Altcoin
Will Dogecoin Price See Strong Rebound After 270% Surge In Active Addresses?
Amid the broader crypto market correction, the Dogecoin price has also tanked over 9% today testing its crucial support levels at $0.16. However, on-chain activity suggests that the positive momentum for DOGE could resume soon amid a 270% surge in active addresses over the last 24 hours. Also, the DOGE whale activity has surged, indicating big players are buying the dips, thereby hinting a potential rebound moving ahead.
Dogecoin Price Rebound Ahead?
Crypto analyst Ali Martinez has highlighted a critical support level for DOGE as it approaches the lower boundary of its current price channel. According to Martinez, maintaining a position above $0.16 is essential for the cryptocurrency to sustain momentum and potentially fuel a strong rebound.
As of press time, the Dogecoin price is trading 9.29% down at $0.1726 with its daily trading volume surging 115% to more than $2.01 billion. Also, the open interest has tanked 12.91% to $1.45 billion while the 24-hour liquidations have shot to $21 million, per the Coinglass data.
Previously, analyst Ali Martinez stated that if bulls manage to hold above the DOGE support levels of $0.16, it can trigger a rally toward $2.74 or even as high as $6.24.
DOGE Active Addresses and Whale Activity
Despite the Dogecoin price heading lower amid broader crypto market correction, market analysts are bullish amid strong on-chain developments. In a significant development for DOGE, the number of active addresses on the network has skyrocketed by 270% in just 24 hours, increasing from 71,750 to 264,000.
On the other hand, the largest whales on the Dogecoin network have reportedly accumulated 1.7 billion DOGE over the past 72 hours. This massive accumulation suggests that major players could be positioned for the next big move, underscoring growing activity and interest in the meme coin. Additionally, the Dogecoin wallet addresses have reached an all-time high, hinting further momentum ahead.
Key Demand Zones for DOGE
Pseudonymous analyst “TheGift94” has outlined potential demand zones where DOGE might stabilize amidst intense selling pressure. In a recent TradingView analysis, the analyst identified three “buying demand zones” critical to the meme coin’s price movement. The first support zone, at $0.20, was breached as Dogecoin’s price fell by 13% yesterday, closing at $0.1678.
The analyst further highlighted two additional zones that could act as support levels: $0.16 and $0.13. These levels are now being closely monitored as potential turning points for the meme coin.
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.
The Altcoin Season Index by CoinMarketCap (CMC) has fallen to its lowest level since its inception. The number of altcoins delivering better performance than Bitcoin has significantly declined.
Altcoin market capitalization (TOTAL2) has plummeted by 38% from its all-time high (ATH), with $600 billion exiting the market. Despite this, many analysts remain optimistic.
Only 17 Altcoins Outperformed BTC in the Last 90 Days
CMC’s Altcoin Season Index provides real-time insights into whether the crypto market is currently in an Altcoin Season. The index is based on the performance of the top 100 altcoins relative to Bitcoin over the past 90 days.
The index stands at 17 at the time of writing. This means that only 17 altcoins have outperformed Bitcoin in the last three months.
Meanwhile, CZ—the former CEO of Binance, the exchange that owns CMC—has suggested that an index level of 50 or higher is a positive sign.
“I think this is a tough ranking system. 50 is probably a really good score,” CZ commented.
Therefore, a level of 17 is alarming. It is also the lowest point since the index was introduced.
A separate Altcoin Season Index by Blockchain Center currently stands at 29. This index assumes that if 75% of the top 50 coins outperform Bitcoin in the last 90 days, it is considered an Altcoin Season. On March 7, the index even dropped to 10—the lowest level since October 2024.
These declining indices align with a significant drop in altcoin market capitalization. The total altcoin market cap has fallen by 38%, from its ATH of $1.64 trillion to around $1 trillion.
Analysts Remain Optimistic Despite the Sharp Decline
However, market analyst Master of Crypto, who has been active since 2016, believes that this downturn signals a promising future.
“The Altcoin Season Index has fallen to its lowest since October 2024. Interestingly, the last time the index was this low, altcoins staged an impressive rally. While each dip may worry new investors, those who hold on usually see significant returns,” Master of Crypto predicted.
Bitcoin investor Coinvo, active since 2017, also believes that current market volatility is not concerning but rather a repetition of previous cycles.
Coinvo observes that altcoin market capitalization expansions in 2017 and 2021 could repeat in 2025. According to Coinvo’s chart, the altcoin market cap could surge to $5 trillion in 2025—more than triple its current level.
Additionally, Ki Young Ju, CEO of CryptoQuant, offers a redefined perspective on Altcoin Season. He argues that the old Altcoin Season theory no longer applies. Instead, the new Altcoin Season will primarily direct capital into stablecoins or widely accepted altcoins rather than smaller, speculative tokens.
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President Donald Trump’s highly anticipated crypto reserve announcement and the White House Crypto Summit have fallen flat, failing to ignite a crypto market rally. The global crypto space is currently navigating a bearish period with the total market cap slipping to $2.73 trillion, down by 3.09%. This week begins by witnessing a steep crypto market crash, with top cryptocurrencies facing $685 million liquidation.
What Drives the Current Crypto Market Crash?
According to Matrixport, the perpetual futures funding rates remain low, with the crypto market failing to attract significant gains despite the much-anticipated Bitcoin reserve adoption and the White House Crypto Summit. The current market sentiment reveals a notable absence of enthusiasm from retail investors, marking a stark contrast to the heightened funding rates observed in April and December 2024.
