What Are Shitcoins? Top 5 Shitcoins

A rising number of cryptocurrencies have entered the market since the introduction and expansion of blockchain technology. There’s no denying that bitcoin has become a growing phenomenon, with hundreds of cryptocurrencies in circulation.

However, as a result of its widespread popularity, coins have been generated as memes or even jokes, with no clear route or purpose. This is where you’ll learn about shitcoins. Given its unusual name, you may have come across this word very frequently. Let us go through what these currencies are, as well as the top 5 shitcoins on the market, today

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What Are Shitcoins?

Shitcoin is a cryptocurrency having little to no value, a recognisable model, or a specific purpose.

Bitcoin maximalists, on the other hand, have a subjective judgement about shitcoins. They frequently use this lingo to disparage altcoins (any currency other than Bitcoin) as being inferior to Bitcoin.

Shitcoins can also be classified as declining coins, coins having no technological or rational value, coins with poor trading volumes and liquidity, or coins that do not reach the top 100 list.

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Magic Internet Money

The first on our list is Magic Internet Money, which is ranked #2764 on CoinMarketCap and has a price of roughly $1 as of this writing. The MIM token, the company’s coin, is a stable coin that can be exchanged for any other stable coin on the market. Why is it referred to as a shitcoin? Little is known about its founding team, it has a poor level of support on exchanges, and, to be honest, it faces stiff competition that renders it insignificant.

SafeMoon

SafeMoon is a Decentralized Finance (Defi) coin. It was first released on March 8, 2021. SafeMoon is currently ranked #207 in the crypto market by CoinMarketCap, with a market valuation of over $1 billion.

The Binance Smart Chain blockchain was used to create the token. Reflection, liquidity pool acquisition, and burn are the three purposes of its protocol.

Celebrities like Logan Paul and artist Lil Yachty have expressed interest in this cryptocurrency, which has brought it into the news. Its catchphrase, ‘Safely to the Moon,’ has also helped it gain popularity. SafeMoon is set to launch its NFT and marketplace, as well as a currency launchpad where users may create their own cryptocurrencies, in the near future.

Due to its limited liquidity, investing in SafeMoon may be riskier than investing in other shitcoins.

Donelon Mars

Donelon Mars is the next crypto token on our list. A fork and spin-off of the well-known Dogecoin. This altcoin follows in the footsteps of Dogecoin, which began as a joke and grew into a popular cryptocurrency.

Donelon Mars (ELON) was launched in April 2021, at the height of Dogecoin’s popularity. This was also the moment when a slew of new cryptos modelled after Dogecoin appeared. ELON was one of them, and it promised to be able to repair the harm caused by fraudulent tokens.

Donelon Mar’s token is ranked #115 in terms of market capitalization, with a market cap of $895 million as of November 30th.

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Baby Dogecoin

Due to its famous moniker, which indicates it’s another Dogecoin clone, this shitcoin needs no introduction. The currency is said to be the offspring of its father, Dogecoin.

As we previously stated, numerous cryptocurrencies were inspired by the notion of Dogecoin after it saw enormous price increases and, of course, Elon Musk’s backing. Only two weeks after its introduction in June 2021, the price of Baby Dogecoin increased nearly 1,000 per cent. The price of Baby Dogecoin has risen dramatically as a result of Elon Musk’s statements on the cryptocurrency. And the price of the cryptocurrency increased by 228.3 per cent in only 24 hours after his post.

After doing some investigation, you’ll discover that this token claims to have a faster transaction speed than the original meme currency.

Floki


Floki Inu is the last shitcoin on the list. It gets its name from Elon Musk’s personal dog, Floki. In November 2021, Floki Inu is ranked #2792 on CoinMarketCap, indicating its presence in the crypto industry.

According to the official Floki website, this cryptocurrency was created by Shiba Inu lovers. Despite this, in just a few months, this shitcoin made tremendous gains. This surge can be attributed to another of Musk’s tweets, which featured his pet ‘Floki.’

Regardless, this did not last long, since cryptocurrencies, particularly meme coins, are known to experience significant price fluctuations in the crypto market.

This token, on the other hand, is linked to a number of initiatives that set it apart from your typical shitcoin. Kimbal Musk’s Floki is officially collaborating with millions of Garden Movements to address food hunger concerns (brother of Elon Musk).

