Category Archives: Ethereum
Why Bitcoin, Ethereum, and Dogecoin Are Heading Lower This Weekend – The Motley Fool
What happened
In the world of cryptocurrencies, which happens to be a 24/7 market, weekend price action can be rather enthralling to watch. With most markets off-limits to investors, traders who require action can find it in the crypto market.
Thus far, this weekend has kicked off with an unfortunate thud for investors, with most major tokens losing steam. Over the past 24 hours,Bitcoin(BTC -0.55%), Ethereum(ETH -0.11%), and Dogecoin(DOGE 0.02%) have sunk 3.3%, 5.7% and 12.4%, respectively.
This past week provided investors with more headwinds than we've seen in some time. The Securities and Exchange Commission (SEC) launched two lawsuitsagainst Binance and Coinbase, two of the largest centralized crypto exchanges.
The allegations varied across these two enforcement actions, with market manipulation the key focus of the Binance lawsuit and alleged unauthorized securities sales the key focus of the Coinbase suit.
While Bitcoin and Ethereum appear to be in the clear, with most regulators appearing to lean toward these digital assets being classified as commodities rather than securities, it's clear that regulatory oversight for the crypto sector is likely to pick up substantially. With the largest crypto exchanges in the cross-hairs of regulators, investors have reason to be concerned about how regulation may affect capital flows into this sector, and overall innovation, over time.
For meme tokens like Dogecoin, regulatory headwinds are certainly a bigger deal. It's much more likely we'll see regulators focus their enforcement action efforts on projects with little utility or value for users and generate impressive profits for insiders, like Dogecoin and many of its peers. Thus, it's unsurprising to see this token drop much more precipitously than its mega-cap peers today.
This past week, I read an interesting perspective on why equity markets aren't open on weekends. Thin liquidity can result in outsized moves (to the upside or downside), often seen in after-hours trading volatility around key events such as earnings. In the case of crypto, a 24/7 market, weekends can prove to be much more volatile, which can incite traders to take on leveraged positions and ride momentum one way or another.
Perhaps today's price action is simply the result of a combination of thin liquidity, liquidations activity, leverage, and momentum. That's almost certainly the case with most major rallies in this sector.
However, there's also the reality that the crypto market effectively didn't blink when these SEC lawsuits were announced. Bitcoin and Ethereum saw an initial dip but held relatively steady. Today, investors appear to be seizing the opportunity to price in this real risk.
Chris MacDonald has positions in Ethereum. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, and Ethereum. The Motley Fool has a disclosure policy.
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Why Bitcoin, Ethereum, and Dogecoin Are Heading Lower This Weekend - The Motley Fool
BloodbathSudden $1 Trillion Crypto Crash Sparks Fresh Coinbase Warning And Tanks The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon…
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Ethereum: Buy the Dip? – The Motley Fool
Even with a significant run-up in 2023, the cryptocurrency market remains well off its peak valuation of $3 trillion in 2021. Investors just aren't as excited about the industry as they were just a couple of years ago, as higher interest rates and a softer macroeconomic backdrop make risky assets less attractive.
Recent regulatory actions by the Securities and Exchange Commission also cast a shadow over the industry's future.
Some of the most popular cryptocurrencies are also selling at steep discounts. Ethereum is 62%below its all-time high of about $4,900 in November 2021. Should investors buy the dip?
For those looking to put some money to work in this high-risk, high-reward asset, now might be a good time to do so. Let's take a closer look.
Image source: Getty Images.
Unlike Bitcoin, which lacks features in network functionality, Ethereum is built with smart contracts. These software programs run on its blockchain automatically when specific conditions are met.
This technological innovation allows its blockchain to be home to a bunch of decentralized applications (dApps), eliminating the need for intermediaries or sponsors. Examples of categories of dApps include gaming, social media, and gambling.
Decentralized finance (DeFi) protocols, like peer-to-peer lending and savings networks or decentralized exchanges, are some of the more popular kinds of dApps to keep an eye on.
