It’s a tale of two DAOs as IreneDAO goes viral amid Logan Paul investment and OlympusDAO’s OHM continues to collapse.
The wider cryptocurrency market is down another 1% over the past 24 hours as sellers remain in control and bidders are finding themselves generally overpowered. Altcoins continue to bleed out against BTC, which is down a modest 1.3%. ADA, however, is bucking the overall market trend and is up by more than 9%.
OlympusDAO’s OHM token, meanwhile, is collapsing in price. The experimental token has lost another 30%, bringing its 30-day losses to 60%.
NFT Snapshot: Logan Paul invests in IreneDAO
IreneDAO continues to dominate headlines in the nonfungible token sector after Galaxy Digital CEO Mike Novogratz and celebrity influencer Logan Paul both invested in the NFTs, which feature images of former Konomi CMO Irene Zhao with various industry words and phrases.
Paul — who recently made headlines after purchasing a fraudulent case of Pokémon cards for $3.5 million — actually purchased more than 20 NFTs, though is currently down significantly on the investment.
Top altcoin gainers and losers: ADA wins, ONE loses
- MXC/USDT +15.70%
- KISHU/USDT +13.18%
- KONO/USDT +11.98%
- ASTR/USDT -17.47%
- ALV/USDT -19.88%
- EXE/USDT -28.89%
Harmony’s ONE is the biggest loser among major altcoins on OKEx today, per the exchange’s default time settings. On the flip side, Cardano’s ADA is the top-performer among all coins and tokens with a market capitalization greater than 1 billion USDT.
BTC technical analysis: Stagnating, sellers in control
The price of BTC is currently stagnating as the market focuses on capital rotation between bleeding-edge altcoins and NFTs. Still, buyers are layering bids underneath — but new bids are getting thinner and thinner as sellers remain clearly in control. Without a significant upward move, BTCUSDT bias is firmly bearish.
ETH technical analysis: Indecisive against BTC
ETH is also stagnating as Ethereum faces increasing competition and interest in Layer 2s and alternative Layer 1s. It is currently trading below the four-hour ribbon of exponential moving averages against BTC — a bearish sign — and appears in need of a catalyst.
However, the implementation of EIP-1559 in network’s past London upgrade has certainly lowered the supply of new ETH, which many proponents find incredibly bullish.
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Source: https://www.okex.com/academy/en/irenedao-nfts-soar-as-olympusdaos-ohm-struggles-crypto-market-daily/