Floki also has a number of flagship initiatives in the works, including Floki Inuversity, a learning platform, NFT, a metaverse NFT gaming Valhalla, and Flokiplaces (merchandise marketplace).

How To Identify ShitCoins?

We’ll leave you with a few indications that might help you spot a shitcoin as we near the end of our list. These are some of them:

A website or white paper that is identical to the websites or white papers of other cryptocurrencies.

  • low Liquidity
  • Coins that don’t have any functions
  • Suspicious Developers

Conclusion

To summarise, these are some of the most popular shitcoins that have experienced a jump in volume due to their rapid popularity. Many shitcoins are simply reproductions of well-known joke coins like Dogecoin, which is a frequent trend. These coins typically acquire traction after being pushed by social media trends or celebrity endorsements. In essence, shitcoins are going to be volatile, and they have a propensity to behave similarly to meme coins.

Academic research claims ETH is a ‘superior’ store of value to Bitcoin

The benefits of EIP-1559 as a mechanism for making ETH a deflationary cryptocurrency and perhaps a greater store of value than Bitcoin are highlighted in the paper.

University experts in Australia have cast doubt on Bitcoin’s (BTC) status as the finest store of value, suggesting that Ether (ETH) is on its way to becoming “the world’s first deflationary currency.”

Four Australian researchers published a study on Nov. 18 that explains how the Ethereum Improvement Proposal (EIP) 1559 update makes ETH a potentially superior store of wealth. Ester Félez-Vias of the University of Technology Sydney, Sean Foley of Macquarie University, Jonathan Karlsen of the University of Western Australia, and Jiri Svec of the University of Sydney collaborated on the study.

The EIP-1559 update in August saw the network burn a percentage of transaction fees, burning almost 1 million ETH from the circulating supply of 118,583,580.

Transaction fees equivalent to more than half of the 12,000 freshly generated ETH each day are burnt at times, according to the research, owing to EIP-1559. More ETH will be burnt, according to the experts, as demand for Ether grows because of its powerful ecosystem of decentralized finance apps.

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Ether is already less inflationary than Bitcoin, according to academics.

“When you annualize the pace of Ethereum creation since EIP-1559, the predicted rise in total Ethereum supply is just 0.98 percent, which is less than half of the 1.99 percent increase in Bitcoin supply that is practically guaranteed during the same period.”

Ether has “greater inflationary hedging qualities than Bitcoin, and Ether may thus offer a stronger long-term value storage than Bitcoin,” according to the experts.

Due to uncontrolled money creation during the epidemic and inflation rising throughout the country to 6.2 percent in October, there has been significant interest in Bitcoin’s hard ceiling of 21 million coins and its appropriateness as an inflation hedge. However, according to the research, investors may want to explore Ether for this reason.

Bitcoin enthusiasts, such as MicroStrategy CEO Michael Saylor, believe Bitcoin is immensely more secure in terms of hash rate and more trustworthy due to its constant supply and seldom altered protocol. Ether has gone through a lot of changes in terms of its issuance. On Tucker Carlson’s show on Wednesday, Saylor outlined why he thinks Bitcoin is the greatest alternative, adding, “Bitcoin is the highest form of property that the human race has ever developed.”

This simple Bitcoin options strategy lets traders profit while also hedging their bets

The “long condor with call options,” or “iron condor” options strategy, delivers excellent outcomes with very minimal risk for traders who are indecisive about Bitcoin’s (BTC) trend. This method provides protection down to $53,500, which is a 7% drop from the current $57,600 and gives a positive result up to $67,500.

Options markets provide you more freedom to create your own tactics. Unlike futures, there are two different instruments to choose from. The call option protects the buyer against price increases on the upside, whilst the protective put option protects the buyer from price decreases on the downside.

This long condor approach has a slightly positive range and is due to expire on December 31. Other times or price ranges can be used with the same basic structure, however contract numbers may need to be adjusted.

When the pricing took place, Bitcoin was trading at $57,600, but a comparable outcome may be reached starting at any price level. The minimum contract size varies for every derivatives exchange, however, the specified ratio must be maintained to maintain the overall strategy structure.

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To build positive exposure above this price level, the initial strategy entails purchasing 0.54 contracts of $52,000 call options. The trader must next sell 0.50 BTC call option contracts to restrict profits above $56,000.