The traditional financial-services industry is characterized by having lots of expensive intermediaries that extract fees. Although full of its own set of issues, mainly the lack of consumer protections, DeFi is a promising area to unleash cryptocurrency's potential because it could provide customers with better pricing and an improved user experience.
Ethereum is positioned well to continue being the leading blockchain platform when it comes to dApps. According to a report from Electric Capital, a venture investment firm, half of all DeFi developers were working just on Ethereum.
And Ethereum had the largest active developer community compared to any other cryptocurrency, almost triple the second best, Polkadot. This means there are lots of smart and dedicated computer scientists working to continuously improve Ethereum, which should help keep it in the lead.
The most recent upgrade, known as The Merge, transitioned Ethereum to a proof-of-stake consensus model. It's supposed to be more energy efficient, while setting the network up for greater scalability to handle more transactions, at lower costs, in the future.
There are many more upgrades planned over the next few years that should keep Ethereum at the cutting edge in the blockchain industry.
When investing in stocks, there is definitely a lot of uncertainty. That's because a company's future depends on a lot of variables that are hard to predict, like the state of the economy, the competitive landscape, management's decisions, and changes in consumer behavior.
This uncertainty is amplified when looking at cryptocurrencies. The technology is still so early in its adoption curve that it's really hard to tell what things will look like in five to 10 years. This creates a wide range of outcomes.
Moreover, the risks with cryptocurrencies include other factors like the unclear and developing regulatory framework, network and security threats, and whether this innovative technology is even needed by anyone. This means that investors should practice a lot of patience and adopt a really long time horizon to let things play out.
And when buying any cryptocurrency to add to your portfolio, including Ethereum, it's important to be ready for lots of volatility. Buying the dip on this digital asset might look like a good idea today. But it's not going to be a straight line to huge investment gains. It's best to be mentally prepared for this.
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Ethereum set for a volatile weekend as active deposits spike – AMBCrypto News
Ethereums price has been experiencing notable fluctuations of late, and according to Santiments recent deposit metric, there could be even more volatility on the horizon as the weekend approaches. However, by examining Ethereums Netflow, we may better understand the prevailing sentiment, overriding the impact of these price swings.
Realistic or not, heres ETHs market cap in BTC terms
Ethereum marked a significant surge on 9 June in some key metrics, as observed on Santiment.
According to Santiment, the active and deposit transaction metrics experienced a notable spike leading up to the weekend. The active deposits metric reached an impressive figure of over 17,500, while the deposit transactions metric surged past 17,700.
Notably, active deposit addresses have reached their highest level since March, suggesting the potential for increased volatility.
Furthermore, it is important to note that active deposits encompass both incoming and outgoing transactions, including transfers from personal wallets to deposit addresses and from deposit addresses to main exchange wallets. Therefore, examining the spike in these metrics might not provide a conclusive assessment, as it merely indicates a surge in participant activity.
To obtain a more comprehensive understanding, delving into another crucial Ethereum metric might offer a clearer depiction of the situation.
According to the Santiment chart, there has been a notable trend of Ethereum exiting exchanges, resulting in a decrease in the volume held on exchanges. As of this writing, the supply of Ethereum on exchanges decreased to 9.45% of the total supply.
Additionally, analyzing the exchange netflow data from CryptoQuant revealed that the flow in the past few days were predominantly outward transfers from exchanges. As of this writing, a significant negative netflow of approximately 30,000 Ethereum was recorded.
This indicated a higher inclination toward accumulation and a reduced risk of sell-offs. While this could be interpreted as a bullish sign, it also implied the potential for impending volatility.
At the time of writing, Ethereum was undergoing a notable downward trend in price when observed on a daily timeframe chart. It was trading at approximately $1,740, reflecting a decline of over 5%.
