Altcoins
Top Trader Ditches Bitcoin for Altcoins, Potential Breakthrough of ‘Dogecoin Killer’ Shiba Inu and More: This Week in Cryptocurrency
May 19, 2024 6:00 a.m. | 2 minutes of reading
It’s been a rollercoaster week in the world of cryptocurrency. From a top trader’s surprising move to a CEO’s political warning, the crypto market was in turmoil. Here’s a quick recap of the top stories that made headlines.
Top Trader Ditching Bitcoin for Altcoins
Renowned Cryptocurrency Trader Michael van de Poppe shocked the market by announcing that it had sold all its Bitcoin holdings to invest in altcoins. Despite Bitcoin’s recent price weakness, Van De Poppe clarified that his decision was not due to a loss of confidence in Bitcoin. Read the full article here.
Political warning from Uniswap CEO
Hayden AdamsCEO of Uniswap (CRYPTO: United), criticized the Biden administration for underestimating the political importance of cryptocurrency. Adams likened the administration’s surveillance to a serious strategic miscalculation, expressing concern that it could alienate an important voting base and impact campaign finance. Read the full article here.
Success of the Millionaire Trader’s Meme Coin
Trader “Bonk Guy” revealed a seven-figure profit in 48 hours of trading on AMC (CRYPTO: AMC) and GameStop (CRYPTO: GME) derived on Solana. Bonk Guy invested around $155,000 in the trade, which is currently worth $1.3 million, a gain of 641%. He thinks the real “meme coin season” hasn’t even started yet. Read the full article here.
The Potential Escape of the “Dogecoin Killer” Shiba Inu
Cryptocurrency trader Javon Marks predicts that “Dogecoin Killer” Shiba Inu (CRYPTO: SHIB) could surpass its all-time high of $0.000088598, which would imply a price appreciation of over 282% from current levels. Marks suggests that the meme play is currently in an “intermission” phase before continuing its upward trajectory. Read the full article here.
The potential resurgence of Dogecoin
Crypto Kaleo expressed confidence in Dogecoin (CRYPTO: DOGE), attributing it to the retail sector’s renewed risk appetite. He highlighted the enduring relevance of Dogecoin, stating: “Dogecoin is not dead. As soon as it starts to capture some supply, it will move vertically again. Read the full article here.
Read next: Donald Trump’s election chances just jumped to 51% according to this crypto prediction market
Read next: Why This Crypto Market Is “A Bear Trap” and Which Coins This Trader Supports
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