The 1.50 to 1 risk-reward ratio is moderately bullish

Another 0.45 call option contract should be sold to further restrict profits beyond $64,000. To execute the strategy, the trader will need to purchase 0.41 call option contracts if the Bitcoin price rises above $70,000.

The technique may appear difficult to implement, however, the necessary margin is only 0.0152 BTC, which is also the maximum loss. Traders should keep in mind that if there is enough liquidity, they can close the trade before the December 31 expiry date.

At 0.0233 BTC, the maximum net gain is between $56,000 and $64,000, which is 50% greater than the maximum loss. With 30 days to expiration, this method provides peace of mind to the holder since, unlike futures trading, there is no chance of liquidation.

Furthermore, a profit range ranging from a 7% price change to a positive 17% price change is prudent and covers a reasonable $14,000 price range.

Croatia’s largest supermarket chain now accepts crypto

Konzum, Croatia’s largest grocery chain, is keeping up with the times by accepting cryptocurrency payments such as Bitcoin (BTC).

On Monday, the firm said that it now takes nine cryptocurrencies as payment in its online shop, allowing users to buy food, hygiene items, and household goods using cryptocurrency.

Bitcoin, Ether (ETH), Bitcoin Cash (BCH), EOS (EOS), Dai (DAI), Ripple (XRP), Stellar (XLM), and stable coins like Tether (USDT) and USD Coin are among the supported cryptocurrencies, according to the release (USDC).

Konzum teamed with a local crypto payment processor, Electrocoin, to develop PayCek, a system that allows retailers to accept cryptocurrency payments, to enable the new crypto payment option. Because of the extreme volatility of cryptocurrency values, the PayCek method gives customers a set exchange rate at the start of the transaction, giving them ample time to complete it successfully, according to the statement.

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While Konzum now only takes cryptocurrency as a form of payment online, the company intends to expand the payment option throughout its whole grocery network in the near future. The business employs approximately 10,000 people in Croatia and has over 700 outlets.

The introduction of crypto payments, according to Konzum board member Uro Kalini, demonstrates the company’s dedication to global trends and developments in the retail industry.

“As Croatia’s largest retail chain, which has been a consistent leader in the home market in terms of business outcomes and technological achievements for nearly 65 years,” he added, “we are happy to be leaders in another field that is fast evolving and defining the future.”

Imprisoned Silk Road founder causes a stir with NFT drop

Ross Ulbricht, the founder of the now-defunct dark web marketplace Silk Road, has caused a stir by announcing that his series of nonfungible tokens (NFT) would be auctioned off starting December 2.

On December 1, the imprisoned early Bitcoin adopter revealed his plans to auction the Ross Ulbricht Genesis Collection on the Superare NFT marketplace from December 2 to 8. Ulbricht created 11 pieces of art, which were subsequently coined into NFT form by his followers.

Ulbricht created the paintings at various times of his life, from boyhood through his time in prison. Early works portray comic book characters and animals, but later works reflect events from his court trial and his emotional sentiments after his imprisonment.

The auction’s proceeds will go toward establishing a trust to support Ulbricht’s quest to get released from jail. Art4Giving, a donor-advised charitable fund “committed to alleviating the suffering of the prisoners and their families,” will also benefit from the funds.

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Since being sentenced to two life terms in federal prison in October 2015 for managing the Silk Road bazaar, Ulbricht has been a divisive figure in the crypto community. Silk Road, which first appeared on the dark web in February 2011, allows users to buy almost anything with Bitcoin (BTC), including illegal drugs.

The news triggered a flurry of mixed reactions on social media, with some criticizing Ulbricht’s move but the majority supporting his cause.

Although he supports Ulbricht, @francispouliot, creator of bullbitcoin.com, claimed that “the fact that the absurd and unethical NFT Ponzi has now been fully mainstream is very worrying.” Other Bitcoin maximalists, such as @vladenhawk, objected to the entire notion of NFTs “I can live with the emergence of worldwide marketplaces for drugs and weapons. But it’s at NFTS that I draw the line.”

Although some Bitcoin maximalists may be against Ulbricht minting NFTs, Crypto Cobain, the high-profile presenter of UpOnly TV, stated out in favor that he was essential in driving early Bitcoin popularity.

Bitcoin correction weakest of 2021 so far, as hopes of Santa Claus rally rise

There has been a meaningful decline before a rebound at the end of prior bull market cycles, and if history repeats itself, it may happen again.