The Bollinger Band analysis indicated that ETH was currently experiencing a certain level of volatility, although the bands elasticity suggested that the current volatility was relatively minimal.
How much are 1,10,100 ETHs worth today
Furthermore, the recent decline caused ETHs Relative Strength Index (RSI) to drop below 40, indicating a stronger bearish trend in the market. Moreover, according to the volatility metric provided by Santiment, the current volatility level of Ethereum stood at 0.01% as of this writing.
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Ethereum set for a volatile weekend as active deposits spike - AMBCrypto News
Tesla, Coinbase, Apple, Amazon And Jack Dorsey Calls Ethereum A Security: Benzinga Bulls And Bears – Appl – Benzinga
June 10, 2023 10:26 AM | 3 min read
Benzingaexamined the prospects for many investors'favorite stocks over the last week here's a look at some of our top stories.
The S&P 500 finished the week on a high note, closing near the 4,300 benchmark on Friday for the first time since August 2022. This uptick reflects investor anticipation of next week's inflation data and the impending announcement of the Federal Reserve's latest decision on rates.
The S&P 500 rose by0.39% this week, making it the fourth consecutive week of gains a streak last seen in August. The Nasdaq was up around 0.14%, marking its seventh week of consecutive gains, a streak not seen since November 2019. The Dow Jones rose0.34%. Despite a minor drop on Friday, the Russell 2000 reported a weekly increase of 1.9%.
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Benzinga provides daily reports onthe stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.
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"AI-Powered ETF Dumps Nvidia In June For A FAANG Stock," by Shanthi Rexaline, reports that theQRAFT AI-Enhanced U.S. Large Cap Momentum ETF (NYSE:AMOM) sold off its shares ofNvidia Corp (NASDAQ:NVDA) and opened a position inAmazon.comInc (NASDAQ:AMZN).
In "Crude Awakening: 5 Oil Stocks Poised For Growth As Global Output Tightens," Piero Cingariexplains thatU.S. oil stocks are poised to capitalize on a tightening global crude market, includingMarathon Oil Corp.(NYSE:MRO),Occidental Petroleum Corporation (NYSE:OXY), andValero Energy Corp. (NYSE:VLO).
"Tesla's $3B Jackpot: Analyst Projects Rival EV Makers Could Supercharge Its Growth By 2030," by Chris Katje, details why an analyst thinksTesla Inc (NASDAQ:TSLA) has the potential of generating $3 billion in charging revenue from non-Tesla owners by the year 2030.
For additional bullish calls of the past week, check out the following:
Benzinga's 'Stock Whisper' Index: 5 Stocks Investors Are Secretly Monitoring But Not Talking About Yet
Adobe, The Secret AI Play? Why This Analyst Just Bumped Up Price Target
Apple's Vision Pro Price Tag, Release Date Find Little Love On The Street: Why One Analyst Says Disney Acquisition More Likely After WWDC
"Jack Dorsey Says Ethereum A Security, Believes 'Bitcoin Way Too Ahead Amid SEC Lawsuits Against Binance, Coinbase," by Mehab Qureshi, reports thatformer CEO ofTwitter,Jack Dorsey,this week indicated that he believes Ethereum (CRYPTO: ETH) is a security.
In "After Binance, SEC Accuses Coinbase Of 'Acting As Unregistered Broker' In Lawsuit," Murtuza Merchant detailstheSecurities and Exchange Commission's lawsuit against Coinbase Global Inc (NASDAQ:COIN), alleging the company isacting as an unregistered broker.
"Vision Pro Launch Triggers Concerns Over Apple Stock Dip, Similar To Original iPhone, MacBook, iPad Reveals," by Piero Cingari, looks at the historic drop of Apple Inc's (NASDAQ:AAPL) stock immediately following the launches of what have turned out to become the company'smost successful products.
