time now. It played out beautifully.
Next best aggressive entry? Retracement from here at around $70. $60 for a more conservative play but good luck getting that…
Once a link marine, always a link marine. Paying attention to potential reversal.
From the high of around $53 we have seen a bit of an underperformance and now we see potential for reversal.
Paying attention to the 0.618 level or more conservatively, $40 and then we may look for a reversal play.
Some people might consider an entry here too late. To them we might respond that we entered SOL when it was about $50. There too people suggested the entry was too late. It’s currently increased 3x in value to reach $150.
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? Bark at the Moon
How many shares of doggy coin do you have? Ethereum creator Vitalk Buterin recently weighed in and gave his advice for the future of the meme coin last week, pushing it toward a progressive future. Doge also grabbed attention in the NFT art world, as the most famous Doge-related image was fractionalized, resulting in record numbers for the recognizable portrait.
✅ TIP: When an NFT is fractionalized, it is first locked in a smart contract. That smart contract then splits the ERC-721 token into multiple fractions in the form of ERC-20 tokens. Each fraction represents partial ownership of the NFT. Main benefits? Assists price discovery, provides liquidity and democratizes ownership.
Buterin recently opened a forum via Twitter offering to answer questions for the 268 users he follows. One question from Zhu Su focused on Ethereum/Doge cooperation. Vitalk’s response referenced Doge’s “non-greedy” ethos, and levied hopefulness that it would switch to proof of stake soon.
In August, Vitalk joined the Dogecoin Foundation, a nonprofit which aims to support the cryptocurrency with advocacy and trademark protection. The foundation aims to continue the progression of Doge from its meme status to a useful and dominant force within the crypto world.
PleasrDAO, a collective of DeFi industry leaders, NFT collectors, and digital artists recently fractionalized the image of “Kabosu” into almost 17 billion tokens ($DOG). It then auctioned 20% of these tokens in a sale on SushiSwap’s Miso platform. On Friday it was reported the valuation of the NFT neared $550 million.
Doge continues to make waves. More importantly, the recent tokenization of its mascot proved the demand for partial ownership of NFTs is very real. Love it or hate it, Dogecoin continues to prove its relevance in the world of cryptocurrency.
⚽️ NFL Missing Chance To Score Big
Many sports leagues and players are partnering up with your favorite crypto exchange or beginning to make their own NFTs. Everyone is taking advantage except the National Football League (NFL). Being the largest televised professional sports league in the United States, the NFL stood to make a lot of money from crypto sponsorships. The NFL is Passing an Opportunity:
The NFL is putting a hold on crypto and NFT engagement for athletes.
The NFL’s policy does not allow sponsorships with firms “whose primary business is providing investment advisory and or fund management services in connection with cryptocurrency…”
What does this mean?
It is unclear what this means for NFL stars such as Tom Brady, Patrick Mahomes, Odell Beckham Jr., or Saquan Barkley who have either partnered with crypto exchanges or have set up NFTs to market their brand already. Will they have to cut ties with their current sponsorships? Will they be allowed to continue since they beat the NFL’s policy? Only time will tell.
On Mondays, our ‘Scan The Week’ section is designed to show our community what events and headlines we will be keeping an eye on.
Monday, 6th September
?YGG KuCoin Listing
Yield Guild Games is a DAO for investing in NFTs used in virtual worlds and blockchain based games. The goal is to create the biggest virtual world economy and optimize its community-owned assets for maximum utility and sharing its profits with its token holders.
Tuesday, 7th September
?Raydium Grape Protocol
GRAPE protocol is a toolset for building token-based membership communities on Solana. The first of these tools, GRAPE Access, creates exclusive membership portals for NFT and token holders of the most popular Solana projects today. Grape Protocol will be launching on AcceleRaytor on 7 September.
??El Salvador Adopts Bitcoin As A Legal Tender
Tomorrow, El Salvador will become the first country to adopt Bitcoin as a legal tender.
Wednesday, 8th September
⚙️EverOwn DApp Release
EverOwn increases projects’ longevity by allowing renounced contract evolution with fixes and improvements through community voting. It also gives owners the ability to add a second owner to the contract.
✅ Trade-to-Earn your favourite Axie
Crypto.com is giving away 4 Axies worth up to USD 12,000 of ETH in a special lucky draw. Trade at least USD 100 of AXS or SLP every week during the campaign period to participate in the lucky draw.
Thursday, 9th September
?⚖️Algorand Community Governance All Hands
Community governance will enable all Algo holders to participate in the decision making process on the growth and development of the Algorand ecosystem. Join the Alogrand team on Thursday, 9 September at 2PM GMT to learn more.
Friday, 10th September
? Market Meditations Podcast #91: Gabby Dizon
This week we welcome Gabby Dizon, co-founder of Yield Guild Games, a community that helps its members earn money from play-to-earn gaming.
??♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
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