Bitcoin set an all-time high of about $69K on Nov. 10 and has since dropped around 17% to current levels.

However, November’s drop was the smallest correction of 2021, dwarfed by Bitcoin’s massive 53.4 percent drop in three months between April and July. The most recent drop, which occurred in September, was the second-largest, hitting 37 percent from the ATH in April.

Glassnode, in its Nov. 29 “Week Onchain” report, said that the current downturn is “business as usual for Bitcoin holders,” implying that it will soon be gone. This current market drop is “really the least severe in 2021,” according to the report.

Some feel we’re on pace for a Santa Claus rally, barring a stock market crash as the Omicron variant scenario worsens. It’s a stock market phrase for when prices climb over the last five trading days of December and the first two trading days of January, but it’s also been observed in crypto markets in prior years and is commonly used as a shorthand for price increases throughout December.

Last December, BTC values increased by 47 percent over the month, while December 2017 saw an 80 percent increase to a new all-time high. Both were in bull markets, just as we are now.

BTC was selling at slightly over $57K at the time of writing, suggesting that a Santa Claus rally similar to last year may see prices rise to $80K by the end of the year.

Nikita Rudenia, the co-founder of 8848 Invest, is similarly optimistic about a Santa Claus rally, saying:

“Despite the evident failures thus far, Bitcoin is still on course to end the year at $70,000 per coin, and if that goal is met, the currency might reach $75,000 in early 2022 before a significant downturn.”

Ether, surprisingly, is now outperforming. According to the research, the ETH/BTC ratio is at its highest level since mid-May, at 0.082 BTC per ETH, or roughly 12 ETH per BTC. This might lead to more price rises in December for ETH.

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Following a thorough examination of on-chain trends, Glassnode came to the conclusion that Bitcoin investors are in a better position than they were during the September drop.

“Both long and short-term holders have more profitable supply than during September’s slump, which may be considered as generally positive for price.”
Since September, according to Glassnode, the overall share of lucrative supply owned by short-term investors has climbed by 60%. “This combination generally puts forth a pretty bullish short-term picture in bull market conditions,” it concluded.

As a result, expectations for a Santa Clause rally are beginning to rise. The end-of-year surge can be attributed to a variety of factors, including holiday cheer and increased liquidity as a result of Christmas bonuses.

However, if there is a significant impact on global financial markets and further lockdowns are imposed or appear inevitable, the new Omicron model might put a damper on the party. Investors may stay on the sidelines for the time being, according to Nasdaq, until more information on the new virus strain becomes available.

Glassnode concluded that Bitcoin investors are in a stronger position than they were during the September decline after a thorough review of on-chain movements.

“Both long and short-term investors have more lucrative supply than they did during the September collapse, which is typically beneficial for price.”
According to Glassnode, the overall proportion of profitable supply controlled by short-term investors has increased by 60% since September. “In bull market conditions, this combination typically paints a rather positive short-term picture,” it concluded.

NFT game Guild of Guardians raises $5.3M

Guild of Guardians, an upcoming NFT-based mobile role-playing game, has sold out two tranches of its native token (GEMS) for a total of $5.3 million.

The token auction, which took place on Coinlist on Nov. 30, was 82 times oversubscribed, with over 808,000 people enrolling. More than 10,700 new GEM holders from over 100 countries bought tokens valued at up to $500 each. However, because of rising regulatory worries, users from Australia, the United States, Canada, and China were barred from acquiring tokens.

GOG set aside 6% of the entire 1 billion tokens for the CoinList sale, with the other 63 percent given through community-driven events, activities, and core gameplay.

The soft launch of the play-to-earn game is scheduled for Q1 2022, with 400,000 people having pre-registered.

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The game was created by Ukrainian developer Stepico Games in collaboration with Immutable X, an Australian-based NFT layer 2 scaling solution. On Ethereum, Immutable X is the first layer 2 scaling solution for NFTs.

GOG is releasing on mobile, according to Immutable’s Head of Marketing Nicholas Kelland, so that it is available to the majority of people.

“Not everyone has the most powerful gaming rigs, PCs, and so on. As a result, becoming mobile was a no-brainer for us.

The success of GOG’s original DEX offering (IDO) comes at a time when play-to-earn gaming is growing more popular. Every in-game asset owned by GOG customers is a transferable and exchangeable NFT.

