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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    Blue chip NFTs sink double digits as ETH retreats from record highs

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    What’s Behind the Double-Digit Declines?

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    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

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  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

    What Is Cloud Mining in Crypto? Everything You Need to Know to Start

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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    What Is Crypto Arbitrage and How to Use It in Trading?

    What Is Crypto Arbitrage and How to Use It in Trading?

    What’s the Difference & Which Is Better to Trade?

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Why ‘struggling’ Bitcoin may be good news for market’s memecoins now

June 3, 2024
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Why ‘struggling’ Bitcoin may be good news for market’s memecoins now
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  • Bitcoin discussions seem to be slipping, with traders now more focused on altcoins
  • Memecoin mania going strong, but this could be a warning for traders

Bitcoin [BTC] has retraced almost all of its gains after breaking out past the $67k resistance level on 20 May. It extended upwards to $71.9k, but fell to test $67k again on 23 May.

This consolidation implies that Bitcoin’s bullish strength is not as high as investors would have hoped. In fact, a recent AMBCrypto report explored some relevant Bitcoin metrics, finding that many of them remained bearish.

Memecoins have succeeded in capturing the public interest

Meme Coin Social Dominance

Source: Santiment Insights

In a post on X (formerly Twitter), Santiment shared some insights into the crypto trends on social media. Memecoins have captured more of the public’s attention since mid-April due to their superior performance as a sector.

Tokens like dogwifhat [WIF], FLOKI [FLOKI], and Shiba Inu [SHIB] registered good performances over the past week. Pepe [PEPE] also saw remarkable gains over the past two weeks, with the altcoin up by 63% since 20 April. This came at a time when Bitcoin tried to break past $67k, but did not see a strongly bullish result.

The heavy engagement with memecoins could be a sign that the market is greedy and speculative and not in a phase of organic development, one where the public pursues tokens with good tech and utility.

Now, the Bitcoin ETF inflows have been positive lately and the month of May ended well too. However, it remains to be seen if that is enough to begin another rally this week.

Bitcoin Narratives

Source: Santiment Insights

The data also showed that Bitcoin discussions were sliding downward. According to Santiment, this was because traders have been increasingly fixated on altcoins for potential gains while Bitcoin dithered below the $70k resistance.

See also  Bitcoin: Is a $72k rally in sight as these HODLers refuse to sell?

Large-cap momentum was bullish for the most part

Large-Cap RSI

Source: Santiment Insights

The RSI on the 1-day interval revealed that most of the major tokens were near or above the neutral 50-mark, signaling bullishness. Ethereum [ETH] and Solana [SOL] were the strongest with readings of 67 and 55, respectively.

Meanwhile, Cardano [ADA], XRP, and Avalanche [AVAX] struggled to gain bullish traction on the charts.

Bitcoin Trading Volume

Source: Axel Adler on X

Here, it is also worth noting that the trading volume of major altcoins has fallen dramatically, when compared to March. Crypto analyst Axel Adler pointed this out in a post on X, claiming that Bitcoin’s lack of momentum has been affecting sentiment across the market.


Is your portfolio green? Check the Bitcoin Profit Calculator


The volatility and trading volume behind Bitcoin has declined since March, and the price continues to trade within the range of $60k-$72k. Investors need to be patient, while traders need to watch out for range formations and not get caught out by false breakouts.

Next: ARB vs. OP – Which L2 had the best month of May?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • Bitcoin discussions seem to be slipping, with traders now more focused on altcoins
  • Memecoin mania going strong, but this could be a warning for traders

Bitcoin [BTC] has retraced almost all of its gains after breaking out past the $67k resistance level on 20 May. It extended upwards to $71.9k, but fell to test $67k again on 23 May.

See also  How Spot Bitcoin ETFs Could Catapult BTC Price To $500,000, According To This Crypto Trader

This consolidation implies that Bitcoin’s bullish strength is not as high as investors would have hoped. In fact, a recent AMBCrypto report explored some relevant Bitcoin metrics, finding that many of them remained bearish.

Memecoins have succeeded in capturing the public interest

Meme Coin Social Dominance

Source: Santiment Insights

In a post on X (formerly Twitter), Santiment shared some insights into the crypto trends on social media. Memecoins have captured more of the public’s attention since mid-April due to their superior performance as a sector.

Tokens like dogwifhat [WIF], FLOKI [FLOKI], and Shiba Inu [SHIB] registered good performances over the past week. Pepe [PEPE] also saw remarkable gains over the past two weeks, with the altcoin up by 63% since 20 April. This came at a time when Bitcoin tried to break past $67k, but did not see a strongly bullish result.

The heavy engagement with memecoins could be a sign that the market is greedy and speculative and not in a phase of organic development, one where the public pursues tokens with good tech and utility.

Now, the Bitcoin ETF inflows have been positive lately and the month of May ended well too. However, it remains to be seen if that is enough to begin another rally this week.

Bitcoin Narratives

Source: Santiment Insights

The data also showed that Bitcoin discussions were sliding downward. According to Santiment, this was because traders have been increasingly fixated on altcoins for potential gains while Bitcoin dithered below the $70k resistance.

Large-cap momentum was bullish for the most part

Large-Cap RSI

Source: Santiment Insights

The RSI on the 1-day interval revealed that most of the major tokens were near or above the neutral 50-mark, signaling bullishness. Ethereum [ETH] and Solana [SOL] were the strongest with readings of 67 and 55, respectively.

See also  Nasdaq rolls out first Bitcoin index: What it means for BTC's future

Meanwhile, Cardano [ADA], XRP, and Avalanche [AVAX] struggled to gain bullish traction on the charts.

Bitcoin Trading Volume

Source: Axel Adler on X

Here, it is also worth noting that the trading volume of major altcoins has fallen dramatically, when compared to March. Crypto analyst Axel Adler pointed this out in a post on X, claiming that Bitcoin’s lack of momentum has been affecting sentiment across the market.


Is your portfolio green? Check the Bitcoin Profit Calculator


The volatility and trading volume behind Bitcoin has declined since March, and the price continues to trade within the range of $60k-$72k. Investors need to be patient, while traders need to watch out for range formations and not get caught out by false breakouts.

Next: ARB vs. OP – Which L2 had the best month of May?
Tags: BitcoingoodMarketsMemecoinsnewsStruggling

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