November 25, 2021

Thanksgiving FOMO

Nov 25, 2021

Introduction

First of all, to all American readers: Happy Thanksgiving! Since our team is international, you will still be treated to a daily update today 🙂 And good luck to those who get involved in the usual family crypto discussions…

In case you wonder who is behind the massive inflation we’re currently experiencing, look no further than what you have on your Thanksgiving table 😇

DavidHoffman.ETH Ξ🦇🔊💰🏴 @TrustlessState

Uuuuh maybe it's the fact we added 26% to the money supply last year? https://t.co/Pdb6yMGZsp

Elizabeth Warren @SenWarren

Wondering why your Thanksgiving groceries cost more this year? It’s because greedy corporations are charging Americans extra just to keep their stock prices high. This is outrageous. https://t.co/ZGhL7c3piR

Market Outlook

What a sea of green today in the markets! On days like these, the hardest thing is not to get carried away by FOMO and be tempted to buy massive green candles… In recent years we have seen more than once that retail investors who jump into the market on a holiday get punished soon thereafter... Of course, this only applies to the short term outlook.

On the brighter note, two things stand out: ETH gas fees, while certainly too high for the average person, are in more reasonable territory right now, potentially paving the way for ETH to continue its ascend. 2. We haven’t seen the whole altcoin market explode yet. Instead, certain narratives and projects with fundamental catalysts (mostly at least) are doing well. This creates a relatively “sustainable” market feeling. Take these two arguments with a grain of salt though.

As we stated yesterday, BTC and ETH are at a pivotal moment right now, testing upside resistance. The outcome will determine whether we should expect more downside in the weeks to come (or at least consolidation), or whether BTC and ETH will be able to make major bullish moves leading into the end of the year.

Rekt Capital @rektcapital

#BTC, $ETH and $LTC are all at resistance right now In fact, ETH is pressing beyond its own key resistance now However, it's important that all of these Daily Close above their resistances in an effort to avoid rejection & flip these levels into new supports #Crypto #Bitcoin

Ansem🃏 @blknoiz06

this looks better tho

Is Plan B Wrong?

After being spot-on with his latest predictions – nailing BTC’s monthly closes to a tee in September and October – it appears like in November, Plan B’s floor model might be deviating somewhat from reality. It seems rather unlikely that BTC will shoot up from around $69k to $98k in the next few days…
It was already impressive enough how accurate Plan B’s short-term predictions were until now. While it has yet to be seen if Bitcoin can reach the sought-after Stock-to-Flow target of $100k and beyond, we can all agree that Plan B’s models are meant to be long-term approximations and not short-term trading signals.

PlanB @100trillionUSD

Floor model $98K Nov close will probably be a first miss (after nailing Aug, Sep, Oct). S2F model not affected and indeed on track towards $100K.

Will Clemente @WClementeIII

@100trillionUSD The comments saying “the amount of people that lost money because of this” etc are absurd. If your prediction was correct they’d take responsibility. Because it wasn’t, they blame you. News flash people: you’re responsible for your own decisions!

A Storm Is Brewing in the “Sushi-Verse”

If books and movies were to be produced about the early days of the DeFi ecosystem, Sushiswap would definitely play a major role in them. In its mere 14 months of existence, the project has gone through turbulent times: Created out of a highly contested Uniswap fork and equipped with a meme name, Sushiswap quickly rose to become a trusted DeFi “blue-chip” protocol (if that term is even applicable in the highly dynamic crypto space).
Now, unfortunately, the signs are mounting that not all is well within Sushiswap’s ecosystem. After Sushiswap’s founder and core developer, 0xMaki left the project under dubious pretext a few weeks ago, we are hearing more voices sounding the alarm bells. We can only hope that the project – which has brought so many innovations to the DeFi and multi-chain space – manages to turn things around!

WeWantMakiBack @makibacknow

The full pic. Everything here is true.

AG @AGdyor

Sushi is failing sadly. hope bad actors can be called out n removed When you started to lose faith in one project, you will never want to work for it Things have changed. Sushi is no longer a community-driven project but JORKN's *company* Joseph, Omakase, Rachel, Keno, Nori

If you have been a supporter of Sushiswap like us, I encourage you to read the whole thread here and to do additional research to form your own opinion.
This Sushiswap “incident” is a good reminder that all that glitters is not gold in crypto and that even if the markets are currently in a bullish posture, you always have to do your own research and stay on top of project developments!

Aavegotchi Is on a Roll

We have praised NFT and metaverse project Aavegotchi several times for their meticulous building and continuous delivery of innovations – and currently, the project even exceed its own tempo. With Rarity Farming Season 2.0 just concluding, the next land auction coming up next week, and the continuous release of new features, Aavegotchi is certainly attracting a lot of attention from the NFT and gaming community.