A new meme cryptocurrency that seeks to replicate the success of DOGE is attracting attention in the market. The current pullback indicates that there is an ongoing corrective process, which could lead to new all-time highs.

The new Dogecoin-like cryptocurrency Shiba Inu (SHIB) has been rapidly gaining popularity. This crypto asset has accumulated an incredible return of 1,628.45% in just seven days.

According to data from Coingecko, SHIB is trading at USD 0.00003041 and has a market capitalization of USD 13.816 billion. That puts this cryptocurrency meme in 18^th place on the market.

SHIB, whose nickname is “Dogecoin killer,” is the native token of decentralized exchange Shiba Swap. Its design is based on the ERC-20 model and emerged as a community construction, according to the project’s website.

Trying to make it look as close as possible to its direct competitor DOGE, its developers used the image of the Shiba Inu dog.

An analyst at financial services company Hargreaves Lansdown recently spoke about the creation of this new cryptocurrency meme. He said that “the project represents dog that became a meme itself and seeks to replicate the success of Dogecoin.” In other words, “its goal is to turn a joke into a money-making machine.”

Doing a Technical Analysis of the Joke Cryptocurrency SHIB

Last weekend, DOGE suffered a fall after Elon Musk’s appearance on the Saturday Night Live show. Now it seems to be the turn of this new money-making joke, which is attracting all the attention.

The crypto asset was born just over a month ago and its first listing occurred on the Uniswap exchange. Throughout the days, a growing number of platforms have listed it, which is generating a great wave of exposure.

The renowned cryptocurrency exchange Binance recently listed it, which logically generated huge profits. The SHIB vs USDT daily chart shows that the most recent jump brought gains of up to 200%.

After taking that abrupt jump, bulls started to show some signs of exhaustion, and now there is an ongoing correction.

It is impossible to compare the strength of the pullback to the bullish momentum, which shows that holders remain firm in anticipation of further rises.

Shiba Inu Suffers a Correction Shortly Before Continuing Its Rise

The 4-hour candlestick chart more clearly indicates the ongoing corrective process, which has already visited the 38.20% Fibonacci retracement.

Right now, there is a healthy pullback, so it would be possible to see further gains leading to new all-time highs in a matter of hours.

It is not yet possible to observe a very clear behavior of trend resumption. There may be more buy order searches around USD 0.000025 before there is a new jump.

The Minimum Short-Term Goals are USD 0.000046 and USD 0.000056

Unlike its competitor Doge, the positivism about the new cryptocurrency Shiba Inu is just beginning. It would be no surprise at all if it generated higher profits in the next few days.

However, speculation is the main factor that moves this asset. Also, there are few, and even null, fundamentals that can make profits sustainable over time.

By Willmen Blanco

Michael Saylor and Changpeng Zhao, among others, have stated their opinions about Bitcoin on Twitter. According to several studies, Bitcoin mining is mostly based on the use of renewable energy.

In recent days, the international Bitcoin community has commented on a decision of Tesla and its co-founder Elon Musk. They stopped the trading of electric vehicles with Bitcoin (BTC) and questioned the mining of the cryptocurrency for its alleged negative environmental impact.

MicroStrategy CEO Michael Saylor and Binance exchange CEO Changpeng Zhao, among other personalities, issued their opinions. They questioned Musk’s unexpected turnaround in the main cryptocurrency on the market. The Elon and Tesla announcement negatively affected both the price of BTC and that of the TSLA stock.

“Elon may not have researched how much power is required to execute the currencies that Tesla accepts,” Zhao said on Twitter. Tesla and Musk’s new position on Bitcoin attracted the attention of international media. In April, the businessman stated that Bitcoin encourages the use of renewable energy.

Saylor considers that Musk’s new viewpoint is ironic in that it is not necessary to use “incremental energy in a transaction with Bitcoin.” MicroStrategy’s CEO explained that is only necessary to use enough power to secure the network as a whole. In addition to that, he said that the consumption of fossil fuels to mine Bitcoin will have a negative impact over time.

Bitcoin Mining Is One of the “Greenest” Industries on the Planet

Anthony Pompliano, the founder of Morgan Creek Digital Assets, was another personality who questioned Musk’s knowledge of Bitcoin. The Bitcoin entrepreneur said that the arguments of Tesla’s executive are just part of a body of opinion that has grown over time.

“Do you realize that 75% of [Bitcoin] miners use renewable energy, Elon? This energy story has been debunked over and over again,” Pompliano said on Twitter. The enthusiast and podcaster referred to a study published in 2018. Researchers at CoinShare Research determined that Bitcoin mining is one of the “greenest” industries on the planet.

