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Whales Move $30M DOGE Amid Dogecoin Price Correction

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4 hours ago

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Despite the significant whale transfers from Robinhood, Dogecoin (DOGE) slipped slightly but remained above $0.39. In under an hour, upwards of 90 million DOGE tokens, valued at about $33.5 million, were transferred from Robinhood to Coinbase and an unknown wallet.

Whale Alert flagged the large withdrawals, which stirred investor attention and speculation about its future price movement.

Dogecoin Whales Move Over $30 Million

Whale Alert reports indicate that two significant Dogecoin transfers have taken place. The first was the transfer of 58.8 million DOGE, worth $21.3 million, to a Coinbase wallet. Another $12.5 million worth of DOGE was forwarded to an unknown address.

The second wallet does not seem to belong to any known exchange, which could mean that individuals or institutional investors with high net worth are stockpiling DOGE.

Crypto analysts often look at large transfers from exchanges to unknown wallets as bullish. This may indicate that “whales” are securing their assets for long-term holding rather than preparing for immediate selling. Moreover, CoinGape recently reported that these whales accumulated 140 million DOGE coins in 24 hours.

Despite the recent optimism, the crypto market retreated to a pullback, and Bitcoin retreated from its all-time high. Other altcoins and meme coins, such as DOGE, were no exception and fell under downward pressure.

For now, DOGE is down 8% and trading at $0.39. Its one-day trading volume was shed by 26% and stood at $12.2 billion. Over the last 24 hours, DOGE reached a high of $0.3964. Meanwhile, the weekly increase is still as high as 86%, with DOGE soaring 188% in 30 days.

A Rally To 90 Cents Despite a Short-Term Pullback?

Dogecoin faces a short-term correction after retesting 43-cent resistance, forming a potential double-top reversal pattern. According to the analyst on X Trader Tradigrade, the meme coin remains in a long-term uptrend with robust support at 39 cents and potential resistance near 90 cents.

Elon Musk’s backing and the Department of Government Efficiency  (D.O.G.E) program continue to attract investors, including crypto whales. Following a five-week rally, Dogecoin (DOGE) has hit resistance – first, at 43 cents, triggering signs of a potential pullback.

Currently valued at $55 billion fully diluted, the coin is showing a bearish divergence on the Relative Strength Index (RSI), suggesting further short-term declines may occur before its next move upward.

Dogecoin has surged bigly since the election last week of Donald Trump. Still, it received an added push this week after news the president-elect would create a new agency called the Department of Government Agency (D.O.G.E), an agency co-led by one of Trump’s biggest supporters, crypto enthusiast Elon Musk. The new department has been tasked with streamlining government spending and eliminating fat red tape.

Since Election Day, Dogecoin has doubled in value, reaching a three-year high as traders anticipate a crypto-friendly administration. A recent class-action lawsuit against Elon Musk, alleging price manipulation of Dogecoin in 2023, has been withdrawn. Investors dropped their appeal after a court rejected their $258 billion damages claim earlier this year.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

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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Here’s Why The XRP Price Surged Past $0.8 Despite The Market Dump

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4 mins ago

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November 16, 2024

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The XRP price has just had its biggest 24-hour surge in years to reach its highest level in over two years. Particularly, XRP surged by about 22% in a few hours to reach $0.8386. This intriguing surge has brought into focus XRP’s potential to challenge the narrative of it being dead. 

Ironically, this XRP surge is tied to SEC Chair Gary Gensler. This is because the SEC Chair recently made an announcement hinting at what seems like a looming resignation, which seems to have fueled optimism among crypto investors.

Why Did XRP Surge Amidst Market Corrections?

SEC Chairman Gary Gensler, known for his crackdown on Ripple, XRP, and the entire crypto market, made an announcement today regarding his role in the commission. Interestingly, his remarks carried the tone of a farewell speech, reflecting on his journey with the SEC and its staff while hinting at a departure. 

This doesn’t come as a surprise, as president-elect Donald Trump has made it a part of his campaign to fire Gensler after he’s sworn into office to appeal to crypto investors. Also, it aligns with the tradition of heads of institutions like the SEC to resign down when a new administration from a different political party takes office.

