Chart of the Day
Buckle down, as it looks like we are in for further price seesaws in the ETH market. According to Glassnode, ETH has experienced five major drawdown periods this year, marked by the highlights in red above. The current one has lasted longer than any drawdowns ETH has seen since February 2021.
A brief look at ETH’s daily returns shows that we are in the midst of dampened volatility. And while DeFi tokens have seen significant breakthroughs in recent weeks, it will take more than increased volatility to push ETH to exit from its current slump.
Talk of the Town
Oh, the irony of the situation — Jackson Palmer, co-founder of wildly successful memecoin Doge, went on a Twitter tirade today, lambasting the crypto economy in a series of tweets. This is not the first time a disillusioned Palmer, who left Doge back in 2015, has taken to social media to highlight how “toxic” crypto is. It certainly will not be the last, as Palmer reportedly still has Bitcoin, Ethereum and other asset holdings despite his conviction to never return to the crypto scene.