Altcoin
Dogecoin Price To $0.5 Ahead? Whale Sacks 87M DOGE Sparking Optimism
Renowned dog-themed meme cryptocurrency Dogecoin garnered significant attention on Wednesday as market stats projected a highly bullish outlook for the token’s price. Crypto market watchers anticipate a $0.5 price target for the token ahead in light of its recent rally. The meme coin’s price is up nearly 21% over the month, while it extended intraday gains to roughly 3% today. A massive 87 million DOGE whale accumulation in the interim has added to optimism surrounding the token’s future movements, with a potential $0.5 target looming over the horizon.
Whale Accumulates 87M DOGE Echoing Optimism Over Price Ahead
As per recent on-chain data by Whale Alert on X, an unknown wallet address, ‘DEndnpPewG,’ bagged 86.87 million DOGE, worth $10.86 million, from Robinhood. The massive accumulation hinted at increased investor confidence in the asset’s potential to offer gains ahead.
Meanwhile, recent broader events have further impacted the leading meme coin‘s price, as also seen by the broader sector’s gains that suggest growing interest. A recent CoinGape Media report revealed that Dogecoin price saw nearly 8% gains in light of Elon Musk’s $75 million donation to boost Donald Trump’s election bid.
For context, recent Polymarket data shows Trump’s winning odds at 59.7% and Kamala Harris’ at 40.2%, tilting the scales towards the Republican Party. With the U.S. elections looming in November, a potential win for Trump could significantly bolster the dog-themed token’s price. This bullish projection comes against the backdrop of the Republican’s pro-crypto stance. Further, Elon Musk has also accepted the role of D.O.G.E (Department of Government Efficiency) under Trump’s cabinet recently, given the former U.S. president wins the upcoming elections. Altogether, the abovementioned events have prompted an optimistic sentiment for the meme coin’s price ahead, especially given Musk’s previous backing for the crypto.
Is $0.5 Next?
Simultaneously, Dogecoin price currently surfs bullish waves in the market. At press time, the coin gained nearly 3% to rest at $0.1220. Its intraday low and high were recorded as $0.1176 and $0.1294, respectively. DOGE 24-hour trading volume noted a 50% surge amid the coin’s recent gains. Further, the weekly and monthly charts indicated an increase of 13% and 21%, respectively.
A recent DOGE price analysis by CoinGape Media suggests that the coin could soar as high as the $0.5 level amid growing market interest in the asset. Simultaneously, Coinglass data propelled further optimism as the meme coin’s futures OI surged 20% to $763.15 million recently. The derivatives volume rocketed nearly 61% to $3.78 billion, underlining rising investor interest in the asset. Overall, recent market dynamics indicate a bullish movement for Dogecoin price lies ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In an unprecedented development, a crypto whale has caused a frenzy across the broader industry on Thursday, making millions with the meme coins SPX6900 (SPX), Mog Coin, WOJAK, and Pepe Coin (PEPE). Recent on-chain data indicated that the smart trader made over $5 million worth of profit trading the abovementioned tokens. Meanwhile, market watchers continue to zero in on the trader’s address, primarily due to the remarkable profit-making trading strategies.
Crypto Whale Nabs Millions Trading SPX & These 3 Coins
According to the data revealed by Lookonchain on October 17, the unknown wallet address 0xCa3C.. has made $2.19 million on Pepe Coin, $1.7 million on SPX6900, $1.37 million on MOG, and $207K on WOJAK with their recent trading strategies. Following a recent price upswing in SPX, the trader started offloading their SPX6900 holdings for remarkable profits. Simultaneously, the smart trader started accumulating more PEPE and WOJAK, sparking optimism.
Notably, data indicated that the crypto whale spent $57K to buy 10.1 million SPX6900 from mid-December last year to May this year. Subsequently, the whale sold 9.1 million SPX for $1.12 million after the token witnessed a price rally. This trade offered a profit of $1.7 million.
Simultaneously, the same address accumulated Pepe Coin since December 10 last year and owns 318 billion PEPE, worth $3.24 million, in two wallets to date. The unrealized gains for this holding is estimated at $2.19 million.
Additionally, the trader also holds 648.4 billion MOG, worth $1.29 million, with a profit of $1.37 million. Altogether, the smart trader currently holds over $3 million worth of PEPE, over $1 million worth of Mog Coin, and nearly half a million dollars worth of the remaining two coins each. The trading strategies have promptly echoed a buzz across the top meme coins sector as market watchers look to amass similar staggering profits.
How Are The Coins Performing?
Meanwhile, SPX price today witnessed a 4% drop to $0.6568. However, the coin’s weekly and monthly charts indicated gains worth 11% and 2141%, respectively.
Simultaneously, WOJAK price dipped nearly 8% today, reaching $0.001259. However, weekly and monthly charts for the token underscored an increase of 27% and 118%, respectively.
PEPE price showcased a 3% decline in value to $0.00001013 today. Nevertheless, the coin was up 9% weekly and 64% over the month.
Lastly, MOG price gained nearly 3% today, reaching $0.000001972. The coin’s weekly and monthly charts underscored gains worth 40% and 112%, respectively.
