bull market

After Arrest for Murder, $LUIGI’s Market Cap Hits $60M

Published

2 weeks ago

December 10, 2024

Luigi Inu, a memecoin inspired by Luigi Mangione, has hit a new all-time high by market capitalization, reaching $60 million. This market movement is in conjunction with the Pennsylvania police taking Mangione in custody for the murder.

The Luigi Inu (LUIGI) token first started gaining traction following Mangione’s arrest in Altoona, Pennsylvania and charged on Dec 9. The token’s market cap reached $29 million before it rocketed higher to $60 million, after the arrest was confirmed. Originally launched by anonymous crypto traders, the token is trending on Raydium, the automated market maker built on Solana.

Price chart of LUIGI/SOL showing recent trading activity, with fluctuations leading to a current price of 0.0003198

The connection between Mangione and the memecoin lies in the fact that his arrest and the subsequent media attention have significantly boosted the token’s popularity and value.

Who is Luigi Mangione?

According to police, Luigi Mangione, is connected to the “premeditated and pre-planned attack” killing of Brian Thompson, the CEO of UnitedHealthcare, in Manhattan. Surveillance footage also captured Luigi Mangione exiting the vicinity shortly after the gunfire erupted. Mangione also published a manifesto about disparaging things about corporate America, which added fuel to the virality of the memecoin.

The problem with hype-based memecoins

I am not against memes, but meme coins are getting “a little” weird now.
Let’s build real applications using blockchain.
— CZ 🔶 BNB (@cz_binance) November 26, 2024

Tweet from CZ, Binance’s CEO

In the wake of recent market activity, numerous new-cycle memecoins have disappointed with their inability to break all-time highs, leaving many to question the “memecoin supercycle” a phrase championed by Murad Mahmudov at September’s Token2049 conference. As meme tokens inspired by hysteria potentially cross the line between tragedy and speculation, experts caution that there are dangers in playing with such whiff-of-miracle assets.

These tokens, like LUIGI, exploit the fear of missing out using viral narratives about wealth, which become appealing much like sports betting, believes Alex Beene. However, they lack the fundamental value and stability of traditional assets, making them highly volatile and risky investments.

i feel like there a better narrative here and eventually, people will start to rotate into $BRIAN and stop supporting a murderer. but then again maybe I have too much faith in CT. https://t.co/Bem5eaD5VG
— BaketheSnake 🪖 (@BaketheS77946) December 10, 2024

Screenshot of a crypto tracking platform showing data for the token ‘BRIAN’ with the tagline ‘Justice for Brian Thompson.’ The data highlights a market cap down by 25.23% at $68K, a 24-hour trading volume of $691K, and liquidity of $33K.

Many netizens are trading the LUIGI token, with some actively supporting the alleged idea of anti-establishment, which Mangione is said to envision. However, many within the crypto community also condemn the incident and seek justice for the victim. A new token called $BRIAN has also surfaced, which aims to bring justice to Brian Thompson.

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ARK Invest

Bitcoin To Hit $1 M by 2030

Published

3 days ago

December 20, 2024

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Cathie Wood, who is the CEO and chief investment officer of Ark Investment, made a prediction during an interview with Bloomberg, suggesting that Bitcoin will hit a price of $1 million by 2030.

In the conversation on Dec. 20, Cathie Wood pointed towards Bitcoin’s (BTC) fixed supply of 21 million cap as the key denominator which will drive the asset’s value. She brought to light the scarcity of BTC as more than 19.5 million BTCs have already been mined, which she says have increased the institutional investor’s hunger for the asset.

“Bitcoin is really the first of a new asset class, and it will be the largest opportunity of them all,” Wood stated. As a result of this increasing institutional adoption and supply-demand dynamic, she argues that the likelihood of BTC reaching $1 million is now considerably higher. Referencing Ark Investment’s Big Ideas 2023 research report, Wood highlighted the asset’s inherent scarcity as a key driver of its growing demand.

Responding to criticism of BTC’s speculative character, Wood drew parallel to gold, with both acting as stores of value. Also, she noted that BTC’s annual supply growth rate has recently fallen to 0.9%, lower than gold’s long-term average supply growth rate of 1%, meaning that BTC is more scarce than gold.

Wood said that while gold could lead to increasing supply in a rising price environment, BTC cannot due to its decentralized mechanism. “Like gold, Bitcoin is secured by its scarcity, but unlike gold it’s backed by the largest computing system in the world, making it the most secure network in the world,” she explained. It is this mathematical scarcity along with its decentralized and rules-based design that differentiates BTC as a radically new era financial asset, Wood claimed.

Wood largely credits the sudden boom in digital asset adoption to the COVID-19 pandemic, which she says has “turbocharged” a period of financial self-education by younger investors whose personal standards for accreditation traditionally fall short. This change has been also documented in statistics; where 63% of people invested in cryptocurrency in 2021 during the pandemic, with the bulk of adopters being millennials and Gen Z.

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American HODL

Buying Bitcoin Is Easy, HODLing Is the Hard Part

Published

5 days ago

December 18, 2024

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Follow Nikolaus On &Xopf; Here For Daily Posts

HODLing bitcoin is so simple, yet it’s one of the most difficult and challenging things to do.

