The Bitcoin bull run may have slowed since the price retreated from $42,000 last week, but the pace of absurd crypto stories appears to have sped up.
Just like we saw in 2017, when a bull run gets going, life in the crypto gets increasingly weird. Maybe that's because retail is finally here, with social media interest in Bitcoin hitting an all-time high last week.
The result is a hilarious combination of noobs trying to understand crypto amid crazy memes, influencers doling out terrible advice, and faded celebs shilling Bitcoin for bucks.
Dogecoin up 163% and listed on three new exchanges
The joke cryptocurrency that won’t quit, Dogecoin (DOGE), apparently doesn’t need Elon Musk’s help to maintain interest among crypto holders. This week, the token was listed on exchanges FTX and Huobi Futures with no apparent explanation. The price of DOGE has risen 163% in the past month as newcomers entered the markets, to $0.0087 at the time of publication.
Lindsay Lohan wants to drive “lambos to the moon”
Many initial coin offerings in 2017 brought with them a number of celebrity endorsements who haven’t really shown their faces in the crypto sphere since — for example, Steven Seagal, Paris Hilton and Floyd Mayweather. Actress Lindsay Lohan appeared in a crypto promotional video this week mentioning Ether (ETH) and Bitcoin (BTC) and telling people to “drive your lambos to the moon.” We suspect her fascination with crypto lasted about as long as the video took to shoot.
Ivan on Tech’s 'Respect the Pump' video
Crypto influencer Ivan on Tech became an instant meme thanks to this hilarious video where he told viewers to “respect the pump” multiple times and even invoked Star Wars by saying “let the pump be with you.” The social media star ended up saying “pump” at least 12 times in under a minute:
People pay to listen to this. pic.twitter.com/PKHXkuFHmh— K A L E O (@CryptoKaleo) January 12, 2021
Regulators warn noobs away from crypto
Regulators have also taken notice of the growing demand for Bitcoin during the recent rally, and responded in the time honored manner. New Zealand’s Financial Markets Authority issued a warning to crypto users on Monday, saying they “should be prepared to lose all of their money,” referring to cryptocurrencies as “high risk and highly volatile assets.” The U.K.’s Financial Conduct Authority made a similar statement, calling on people to be “aware of the risks” of cryptocurrency.
Using astrology to predict crypto
Maren Altman, a self-described astrologer, author, and entrepreneur, has been telling her Twitter, TikTok, and YouTube followers that star charts can help predict the price movements of cryptocurrencies. Well, why not? She made waves on social media in December by saying it was a good time to buy XRP “due to the astrology.”
Her recent predictions on Bitcoin have to be seen to be believed:
dates to watch for btc prices this january. pic.twitter.com/zKfa814zLH— MAREN ⚔️ Ⓥ (@marenaltman) January 7, 2021
Less than two months ago Bitcoin hadn’t even broken through the $20,000 barrier. Now the crypto asset is regularly featured in major news outlets above the fold and Google searches are once again approaching their all time high. The craziness is only going to increase from here.
"Bitcoin falling to $31,000" is a crazy headline when you think about it.— Blockfolio (@blockfolio) January 11, 2021