This Week in Crypto

May 12, 2023

Welcome to this week’s episode of “This Week in Crypto”. While it appears that the week is going to close off on a downward price movement, there is plenty to look into. Today, we are covering some key headlines such as:

• PEPE continues a downward price trend
• Analysts expect the establishment of Bitcoin’s bullish trend
• BRC-20 met with mixed reviews
• MXC selected for top exclusive demo at EDCON 2023

Pepe Continues a Downward Price Trend

The recent talk of the town, Pepe ($PEPE) is a meme coin that took the market by storm and started a meme coin frenzy in the market. While the newly launched meme coin is sitting at an impressive market cap rank of 81 at the time of writing, the price of the token has fallen by more than -50% over the past week. As more meme coins are entering the market to captivate on the potential meme coin season, it appears that many early holders have exited their Pepe positions to book profits while many late holders have sold off Pepe at a loss to free up capital to re-invest into other meme coins.

Traders should be aware of the nature of meme coin price volatility — full of sharp spikes that can potentially go both ways and the lack of holder mentality that contributes to the failure of price sustainability. Those interested in meme coins should check out the MatchX NEO — a crypto mining rig that mines DOGE.

Analysts Expect Bitcoin Bull Trend

Analysts online are debating whether the next bull market is around the corner or not. While the current price movement of Bitcoin is not granting a decisive upper hand to the bulls, major analysts seem to be advocating the imminent arrival of a bullish trend for Bitcoin. Quoting various figures such as technical analysis, US CPI measures correlations, and the price movement of BTC to break out of a falling wedge pattern, popular analysts are suggesting that a leg up for BTC is coming soon.

While analysts should only be taken as a source of opinion rather than information, traders should pay particular attention to the price volatility of Bitcoin and the changes in Bitcoin dominance levels to potentially time their next moves.

BRC-20 Met with Mixed Reviews

BRC-20, a newly launched standard on Bitcoin that reflects the ERC-20 standard on Ethereum, has been generating a lot of interest since the success of $PEPE, which is built on BRC-20. As the popularity grew, so did the prices of BRC-20 tokens, such as Ordinals (ORDI). This growth in both popularity and price has resulted in more tokens launching on BRC-20, which are mostly meme coins.

While some Bitcoin proponents are celebrating the potential of BRC-20 to increase the utility of Bitcoin and its ability to create a more diverse ecosystem within Bitcoin, some are voicing worries as well. The creator of BRC-20, “Domo”, has even stated that BRC-20 is not a potential answer. While it’s named similarly to ERC-20, it does not have the technical complexity of ERC-20. The popularity of BRC-20 even increased the transaction requests on the Bitcoin blockchain so much, so that the transaction fee of a block was nearly matching the block reward as well, damaging the profitability of Bitcoin miners. This resulted in some major impacts, such as Binance having to temporarily halt its Bitcoin withdrawals.

Further development of BRC-20 is to be observed.

MXC to Present at EDCON 2023

Since the launch of the Wannsee zkEVM testnet, MXC has been making significant progress in creating various dApp solutions on Wannsee. As a result of the efforts, MXC has been chosen to pitch an exclusive demo at EDCON 2023 in Montenegro. MXC will showcase its zkEVM and the ability to mint tokens backed by physical assets and IoT data in front of a panel of experts, including Vitalik Buterin — the Founder of Ethereum.

If you wish to meet MXC at EDCON 2023, make sure to attend the event from May 19th to May 23rd. We hope to see you there.