Chart of the Day
Timing is everything. The road to $40,000 has not been smooth, with China’s recent mining crackdown and other regulatory difficulties coming into play. Here’s the silver lining — with BTC price hovering around the $33,000 range, the Mayer Multiple stands at -0.76, indicating a positive signal for traders.
Typically, the lower the Mayer Multiple results, the smaller the deviation of Bitcoin’s current price from its longer-term price trend. At -0.76, Bitcoin’s Mayer Multiple is lower than 87% of its price history.
Talk of the Town
Drop the beat, Baby Doge. Baby Doge’s hot moment of fame sent its price skyrocketing more than 50% on July 5, 2021, thanks to the ever-supportive Dogefather Elon Musk. The Doge youngling is new on the crypto scene, having launched less than a month ago. Its success, albeit temporary, mirrors that of other memecoins that have made the charts this year, including Shiba Inu (SHIB), another canine-related altcoin.
Since then, Baby Doge has seen almost a 30% drop in prices. The growth trajectory of leading memecoin DOGE has proven that it is not the end of the road for this new member of the family. As they say, “Patience you must have, young Baby Doge.”