Beyond the recent remarks by Gary Gensler, the XRP price has also gained momentum from a favorable ruling for Ripple in its ongoing dispute with the SEC. US Judge Phyllis Hamilton recently granted a joint motion for entry of judgement of the plantiff’s claims. Basically, what this means is that the Court has granted Ripple’s request for a hold on individual state law claims until a resolution could be achieved. This ruling represents another minor victory for Ripple as the legal battle stretches on, with a trial date now set for January 21 of next year.

What Does A Gensler Resign Mean For XRP?

The latest XRP rally is a tease of what’s in store for the XRP price in the longer term if Gary Gensler eventually leaves his position as Chairman of the SEC. Firstly, Gensler’s resignation could influence the trajectory of the Ripple-SEC lawsuit. A new SEC chair with a more crypto-friendly perspective might withdraw the appeal against Ripple, essentially removing a great burden that has slowed down XRP price growth. 

Beyond the Ripple case, Gensler’s departure could signal a broader shift in the SEC’s regulatory approach to the crypto industry. US president-elect Donald Trump has said he wants the US to be the ‘crypto capital of the planet’. This misson would undoubtedly be reflected through the SEC. This could result in the approval of more exchange-traded funds (ETFs) based on cryptocurrencies, including XRP. 

At the time of writing, XRP is trading at $0.81.

XRP price chart from Tradingview.com
Token price surges above $0.8 | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com





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Ripple CEO Garlinghouse Highlights Reason Behind XRP Rally

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1 hour ago

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November 16, 2024

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Ripple CEO Brad Garlinghouse has linked the recent surge in XRP price to growing optimism about regulatory clarity in the U.S. In an interview with FOX Business, Garlinghouse emphasized the importance of a more balanced approach to crypto regulation under the new administration. He noted that U.S.-linked cryptocurrencies, including Solana (SOL) and Cardano (ADA), have experienced significant growth since Election Day.

Ripple CEO Lauds Trump as a “Crypto President” Amid XRP 70% Surge

Ripple CEO Brad Garlinghouse described the post-election environment as transformative for the cryptocurrency sector, crediting pro-crypto policies for the 70% rise in XRP value. The CEO referred to President-elect Donald Trump as a “crypto president,” praising his openness to blockchain innovation and entrepreneurship.

Brad remarked, 

“The crypto industry has embraced Trump, Trump has embraced the crypto industry. I think it’s very genuine, and I think he sees the opportunity, he sees innovation, he sees entrepreneurship and I’m very excited about what the future holds.”

Garlinghouse highlighted that U.S.-linked crypto assets, such as XRP, SOL, and ADA, have outperformed other tokens due to the expected easing of regulatory pressure. He attributed the rally to reduced constraints from the U.S. Securities and Exchange Commission (SEC), whose actions had stifled growth. The Ripple CEO stated,

“The United States SEC has been manipulating and putting pressure on these US companies, US technologies, and now that pressure comes off and they explode upwards.”

XRP Price Rally Amid Bullish Sentiment

The XRP Price has reached a two-year high of $0.9193, driven by market optimism and key developments like Robinhood’s relisting of the token. Analysts suggest this surge aligns with a breakout from a symmetrical triangle pattern, signaling strong bullish momentum.

Market sentiment has also been boosted by a wave of institutional interest and increased trading activity. XRP is now approaching a critical resistance level at $1.00, with analysts forecasting further gains if this barrier is breached. Projections indicate a possible XRP price prediction of $1.5.

Whale Activity and Institutional Interest Drive Derivatives Market

In addition, the derivatives market for XRP has experienced a surge in activity, with open interest rising by 13% to $1.5 billion. This uptick is attributed to increased whale activity, including a transaction involving 60 million XRP worth $52.8 million. Such movements often suggest institutional trading or large-scale investment strategies.

Moreover, trading volume saw a sharp increase, climbing 25% in the past 24 hours to $11.70 billion. These metrics underscore growing speculative interest and optimism about XRP future performance in a more favorable regulatory environment.

More so, Ripple CEO expressed enthusiasm about the shifting regulatory landscape citing ongoing lawsuits and challenges. He welcomed the involvement of 18 state attorneys general who filed a lawsuit accusing the SEC of overreach in crypto regulation.