For more bearish takes, be sure to see these posts:
Stock Market Volatility Plummets To Pre-Covid Levels: Analyst Says 'Enjoy Low VIX While It Lasts'
Jim Cramer Labels Binance A 'Sham' Amid SEC Lawsuit, Says Crypto Investors Now Have To 'Work In Overdrive
Real Estate Market Turmoil Looms As Tech Giants Flee Offices: Watch These 5 Stocks, Short Sellers Circling For Potential Collapse
Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.
2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Ethereum (ETH/USD) Price Analysis – 10 June 2023 – CryptoGlobe
Introduction
This comprehensive report analyzes Ethereums price dynamics on Binance, covering technical indicators, moving averages, and pivot points.
At the time of the report, Ethereum (ETH) was priced at $1,744.79, experiencing a decrease of $92.07 (-5.01%) compared to the previous period. The snapshot was taken at 21:56:06 UTC, with a trading volume of 646,759 units on Binance.
The RSI (14) is at 38.383, which is below the typical mid-point of 50, suggesting that Ethereum is potentially oversold. The STOCH (9,6) is at 38.050, which also suggests that the asset may be oversold. The STOCHRSI (14) is at 89.480, which is in the overbought territory, suggesting a potential price reversal. The MACD (12,26) is at -18.050, indicating a bearish trend as the MACD line is below the signal line. The ADX (14) is at 30.569, which is above 25, indicating a strong trend, but its neutral as it doesnt indicate the direction of the trend. The Williams %R is at -50.765, which is near the mid-point, suggesting a lack of clear direction in the market. The CCI (14) is at 48.0310, which is near the zero line, suggesting a lack of momentum. The ATR (14) is at 13.0657, suggesting less volatility. The Highs/Lows (14) is at 0.0000, indicating a neutral market. The Ultimate Oscillator is at 52.670, suggesting bullish momentum. The ROC is at 0.769, which also suggests bullish momentum. However, the Bull/Bear Power (13) is at -17.6740, suggesting bearish momentum. Overall, the technical indicators suggest a bearish trend with some signs of potential bullish reversal.
The Simple Moving Averages (SMA) and Exponential Moving Averages (EMA) for the 5-day and 10-day periods are mixed, with the 5D SMA suggesting a sell and the 5D and 10D EMA suggesting a buy. This indicates a potential trend reversal. However, the SMA and EMA for the 20-day, 50-day, 100-day, and 200-day periods are all suggesting a sell, indicating a bearish trend. Overall, the moving averages suggest a bearish trend with some signs of potential bullish reversal in the short term.
The pivot points suggest potential support and resistance levels. For the Classic pivot points, the pivot point is at 1742.74, with support levels at 1738.80 (S1), 1734.79 (S2), and 1730.85 (S3), and resistance levels at 1746.75 (R1), 1750.69 (R2), and 1754.70 (R3).
The Fibonacci pivot points suggest a pivot point at 1742.74, with support levels at 1739.70 (S1) and 1737.83 (S2), and resistance levels at 1745.78 (R1) and 1747.65 (R2). Fibonacci pivot points do not typically include a third level of support and resistance.
The Camarilla pivot points indicate a pivot point at 1742.74, with support levels at 1742.07 (S1), 1741.34 (S2), and 1740.61 (S3), and resistance levels at 1743.53 (R1), 1744.26 (R2), and 1744.99 (R3).
For the Woodies pivot points, the pivot point is at 1742.75, with support levels at 1738.82 (S1), 1734.80 (S2), and 1730.87 (S3), and resistance levels at 1746.77 (R1), 1750.70 (R2), and 1754.72 (R3).
The DeMarks pivot points suggest a potential resistance level at 1744.74 and a potential support level at 1736.79. DeMarks pivot points do not typically include a third level of support and resistance.
These levels indicate a narrow trading range, suggesting that the market is waiting for a catalyst to determine the next direction. Traders could use these levels to identify potential entry and exit points.
