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Dogecoin Whales Go On 270 Million DOGE Buying Spree As Crash Provides Low Entry
While widespread liquidations would be expected from the recent DOGE price crash, Dogecoin whales have embraced the downturn as a prime opportunity. Viewing the dip as a chance for a low market entry, these whales now purchase Dogecoin in large volumes, with the latest transactions recording a 270 million buy.
Dogecoin Whales Scoop Up 270 Million DOGEThe recent decline in the Dogecoin price has prompted large-scale investors, typically called “whales,” to accumulate more tokens. Prominent crypto analyst Ali Martinez disclosed in an X (formerly Twitter) post on Tuesday that Dogecoin whales have bought a whopping 270 million DOGE tokens in the last five days.
This massive 270 million DOGE buy is part of a broader accumulation trend noticed across the meme coin’s network. Since November, Martinez has recorded whales buying hundreds of millions of DOGE during the downtrend.
On December 21, the analyst revealed that Dogecoin whales had purchased 250 million DOGE during the recent market dip. This bold move was made as investors saw DOGE’s decline as a favorable entry point, a behavior often associated with more prominent players who buy tokens at a lower price in hopes of long-term gains.
The recent DOGE buying spree by whales could indicate strong confidence in the Coin’s future. Martinez has also expressed optimism in the meme coin’s price prospects, highlighting in a previous X post that DOGE could experience another parabolic rally to a $20 ATH.
While bullish sentiment for DOGE’s price remains strong, Dogecoin whales are taking advantage of the current market conditions and declining prices to increase their holdings and prepare for a potential rally. With the Dogecoin price currently trading at $0.33, the recent 270 million DOGE buy is approximately valued at $89 million.
Pattern Repetition Could See DOGE Price Reaching $5Crypto analyst Trader Tardigrade has presented a chart illustrating a recurring historical trend pattern in the Dogecoin price movement. The analyst suggests that a repetition of this historical trend could trigger a parabolic rally for Dogecoin.
The red curved lines in the chart highlight DOGE’s rounded consolidation phases in different cycles, while the green ascending lines underscore a steady bullish trend. Each consolidation period in the chart has led to a significant rally, where Dogecoin’s price explodes at the end of the trend.
Based on the recurrent historical pattern, DOGE is seemingly exiting its recent consolidation phase, indicating that a potential breakout may be on the horizon. Trader Tardigrade has predicted that the breakout could trigger a price increase as high as $5, marking new all-time highs for DOGE.
At the time of writing, Dogecoin is trading at $0.33, reflecting a 3.5% increase in the last 24 hours. A surge to $5 would require the meme coin to record a staggering 1,415% surge from its current price.
Current Bitcoin Correction Remains Within Historical Limits – The Impact Of An 11.7% Market Drawdown
Bitcoin is showing remarkable resilience as it holds strong above the $92,000 demand level, reflecting a bullish structure in the face of recent volatility. Yesterday, the leading cryptocurrency surged to $99,400, signaling renewed momentum and increasing optimism among investors. This surge reaffirms Bitcoin’s ability to bounce back from local lows, maintaining its upward trajectory.
Top analyst Axel Adler shared valuable insights on X, highlighting that the current macro correction remains well within the acceptable range of historical price drawdowns. According to Adler, the local maximum drawdown sits at 11.7%, a figure that aligns with previous healthy corrections during bullish cycles. This suggests that Bitcoin’s price action continues to follow a predictable pattern, further strengthening the case for its sustained growth.
As BTC hovers near the critical $100,000 psychological level, market participants are closely monitoring its next moves. A decisive breakout above this threshold could mark the beginning of a new phase of price discovery while maintaining support at $92,000 underscores strong demand and confidence in the asset.
With macroeconomic conditions and on-chain metrics aligning favorably, BTC appears poised for further gains, keeping investors and analysts attentive to its evolving price dynamics.
Price Remains StrongBitcoin has shown remarkable resilience despite experiencing a recent 15% correction from its all-time high (ATH) of $108,364 to a local low of $92,100. While the correction sparked some uncertainty in the market, Bitcoin’s price remains strong and continues to hold crucial support levels. Analysts and investors are now closely monitoring the market for signs of where BTC could go next.
CryptoQuant analyst Axel Adler recently shared key insights, revealing that the current macro correction is well within the typical range of price drawdowns observed in Bitcoin’s previous cycles. According to Adler, the local maximum drawdown stands at 11.7%, which aligns with healthy correction patterns typically seen during bull markets.
