Myriad Moves: Will Dogecoin Pump or Dump? And How Big Will SharpLink’s Ethereum Treasury Get?

Have a strong opinion on who’s taking home the U.S. Open men’s singles title, where Dogecoin’s price is headed, or SharpLink Gaming’s path to holding 1 million Ethereum (ETH)?

You can make your call on those hot topics and many more via Myriad Markets‘ prediction markets on Ethereum layer-2 networks Abstract and Linea.

Prediction markets have quickly become one of crypto’s most popular consumer apps, giving users a chance to put their money where their mouth is on everything from sports and pop culture to token prices and corporate moves. 

Here’s a look at the hottest Myriad markets this week.

(Disclaimer: Myriad Markets is a product of Decrypt’s parent company, DASTAN.)

Will SharpLink (SBET) hold 1M ETH by September 16?

Market Open: August 6
Market Close: September 14
Volume: $8.96K
Link: See the latest odds on the “Will SharpLink (SBET) Hold 1M ETH by September 16?” market on Myriad

Minneapolis-based SharpLink Gaming adopted an Ethereum treasury strategy in April and has already amassed more than $3.6 billion worth of the second-largest crypto asset by market cap.

But the firm doesn’t want to stop there, aiming to acquire 1 million ETH as its first major milestone. Thus far, it sits nearly 80% of the way there, having acquired just shy of 800,000 ETH as of its latest announcement on Tuesday.

Predictors on Myriad though are asked whether or not the firm will complete its goal in the coming weeks and stash away 1 million ETH by September 16. 

As of Thursday morning, predictors give the firm around a 56% chance of accomplishing the feat, a drop of around 14% in the last week despite SharpLink’s recent addition of more than 55,000 ETH. 

In its Tuesday announcement, the firm also indicated it has around $200,000,000 in cash on hand ready for ETH purchases and had raised an additional $360 million via its at-the-money (ATM) offering to do the same. 

With that much purchasing power, it could add around 122,000 ETH based on today’s Ethereum prices. Unfortunately though, even a major purchase of 122,000 ETH would leave SharpLink about 80,000 ETH shy of its target. 

Plus, the firm has only ever purchased more than 100,000 ETH on two separate occasions according to data from StrategicETHReserve.xyz. 

But it may not need a major splash purchase in order to accomplish the task by September 16. 

SharpLink only needs to average around 67,000 ETH for each of the next three weeks to get the job done—an amount it exceeded with six of its last seven Ethereum acquisitions.

What’s Next? The firm typically announces its purchases on Tuesdays. There are three Tuesdays left before the market resolution. 

Will Sinner win the U.S. Open men’s singles title?

Market Open: August 14
Market Close: September 7
Volume: $30.6K
Link: See the latest odds on the “Will Sinner Win the U.S. Open Men’s Singles Title?” market on Myriad

Tennis is back in the Big Apple, wrapping the tennis calendar’s Major Championship season with a final two-week event in New York City—the U.S. Open. 

Reigning champion and recent Wimbledon victor Jannik Sinner is the favorite, and Myriad predictors are tasked with identifying whether or not he’ll raise the trophy once more. 

As play enters the second round, predictors are split, giving Sinner a 51.4% chance of walking out of New York with his second straight U.S. Open crown. But rival Carlos Alcaraz is still in the draw, and so is 24-time major champ, Novak Djokovic. 

Nevertheless, the odds are in line with those from traditional sportsbooks like DraftKings and FanDuel, which offer Sinner at -105 in American odds or around a 51.22% implied probability. 

Odds for the Italian have jumped around 4% in the last seven days on Myriad as his draw has eased up, losing top British talent and #5 seed Jack Draper to injury withdrawal.

On the other side, Alcaraz—the second-most likely to win the tournament—will face a much tougher road to the final, potentially needing to get through Americans Ben Shelton or Taylor Fritz, and maybe even Djokovic, who all grace his side of the bracket. 

What’s Next? Sinner will play his second round match at 12:30p.m. ET on Thursday. 

Dogecoin’s next move: Pump to $0.30 or dump to $0.15

Market Open: August 25
Market Close: Open Until Resolved
Volume: $924
Link: See the latest odds on the “Dogecoin’s Next Move: Pump to $0.30 or Dump to $0.15” market on Myriad

Bitcoin and Ethereum have both made new all-time highs this year—both this month, even—but Dogecoin still sits more than 69% off its top mark of $0.73 from 2021. 

Yet, whales are still stacking the meme coin anyway, and its market cap is still high enough to fall inside the top 10 of all crypto assets according to data from CoinGecko. 

A new prediction market on Myriad asks predictors to guess the token’s next move—a pump to $0.30 or dump to $0.15. With the token price stuck right in the middle, trading hands at $0.22 as of Thursday morning, predictors are also split down the middle. 

Odds for a pump to $0.30 edge out a dump, priced at 54% at the time of writing as Dogecoin has climbed around 2% in the last 24 hours. 

The token has jumped over 100% on the year, but will need another 33% boost to reach $0.30 from here—a mark it hasn’t held since February. 

What type of catalyst might help propel it further? It won’t immediately come from an ETF. The Securities and Exchange Commission (SEC) recently announced it was delaying its decision on a spot Dogecoin ETF applied for by Grayscale. 

But “believers” are still accumulating the asset, with an analyst recently telling Decrypt that “long-run investors [are] positioning for potential upside.”

Will those believers be rewarded with $0.30 DOGE soon? Dogecoin is the only non-stablecoin asset in the top 10 cryptocurrencies that hasn’t hit an all-time high in the last year, so maybe it’s due for a serious surge. Maybe not.

What’s Next? Though delayed, decisions on spot ETFs for Dogecoin and other alternative cryptocurrencies could come by October according to Bloomberg ETF analyst, Eric Balchunas.