Home / Dogecoin News /Biggest Movers: SHIB, DOGE Near Multi-Month Lows, As Musk Finds New Twitter CEO

Biggest Movers: SHIB, DOGE Near Multi-Month Lows, As Musk Finds New Twitter CEO

12 May 2023

Despite the broader crypto-economy experiencing a downward trajectory, dropping 1.59% in the past 24 hours and hovering around $1.11 trillion, the BRC20 token economy has bucked this trend, expanding from $279 million to over $427 million within five days.

Built atop the Bitcoin blockchain, the recently established BRC20 token economy has seen significant growth in the past five days. As of Thursday, May 11, its total market valuation stands at $427 million, representing a 53% increase since May 7. Moreover, there are currently 14,450 BRC20 tokens in circulation – up from 13,530 four days prior – according to brc-20.io statistics.

Dune Analytics data compiled by user “cryptokoryo” reveals that the number of BRC20 transactions totaled 4,809,532 on May 12 at 10:15 a.m. (ET). Unquestionably, Bitcoin miners have relished the additional fees contributed to the network’s block subsidy in light of Ordinal inscriptions and BRC20 tokens’ arrival. Cryptokoryo’s BRC20 analytics indicate that since their inception, miners have accrued 987.34 BTC from BRC20 activities.

Although BRC20 tokens have resisted the wider crypto-economy’s decline, the BRC20 economy did plunge from the $525 million range to its present $427 million value – an 18% loss within the last day. Presently, the BRC20 market boasts approximately $206,477,610 in 24-hour volume and is dominated by the token ordi in terms of market valuation. A single ordi is trading hands for $11.56 per unit.

Hot on Ordi’s heels are BRC20 tokens vmpx, pepe, meme, and domo concerning market capitalization size. Alongside this burgeoning BRC20 economy, BRC20s, and Ordinal inscriptions have contributed to the Bitcoin blockchain’s current backlog. Although fees and unconfirmed transactions have decreased, between 280,000 and 310,000 unconfirmed transactions remain pending confirmation.

What do you think about the BRC20 growth over the past five days? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Despite the broader crypto-economy experiencing a downward trajectory, dropping 1.59% in the past 24 hours and hovering around $1.11 trillion, the BRC20 token economy has bucked this trend, expanding from $279 million to over $427 million within five days.

Built atop the Bitcoin blockchain, the recently established BRC20 token economy has seen significant growth in the past five days. As of Thursday, May 11, its total market valuation stands at $427 million, representing a 53% increase since May 7. Moreover, there are currently 14,450 BRC20 tokens in circulation – up from 13,530 four days prior – according to brc-20.io statistics.

Dune Analytics data compiled by user “cryptokoryo” reveals that the number of BRC20 transactions totaled 4,809,532 on May 12 at 10:15 a.m. (ET). Unquestionably, Bitcoin miners have relished the additional fees contributed to the network’s block subsidy in light of Ordinal inscriptions and BRC20 tokens’ arrival. Cryptokoryo’s BRC20 analytics indicate that since their inception, miners have accrued 987.34 BTC from BRC20 activities.

Although BRC20 tokens have resisted the wider crypto-economy’s decline, the BRC20 economy did plunge from the $525 million range to its present $427 million value – an 18% loss within the last day. Presently, the BRC20 market boasts approximately $206,477,610 in 24-hour volume and is dominated by the token ordi in terms of market valuation. A single ordi is trading hands for $11.56 per unit.

Hot on Ordi’s heels are BRC20 tokens vmpx, pepe, meme, and domo concerning market capitalization size. Alongside this burgeoning BRC20 economy, BRC20s, and Ordinal inscriptions have contributed to the Bitcoin blockchain’s current backlog. Although fees and unconfirmed transactions have decreased, between 280,000 and 310,000 unconfirmed transactions remain pending confirmation.

What do you think about the BRC20 growth over the past five days? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Shiba inu moved close to a five-month low on Friday, as meme coins reacted to news that Elon Musk has found a new Twitter CEO. Musk tweeted, “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks.” Dogecoin neared a two-month low today.

Shiba inu (SHIB) neared a five-month low on Friday, as markets reacted to the news that Elon Musk will be stepping down as CEO.

Musk, who acquired the social media company last year, has been at the helm since the takeover, but has now found a long-term replacement.

Following a high of $0.000008746 on Thursday, SHIB/USD dropped to a bottom of $0.000008549 earlier in the day.

As a result of this sell-off, shiba inu moved close to Monday’s low at $0.00000835, which was the weakest point the meme coin has hit since January.

Looking at the chart, this latest move occurred as the relative strength index (RSI) moved deep into oversold territory, with a current reading at 23.02.

This does give hope to longer-term bulls however, that a reversal could be on the cards.

Dogecoin (DOGE) also moved lower in today’s session, as the meme coin neared a multi-month low of its own.

DOGE/USD fell to an intraday low of $0.06957 earlier on Friday, hours after trading at a peak of $0.07268.

Similar to SHIB, today’s decline almost led to dogecoin recapturing a low of $0.0692, which was its weakest level since March.

DOGE has since bounced back from this earlier low, after bulls rejected a full breakout of a support point of $0.07000.

As of writing, the price is now at $0.07127, which seems to have occurred as traders moved to buy the dip.

Should today’s low be the hard floor, there will likely be a stronger rebound in the coming days.

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Tags in this story
Analysis, Doge, dogecoin, shib, shiba inu

Could DOGE climb towards $0.08000 next week? Let us know your thoughts in the comments.

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Peace-loving / Shutterstock.com

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