wNews: How a Dogecoin Pump Upstaged the Coinbase Listing

Key Takeaways

  • After much anticipation, Coinbase’s direct listing on NASDAQ went off with much fanfare as the industry enjoyed some long-awaited validation.
  • Events outside of the United States rocked Bitcoin this week. Simultaneously, Ethereum hit a new all-time high of $2,500.
  • The market may have finally called a top as many traders are now nabbing profits and putting them to work in DeFi’s favorite “yield farm.”

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This week’s wNews digs into why various left-of-the-curve cryptocurrencies enjoyed some serious bullish attention. So hard did 2017’s favorite altcoins pump that the market quickly forgot about the industry’s first-ever direct listing.

Dogecoin swept headlines, but other altcoins like Ethereum Classic, Bitcoin Cash, and Litecoin all took flight this week. There are several reasons why this activity is strange and worrisome to investors.

Dogecoin’s repo on GitHub is absent of activity, and Ethereum Classic has already suffered from two 51% attacks. Neither facts suggest either project is fundamentally strong. As for the rest of the market, who knows.

Elsewhere, Bitcoin and Ethereum traded price action. Bitcoin dropped after being banned in Turkey, and a mining accident in China reduced the network’s hashrate. Thanks to positive scalability news, ETH hit an all-time high just a day after Coinbase was listed on NASDAQ. 

This week’s volatility has already spooked some traders, however. For those moving into stablecoins, this week’s Crypto To-Do List introduces readers to a convenient way to earn up to 15% on their idle holdings. 

All that and much more below.

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