Bitcoin, Ether prices flat; Dogecoin, SHIB lead gains in crypto top 10

Bitcoin and Ether were little changed in Wednesday morning trade in Asia along with most of the top 10 cryptocurrencies by market cap, excluding stablecoins. The world’s top two memecoins, Dogecoin and the Shiba Inu token, were the exceptions, still buoyed by advocate Elon Musk’s purchase of social media platform Twitter Inc.

See related article: Elon Musk is buying Twitter to colonize our mindspace and send his pet DOGE to the moon

Fast facts

  • Bitcoin fell 0.1% to $20,485 in the 24 hours to 8 a.m. in Hong Kong, while Ether rose 0.4% to $1,579, according to data from CoinMarketCap. Polygon and Polkadot were the biggest losers in the top 10. Polygon fell 3.2% to $0.87 and Polkadot fell 2.4% to $6.47.

  • Dogecoin continued its price run after Musk acquired Twitter, gaining 12.2% to $0.14. It hit $0.15 overnight, its highest price since April. The token has increased by 127% in the last seven days. The imitator memecoin’s Shiba Inu token was also up 3.2% to $0.00001286, a jump of 25.7% in the past seven days.

  • profits come amid sweeping changes Musk has done since buying the social media platform, including firing the entire board of directors. The richest man in the world too tweeted a picture of a Shiba Inu – the breed of dog that the Doge meme is based on – in recent days. Musk has previously hinted at a possible integration of Dogecoin on Twitter as a payment method.

  • Bitcoin’s hashrate, the amount of computing power used to maintain the network, hit an all-time high of 288,400 petahashes per second on Nov. 1. according to CoinMetrics. While this requires a lot of electricity, Jeff Yew, CEO of Australia’s Monochrome Digital Asset Management, said Forkast that the process also provides an opportunity to help transition to renewable energy.

  • “Because the Bitcoin mining process is geographically agnostic, it proves to be a great way to economically harness stranded energy sources that would otherwise go to waste,” Yew said via email. “Bitcoin miners are energy buyers of last resort, the industry thrives by trading otherwise unusable energy sources to benefit from the security of the Bitcoin network and help preserve our environment.”

  • US stocks fell on Tuesday. The Dow Jones Industrial Average fell 0.3%, the S&P 500 Index fell 0.4% and the Nasdaq Composite Index closed down 0.9%.

  • Investors await the latest move from the US Federal Reserve on interest rates, to be released on Wednesday at 2pm ET (US). The consensus is for another Increase of 75 basis points.

  • The Fed raised interest rates from near zero in March to the current 3.25% as inflation hit a nearly 40-year high of 8.2% in September. The Fed had indicated that it will continue with this policy until inflation returns to a target range of 2%.

See related article: What is the real value of prank coins like Dogecoin and SHIB?