At press time, XRP is trading at $0.89, marking a 14% increase in the last 24 hours. The trading volume surged to $11.65 billion while the market cap stands at $50.80 billion.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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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Polkadot Price Forecast: DOT’s Bullish Trends Return, Why This Crypto Token’s 16,000% Gains May Eclipse It

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2 hours ago

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November 15, 2024

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As the Polkadot price regains its bullish momentum, a new contender, ETFSwap (ETFS), is capturing attention with a staggering 16,000% growth potential. Analysts are now watching closely, suggesting that the crypto token could soon outshine Polkadot (DOT) in the race for top crypto gains.

DOT On The Rise: Polkadot’s Bullish Patterns Point To Growth

The Polkadot price has shown renewed strength, with bullish trends re-emerging after a period of volatility. As one of the most innovative blockchain networks, Polkadot’s (DOT) recent price movements have captured the attention of both investors and analysts. 

The resurgence in the Polkadot price is fueled by ongoing technological advancements within its ecosystem and increasing adoption by developers who appreciate its unique multi-chain interoperability. This foundational appeal is contributing to a positive outlook, indicating that DOT may continue its upward trend. 

Analysts suggest that several factors are aligning to support the Polkadot price. First, Polkadot’s continued focus on improving interoperability between blockchains positions it as a leader in facilitating cross-chain communication. This advantage attracts a wide array of projects, strengthening the network’s overall value. 

Additionally, recent updates have improved network scalability, further improving its appeal and supporting the bullish momentum behind the Polkadot price. As more projects opt to build on Polkadot, the ecosystem’s growth could drive sustained demand for DOT tokens.

Despite the encouraging signs, the Polkadot price will likely encounter resistance at key levels. Like other cryptocurrencies, DOT’s trajectory remains sensitive to broader market trends and investor sentiment. However, if Polkadot (DOT) maintains its current pace of development and adoption, analysts believe that these bullish trends could translate into substantial gains in the crypto market. 

ETFSwap (ETFS): The Crypto Token Set To Deliver Unmatched Returns

As Polkadot (DOT) regains its bullish footing, investor interest is increasingly shifting towards ETFSwap (ETFS), a promising crypto token projected to deliver an impressive 16,000% returns. The crypto token is positioned to transform the exchange-traded fund (ETF) landscape through asset tokenization. This makes ETFs more accessible by integrating the worlds of crypto and traditional finance in a way that could significantly boost their market value. 

ETFSwap (ETFS) provides smooth asset transfers across multiple exchanges, designed with low transaction fees and high-security infrastructure essential for reducing entry barriers and maximizing investment flexibility. 

With features like robust liquidity, a flexible trading model, and non-expiring utility, ETFSwap (ETFS) creates an ideal environment for the type of rapid growth that could lead to 16,000% gains in the crypto market. 

Investor trust in ETFSwap (ETFS) is further bolstered by the platform’s dedication to security. The ETFSwap team has earned a compliance certificate from SolidProof after completing a comprehensive Know Your Customer (KYC) verification, and the platform’s smart contracts have undergone an audit by Cyberscope. These certifications highlight ETFSwap’s commitment to safety and transparency, helping to build a secure foundation for the ambitious growth projections. 

Additionally, ETFSwap (ETFS) supports 24/7 trading access, drawing in investors who consider continuous market access essential for maximizing gains. The platform’s beginner-friendly interface further boosts its appeal by simplifying ETF trading for newcomers looking to enter the crypto space. 

Currently in its beta phase, ETFSwap (ETFS) introduces innovative features, including high-yield liquidity pools, real-time ETF monitoring, and staking options. In the next phase, the crypto token will launch AI-powered ETF screeners with predictive tools, sentiment analysis, and real-time data, which analysts expect will strengthen investor confidence. With these advanced capabilities, ETFSwap (ETFS) is carving out a leadership role in integrating ETFs with crypto, setting itself apart as a prime choice for 16,000% gains in the market.

Conclusion

Despite recent projections for the Polkadot price, numerous investors are turning their attention to high-potential alternatives like ETFSwap (ETFS), a crypto token poised for remarkable 16,000% gains. 

Currently, ETFS tokens are available at a price of $0.05769, with an exclusive 50% bonus for investors using the promo code ETFS50. As this bonus round draws to a close, experts recommend seizing this moment to benefit from ETFSwap’s (ETFS) rising momentum and its substantial 16,000% growth potential in the evolving crypto market.

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community



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