Cryptocurrency investors have been experiencing a surge in Fear of Missing Out (FOMO) recently. This can be seen through the crypto fear and greed indicator, which has reached its highest level in weeks. Bitcoin has risen to over $52,000 and Ethereum is approaching $3,000. In addition, the recent success of Bitcoin Dogs, which raised $2.5 million in just a few days, has contributed to this trend. For more information on this, you can read about it here.
Evidence of Crypto FOMO
The booming altcoin market is a clear indication that FOMO is back. Many altcoins have seen significant gains in the past few days, some without any news or events to support them. For example, Kaspa’s KAS token has risen by 10% in the past 24 hours and 25% in the past 7 days, with a market cap of over $4 billion. Another meme coin, MinuA, has seen a 91% growth in the past 24 hours. Tokens related to artificial intelligence, such as Fetch.ai, SingularityNET, The Graph, and Ocean Protocol, have also been performing well, with the latter seeing a 20% increase in the past 24 hours. This excitement from investors has even boosted the prices of companies like Nvidia and Super Micro Computer.
Another indication of FOMO is the high volume of cryptocurrency being traded, with over 40% of the total revenue in the past 24 hours coming from decentralized exchanges like Uniswap, dYDx, Jupiter, and Orca.
Bitcoin Dogs token sale continues
The strength of Bitcoin Dogs is evident from the fact that it has raised over $2 million in just a few days. This is the first Initial Coin Offering (ICO) on the Bitcoin blockchain, and its developers hope it will become a dominant player in the industry. The ecosystem surrounding Bitcoin has also been growing rapidly, with the total value locked in its DeFi ecosystem reaching $1.5 billion. This includes big players like Merlins Seal, whose TVL has surpassed $1.2 billion.
Bitcoin Dogs’ ODOG token will have utility through a 10,000 NFT collection and a gaming platform powered by Bitcoin Ordinals. You can find more information about this in the white paper here.
As with any investment, there are always risks involved, especially in the pre-sale period. The value of the coin could drop significantly after its listing, or the token sale could take a long time before it becomes publicly available. Therefore, it is important to have a good risk management strategy in place.
