Tag Archives: $ADA

Dogecoin 'Millionaire' Plans To Go 'All In' On This Crypto Next

Glauber Contessoto, also known as SlumDOGE Millionaire on Twitter, said his next bet is going “all in” on Cardano (CRYPTO: ADA) after reaping a Dogecoin (CRYPTO: DOGE) fortune in his 30s.

What Happened: ADA, a cryptocurrency created by the mathematician Charles Hoskinson, is already the third-largest cryptocurrency in terms of market capitalization.

See Also: How To Buy Cardano (ADA)

At press time, each ADA sold for $2.56, the cryptocurrency fell 7.89% over 24 hours. DOGE, the seventh-largest coin by market cap, traded 7.84% lower at $0.27 in the same period.

“I’m going to start buying up as much Cardano as humanely possible with every bit of money I start making from now on,” Contessoto told CNBC.

Even so, Contessoto is in no rush. He admitted that “it’s early on” for ADA. “I’m going to be the biggest Cardano supporter,” said the 33-year old investor.

“I’m just waiting on a massive dip before buying into it.”

Why It Matters: Cardano has been attracting buzz after the project announced its intention to usher in smart contract functionality found in cryptocurrencies like Ethereum (CRYPTO: ETH) on Sept. 12.

See Also: Why Is Cardano Trending On Twitter Today?

The addition of this functionality makes ADA “the next best bet,” as per Contessoto, who did not invest in ETH, as per CNBC.

Contessoto invested his life savings into DOGE even though his friends questioned his sanity. In May, his investments were worth nearly $2 million. DOGE hit an all-time high of $0.74 in early May and has since eroded 62.98% in value.

By July, Contessoto was no longer a millionaire but remained determined to buy dips in the Shiba Inu-themed coin.

Contessoto said he would “double down” on DOGE by investing $25,000 as its price took a dive in July.

Read Next: 'Dogecoin Mining' Scam In Turkey Costs 1,500 People $119M As Alleged Perpetrator Vanishes Into Thin Air

Bitcoin, Ethereum, Dogecoin Dive But These DeFi Coins Are Still Buzzing

The global cryptocurrency market capitalization fell 2.14% to $1.9 trillion as major cryptocurrencies slipped on Tuesday evening.

What Happened: Bitcoin (CRYPTO: BTC) traded 2.23% lower over 24 hours at $44,652.40. On a seven-day trailing basis, the apex cryptocurrency has declined 2.38%.

See Also: How To Buy Bitcoin (BTC)

Vitalik Buterin co-created Ethereum (CRYPTO: ETH) was down 3.96% over 24 hours at $3,006.39. For the week ETH fell 4.92%.

Cardano (CRYPTO: ADA) slipped below $2 and traded 6.33% lower over 24 hours at $1.92. For the week, ADA gained 14.1%.

Shiba Inu-themed Dogecoin (DOGE) fell 6.65% to $0.29. DOGE was up 13.79% over seven days.

On Tuesday, the top 24-hour gainer was Arweave (CRYPTO: AR). The coin shot up 37.8% to $26.14 and was up 74.11% for the week. 

AR, the token of a decentralized storage network, rose 40.47% and 43.35% against BTC and ETH, respectively.

Over 24 hours, some Decentralized Finance or DeFi tokens saw upwards momentum at press time with Avalanche (CRYPTO: AVAX), Terra (CRYPTO: LUNA) recording significant gains.

AVAX and LUNA rose 30.85% and 13.96% to $24.46 and $24.33 respectively in the period.

Why It Matters: BTC trading volumes are thinning and higher prices in such a scenario point to an “exhausted market,” as per Arcane Research, reported CoinDesk.

“We want to see a clear uptick in volume if the BTC price jumps up towards $50K again,” wrote Arcane Research. 

See Also: Why Is Robinhood Delaying Rollout Of A Dogecoin Wallet? YouTuber Matt Wallace Has A Theory

The cryptocurrency research firm said that after seven-day average BTC trading “pushed towards $7 billion last week, we’re now back to $5 billion.”

Bitcoin miner revenue is rising amid a recovery in hash-rate from July lows, as per blockchain and intelligence provider Glassnode.

Glassnode noted in a blog that since the halving in May 2020, aggregate miner income fell from near 9.5 BTC/EH to a low of 5.6 BTC/EH in May. 

“As protocol difficulty adjusted in response to the Great Migration, miners who remained online have now seen their BTC income grow by 57% per hash to around 8.8 BTC/EH,” wrote Glassnode.

The data analysis firm pointed to a metric called Short Term Holder – Net Unrealized Profit/Loss (STH-NUPL) and said that short term holders of BTC have returned to profitability.

“Coins moved within the last ~5 months are on net, slightly above their aggregate cost basis,” wrote Glassnode.

Glassnode termed the current market conditions a bull market disbelief rally.

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