Despite high expectations, Trump’s executive order on the Bitcoin reserve failed to invoke a significant rally in Bitcoin’s price. The highly anticipated crypto summit also concluded without making any significant waves in the crypto market. Instead, these moves preceded a crypto market crash, with top cryptocurrencies falling severely.
$685M Liquidated: Crypto Market Crash Intensifies
Notably, the crypto market has begun the week on a bleak note, with a huge wave of liquidations totaling $685 million in the past 24 hours. This massive sell-off was primarily triggered by Bitcoin’s plummet below $80k. This rapid sell-off intensified the crypto market crash, creating a ripple effect throughout the cryptocurrency ecosystem.
Significantly, Bitcoin was leading the liquidation frenzy, with a staggering $270.75 million in positions being wiped out. According to CryptoQuant data, Bitcoin’s long liquidations skyrocketed to 14,714 yesterday, marking a significant spike in forced sell-offs.
In addition to Bitcoin, other major cryptocurrencies also suffered significant losses. Ethereum (ETH) saw$123.55 million in positions wiped out over the past 24 hours. Meanwhile, XRP and Solana (SOL) also experienced substantial liquidations, with $32.31 million and $28.79 million in positions respectively being forced to close.
Whales Suffer the Market Correction
A whale, holding 65,675 ETH (worth $135.8 million) on Maker, is at risk of liquidation due to the crypto market crash. In addition, Donald Trump’s World Liberty Financial suffered a significant loss of a $110 million. In addition, Donald Trump’s personal crypto portfolio has taken a significant hit, with its value plummeting by 13%.
While many whales are struggling in the current crypto market downturn, one savvy trader has defied the trend. According to Lookonchain data, this whale has successfully shorted Bitcoin multiple times during recent price drops. This helped them gain an impressive unrealized profit of over $7.5 million. The trader’s strategy remains aggressive, with new short positions set between $92,449 and $92,636. They’ve also placed limit orders to take profits between $70,475 and $74,192, indicating a potential exit strategy.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
The rising tide of stablecoin adoption has prompted a significant response from traditional financial institutions. Global banks and fintechs are launching their own stablecoins, capitalizing on the increasing adoption and favorable regulatory environment.
Joining an established list of payment providers like Standard Chartered, PayPal, and Revolut, Bank of America (BoE) is considering launching its stablecoin. This growing trend among financial institutions aims to disrupt the dominance of major players like Tether and Circle.
Banks and Fintechs Capitalize on Stablecoin Growth
According to Financial Times, top banks and fintechs are racing to introduce their own stablecoins to secure a foothold in the rapidly evolving cross-border payments space. The favorable regulatory environment and growing adoption of stablecoins add momentum to the development.
Notably, the regulatory recognition that stablecoins can play a legitimate role in the financial system has boosted enthusiasm. This, in turn, has influenced financial institutions to leverage the capabilities of these assets.
This regulatory shift, following President Donald Trump’s election victory in 2024, has been driven by his pro-crypto stance. Likening this increasing demand for stablecoins to the gold rush, where people made more money selling shovels to miners than actually mining for gold, Simon Taylor, co-founder of fintech consultancy 11: FS, stated,
It’s about people selling shovels in the stablecoin gold rush. The other thing that’s driven it is there’s real volume. Founders want to get a piece of it because they know they’re going to get stablecoin regulation and so it’s all of those things coming together.
Stablecoin Frenzy: Big Players Enter the Fray
Large players like Bank of America, PayPal, Standard Chartered, Stripe, and Revolut have expressed their interests in adopting stablecoins. Stripe co-founder John Collison stated, “Stablecoins and the more modern chains are really interesting for the payments use case, and that makes up our business.”
Recently, Bank of America announced its potential plans to launch its own stable asset upon receiving regulatory approval. CEO Brian Moynihan stated, ““If they make that legal, we will go into that business.”
Last month, Standard Chartered revealed its plans to develop a Hong Kong dollar-backed token, adhering to the new stablecoin regulatory policies in the territory.
Similarly, PayPal intends to expand its stablecoin payment option, PYUSD, in 2025, anticipating significant adoption among US businesses making international supplier payments. According to Visa data, stablecoin transactions on PayPal totaled $163 million this month, a fraction of Tether’s $131 billion.
US Department of Housing and Urban Development Experiments with Stablecoins
In a recent development, the US Department of Housing and Urban Development is planning to integrate blockchain technology and adopt stablecoins. According to a ProPublica report, the department is considering blockchain-based solutions for grant tracking and stablecoin payments, with pilot testing proposed for one of its offices.
Notably, the team believes that the current experiment signals the adoption of crypto and blockchain across the federal government.
US Regulatory Landscape Boosts Crypto Adoption
President Donald Trump’s crypto-focused policies have generated significant optimism. This marks a substantial shift in the US government’s stance on digital assets. Trump’s administration is introducing new policies aimed at establishing stablecoins.
Recently, Trump announced plans to adopt Bitcoin, XRP, SOL, and ADA as US crypto reserve assets, signaling a commitment to integrating digital assets into the country’s financial ecosystem. This move was followed by an executive order establishing a Strategic Bitcoin Reserve.
These developments underscore the government’s progressive stance on cryptocurrencies. It focuses on fostering innovation, investment, and integration into the traditional financial system. The Trump administration’s policies aim to position the United States as a leader in the global digital asset economy.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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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