HODLing bitcoin is a choice. You have to wake up every day and choose to continue HODLing BTC. When you have every reason to sell bitcoin, you have to continue HOLDing. This is where most people fail.

The anxiety of losing money kicks in. The fear of being wrong becomes a cloud over your head and you start to wonder if you’re wasting your time and ruining your future by HOLDing bitcoin.

It really isn’t for the weak, so I understand why so many people could not fathom holding onto an asset this volatile, this early into its existence. It makes sense why most people were not ready to go all in on bitcoin, but those who did were highly rewarded for their efforts.

This American HODL thread sums up HODLing bitcoin perfectly.

Here’s a story for $106,600 per Bitcoin.
6 years ago in 2018 I stacked cash all year knowing I would rebuy bitcoin at the “bottom”.
We spent 3 months or so consolidating around $6,600.
I got impatient and was like fuck it this is my moment and deployed half my stack.…
— AMERICAN HODL 🇺🇸 (@americanhodl8) December 17, 2024

I remember what it was like back in 2018 when the price of bitcoin dropped by 50%. Only at the time, I was a young college student working in physical therapy. I was in a position to take on as much risk as possible because taking care of myself was my only responsibility, so that giant drop did not affect me mentally too much. But for American HODL, as well as many other Bitcoiners who had wives and children to take care of, the stakes here were raised significantly.

Many Bitcoiners want the price to drop lower, so they can accumulate cheaper BTC. But for many Bitcoiners who have already accumulated bitcoin at cheaper prices, it can be soul crushing to watch the price of bitcoin drop by 70-80% in the bear markets. Bitcoiners, after all, are in this for wealth preservation and to increase their purchasing power. So when bitcoin dramatically drops in price, many feel like it’s a punch in the gut. Losing money sucks.

However, if you can withstand the brutal bear markets, the bull markets reward those who sheltered the storm, those who put in the effort to understand this asset and why it has these intense drops and rises. Historically, the price of bitcoin rises for three years in a row, then dumps for one year.

HODLing bitcoin is not easy. It is normal and human to feel the depression of the bear market and the euphoria of the bull. So when bitcoin inevitably dumps in the future after the bull market, be prepared to HODL.

Don’t put yourself in a position where you cannot withstand a 70-80% correction.

Understand the asset you got into and realize this is normal and everything is OK. If you can do that, you will make it out of the bear market alive, and be in prime position to take advantage of the next bull market.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Bitcoin

Bitcoin Sell-Off Likely When This Metric Reaches 4%, Analyst Explains

Published

1 week ago

December 14, 2024

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Este artículo también está disponible en español.

While Bitcoin (BTC) fluctuates around the critical $100,000 price level, some investors may seek the ideal opportunity to take profits and exit the market. In this context, a CryptoQuant analysis highlights a key BTC metric that can serve as a valuable tool for crafting an exit strategy.

Have Profits In Bitcoin? Keep An Eye On This Indicator

In a Quicktake blog post published today, CryptoQuant contributor Onchain Edge shared insights into timing the sale of BTC during the current bull market. The analyst emphasized the importance of the Bitcoin supply in loss metric, noting its potential to signal when to start exiting the market to preserve profits.

For those unfamiliar with Bitcoin, the supply in loss measures the percentage of BTC held at a loss based on its last moved price. A low percentage of supply in loss typically indicates peak market euphoria and serves as a warning to secure profits before a bear market correction begins.

According to the CryptoQuant analysis, when BTC supply in loss drops below 4%, it signals a good time for investors to consider dollar-cost averaging (DCA) out of their BTC holdings and wait for the next bear market lows. Currently, the BTC supply in loss sits at 8.14%.

DCA is an investment strategy where investors allocate a fixed amount of money to an asset at regular intervals, regardless of its price. This method helps reduce the impact of market volatility and lowers the average cost per unit over time. The analyst adds:

Why? Below 4% means a lot of people are in a profit this is the peak bullrun phase. Trust me you don’t want to be bagholding because you thought we will never see a bear market again. Be fearful when others are greedy.

Analysts Confident Of Further Upside In BTC Price

While tracking the BTC supply in loss metric can help investors safeguard their profits, recent forecasts from crypto analysts suggest there might still be room for further upside before this indicator becomes crucial.

According to crypto analyst Ali Martinez, BTC forms a classic cup and handle pattern on the weekly chart. The premier cryptocurrency looks poised to break out of the bullish formation, with targets as high as $275,000.

Similarly, Donald Trump’s victory has brought fresh optimism in the crypto industry. In the recently concluded Bitcoin MENA conference in Abu Dhabi, Trump’s former campaign chairman, Paul Manafort, noted that BTC investors can “expect more than $100,000” during the ongoing market cycle.

Other forecasts remain equally bullish. Tom Dunleavy, Chief Investment Officer at MV Global, projects BTC to reach $250,000, while Ethereum (ETH) might climb to $12,000 during this market cycle. BTC trades at $100,983 at press time, up a modest 0.1% in the past 24 hours.