The comprehensive analysis of Ethereums price dynamics on the Binance exchange reveals a bearish trend in the market, as suggested by the majority of the technical indicators and moving averages. However, there are some signs of potential bullish reversal, particularly in the short term, as indicated by the 5-day and 10-day moving averages and some of the technical indicators, such as the Ultimate Oscillator and ROC.
The pivot points analysis provides potential support and resistance levels, which traders can use to identify potential entry and exit points. The narrow trading range suggested by these levels indicates that the market is waiting for a catalyst to determine the next direction.
While the analysis provides valuable insights into the potential price trends, it is crucial for traders and investors to conduct additional research and consider multiple factors before making investment decisions. This is because the analysis is based on historical data and does not guarantee future price movements. The volatile nature of the cryptocurrency market also necessitates a cautious approach to trading and investing.
Featured Image Credit:Photo / illustrationbyDylan CalluyviaUnsplash
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Ethereum (ETH/USD) Price Analysis - 10 June 2023 - CryptoGlobe
Ethereum: DeFi sector grows, but is it enough? – AMBCrypto News
Ethereum [ETH] has continued to assert its dominance in the crypto sector, particularly in NFTs and DeFi. Recent observations suggested that Ethereum was consolidating its position in the DeFi sector, which could be seen as a positive development for the network.
Is your portfolio green? Check out the Ethereum Profit Calculator
According to data from Messari, the Total Value Locked (TVL) in DeFi witnessed an increase during the market rebound, with Ethereum emerging as one of the most prominent players in this space.
The rise in TVL can be attributed to the significant growth of Decentralized Exchanges (DEXes) operating on the Ethereum network, such as Metamask Swap, which experienced a substantial surge in unique active wallets within a 24-hour period.
Consequently, transaction volumes on the network registered a notable 9.12% increase during the same timeframe.
While Ethereums dominance in the DeFi sector remained strong, the same cannot be said for the NFT space. Over the past month, several blue-chip NFT collections on the Ethereum network saw falling prices, including Bored Ape Yacht Club (BAYC), Meebits, and Azuki.
Moreover, the number of traders involved in buying and selling these collections also witnessed a significant drop during this period.
The declining interest in NFTs could potentially impact Ethereum, but despite this, the number of validators on the network continued to grow.
Data from Staking Rewards revealed a 7.61% increase in the number of validators over the past month, indicating ongoing participation and support for the networks security.
Realistic or not, heres ETHs market cap in BTCs terms
However, the MVRV ratio of Ethereum indicated that holders were not facing significant selling pressure at the time of writing.
Additionally, approximately 189,000 ETH options are approaching expiration, with a Put Call Ratio of 0.91, a maximum pain point at $1,850, and a notional value of $325 million. These factors reflected optimistic trader behavior and potential market expectations for Ethereum.
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Ethereum: DeFi sector grows, but is it enough? - AMBCrypto News
The Memecoin Grift and How It Threatens Ethereum Culture – Yahoo Finance
The ceaseless and cynical pumping of tokens devoid of value is an existential threat to Ethereums reputation.
This memecoin culture is populated by the most chronically clout-addled people in the crypto industry, who exist in the Influencer Pit of Despair. This is a deep, dark hole where grifter influencers clamber over one another to rob the nearest retail tourist. You can locate the Influencer Pit in the form of a Twitter Space. But not just any Twitter Space. More like Twitter Spaces experienced as a debilitating K-Hole in a Prague dive-bar. And youve lost your wallet.
Its a fundamental paradox that since anyone can use the Ethereum blockchain, anyone can use the Ethereum blockchain. If Ethereum were a local park, the memecoiners would be an unruly gang of teenagers listening to music on some god-forsaken Bluetooth speakers.
Paul Dylan-Ennis is a CoinDesk columnist and lecturer in the College of Business, University College Dublin.
Imagine youre working on Eigenlayer or zero-knowledge (ZK) proofs or youre an Arbitrum delegate. And while youre valiantly working away on something useful you cant help but grit your teeth to hear some braindead dolt just made a cool million by tweeting.