Replacing Gold with Bitcoin and Other Cryptocurrencies Will Help the Environment

Entrepreneur Mark Cuban, owner of the Dallas Mavericks in the NBA, also expressed his opinion on Musk and Tesla’s new viewpoint. The billionaire investor assured that his basketball team will continue to accept Bitcoin and other cryptocurrencies as they represent a store of value.

“The Mavericks will continue to accept Bitcoin, Ether (ETH) and Dogecoin (DOGE) as replacing gold as a store of value will help the environment. The reduction in the use of large banks and fiat currencies will benefit society and the environment,” according to Cuban.

Before Musk began to criticize Bitcoin mining, Tesla decided to enter the renewable fuel credit program. The company would take advantage of President Joe Biden’s policy to achieve the goal of zero polluting emissions thanks to biogas.

It is relevant to do personal research on cryptocurrencies before giving an opinion about them or investing in them. Several studies have already indicated that most Bitcoin miners use renewable energy.

By Alexander Salazar

For the first time, the interest in Dogecoin searches on Google surpasses those of Bitcoin. However, the price of the meme cryptocurrency dropped significantly after Elon Musk’s participation on the Saturday Night Live show.

The searches that users make on Google are one of the most interesting indicators to understand the dynamics of the crypto market. They allow knowing the interest that exists in cryptocurrencies, which normally entails increases and falls in demand worldwide. For that reason, it is striking that Dogecoin surpasses Bitcoin on Google for the first time in the history of the crypto market.

Although There Are More Solid Projects, Many Users Decide to Invest in Dogecoin

In recent weeks, Dogecoin has become a great paradox of the crypto world. Many projects, such as Bitcoin and Ethereum, are more solid from an economic and technological point of view. However, many members of the crypto community have decided to invest millions of US dollars in Dogecoin, whose creators abandoned it a few years ago. Investors’ interest in this joke cryptocurrency has led to an exponential increase in its price in a matter of a few weeks.

This spectacular spike in Dogecoin’s price is due in large part to Tesla CEO Elon Musk. The second richest man in the world has been one of the strongest proponents of the cryptocurrency meme. Through Twitter, he has shown his support for Dogecoin, which has generated a speculative wave in the market. Many users perceive his posts as a full endorsement of the crypto asset in question.

Even the mainstream media have spent part of their time tracking Dogecoin. That situation has further popularized the cryptocurrency and has also increased the speculative forces behind the increase in its price. Elon Musk’s participation in the Saturday Night Live show seems to have meant the culmination of this process.

Searches for Dogecoin on Google Surpass those for Bitcoin

These factors have led the interest in Google searches for Dogecoin to exceed that in the main cryptocurrency on the market. Google Trends recently anlayzed the period between May 2^nd and May 8^th. In that time, the searches for DOGE scored 56 out of 100, while the searches for Bitcoin reached 48 out of 100.

This increase in interest in Google searches for Dogecoin does not have to be immediately and automatically reflected in its price. Although Dogecoin has outperformed Bitcoin in Google searches, the price of the meme cryptocurrency has dropped significantly. The speculative wave that Elon Musk’s participation in the Saturday Night Live show generated finally ended. That led the level of trading of the cryptocurrency to collapse.

Although there is no automatic increase in the price of Dogecoin, the interest in it allows understanding the situation of the crypto market. Blockchain technology and the powers of crypto projects receive wide recognition worldwide. However, many users enter the market solely to bet on cryptocurrencies like Dogecoin even though no use value supports them.

By Alexander Salazar

Bitcoiners discussed on social media with Edward Snowden. Snowden spoke in favor of privacy, saying it is key to the fungibility of money.

Edward Snowden, well-known data privacy and security activist, does not believe that the implementation of Taproot improves the privacy of Bitcoin as a protocol.

In an interview during the Ethereal Virtual Summit 2021 conference, which took place days ago, Snowden claimed that the fundamental privacy issues of Bitcoin are not solved by Taproot, even though people are excited about this implementation.

Snowden argued about how the difference between conventional Bitcoin addresses and the new format introduced by Taproot can be used to violate privacy by forensic investigators, in a simple way, he said.

Alex Gladstein, who is Chief Strategic Officer (CFO) of the Human Rights Watch foundation, took to his Twitter to respond to Edward Snowden’s claims, including one calling the Lightning network a “shenanigan,” a term used to refer to an issue that is complicated and even comical.

