What’s up with the whales?

Good morning! Welcome to The Daily Moon. Cardano and Ripple are at loggerheads again. Cardano co-founder Charles Hoskinson called the XRP army “toxic” while they shot back calling him a snowflake. Maybe with Elon gone, these juvenile Twitter wars will stop. Lol, we know. 

The markets were cautious. Bitcoin was at ~$16,700 and Ethereum was headed towards $1,190. Nasdaq fell in early trade. Back home, Sensex and Nifty had marginal gains.  

Where Are The BTC Whales?

Are whales selling or HODLing Bitcoin? It has gotten confusing. The HODL army claims whales haven’t given up, while the sell army indicated a selloff. Meanwhile, Bitcoin’s slid below $17,000.

First, the bad news With just a few days left for the New Year, there is speculation that whales want to sell. Glassnode data showed whales sold 280,000 BTC over the past 30 days. Of the ~19.2 million BTC in supply, whales hold ~9 million. This means that any buy/sell decision will affect the price. 

Then comes good newsSantiment reported that wallets holding between 100 to 10,000 BTC have been on a buying spree since early December. About 159 wallet addresses have been added to the HODL list over the past three weeks, the fastest growth in 10 months. It coincides with Bitcoin’s volatility amidst US recession fears.

A Santa rally?Accounting firm Mazars’ abrupt pause on crypto audits has shocked the markets. Whales have moved in and out. But there is a tiny ray of hope from the fact that “tourists” who pump and dump are all out. 

Litecoin’s Had A Week

Within a week, Litecoin has shifted from the bulls to the bears. Down ~15% over the past seven days.

What’s happening?Short sellers have bet on LTC’s decline, which caused a crash. Funding rate is negative, meaning short-sell traders may book profits from Litecoin’s fall. That’s also forced a selloff. 

Is the rally over?A technical metric called the Relative Strength Index or RSI for LTC is at 50. A figure above 70 indicates that the token is overvalued and a reading below 30 shows that it is undervalued. LTC is neutral at 50, meaning a rally cannot be ruled out. 

The Metaverse Ain’t Dead

The metaverse hype is fading, but the concept is not dead. Not yet. There have been a few meaningful forays into making this concept come to life and they don’t look like just a marketing stunt. 

Travel companionWe always research our next holiday destination and the idea is that people may want to check it out before they land. A survey found over 24,000 people in 32 countries wanting to virtually experience their vacation destination before finalising their travel. About 35% of respondents were also willing to spend several days in the metaverse. 

The futureWe believe there is more than one way of thinking about the metaverse. One is the “microverse,” or small targeted metaverses built for specific projects. Gaming and commerce also have many ways left to experiment with metaverses. Then there are use cases such as cinema and travel, which can create a truly immersive experience and make money.

Elon Polls, DOGE Cries

Elon Musk ran a poll on Sunday. 

So long, Elon. It was weird. But what of his memecoin?

DOGE reactsDogecoin supporters (can you call them that?) hated that poll. Despite them smashing the no button, crying and calling out to the crypto gods to save them, no help was incoming. The token crashed by a little over 2%. The fear is that the new leadership may not want to use Dogecoin as the official Twitter currency.

Who is the new Chief Twit?Snoop Dogg wants to let it sink in.

Ed Snowden didn’t mind being part of this madness, too. 

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Who are we? This newsletter’s ambition is to educate (and to entertain). The world of money is changing everyday and we want to help you decode what’s happening in the world of crypto, public markets in the US and India.