Memecoins will always be part of an open source network like Ethereum, but for cryptocurrency to be widely adopted the industry needs to find a way to collectively address its worst forms of valueless profit seeking.
There is something hopeless about how little is offered by the memecoin grift.
When pepe (PEPE) was created the team outright admitted that the project was pure memeology, propelled along by our favorite rehabilitated frog. There is, at this stage in the industrys cycle, something quite empty about returning to the meme well, eking out a living as bottom feeders on some anon teams larp. Its mindless algorithmic churn, like we invented the wheel but only used it to go in circles.
And those Spaces! My word. Memecoin Spaces seem to be required by law to have the most obnoxiously loud host, for no apparent reason. At least three of the speakers, sporting equally terrible NFT (non-fungible token) investments as their PFPs (profile pictures), will admit to several misdemeanors over the course of an hour. At least 75% of the audience has bought something from Supreme and made a loss on it.
Story continues
Before you feel bad, lets remember what the Influencer Pit does. It sucks in retail investors, selling them on the concept that financial nihilism is the truth. It contributes to the idea that blockchain (or crypto or Web3) is merely about speculation. It stipulates your only option in life is to hustle fast enough and hope you dont end up as fodder for a CoffeeZilla video.
The latest trend is painfully banal. Its such a low-brow grift Im embarrassed to even write about it. Influencer grifters, often double-dipping from prior shilling of memecoins, will simply post an Ethereum address and ask people to send ether (ETH) to it. One can only hope the IRS does not ENS. The wink and nod in this scam is the explicit promise of no return. You would, and I mean this quite literally, be just as well setting fire to your physical wallet than sending a transaction like this.
In Ethereum there are no police. In a decentralized, permissionless culture there is nobody who can sanction you like the law might IRL
Im not sure what the appropriate punishment should be for these crimes against humanity. First-time offenders might have to attend Bitcoin Miami wearing an Ethereum T-shirt. Serial offenders will need harsher punishments, perhaps trapped in a dark room with a Richard Heart monologue on repeat, for up to two years. We might instead decide to capture all the grifter influencers on an island somewhere. Perhaps we could create a fake conference, NFT Pitcairn Islands, and then create a decentralized autonomous organization (DAO) whose only purpose is to ensure no flight ever leaves, spending treasury funds on bribing the islanders to distract the influencers with shiny objects.
There is a real problem here. Influencer grifters tell us upfront "you will get nothing" and you will be happy. But underlying is a much darker message: We can do nothing. This is the paradox of permissionlessness intrinsic to blockchain communities. Permissionlessness is a red line, non-negotiable topic in Ethereum culture. Without wishing to get all esoteric, if you lost the property of permissionlessness you wouldnt have Ethereum at all.
With technical solutions verboten this leaves us only with social options. Imagine Ethereum as a cosmopolitan city. It has its Municipal Hall of developers, organizers and researchers. It has its finance district with decentralized finance (DeFi). It has its bohemian quarter of NFTs. It has its Average Joes living on Main Street. But it also has its shady downtown where the grifters live.
Downtown is not as bad as Skid Row where youll probably find people plotting to social engineer Bored Ape owners. Like any city you can silo yourself in the safe areas and hope the police might deal with it. Except in Ethereum there are no police. In a decentralized, permissionless culture there is nobody who can sanction you like the law might IRL (of course governments can outside Ethereum).
This means you have to create an atmosphere, a cultural context, where the message of long-term regen culture overshadows short-term degen culture, relegating it to an immature phase. The regens are those within Ethereum culture dedicated to ensuring the technology does not generate negative externalities, but instead positively impacts society over the long term. How do we, in the words of Gitcoin founder Kevin Owocki, funnel more Ethereans into regen than degen?
