Triple Crypto Update
The crypto market is getting hot. Really hot.
Here are three of the most important insights of the week, from the LikeFolio team:
Coinbase (COIN) is Heading for New Highs
As the only cryptocurrency exchange on the U.S. stock market (and the second-largest crypto exchange in the world), Coinbase (COIN) has proven incredibly sensitive to the movements of the cryptocurrency market at large.
The stock rose to an all-time high ($429) during its market debut, mirroring the uptrend in cryptocurrency investment. The following pullback in the crypto market caused COIN shares to tumble more than -50% to a low near $200.
The cryptocurrency market recently attained a new record high… and COIN’s Purchase Intent mentions and stock price are both following suit.
Consumer mentions of using Coinbase’s platform to buy/sell/trade cryptocurrencies have rallied spectacularly, up +123% QoQ and charging toward a new all-time high on the 30-day trendline.
Likewise, Coinbase shares have also rallied back above $300.
During the period of sideways consolidation in Q2, LikeFolio established and doubled down on our long-term bullish outlook, with a feature on the August MegaTrends Report and a standalone Opportunity Alert.
We’ve already made a handsome return from those entries, but we’ve still got high hopes for the upcoming 21Q3 earnings report (scheduled for Tuesday, Nov. 9, after market close).
Crypto Investment is Rising Slowly, and That’s a Good Thing
New all-time highs for the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), set the stage for a strong weekend in the crypto market at large. Last Friday and Saturday, the total cryptocurrency market cap attained a new all-time high level: $2.675 trillion.
The total volume of consumer mentions relating to purchasing and investing in cryptocurrency has yet to surpass the blow-off top seen in May, and that’s a good thing.
Instead of a wild rise and equally intense crash, the trend has demonstrated a steady rate of growth in recent months. The seven-day trendline recently broke out to a five-month high, up +35% month-over-month and +53% QoQ.
In light of the recent market all-time highs, this controlled ascent represents an incredibly promising development: Cryptocurrency investors have calmed down and are willing to take a more measured approach.
The rise of meme coins like Shiba Inu (SHIB) and Dogelon Mars (ELON) suggests that FOMO-driven hype hasn’t completely disappeared. Yet there’s still plenty of YOLO bets happening across the entire investment industry, and we like the relative amount of restraint being shown by crypto holders.
Blockchain Gaming Had a Breakout Weekend (MANA, ENJ, WAXP)
We’ve been talking about the blockchain gaming space ad nauseam for the past six months. And how could we not?
Blockchain gaming represents one of the most (if not the most) fully-realized use-cases for cryptos, barring medium of exchange and investment product. Surging levels of consumer hype have made this trend even harder to ignore.
Over the past weekend, our incessant table-pounding was vindicated.
Facebook (FB) CEO Mark Zuckerberg set the stage, announcing the official rebrand of his company from Facebook to Meta.
With everyone’s minds on the possibility of interconnected virtual reality spaces (and the crypto market already at a healthy all-time high), blockchain gaming projects suddenly became the center of attention.
Consumer mentions of blockchain-based games and related NFT assets surged to a new all-time high on a seven-day moving average, quite an impressive feat when considering the meteoric growth seen in the past quarter.
We can’t help but brag a little: In August, we highlighted two blockchain gaming projects “making the metaverse a reality” and available for purchase on Coinbase: Decentraland (MANA) and Enjin Coin (ENJ).
Decentraland’s clear metaverse applications made it a top performer. MANA tokens have rocketed to new highs, currently trading +255% higher than they were at the time of our initial feature.
ENJ also caught a bid, now trading +100% higher than its August price level (but still below its all-time highs).
Last Thursday, we pointed out rising game-focused engagement on WAX’s (WAXP) layer-1 blockchain… Two days later, WAXP surged to new heights as well, doubling its market cap on a month-over-month basis.
We could continue, but you get the gist… LikeFolio is determined to provide you with cutting-edge and actionable cryptocurrency insights.
Cryptocurrency thrives on the “metaverse” of social media, which provides us with a unique perspective on this rapidly growing market.
Stay tuned for more!
Andy Swan,
Founder, LikeFolio