DOGE jumps after cryptic tweets from fast food giant. Bitcoin eyes the $30k level. CSPR tops the market gains. ENJ rises on new developments.
DOGE
Dogecoin (DOGE) rose 10% over the last week as investors speculated about cryptic tweets from fast food giant Burger King.
The UK branch of BK created a last week when it tweeted about an “office doge,” in response to a request by a crypto user saying, “We need doge.” The burger chain’s Twitter account also posted a meme saying, “brb I’m making BiteCoin.”
The company’s social media has made previous statements related to DOGE and it may not lead to anything, but investors were jumping into the meme coin due to the speculation. It is not the first link between the company and the crypto coin after Burger King Brazil announced in 2021 that its Dogpper dog snack would be available to purchase with the cryptocurrency.
Later that year, Burger King and the Robinhood trading platform also teamed up for a crypto giveaway that included 20 Bitcoins, 200 Ether, and 2 million DOGE.
Speculation has also been growing over Dogecoin’s link to the Twitter platform after the home icon was changed to a Shiba Inu-related logo. Elon Musk’s purchase of the social media giant had investors hoping that the coin would be used for online payments or tipping.
The price of DOGE jumped to the $0.1000 level on the week before retreating back to $0.0835. That level coincides with the 50 moving average on the weekly chart and offers initial resistance for another push higher.
DOGE jumps after cryptic tweets from fast food giant. Bitcoin eyes the $30k level. CSPR tops the market gains. ENJ rises on new developments.
BTC
The price of Bitcoin has been hovering around the $28,000 level but a lack of strong selling could see it test the $30k level.
Bitcoin has rallied 70% this year after the post-FTX gloom subsided and a large short squeeze engulfed the market. Despite increased volumes, the use of leverage is still low, which may reduce the potential for a steep drop in the coin.
“High open interest relative to market cap means the market could be vulnerable to a short-squeeze or liquidation cascade, which would result in a price swing being more volatile than it otherwise would have been due to forced buying or selling, respectively,” analysts at Blockware Solutions said.
“The medium-term trend of decreasing open interest/market cap has not been broken, which is reassurance that, even in the event of downward volatility, price is most likely not going to decrease to the level it was at to begin the year,” they added.
The threat to BTC has come from regulation over the past months with the Securities and Exchange Commission clamping down on exchanges. Kraken was fined and forced to halt its staking operations in the United States. That led to Bittrex shutting down its operations completely, due to “regulatory uncertainty”. The exchange echoed statements from rival exchange Coinbase which claim the SEC has been hard to deal with on regulations.
Bitcoin has resistance at the $30,000 and $32,000 levels for the coming weeks.
XRP
Ripple’s (XRP) token has paused at resistance but could mount a further rally if it gets a favorable turn in its legal case with the SEC.
The executives at Ripple have been locked in a court battle since 2020 as the regulator claims the XRP token is a security.
One lawyer, Jeremy Hogan, believes that is not the case and laid out his arguments in a Twitter thread.
In the Ripple case, the SEC has failed to argue that there was an implied or explicit contract of investment. Instead, it argues that the purchase agreement is all that is required – and that is all it proves.
His arguments are based on the regulator’s claim that XRP is an unregistered security which would lead to fines for the executives if they lost the case. The battle with the SEC has also held up any development at the project and kept a lid on its price.
The price of XRP trades at $0.51 with the $0.548 resistance halting the coin’s progress.
ENJ
Enjin Coin (ENJ) saw good gains for the week after a recent NFT-related announcement.
The project shared a screenshot of its new Enjin Platform User Interface. Developers and gamers in the ecosystem would now be able to manage their NFTs more easily. According to Enjin, the new platform would allow for the creation, collection, and ability to freeze assets. Based on recent information from on-chain analytics providers, the total NFT volume jumped to 9.65 million after the announcement.
The latest developments by Enjin Coin are also aimed at improving the platform for games developers and Enjin currently powers the War of Ants blockchain game.
The project announced in late March that its Efinity token (EFI) was approved by the Japan Virtual and Crypto-assets Exchange Association (JVCEA), allowing Japanese crypto-asset providers to handle EFI. Only 65 tokens are currently JVCEA-approved, with EFI now part of a handful of approved metaverse/gaming tokens, alongside Enjin Coin (ENJ), The Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), and Klaytn (KLAY).
The price of ENJ has a clear resistance level at $0.5000 after the recent downtrend and a move above can start a new rally.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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