The entire market is looking quite stable today; Dogecoin was up by 15% earlier today because of a tweet by Elon Musk about the Saturday Night Live event. Uniswap is doing well leading up to Uniswap Version 3. Everything is doing pretty well; PancakeSwap hit another all-time high. PancakeSwap is doing pretty well despite the volatility the market had experienced because of the PancakeSwap Version 2 coming and the deflationary update.
The other night, Elon Musk posted on Twitter calling himself the DogeFather and talking about the upcoming Saturday Night Live show. This was a major announcement, and ever since then, Dogecoin has gone up by about 15%. It will be interesting to see how the price of Dogecoin will rise leading up to this show.
Regardless, there is a possibility that Dogecoin will have a few more pump cycles during this bull market, but you can make more profits in other projects that are building great utility; they have major updates coming soon, and this may cause a supply shock.
It was announced earlier this week that Cardano has an Africa Special up later today. They broke the news on Twitter, which is very exciting, and it has everyone wondering what they might be talking about. Cardano will be partnering with Ethiopia’s Ministry of Education to create a blockchain-based National ID and attainment recording system, which will be rolled out to five million students. This would be the world’s largest blockchain deployment. Blockchain deployment is a very big deal because this means that five million students will be using Cardano.
The test net for smart contracts is coming up, which will eventually lead to the main net. The main net launch is when everything will get started for Cardano; this is when projects will be launching on the Cardano blockchain. We should see a swap website launching for the projects on the Cardano blockchain around that same time.
Just like how it happened for Binance BNB, there should be a supply shock because projects will have to provide liquidity in ADA, and at the same time, more projects are announcing that they are launching on the Cardano blockchain. Many projects are rolling out; as we can see, they are working in Africa to bring as much adoption as possible. From the look of things, all of this demand at once will cause a supply shock towards the end of the year.
Uniswap Version three will be coming soon; this is probably why the UniToken has been steadily going up in price. Uniswap Version three hopes to reinvent other people to see a different path for DeFi. Unfortunately, Uniswap version three will not fix the Ethereum gas fees as we hoped. Still, they stated that they would add a layer two solution shortly after Version 3, hoping to reduce the Ethereum gas fees.
The price of Ethereum may go up again because more projects will be launching on the Ethereum blockchain and will cause a supply shock to Ethereum as these projects need ETH to lock in liquidity.