Snowden responded, questioning Gladstein’s summary and its accuracy. Snowden said that the disastrous privacy of Bitcoin is the ‘missing stepping stone’ of cryptocurrencies. Each expert understands that it is a problem but, as experts, they know how to compensate for the risks in their interactions with Bitcoin, and therefore do not feel the urgency to repair privacy, “he said.

Snowden Stated that Privacy Guarantees the Fungibility of Bitcoin as a Currency

Snowden says that the core of cash is fungibility. This means that every dollar spent by a plumber has the same value as that of any other worker. There is no discrimination. An analysis of the main chain of Bitcoin reduces its fungibility. Only privacy guarantees fungibility.

In another comment thread with developer Matt Corallo, Snowden stated that neither Taproot nor Lightning comes close to improve Bitcoin’s privacy issues, and there are some arguments about how they harm privacy.

While Taproot and Schnorr serve as a conduit to achieve certain Bitcoin transactions have greater privacy, such as opening or closing a Lightning channel, the anonymity set would increase as more users make Taproot transactions.

Taproot in Bitcoin Would Increase its Privacy Due to a Major Usage

Edward Snowden is not the only one who has pointed out that Taproot does not necessarily fix all the improvable aspects of Bitcoin privacy. Other consultants state that it is necessary to create tools and make some improvements to Lightning to get the maximum potential of Taproot.

However, and although the activation of Taproot has not been without controversy, the community awaits this implementation, which is currently in the activation period.

Through Speedy Trial or rapid test, the miners have had the opportunity to signal their support for Taproot. However, in the current period of difficulty, it will not be possible, as not enough blocks were mined (1815 of 2016 of the period of difficulty) to achieve it.

By: Jenson Nuñez

The executive resigned from the company founded by billionaire Ray Dalio. The investor highlights that many sectors have started to understand the potential of Bitcoin.

Hedge fund Bridgewater Associates CFO John Dalby left his position in the company to join the bitcoin investment firm New York Digital Investment Group (NYDIG). The executive’s appointment comes amid the institutional adoption of bitcoin (BTC) as an equity asset across multiple companies worldwide.

Dalby left his position at the world’s largest hedge fund to become the chief financial officer of NYDIG, one of the US corporations that have shown prominent support to bitcoin, seeing its potential as a financial instrument. For the director, industries are following more closely every BTC step, as they are seeing the currency as a real innovation within the economic structures.

Dalby expressed in a press release by NYDIG that most sectors understand the potential of Bitcoin and more customers are looking for ways to access it safely. Dalby shares NYDIG’s vision of Bitcoin’s ability to bring economic empowerment for all.

Traditional Finance might Welcome Bitcoin

The director’s choice to leave the world of traditional finance to join the bitcoin ecosystem is a sign that the cryptocurrency industry is awakening a lot of interest among senior executives. Companies like MicroStrategy or Tesla, as well as other investment funds, are integrating bitcoin into their treasuries.

Dalby’s incorporation into NYDIG turns out to be more relevant as it leaves a conglomerate founded in 1975 by billionaire investor Ray Dalio. In total, Bridgewater Associates currently handles more than $ 140 billion in assets, leaving other funds like Renaissance Technologies behind.

Dalby had a previous career with financial services companies such as UBS Americas, D.E. Shaw Renewables Investments, and Bridgewater Associates itself. The executive might contribute investment solutions for institutional clients in the group.

Robert Gutmann, Co-Founder, and CEO of NYDIG said that working in Bitcoin is what many of the best and brightest employees are looking for. NYDIG is uniquely positioned to bring users a solid platform, resources, and culture to shine in pursuit of the mission to bring Bitcoin safely to the world.

NYDIG recently caught media attention as it raised $ 100 million to set an expansion for bitcoin among the insurance industry. The company also received another $ 200 million from Soros and Morgan Stanley to improve its business archetype.

What is Bridgewater Associates?

Bridgewater Associates is a global macro hedge fund created by Ray Dalio in 1975. It manages $ 160 trillion on behalf of 350 of the largest global institutions, including pension funds, university funds, and foundations, among others.

Bridgewater pioneered big data, machine learning, and algorithmic programming techniques to create and constantly improve inexpensive machines. An “economic machine” is Bridgewater’s proprietary term which describes the reduction of complex economic systems into interdependent actions and flows, supported by cause-and-effect relationships, around which the company negotiates.

Bridgewater also managed in the early years the alpha overlay and risk parity investment/portfolio management, as well as strategies leveraged by its Pure Alpha and All Weather Flagship Funds, respectively. In 2006, the company transitioned, putting the traditional investment focus from its portfolios to an end.

By: Jenson Nuñez