🎭 The memecoins explode thanks to TikTok: Generation Z leads the crypto revolution!
Welcome to the Daily tribune of Tuesday, November 26, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, November 26, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24h crypto recap! ⏱
🚀 XRP on its way to break its limits thanks to an unprecedented Golden Cross!
XRP, the iconic cryptocurrency of Ripple, is attracting the spotlight after forming a Golden Cross against Bitcoin, a key bullish technical signal where the 50-day moving average crosses the 200-day moving average upwards. This event, combined with a 68.65% jump in XRP over the week and a price reaching $1.46 after a peak at $1.63, fuels expectations of a sustainable upward trend.
The resignation of SEC Chairman, Gary Gensler, reinforces optimism and raises hopes for a more favorable regulatory climate for Ripple. If Bitcoin maintains its role as the market catalyst by surpassing $95,000, a shift of capital towards altcoins like XRP could extend this momentum. Despite these encouraging signals, key resistances remain to be crossed before reaching potential historic rally.
🎭 Memecoins are soaring, driven by TikTok and Generation Z
Memecoins are experiencing a meteoric rise thanks to TikTok, the favorite network of young people. These cryptos, seen as tools to challenge traditional norms, thrive on viral videos that captivate millions of users. The example of CHILLGUY, a memecoin based on a popular meme, illustrates this phenomenon: a rise of 482,260% in just two months, fueled by virality on the platform.
TikTok, with its diverse audience, outshines networks like X (formerly Twitter) in popularity among new investors. This success reflects the attention economy, where virality on social media can transform a joke into a lucrative asset. However, the risks remain high, particularly due to the low liquidity of these tokens. For Generation Z, these memecoins are becoming symbols of a quest for financial independence and the appropriation of digital trends.
🇺🇸 Bitcoin: The geopolitical masterstroke of the United States
The United States is considering a revolutionary strategy by creating a strategic reserve of bitcoins, potentially the largest monetary upheaval since the end of Bretton Woods. The Bitcoin Act, led by Senator Cynthia Lummis, proposes the acquisition of one million bitcoins (5% of the total supply) over five years, financed by the sale of gold reserves and profits from the Fed. This plan comes in a context where the dollar's share in global reserves is decreasing, threatening the current monetary system dominated by the United States.
In the face of the rise of BRICS and efforts at dedollarization, this initiative could restore American hegemony. Bitcoin, as a stateless and easily circulable asset, is seen as a potential successor to traditional reserve currencies. If successful, it could become the pivot of the next financial millennium, strengthening the strategic position of the United States in a multipolar world.
🌏 Hong Kong's largest digital bank paves the way for crypto trading
ZA Bank, Hong Kong's largest digital bank, marks a major advance by becoming the first Asian banking institution to offer crypto trading services to individuals. Thanks to a partnership with HashKey Exchange, users can now purchase Bitcoin (BTC) and Ethereum (ETH) directly through the bank's app, simplifying access to digital assets.
With over 800,000 registered users, this initiative highlights Hong Kong's growing role as a crypto-friendly hub, standing in stark contrast to mainland China, which remains hesitant towards cryptos. Transactions are available in HKD and USD, with a pre-assessment to ensure risk management. This approach is part of a broader strategy aimed at integrating Web3 principles and reshaping traditional finance, thereby consolidating Hong Kong's position in the global crypto landscape.
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Crypto of the day: Pyth Network (PYTH)
Pyth Network stands out as a first-party oracle network, providing real-time market data to over 40 blockchains. Its added value lies in the speed and accuracy of its price feeds, updated every 400 milliseconds.
The native crypto, PYTH, primarily serves the governance of the network, allowing holders to vote on key parameters such as fees and data feed listings.
Distributed via centralized exchanges, it gives decision-making power and opportunities for influence to holders while simplifying market data access for developers and applications.
Recent performances
Current price: €0.4498
Change (24h): +1.9%
Market capitalization: €1,634,871,476
Rank on CoinMarketCap: 75
Technical analysis: Bitcoin (BTC)
Bitcoin, after reaching a peak at $99,661, underwent a consolidation followed by a 6% decrease, returning to $93,700.
Although the short-term trend is downward, medium and long-term outlook remains bullish, supported by technical indicators such as the 50 and 200-day moving averages. Buyer interest shows some weakness, while the analysis of derivative contract data highlights a growing seller interest. Critical support levels have been identified between $91,500 and $75,000, while key resistances remain around $98,400 and potentially above $100,000.
The open interest of perpetual BTC/USDT contracts and the positive funding rate suggest an overall balanced market, but volatility remains a risk to monitor, particularly near identified liquidation zones.
Forecasts indicate a possible recovery if Bitcoin surpasses $98,400, opening the way to a new ATH. However, with increased selling pressure, the price could drop to major supports at $85,000 or lower. These dynamics underscore the need for careful position management for investors.
🔗 Read the complete analysis here.