Here I advocate for something a little unorthodox. I believe Ethereum should introduce a Citizens Assembly. In my home country of Ireland, citizens are randomly selected to convene and discuss important issues relating to the Irish Constitution. In Ethereum, we dont have a Constitution but there could be value in an annual forum where various stakeholders in Ethereum meet to discuss important concerns.
See also: Paul Dylan-Ennis Who Is Building Ethereum's Public Goods? | Opinion
Similar to the open-source concept that many eyes can fix a problem quicker than a single pair can, the Ethereum Assembly could consider pressing issues (e.g. what to do about Lido, a decentralized service that is said to be dominating Ethereum staking) but also how to encourage people away from degen into regen with active efforts. Citizens from each stakeholder group, from validators to developers to application builders to Average Joes could come together and hash it out.
And the most important effect? I believe it would encourage a sense of responsibility over the protocol across the community spectrum, introducing social matters as important as technical ones.
Or we could just keep sending the grifters ETH
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The Memecoin Grift and How It Threatens Ethereum Culture - Yahoo Finance
Foodmasku Dishes Out Edible Masks on Ethereum – Decrypt
Some detractors of NFTs fixate on their ethereal, intangible nature. How can they be art, critics cry, if they're only digital, virtual, disconnected from reality?
It would be difficult to levy those claims against the works of Foodmasku.
Thats the moniker of Antonius Wiriadjaja, the multimedia performance artist whofor three years nowhas created NFTs depicting himself wearing masks made entirely of food, and then eating the masks. The ultimate consumption of the work is a rule, a key component.
The association between masks and foodand between food masks and the blockchain for that matteris not necessarily intuitive. That may be because, for Wiriadjaja, those connections were the product of organic necessity.
In the earliest months of the pandemic, the artist recalls, he and a group of remote colleagues were navigating the still-bizarre realm of Zoom encounters. One fateful day, one of his friends became inadvertently trapped in a video filter that apparently turned their face into a pickle. The caller was embarrassed. Wiriadjajas first impulse was to make them feel better.
So I took [a part of] my dinner, which was a piece of kale, put it on my face and said 'Hey, I have a filter on as well, Wiriadjaja told Decrypt at NFC Lisbon earlier this week.
The pickled participant was delighted, their shame washed away, and they asked Wiriadjaja what he was going to wear tomorrow. Foodmasku was born.
In the following weeks and months, Wiriadjaja dedicated himself to the mission of creating, documenting, and eating food masks. Banana eyes, broccoli nostrils, noodle noses, shrimp eyebrows... every day, a new sumptuous self-portrait.
The project steadily gained steam, but that success was a double-edged sword: people were so enamored with Wiriadjajas food masks that phony Foodmasku accounts began popping up across numerous social media platforms.
This was March 2021, and Wiriadjaja was frustrated. There had to be a way to own digital files, to protect his edible oeuvre. He did some searching online and came across NFTs. The artist Beeple had just sold an NFT artwork for $69 million, catapulting the emerging technology into the mainstream.
So Foodmasku became a Web3 artist. Not out of an ideological or artistic commitment to the ethos of decentralization, but insteadas with the inciting kale flapbecause it just made sense.
To date, Wiriadjaja has created almost 2,000 Foodmasku NFTs, generating about 50 ETH, or $92,000, in sales.
The artist, who was born in Indonesia and raised in Boston, has faced different reactions to his works across various cultures and contexts. A through-line, hes found, is that people across the world tend to be afraid of technology.
Technology is scary to everyone, everywhere, he said. Indonesians are worried that technologys going to kill off their traditional arts, Americans are worried technologys going to take all of their jobs. But one thing everybody relates to is food.
If foods and masks and emergent digital technologies can be brought together to give Wiriadjajas colorfully inventive and optimistic portraits a cohesive thesis, it might be that any medium possesses the capacity to tap into the universal vibrancy of humanity.