Altogether, the abovementioned stats have garnered significant investor attention toward the meme-themed digital assets sector. Besides, it’s also worth mentioning that Dogecoin, another renowned meme token, rides optimistic waves across the market. CoinGape Media reported that DOGE price could hit $0.5 amid rising whale activity, aligning with the gains witnessed across the meme coins sector. Crypto market enthusiasts continue to monitor the sector in light of recent events.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
While the Bitcoin (BTC) price has been eyeing a move above $70,000 recently, top altcoins like Ethereum (ETH), BNB, and Solana (SOL) have picked up much pace in this resurgence. Market analysts believe that it’s too early to call for an altcoin rally and might not happen in the fourth quarter of this year.
Don’t Expect An Altcoin Rally in Q4 2024, Here’s Why
Popular crypto analyst Benjamin Cowen stated that the current drop in the ALT/BTC pairs is mainly due to the drop in the net liquidity along with the strengthening of the U.S. Dollar Index (DXY). He believes that this trend will continue until 2025 while pushing the Bitcoin market dominance even higher this quarter.
Cowen predicts that BTC dominance will peak around 60% between September and December 2024, and might as well overshoot this milestone. He expects the dominance uptrend to end by early January 2025.
The reason #ALT / #BTC pairs are stuck in traffic on struggle street is because net liquidity is dropping (because #DXY is rallying).
I would not expect this trend to change until 2025, and is why #BTC dominance should keep going higher to reach the 60% milestone. pic.twitter.com/pVbykDtI0R
— Benjamin Cowen (@intocryptoverse) October 16, 2024
However, with the potential for interest rate cuts and the reintroduction of quantitative easing (QE), Cowen suggests that 2025 will bring about different market conditions that could shift the dynamics for altcoins. Here’s the list of some best altcoins to bet on before the rally begins.
Bitcoin Eyes 60% Market Dominance
As the odds of a Donald Trump victory in the upcoming US Presidential elections improve, analysts are hopeful that he might end the crypto regulatory headlock as seen during the Biden administration.
On the other hand, the demand for spot Bitcoin ETFs has skyrocketed this week clocking nearly $1.4 billion in inflows within the first three days of the week. The BlackRock Bitcoin ETF IBIT has been leading the pack taking its total inflows above $22.5 billion since inception in January. Vetle Lunde, the Head of Research at K33 Research writes:
“After super strong ETF flows lately, new milestones have been reached! Yesterday, U.S. spot ETFs surpassed 950,000 BTC under management, marking a new all-time high. These relentless flows have pushed global BTC ETP beyond 1.2m BTC for the first time”.
Another reason why Bitcoin dominates over altcoins is that the BTC whale transactions have reached their highest in over 10 weeks with 11,697 transfers exceeding $100,000 on Tuesday, earlier this week.
Furthermore, on-chain data provider Santiment reports that social media discussions have shifted heavily toward Bitcoin over altcoins, with the leading cryptocurrency accounting for more than a quarter of all crypto-related conversations. This comes as Bitcoin’s price surpassed $68,000 for the first time since July, drawing heightened attention from traders.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Robinhood, a commission-free stock trading and investing platform, has announced Bitcoin and Ethereum futures trading. The company has also launched the desktop trading platform ‘Legend‘ and added futures trading and index options on mobile for active traders.
Robinhood to Offer Bitcoin and Ethereum Futures Trading
Robinhood kicks off its first-ever customer-focused conference HOOD Summit in style by announcing several products and services. It launched the long-awaited desktop platform ‘Legend‘ and added futures and index options trading features to its mobile app on Wednesday. It also announces HOOD Week, offering exclusive bonuses to users for transfers from external brokerages.
The company said they are launching futures trading directly in the app, enabling customers to trade the S&P 500, oil, Bitcoin, and more in the coming months. The crypto offerings include Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures.
We’re doing futures the Robinhood way,” said JB Mackenzie, VP and GM of Futures and International at Robinhood. “With some of the lowest fees in the industry and an elegant mobile user interface that allows customers to trade simply, quickly, and efficiently, there will be no reason to trade futures anywhere else.”
Customers will be able to trade with one tap and no PDT rules, enjoy low commissions, get 60/40 tax treatment, and trade in a nearly 24-hour trading window.
Recently, the company launched crypto transfers in Europe, enabling users to deposit and withdraw more than 20 cryptocurrencies and also earn a 1% yield on deposits. However, it excluded XRP, TON, ZK, W, ARB, ATOM, DOT, EOS, FTM, JUP, NEAR, OP, & TIA from service.
Legend Desktop Platform To Boost Markets?
The company continues to expand into the financial services industry, with focus now on derivatives as a bid to compete with established players. The Legend platform will allow users up to eight charts opened in a single window, offering more technical indicators available for traders than its competitors.
“With Robinhood Legend, futures, and index options, we’re helping customers harness the full power of the markets so they can take control of their financial future,” said Vlad Tenev, Chairman and CEO of Robinhood.
The company believes its products and services will boost adoption, including in the crypto markets similar to the case in 2021.
HOOD stock price closed 0.49% higher at $26.93 on Wednesday. It rose 2.49% after market hours and likely to open higher today amid the HOOD Summit.
Private wealth management company Bernstein projected Robinhood’s operating income to soar to about $900 million this year. Analysts at the firm wrote that the company is expected to notch revenues hitting $3.4 billion next year with its market capitalization soaring between $19 billion and $23 billion.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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