Pullback abates
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 27th November 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Low-Key Coin Sparks Drama
Bitcoin managed to stay above $90K on Tuesday. Part of the day was spent shooting to $95K. But the winds gusted in the wrong direction.
Most coins were in the red as we were checking markets late Tuesday. But we noticed a few exceptions. For example, Avalanche (AVAX), 11th-largest digital asset, was mildly green, as was Hedera (HBAR), which is the 30th-largest token. No. 22 SUI was up 6%.
Meanwhile, a memecoin, Just a chill guy (CHILLGUY), continues to surge despite, or maybe because of, a swirling IP dispute.
Philip Banks is the creator of Chill Guy, a viral cartoon dog character embodying casually attired, low-key assuredness. Last week, Banks fired off a sternly worded warning, posted on X, aimed at anyone (anonymous blockchain developers included) seeking to profit off his work without permission.
Since then, CHILLGUY has wigged out, doubling to nearly 60 cents. The token ranks as CoinGecko's 179th-largest digital asset with a market capitalization of more than half-a-billion dollars.
What's down
JUSTICE Served, Nibbled At, Tossed Aside
Mark Longo, owner of Peanut, the late squirrel that became a symbol of government overreach, has a beef with PNUT, the Solana-run memecoin.
PNUT was created in the aftermath of a recent incident involving New York state wildlife officials who, citing concerns about rabies, seized Longo's pet squirrel, Peanut, who was later euthanized. The furry creature had become popular on Instagram and the outcry of its demise was loudly amplified by the GOP on the eve of the U.S. election. The token ultimately rocketed to as high as $2.44. That was on Nov. 14. As of Tuesday, PNUT was $1.08, down 56% from that all-time high.
Longo has decried the token’s creation, calling it a "despicable" exploitation of his personal tragedy, according to Coin360.
A quick check of JUSTICE, a one-day-old token that Longo himself created on Solana, reveals it surged to an ATH of 15 cents on Monday before losing almost all of its value, sinking to two cents as of Tuesday night.
What's next
Worst-Case Correction Avoided For Now
Considering Bitcoin was barely holding a $92K handle on Tuesday morning, a swift trek toward $95K by the afternoon was just what the doctor ordered. Maybe, crypto chart watchers wondered, BTC could close the day above $95K, confirming a new bullish leg around the bend. But the upward trajectory could not be sustained. By last evening, BTC was backsliding to below $91K.
Better get used to a "prolonged sideways chop," says Byzantine General, a crypto futures market analyst.
Well, that sure does beat a full-on 20% gutting to $80K, does it not?
Recently, and for the first time since the election, BTC's Relative Strength Index (RSI) fell below 50, suggesting that over the next week it could be a sellers' market, resulting in a prolonged consolidation below $95K (Cointelegraph).