In that vein, Wiriadjaja has recently become fascinated with artificial intelligence. Hes developing a project called Proof of Eat, which is intended to clear the air on the increasing disquiet prompted by blurring of the line between humans and machines.
One big test of whether a creator is human or not, is if they can eat food, he said.
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Adoption strategy of Bitcoin, Ethereum, and DogeMiyagi – Analytics Insight
As cryptocurrency becomes vastly normalised in the modern day, the adoption of various coins is becoming commonplace in many industries. Bitcoin (BTC) and Ethereum (ETH) are two of the most widely used cryptocurrencies, and as they continue to be accepted in many different use cases, while new currencies like DogeMiyagi (MIYAGI) have emerged as fascinating projects with a unique adoption strategy.
Different features of these coins contribute to the wider acceptance and use of cryptocurrencies, and with their adoption strategies the wider financial market is turning to crypto to explore fresh new approaches to the economy. So, lets take the time to access these tokens, to see how they fare in the world of finance.
DogeMiyagi (MIYAGI), a rising star in the crypto world, has garnered attention through its distinctive adoption strategy. The projects focus on meme-inspired branding and community engagement sets it apart from traditional cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). DogeMiyagi leverages the popularity of meme culture to attract a wide audience, particularly younger individuals who are more familiar with internet trends.
The team behind DogeMiyagi has successfully tapped into the power of social media platforms, creating a strong online presence. Through humorous and relatable content, they have captured the attention of crypto enthusiasts and those new to the space. By using comical elements and catchy phrases, as well as a sense of nostalgia, DogeMiyagi has created a sense of FOMO (Fear of Missing Out) among potential investors, further driving the adoption of their cryptocurrency.
In contrast to DogeMiyagis (MIYAGI) meme-driven approach, Bitcoin (BTC) and Ethereum (ETH) have established themselves as stalwarts in the crypto industry. BTC, often referred to as digital gold, gained popularity due to its decentralisation and limited supply. ETH, on the other hand, revolutionised the space by introducing smart contracts and paving the way for decentralised applications (DApps).
BTC and ETHs adoption strategies have been shaped by their technological advancements and the communitys recognition of their potential as digital assets. BTCs rise was driven by its store of value narrative and the increasing demand for a censorship-resistant digital currency. ETH, with its programmable blockchain, opened up a world of possibilities for developers and businesses seeking to leverage decentralised applications.
Several factors contribute to the wider acceptance and use of cryptocurrencies like DogeMiyagi (MIYAGI), Bitcoin (BTC), and Ethereum (ETH). First and foremost, technological advancements and the increasing ease of access have lowered barriers to entry, attracting a broader audience. Additionally, the growing recognition of cryptocurrencies as an alternative investment has led to increased adoption.
Community engagement and marketing play crucial roles in the success of any cryptocurrency. DogeMiyagis emphasis on meme culture and its active presence on social media platforms have resonated with a younger demographic, driving adoption. BTCs and ETHs established communities, built over the years, have also contributed to their widespread use.
Furthermore, partnerships with established institutions and integration into mainstream financial systems have played a vital role in wider acceptance. As more companies and payment processors begin to accept cryptocurrencies as a form of payment, the use and adoption of digital assets continue to expand.
DogeMiyagis (MIYAGI) adoption strategy, rooted in meme culture and community engagement, sets it apart from Bitcoin (BTC) and Ethereum (ETH). While the established giants of the crypto industry rely on technical advancements and their respective narratives, MIYAGI leverages humour and relatability to attract a wider audience.
The factors driving wider acceptance and use of cryptocurrencies include technological advancements, ease of access, community engagement, marketing strategies, and integration into mainstream financial systems. As more industries accept that crypto is the future, its strength in the financial sector will only continue to grow.
Website: https://dogemiyagi.com
Twitter: https://twitter.com/_Dogemiyagi_
Telegram: https://t.me/dogemiyagi
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Adoption strategy of Bitcoin, Ethereum, and DogeMiyagi - Analytics Insight