News Updates May 14, 2023

1. Elon Musk Joins PEPE Coin Frenzy

Billionaire Elon Musk joined the party with an indirect mention of Pepe Coin in a meme, amid the heightened interest in memecoins.

Crypto Market News: Just when the crypto market has been speculating about whether the ongoing memecoin season has peaked, billionaire Elon Musk joined the party with an indirect mention of Pepe Coin in a meme. This came hours after Musk shared the news of Linda Yaccarino taking charge as the new Twitter CEO. Earlier, CoinGape reported that the new CEO was also believed to be a meme coin enthusiast, a trait that could go a long way in helping the crypto trader community.

Meanwhile, the Tesla CEO shared a meme with obvious focus on the constitutional amendments in the United States. However, what caught the attention was that the “Pepe the frog” character within the meme, in what could be an indirect hint of support from Musk, at the back of his well known support for another memecoin Dogecoin (DOGE) besides mentions of Shiba Inu (SHIB) and Floki Inu (FLOKI) in his tweets.

2. Recent Data Showed the Impact of Halving Events on BTC’s Returns.

In a tweet yesterday, the blockchain analytics firm glassnode shared that Bitcoin’s (BTC) Realized Cap has consistently increased over the past few halving events. Furthermore, the post stated that the current halving cycle bolstered a capital inflow of approximately $282.8 billion, which is a +200% increase from the previous cycle’s $102.3 billion.

Despite the growth in BTC’s Realized Cap throughout a previous couple of halvings, glassnode noted that each halving has produced diminishing returns. According to them, the current cycle only recorded a 362% expansion in size, which is a significant drop since the previous halving cycle with its 1,917% returns.

In related news, the price of BTC stood at $26,841.28 at press time after it experienced a 0.31% price increase in the previous 24 hours. Despite this daily gain, BTC’s weekly price performance remained in the red at -7.24%, according to CoinMarketCap.

The $27K resistance level continued to stand its ground against the leading crypto’s price as BTC’s price failed to flip the level back into support over the past 24 hours. It was, however, able to reach a high of $27,052 yesterday evening. Unfortunately, the milestone was short-lived and the crypto’s price had retraced to a close of $26,853 just a few hours later.

BTC still has a chance of breaking above $27K in the next 48 hours, as it was trading above the 9 EMA line on the 4-hour chart at press time. Adding credence to this short-term bullish outlook is the fact that the RSI line on the 4-hour chart was trading above the RSI SMA line as well.