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Happy Wednesday, Zingernation! Solana overvalued? A researcher found that a lot of its metrics are strongly inflated and argues SOL is not what it seems.

Today, we look at whether Dogecoin can outperform Bitcoin, what’s up with crypto ETFs ahead of the Federal Reserve meeting and more.

Plus, our partner invites you to Canada’s largest Web3 event.

MARKET SNAPSHOT

TOP STORY

Dogecoin To Outperform Bitcoin? Technical Analysis Says That May Be Challenging

Briefly: Dogecoin is battling bearish technical indicators, even though some traders remain bullish on its potential compared to Bitcoin.

So Basically: A prominent trader found an indicator that made DOGE pump 100% against BTC in 60 days last time it flashed.

So Then: Based on Benzinga's technical analysis tool, Dogecoin's chart shows a bearish trend, as its 50-day simple moving average price is currently lower than the 100-day and 200-day SMA.

So What: In the past 24 hours, DOGE is trading 3% down, bringing its 30-day performance to +2.5%.

Read the full scoop here.

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FIVE ZINGERS

Overvalued: A new detailed research report found that more than 90% of transaction on Solana may be wash trading, making SOL seriously “overvalued.”

Scandalous: Renowned economist Paul Krugman is no fan of the renewed enthusiasm around Bitcoin, calling it a “scandal-ridden industry.”

Simple Things: Alex Crognale is one of several professional athletes who has taken a portion of their salary in Bitcoin over the years and has done well with it.

ETH Killer: Mark Cuban called the adoption of this “Ethereum killer” by the DMV in California an “amazing step” for crypto.

No-No: Peter Schiff said companies like MicroStrategy and others with Bitcoin on their balance sheets should not gamble their shareholders money on BTC.

FINTECH FOCUS

What Is Going On With Bitcoin, Ethereum ETFs Ahead Of The FOMC Meeting?

Briefly: BTC and ETH spot ETFs are trading more muted ahead of the FOMC press conference and interest rate decision.

What Happened: Bitcoin spot ETFs experienced their first net outflow in four days on July 30, totaling $18.3 million.

What Else: Ethereum ETFs reversed their recent trend, recording a net inflow of $33.6 million after four consecutive days of outflows.

Why It Matters: The Federal Reserve will almost certainly keep interest rates stable at today’s meeting but may signal a rate cut for September.

Read the full scoop here.

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