Bitcoin is for boomers
The price of bitcoin had a near 70% run up from the September 20 swing low near $39573. The high price reached $67016 on October 20. The move higher was over 29 days.
Since then, the price has declined around 13% reaching a low of $58100 over the 6 days of trading.
Looking at the hourly chart, a head and shoulders formation has seen the neckline broken at $59870 currently. Stay below, is more bearish going forward. The bears/sellers have taken more control - at least in the short term.
While the price of Bitcoin has been correcting lower, the more hip Shiba Inu is now the crypto traders favorite play (Bitcoin is so "boomer" after all).
Shiba Inu is a rival meme token to Dogecoin and has seen its value move up over 204% since October 23rd (4 trading days).
It's cheap too at $0.0000800. Who needs Bitcoin boomer, when you can have Shiba Inu?
On a side note, during Sunday's Tampa Bay Buccaneer football game, Tom Brady - the GOAT quarterback for the team - threw his 600 career touchdown pass.
The receiver who caught the pass - Mike Evans - immediately gave the ball to a fan in the front row (as he traditionally does). Soon after, the "powers that be" realized the ball did not belong in the trophy room of Byron Kennedy (the 29 year old fan), but instead in Tom Brady's trophy case (along how many identical other balls, I don't know, but probably a lot of them).
So a team official went to Byron and offered him:
- Two signed Brady jersey's
- A signed helmet from Brady
- A signed Mike Evans jersey and his game cleats,
- $1000 credit in the Buccanears store, and
- Season tickets for the remainder of the season and 2022
Sound like a sweat deal until someone realized the ball might be worth upwards of $500,000 (hell a NFT picture of the ball might be worth at least that..right?).
Tom Brady (who also happens to be married to super model Giselle) being the nice guy that he is, dug into his own wallet - that is his crypto wallet - and added one of his bitcoin worth $63,000 at the time.
So what does poor Byron have now?
He is left with
- a declining bitcoin,
- a wasting asset in the season tickets and
- some "dime a dozen" signed souvenir jerseys and other souvenir items that others already have in their home offices.
Now what if Byron negotiated for Shiba Inu instead. If he got $63000 of Shiba Inu at around $0.00003 three or so days ago, the value of that digital currency would be up 181% or worth $114,450 right now. Heck in another day or two, it might be worth the $500,000 he gave up when he handed over the stinking ball to some usher in a polyester shirt with a promise he would get some neat Brady stuff.
Byron. Byron. Byron.