In the early hours of this morning, animal coin holders were invariably awakened from their sleep by a man named V God. The big philanthropist V God first sold off about $60 million worth of SHIB, HUSKY, AKITA and other tokens, and then donated all of the billions of dollars worth of animal coins to various charities, a move that almost decimated the entire zoo of coin prices, and a large number of retail investors involved in speculation were ruthlessly bloodied. It can be said that the animal coin market is the hottest hot spot in the recent market and carries the hope of the grassroots class to get rich overnight. So is the plunge an opportunity to get on board, or is it the beginning of the bubble bursting?
Coin Market Trader
Since the big release, various markets around the world have faced the problem of bubbling of core assets. For example, in February this year, the average P/E ratio of NASDAQ large-cap technology blue chips exceeded 48 times, reaching the highest level in 10 years, while the average P/E ratio of Chinese liquor stocks reached as high as 80 times. However, due to the role of institutional hold-ups, these blue chips with inflated valuations have not only not pulled back, but have instead repeatedly reached new highs. As of May 12, the number of bitcoin held by various institutions is about 32% of the total circulation, and the number of giant whale wallets holding more than 10,000 ETH has skyrocketed to 1,332, with the core assets of the market completely in the hands of institutions. In this situation, retail investors who want to make money have no choice but to join the institutional huddle at high levels.
Why is it okay to speculate on blue-chip stocks, but not junk stocks or junk coins? With dissatisfaction with the market order of elite pricing, American retail investors hailed the junk stocks GME and AMC, which were heavily shorted by institutions, while Chinese retail investors set off the speculation boom of low-priced stocks in the GEM, and the grassroots class in the coin circle started feverishly speculating on low-priced air coins under the slogan of social experiment. Although many people are well aware that animal coin speculation is a drumming game, they are more afraid of having their living space squeezed step by step by the extreme holdout market than risk, and even more unable to resist the temptation of getting rich overnight. The lobbyists, on the other hand, see the huge opportunity in this windfall and have been secretly pushing the envelope.
From past experience, retail and lobbyist-led quotes are often known for their fast pace and high explosiveness, which means that every hotspot is difficult to have good sustainability, and whether to occupy the first-mover advantage is the key to success or failure. The animal coin market starts with DOGE and then overflows to SHIB and finally spreads to the entire zoo, with the money-making effect showing a marginal decrease as the supply of items increases. With DOGE and SHIB entering adjustment one after another, the hype of animal coins has already passed, except for the leading DOGE and SHIB which still have the chance to perform repeatedly, most of the varieties are already on the road to chronic death. However, it can be said for sure that speculation on new and small is still one of the themes of the market, which is determined by the current pattern of the market, for reasons you can refer to the previous analysis.
At the node where animal coins are hotly speculated, the holding camp is not idle either. In addition to ETH stunningly coming out of ten consecutive suns, DEFI leaders represented by YFI and AAVE began to accelerate with high volume, and the institutional camp and grassroots camp took turns to perform for the stock liquidity. However, while the animal coin was tragically slaughtered by V God, the institutional camp was also stabbed in the back by actor Musk. At 4 am, Musk announced on Twitter that Tesla would stop accepting bitcoin payments because bitcoin mining consumes a lot of coal and other fossil energy and produces a lot of carbon emissions that seriously pollute the environment. Once the news broke, bitcoin fell as if it had taken a laxative, dropping more than 15% during the day. Although Musk routinely reassured the market when he announced the shortfall, saying that Tesla was still bullish on bitcoin and would not sell it, the market was already extremely disappointed in Musk. This is because the current point in time is just two months after Tesla announced its support for bitcoin payments, and two weeks before the short announcement Tesla had already finished reducing its holdings in bitcoin.
In addition to the gods of V and Musk, the raging U.S. inflation has also fueled the market’s fears. Data showed that the US CPI rose 4.2% year-on-year in April (3.6% expected) refreshing its high since September 2008. The U.S. money market believes that the probability of an interest rate hike during the year rose to 88%, and a global monetary tightening is imminent. As a result, the U.S. stock market stock and bond double kill, as of the close of the Nasdaq index fell 2.67%, today’s Asia-Pacific and European stock markets are a general decline. Such a bad market environment will certainly lead to panic in the cryptocurrency market which is at a high level.
In terms of operation, I think the market is still facing great uncertainty in the coming week, so it is recommended to wait and see before the situation becomes clear.
Cryptocurrency Market Trader
BTC: The trend before the big drop was basically the same as the analysis on April 30: breakthrough 55000 and then hit 60000. however, the bulls have been unable to break through the heavy pressure level of 60000 where Tesla reduced its holdings, which led to today’s no-go result. From a technical point of view, bitcoin stopped at 60,000 making this rally from April 26 to May 8 rather smack of going B-wave. So, the April 26th low of 47000 is a very critical short-term support level, and investors who still hold bitcoin can use 47000 as a reference for positions to stay or go.
ETH: A rare ten-positive shorting maneuver with a very strong move. The combination of the upper and lower shadows on May 11 and May 12 is the usual topping technique used by bankers, and the phase adjustment is expected to continue.
DOGE: Each big drop will have a rebound, the center of gravity gradually down. Normal drop more than the waist will have a powerful rebound, I tend to pull back to near 0.3 and then trigger an oversold rebound.
SHIB: V God will be the largest SHIB donated to San’s foundation, San is now busy fighting the epidemic on the huge demand for funds, the probability will continue to smash the plate to cash, it is not recommended to blindly plunge.
LTC: shock topping, recommended to get out.
XRP: 1.96 and 1.76 constitute a double top pattern, short and medium-term continue to oscillate down.
EOS: from two days up nearly doubled to a day will fall out, the ups and downs only used three days, so the main force is difficult to retreat, after stabilization still have oversold rebound.
FIL: the form goes bad, it is recommended to get out.
DOT: borrowed KSM slot auction, induced more than a little, you can get out at a high.
LINK: Continuous negative decline, not recommended to participate.
UNI: the trend is relatively firm, V3 version gradually play a positive role, down does not break 33.4 can hold.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/v-god-bloodbath-zoo-waist-cut-dog-shit-coin-can-still-buy/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.