In contrast, the most significant drawdown during this cycle occurred in August of this year, when Bitcoin’s price dropped by 26.4%. This comparison suggests that the current correction is relatively mild and doesn’t signal any significant market weakness.
Given the historical context and the fact that Bitcoin’s recent correction remains within an acceptable range, everything appears to be on track for continued bullish momentum. Analysts are optimistic that BTC will soon regain its upward trajectory as demand remains strong.
Investors are waiting for a decisive breakout, particularly above key resistance levels, to confirm the next phase of growth. As the market stabilizes, Bitcoin is well-positioned for further gains in the long term.
Technical Levels: Strong Demand HoldingBitcoin’s demand remains strong as it continues to hold above the $92K mark, a critical level that has supported the price during recent volatility. The recent price action shows BTC is now pushing above $98,000, a key level that must be reclaimed for the bullish momentum to continue.
If the bulls manage to push above and hold this level, a rapid surge above $100K could follow, setting Bitcoin on a path toward price discovery. The market sentiment would likely turn even more positive, fueling a potential rally.
However, the scenario could shift quickly if BTC fails to maintain its strength above $95,500. A drop below this level would suggest weakening demand and could lead to a retest of lower support levels. This could potentially send BTC into a consolidation phase or trigger further price declines, depending on the market’s response.
Traders and investors are closely watching the $95,500 mark as a critical support level to gauge the short-term direction. If Bitcoin stays above this level, the bullish outlook remains intact, but losing it would signal that the market is losing steam.
Featured image from Dall-E, chart from TradingView
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SOLX Hits $5M on Presale, Fixes Solana Congestion With Its L2
Just four days after hitting the $4M milestone, new presale project Solaxy (SOLX) reached $5M. Ten days is an astonishing pace to raise millions in funding. So what’s special about Solaxy?
Well, Solaxy is Solana’s first Layer-2 solution that focuses on meme coins. This means Solaxy could resolve Solana’s congestion issues by processing part of transactions off-chain.
On top of that, Solaxy bridges Solana with Ethereum. It takes the best of both networks: high liquidity, security, and developer tools, fixes their shortcomings, and delivers an entirely new powerful ecosystem.
Saving Solana From Itself – Faster, Cheaper Meme Coin TradingSolana saw a massive spike in user interest this year, largely due to its burgeoning meme coin sector. The reason is simple: Solana offers high speeds, low fees, and versatile developer tools. In fact, with pump.fun, anyone can launch a meme coin on Solana with zero coding skills.
But in a way, Solana became a victim to its own success. The network’s performance took a hit due to heavy traffic.
Solaxy aims to make transfers on Solana smoother, faster, and cheaper with its Layer-2 technology. No more congestion and failed transactions.
It’s true that Solana founder Anatoly Yakovlenko deems Layer-2s parasitic when they take away more resources from the base layer than they contribute, like in the case of Ethereum.
However, Solaxy doesn’t want to replace Solana. Instead, it builds upon Solana’s strengths, merging them with Ethereum’s liquidity and security, to create a high-performance network for degen traders. A network that would accommodate the ever-growing transaction volumes.
$5M Raised, 755% Staking APY – Can SOLX Repeat BONK’s Success?Solaxy presale kicked off on December 14 and raised $1M in three days. The project’s X account is nearing 20K followers, and opinion leaders like ClayBro see serious potential in Solaxy’s Layer-2 solution.
It’s still early to judge if SOLX will repeat the success of top Solana meme coins like BONK and PENGU. But community interest is evident from the $5M raised, most of which will go toward product development and marketing to expand the project’s reach.
A substantial 25% of the total token supply is set aside for staking rewards. Early adopters have already staked over 1.5B SOLX at a 755% APY.
The presale will end in early 2025, but the SOLX price will increase gradually every couple of days. This means SOLX may never cost as little as now, just $0.001578 per token.
After the token claim, we expect to see SOLX on tier-1 DEXs and CEXs. To clarify: no listings are confirmed yet. However, it wouldn’t be a stretch to assume the likes of Uniswap and Binance will endorse a project with such strong utility and community support.
Be the First to Explore SolaxyMeme coins lead this bull cycle. But unlike 2021 when meme projects relied on hype alone, this time, they add some solid utility into the mix. And Solaxy is a prime example of such a quasi meme coin carrying real value.
If you want to board this starship before it takes off, visit the official Solaxy presale website, connect your wallet, and exchange ETH, USDT, or BNB for SOLX.
However, don’t take anyone’s word for it. There are no guarantees in the crypto market. Remember to DYOR and only invest as much as you can afford to lose.