🐕 Buy the DOGE rumour, sell the SHIB news

Good Morning Switchers, with coffee, not beer pitchers🤩

👋 Welcome to Switch Daily to get rolling and get richer 🤑

We are starting with some goody good, happy regulator-economy accelerator news! This is about the Reserve Bank of India (RBI) finally starting its CBDC pilot from Today! No kidding, only bidding high on the current wholesale pilot which will then be followed by a retail version next month.

This is just the first pilot for Digital Rupee and nine leading banks have already confirmed their participation. Let’s get going in the growing! 🥳

Here’s what we’ve got for you:

• Market pulse

• Dear DOGE; sincerely yours, SHIB

• Meme-o-clock

Market pulse 📈

The market is like greener grass, but it's on our side

After a mixed Monday session, Tuesday is back with the crypto market rally. The total crypto market cap is still hovering around the $1 trillion mark, however, along with Dogecoin’s (DOGE) green streak, now Binance coin (BNB) and Ripple (XRP) also bucking the trend.

Following this, the dominant crypto, Bitcoin saw some red movement but dodged the sub-$20,000 levels yet again, pushing positive market sentiment. Furthermore, the second largest crypto by market cap, Ether (ETH) too registered gains of nearly 19% in the last seven days, getting closer to the $1,600 mark.

Dig DOGE or Ship SHIB? 🐶

It is literally a dog-eat-dog world, you guys! To be specific, this one breed — Shiba Inu. No, we are not talking about the meme coin yet, just the dog breed for now.

They look cute but are actually a breed of hunting dogs from Japan. So, the crypto community has got to love them because like Shiba Inus, even though we are cute, we can channel our crazy when bothered.

And on that note, we are back to some dog-on-dog action. Get your heads out of the gutter, we mean Dogecoin vs. Shiba Inu — the two most popular and currently profitable meme coins in the market.

The DOGE community has been burned several times now, but you bet they don’t feel shy. And this stubborn love for DOGE finally reciprocated when recently the memecoin climbed over 100% in 6 days. How? Well, it used the good-ol "buy the rumour, sell the news" tactic.

Quick definition time: So, “buy the rumour, sell the news" happens when investors start buying up an asset in anticipation of a big event.

This is exactly what happened when Tesla CEO Elon Musk’s Twitter acquisition rumors took over social media. For weeks, there were speculations on DOGE price which showed when the price constantly went up and came down. Now, that the acquisition news is confirmed, the rumour is that the Chief Twit will be integrating DOGE into Twitter.

While the take-over is part of the big news, it's not news on the core rumour that's driving this price. So, one might argue that we are still in the "buy-the-rumour" stage. Nevertheless, according to Intotheblock, 62% of the DOGE holders are in profit from where they initially purchased it. So, if you got DOGE in your portfolio, we bet you’re feeling particularly green.

Okay enough about DOGE! Not everyone has it in their portfolio and like Madhavan said in 3 idiots “dost fail ho jaye toh dukh hota ae; lekin dost first aa jaye toh zyada dukh hota hai.” So, are there any options left other than celebrating the DOGE divas?

Don’t you worry, like we said, its a dog-eat-dog world here and we got the same breed but different creed, so pay heed.

Yes, we are talking about Shiba Inu (SHIB). It may not have witnessed DOGE-like phenomenal gains in the past week, but it maintained its position in headlines with its recent teasers on Twitter.

To be precise, the much anticipated layer-2 upgrade “Shibarium” is still incomplete. While it has not been launched yet, “Shibarium” keeps trending on crypto Twitter. This is because Shiba Inu’s official Twitter handle recently began dropping teasers and escalated the hype.

But that’s not it! Last week, SHIB saw its highest percentage of long-term holders jump to an all-time high of 38%. Meanwhile, midterm token holders continued to decline and short-term members held relatively steady.

Furthermore, over the weekend, the burn rate of Shiba Inu increased by 443% followed by the price touching $0.00001283, which was the highest in over six weeks.

So, where do we go from here? Preferably not into another sneaker store.

Community Spotlight 💥

Calling all BUIDLers!

Our friends at Lumos Labs are hosting a LIVE hack in Bangalore and you are invited!

The #BUIDL for Web3 - Hack Bangalore, is an in-person 2-day hack where 100+ shortlisted developers can BUIDL and submit their projects to win big. Join us on Sat, 5 Nov - Sun, 6 Nov at the AssetMantle workspace, Bangalore.

Meme-o-clock

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