“I believe the notion of in-game asset ownership is inevitable. “It goes back to the notion of the content creator economy and people, people basically owning this material that they ought to own,” Kelland said, adding that “it’s a matter of when not if.”

This follows the inaugural Founder NFT sale, which garnered $3 million in less than 24 hours in June. The second wave brought in $5 million, while the third and final wave brought in more than $4 million.

Bitcoin falls off one-week highs, with a key long-term gauge reiterating $44,000

After the recent BTC price resurgence stalled at $59,000, Bitcoin (BTC) recovered to solidify higher support on Nov. 30. Overnight, Bitstamp data showed BTC/USD retracing to local lows of $55,920.

RSI sees “bullish engulfing”

After that, the pair returned to around $56,500 at the time of writing, with experts betting on higher timeframe strength.

Bitcoin’s stochastic relative strength index (Stoch RSI) had “reset” to levels that mirrored BTC/USD at $44,000 right before the run, which culminated in all-time highs, according to popular traders.

Popular Trader characterized the 3-day chart with, “Bullish engulfing printed on Stoch RSI cross with RSI reset to 44K levels.”

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Bitcoin’s late surge in popularity Monday saw macro markets return to form, as well as the announcement that Twitter CEO Jack Dorsey has resigned to focus only on Bitcoin operations.

While $60,000 remained out of grasp for bulls, there were signals of a significant shift in the mood all over the place.

In a subsequent article, TechDev noted, “Bitcoin high timeframe structure is bullish. Cycle knowledge is crucial.”

With a score of 40/100 on Tuesday, the Crypto Dread & Greed Index, which had been in the “severe fear” region for days, appeared to be on the verge of entering “neutral” territory.

Ethereum avoids breakout against BTC

The picture was mixed when it came to Ether (ETH) and Bitcoin. Traders saw a rising wedge formation on the 4-hour timeframes for ETH/BTC while altcoins’ performance was essentially flat over the last 24 hours. Similar patterns emerged on the weekly chart.

Because of their proclivity to break to the downside, rising wedge patterns are sometimes seen as possible bear flags.

At the time of writing, ETH/USD was trading at $4,400, up 7.3 percent over the previous week.

Ethereum privacy protocol Tornado Cash to launch on L2 Arbitrum

Users will be able to make private transactions utilizing the famous Tornado Cash mixer on the Arbitrum layer two networks once it is completely operational.

Tornado Cash is poised to get a boost in terms of scalability, as the privacy protocol prepares to launch on Ethereum’s layer two networks Arbitrum.

Tornado Cash’s smart contracts are now live on the Arbitrum Layer 2 scaling network, thanks to community efforts that have ensured the protocol’s reliability.

According to the Nov. 29 statement, deploying on Arbitrum would “enable users to make use of all the benefits a Layer 2 may offer, with the most significant comparative advantage being cheaper transactions.”

Tornado Cash is an Ethereum (ETH) mixer technology that is completely decentralized. Tornado Cash hides the path that tokens like ETH follow from sender to receiver, allowing transactions to be totally secret without the usage of privacy-focused coinage.

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Layer two Ethereum networks provide quicker transactions and lower costs while maintaining Ethereum’s security and decentralization.

The Tornado Cash team thinks that moving to Arbitrum would enable more people to conduct private crypto transactions while avoiding the exorbitant gas prices associated with Ethereum. According to the team, L2 Ethereum transactions will be 95 percent cheaper than L1 Ethereum transactions.

Users must first move ETH, ERC-20, and ERC-721 tokens from Ethereum to Arbitrum via the Arbitrum Bridge in order to spend Tornado Cash on Arbitrum.

Arbitrum is the most valuable L2 on Ethereum, with $2.68 billion in total value locked, accounting for 39% of the L2 market. According to L2Beat, this is second only to Boba Network’s $1.38 billion in TVL, making Boba and Arbitrum the only two L2’s with more than $1 billion in TVL.

Since September, the number of unique addresses on Arbitrum has continuously increased, reaching 291,876 at the time of writing. According to DeFiPulse, Tornado Cash has $847 million in TVL.

Tornado Cash announced its TORN governance token in December 2020 and distributed it to users in February 2021 through airdrop.

BTC network settling an average of $95K for every $1 in fees

The efficiency of the Bitcoin network’s value settlement has been progressively increasing in recent months, with more being settled for lower costs.

