• Elon Musk recently sent out a tweet about Dogecoin (DOGE), causing a 6.6 percent surge and Shiba Inu by 2.5 percent.
• According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on crypto, there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk.
• 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, not able to test its key resistance level before recording its first retracement as seen in the chart.
Elon Musk’s Tweet Pumps Up Dogecoin
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, Musk has come up with another tweet, causing a fair increase in the price of the meme coin in the last 24 hours. In a statement that is believed to be an apparent joke, Musk Tweeted: „High time I confessed I let the Doge out.“ There was an image attached to the post with the inscription „It was me, I let the dogs out.“
Effect Of Elon Musk On Crypto Prices
According to the Blockchain Research Lab study on the effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. The study found that there was a price range of about 3 percent on average for each of the 47 events after a tweet by Musk. Furthermore, whenever there is an immediate and large spike in price, there is another 45-minute price spike that follows.
Price Movement Of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 without testing its key resistance level before recording its first retracement as seen in its chart data. This indicates that although DOGE had surged following Elon’s tweet, it wasn’t substantial enough for it to break through any major barriers yet or set new records at this time..
Shiba Inu Surges Too
Interestingly enough, Shiba Inu also surged marginally likely due to mention of „dogs“ being used in plural when referencing them in his post/joke/plug whatever it may have been intended for! Following his tweet both DOGE and SHIB rose substantially – 6% & 2% respectively – showing just how much influence one single person can have over markets like these!
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• The crypto market is full of diverse options that require investors to choose carefully.
• Axie Infinity (AXS) is one of the most successful gaming coins.
• Big Eyes Coin (BIG) could be as successful as Axie Infinity in the future.
The crypto market offers a variety of choices for investors, yet picking the right asset can be challenging. Fortunately, two coins have emerged as some of the best: Axie Infinity (AXS) and Big Eyes Coin (BIG).
Axie Infinity (AXS)
Axie Infinity has become one of the top gaming coins in the market, built on Ethereum’s Ronin sidechain to improve scalability and user experience. Players can own creatures called “Axies” which they can raise and breed to battle with other creatures in an arena. This metaverse game rewards players with blockchain-enabled rewards for their efforts and contributions, allowing them to control their virtual assets and reach higher levels within the game.
Big Eyes Coin (BIG)
Big Eyes Coin is a decentralized blockchain platform focused on providing solutions that bridge real-world business needs with cryptocurrency markets. It aims to promote financial freedom by allowing users to access services such as peer-to-peer payments, remittances, trade finance, digital asset management, smart contracts, and more. BIG also provides users with a mobile wallet that allows them to store funds securely while also providing access to DeFi protocols like Uniswap for trading purposes.
Both Axie Infinity and Big Eyes Coin offer users unique features that are beneficial in different ways. While AXS offers an immersive gaming experience with its ability to provide users with rewards through blockchain technology, BIG seeks to provide solutions that bridge real world business needs with cryptocurrency markets while promoting financial freedom through secure digital wallets and DeFi protocols like Uniswap for trading purposes.
Investors have many options when it comes to choosing a crypto asset but Axie Infinity (AXS) and Big Eyes Coin (BIG) stand out from the rest due to their unique features and potential for success in the competitive crypto market. Both tokens offer innovative ways for users to gain financial freedom by bridging real world business needs with cryptocurrency markets or providing immersive gaming experiences through blockchain technology enabled rewards systems respectively.
• The Bugatti Group, a luxury brand based in Montreal Canada, has launched a portal through which holders of its Non-Fungible Tokens (NFTs) can claim physical items.
• The mint of the NFTs born as a result of the collaboration between Bugatti and Shiba Inu will entitle 95% of the holders to limited edition cross-body bags, while 5% would earn a claim to carry-on items sporting their unique SHIBOSHI design.
• This launch marks a move by the designer to join other competitors in the field including Nike, Adidas, Lacoste, and Salvatore Ferragamo who have all launched their own collections.
Shiba Inu & Bugatti Collaboration
The Bugatti Group, renowned for its influence as a luxury brand based in Montreal Canada has collaborated with Shiba Inu to launch access to physical items for holders of its Genesis NFT Collection. This joint venture is billed to bolster Shiba Inu’s influence and provide additional value to select members of its community.
Genesis NFT Collection
The Genesis NFT Collection consists of 1828 items resident on the Ethereum blockchain which sold out as fast as they were introduced, showcasing an inherent demand for related digital collectibles. Holders of the SHIBOSHI NFT have access to claim portals through their dashboard where 95% are entitled to limited edition cross-body bags while 5% earn claims for carry-on items with their unique SHIBOSHI design.
Competition in Luxury Goods Market
Bugatti is not the first luxury brand making waves in this space as mentioned above; big names such as Nike, Adidas, Lacoste and Salvatore Ferragamo have all launched their own collections. Nevertheless it remains one of the few brands offering physical rewards for its NFT holders – an advantage that sets it apart from others in this market sector.
Boosting Shiba Inu Influence
This new partnership provides further incentive for users looking at validating quality tokens such as those offered by Shiba Inu – thus boosting its influence in the cryptocurrency ecosystem even further.
The launch of these physical rewards by Bugatti is yet another indication that Non-Fungible Tokens are here to stay and continue gaining more traction over time; providing users opportunities beyond just digital assets but also exclusive merchandise that could be purchased through these tokens.
• Ethereum (ETH) reached a five-month high of $1,700 on Thursday, February 2.
• The current spike in ETH price has witnessed an increase in profit-taking to a two-year high.
• Analysts are expecting the ETH price to reach $1,800 or higher this month in February but it will depend on how ETH behaves as it approaches the pattern deadline by mid-February.
Ethereum Hits $1,700
Ethereum (ETH) made a strong move at $1,700 for the first time since September 12 and is currently facing strong resistance at $1,680. Last month of Jan saw a 40 percent surge of ETH price along with Bitcoin’s gains.
Currently, Ethereum is forming an ascending triangle pattern which is considered bullish in nature. With overall improvement in investor sentiment towards ETH, analysts are expecting the price to hit $1,800 or even higher this month.
The derivatives market of Ethereum shows lack of confidence from leveraged buyers as futures trade at a discount to spot market prices. Profit taking has also reached its highest levels in two years since February 2021.
ETH is facing resistance over the last few weeks at around $1,680 level and if failed to break past these levels repeatedly then bears have upper hand to cancel out the bullish triangle pattern formed by ETH prices .
Retail investors should be cautious here as negative news flow coupled with failure to break past resistance level could affect ETH prices and put bearish pressure on it.