The Bitcoin network has moved or settled an average of $95,142 in value for every $1 in fees during the last week.

Since May, as more has been transferred throughout the network during the bull cycle, the on-chain settlement efficiency has been continuously rising.

Using data from analytics vendor Glassnode, on-chain analyst Dylan LeClair discovered the discovery. Divide the average transaction volume by the fees to get the value.

Since May, as more has been transferred throughout the network during the bull cycle, the on-chain settlement efficiency has been continuously rising.

Using data from analytics vendor Glassnode, on-chain analyst Dylan LeClair discovered the discovery. Divide the average transaction volume by the fees to get the value.

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The ultimate settlement expenses were just 0.00105 percent of the $451.3 billion total value transferred.

Bitcoin is ranked eighth in the list of networks by daily transaction costs, according to CryptoFees. It ranks below Ethereum, Uniswap, Binance Smart Chain, SushiSwap, Aave, and Compound with a seven-day average of roughly $678,000.

According to the fee monitoring website, Ethereum is already collecting $53 million in daily fees, which is 98.7% higher than the Bitcoin network. Bitcoin and Ethereum should not be compared in terms of value settlement and costs since they are two separate entities: the former is a store of value asset, while the latter is a smart contract and decentralised application network.

Layer two networks, which have exploded in popularity in recent months with a near-all-time high total value locked of $6.87 billion, may be used to sidestep Ethereum’s network fee issues.

Top 4 cryptocurrencies to watch this week: BTC, BNB, LUNA, SAND

Bitcoin (BTC) and the majority of prominent altcoins have been battling to recover after a steep drop on Nov. 26. Due to the uncertainties surrounding the new substantially modified coronavirus strain found in South Africa, dealers may be hesitant to buy at present levels.

Bitcoin’s assets under control fell 9.5 percent to $48.70 billion in November, according to a CryptoCompare analysis. The AUM of altcoin-based crypto funds, on the other hand, climbed by 5.4 percent to $16.60 billion.

This suggests that traders may have taken profits in Bitcoin and then invested a portion of their winnings in altcoins.

Alex Mashinsky, the founder and CEO of Celsius, is undeterred by the recent drop and sees it as a purchasing opportunity. He tweeted on Nov. 28 that he had “purchased over $10 million worth of Bitcoin and Ether at present values,” predicting a rally to $70,000 for Bitcoin. Mashinsky further stated that if Bitcoin hits the $50,000 support level, he would reduce his recent purchases in half.

Select altcoins may potentially gain investor interest if Bitcoin recovers from its present level. Let’s have a look at the charts of the top five cryptocurrencies that are likely to remain in the spotlight in the coming days.

For the previous two days, Bitcoin has been correcting in a downward channel. For the previous two days, the bulls have been seeking to defend the 100-day simple moving average ($54,064), but the thin bounce suggests a lack of urgency to accumulate at this level.

BTC/ USDT

Bears are in control, as seen by the downsloping 20-day exponential moving average ($58,521) and the relative strength index (RSI) below 39. The bulls may run into resistance at the 20-day EMA if the price bounces off the present level.

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If the price continues to fall from the 20-day EMA, the chances of a break below the 100-day SMA become more likely. The couple might then question the channel’s support line. A break below the channel may exacerbate selling and send the BTC/USDT pair below $40,000 in value.

To signal that the correction may be finished, the bulls will have to lift the price above the channel and keep it there. On a break, the pair might gain positive momentum and close above $61,000.

On the 4-hour chart, the RSI has established a positive divergence, indicating that selling pressure may be easing. The pair might reach $60,000 if bulls drive the price above the 20-EMA and 50-SMA.

The bulls must overcome this obstacle since the past two recoveries have stalled at this level.

If the price drops below $53,500 and breaks below the present level or the above barrier, the selling might pick up speed. The pair may then fall below $50,000, which is a solid support level.

BMB/ USDT

The bulls and bears are battling it out at the 20-day EMA ($590) in Binance Coin (BNB). On Nov. 26, the price dropped and closed below the 20-day EMA, but the bears were unable to capitalize on this advantage.

On the 4-hour chart, the price bounced off the uptrend line, but bears are attempting to halt the recovery at the 20-EMA. If the price falls further, the bears will aim to push the pair below the uptrend line once again.

The pair might drop to the support zone between $564.20 and $553.80 if they succeed. A break below this level might lead to a more rapid drop below $510.

If bulls can take the price over the 20-day EMA and keep it there, the pair may move to $621.30 and gain momentum above it.

LUNA / USDT

Terra’s LUNA token is now trading in a rising channel. Between November 24-26, the bulls effectively defended the channel’s support line, and now the price has surged over the 20-day EMA ($44.33).

The LUNA/USDT pair might increase to $52 and then retest the all-time high of $54.95 if bulls can keep the price above the 20-day EMA. Near the channel’s resistance line, the rise might see heavy selling.

Contrary to popular belief, if the price does not stay above the 20-day EMA, it indicates that traders are selling rallies.

The bears will attempt to lower the stock below the channel once more. If they succeed, it will signify a possible shift in the trend. The pair might then fall to $32 and eventually to $24 in the future.

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Bulls moved the price over the overhead resistance at $45.54 on the 4-hour chart, but they are fighting to keep the pair above it. This suggests that bears are seeking to trap aggressive bulls by pulling the price down below the breakthrough level.

The 20-EMA has gone up, and the RSI is in the positive zone, indicating a modest edge for bulls. If the price climbs from its present level or bounces back from $45.54, it suggests buying on dips.

A break and closing below the moving averages, on the other hand, might tip the short-term edge to bears. The price of the pair may then fall to $38.

SAND/ USDT

The Sandbox (SAND) has been rectifying the recent strong upward trend. The bulls are aiming to halt the decline in the area between the 38.2% Fibonacci retracement level at $$6.02 and the 50% retracement level at $5.26.

If the price climbs from its present level, it means that traders are buying on every slight fall and the mood is still optimistic. The bulls will then attempt to push the price over the $8.48 overhead barrier.

If they succeed, the SAND/USDT pair may restart its upward trend, with $10.52 as the next target. If the price falls below the 20-day EMA ($4.84) and breaks below the present level, this bullish view will be invalidated in the near run.

On the 4-hour chart, the pair bounced off the 50-SMA, and bulls have pushed the price above the falling wedge formation. The pair might rally to $7.50 and then test the all-time high if bulls can keep the price above the 20-EMA.

Traders may be booking gains on relief rallies if the market moves down from the present level of overhead resistance and falls below the 50-SMA, contrary to popular belief. This might pave the way for a further drop below $4.50.

8.3% of Polled South Africans Own NFTs, a Further 9.4% Plan to Buy: Study

According to research, 8.3 percent of South African internet users possess NFTs, with another 9.4 percent saying they aim to buy them in the future.

The twelfth-highest rate of NFT adoption

According to the results of the most recent Finder online survey, 8.3% of the 1,205 South African internet users polled hold a non-fungible token (NFT). These findings have led to South Africa is listed as the country with the world’s 12th highest NFT adoption rate.

In terms of internet users who want to purchase NFTs in the future, the study indicated that 9.4% of those questioned in South Africa intend to do so. When this is added to the number of internet users who currently possess NFTs, South Africa’s NFT adoption rate may quickly reach 17.8%. This proportion is greater than Vietnam’s (17%), which is now ranked fifth in the world.

According to the statistics, the Philippines has the most NFT owners (32%), followed by Thailand (27%), Malaysia (24%), and the United Arab Emirates (UAE) (23%). Nigeria, which is rated sixth in the world, is the top-ranked African country, with 13.7 percent of questioned users admitting ownership of an NFT.

Men in South Africa have a higher number of NFTs than women.
Meanwhile, the statistics suggest that South African males are more likely than women to own NFTs, with 10.5 percent of men owning one compared to 6.3 percent of women. This gender difference of 4.2 percentage points, according to Finder, is larger than the global average of 2.7 percent.

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Younger South Africans, as predicted, dominate, with the youngest age group accounting for over 10% of the country’s NFT owners.

“In South Africa, people aged 18 to 24 are the most likely to have NFTs” (11 percent ). People aged 55 to 64 (5.2 percent) are on the opposite end of the spectrum, according to the poll.

Only Thailand and Venezuela have more women purchasing NFTs than men globally, while the UAE has the lowest number of women who possess NFTs.

While many expect worldwide NFT usage to rise, the poll indicated that internet users in Japan had the least understanding of NFTs. Approximately 90% of Japanese users have no idea what NFTs are. With 83 percent of individuals confused, Germany comes in second, followed by the United Kingdom with 79 percent of people undecided.