Altcoin
Binance Founder Seeks Opinion On BNB Donation
Binance founder Changpeng Zhao (CZ) is seeking the advice of the BNB community on the ideal way to give out over $1 million in BNB tokens to victims of the meme coin price crashes. CZ is mulling an outright donation to a non-profit, but the options of burning tokens or adding them to a liquidity pool are appealing alternatives.
CZ Set To Give Out $1 Million
In a post on X (formerly Twitter), CZ confirmed that donations for victims of Test (TST) and BROCCOLI meme coins had surpassed the $1 million mark. From the pool, CZ donated $100K (150 BNB), riding on the tailwind from a university student’s donations for victims of the ill-fated Libra project.
The Binance founder disclosed that he will not keep any of the BNB received but will seek community opinion on an appropriate means to give out the tokens. Right out the bat, CZ shut down suggestions that he will send tokens to individuals, citing an inability to verify claims while hinting at a community-focused action.
A cross-section of community members are pining for a non-profit donation in line with CZ’s streak of crypto-backed charity activities in recent months. While a donation to a non-profit sits at the top of the pyramid, CZ says the organization must have mechanisms for transparency for funds.
“My requirement for charity is that the receiving organization has to be crypto-enabled, and tracking must be allowed to the end beneficiary,” wrote CZ.
Binance Founder Eyes A Hybrid Approach
CZ opines that a hybrid approach may be the best route for giving out the donated BNB tokens. A portion of the funds may be given to a non-profit that ticks the boxes of transparency while others are pushing for burning the received tokens, potentially increasing asset values.
The founder notes that he is leaning toward deploying the funds to a liquidity pool after initial experiments birthed positive results.
“I don’t care if funds on this address make or lose money,” said CZ on the prospects of a liquidity pool. “I think this is an indirect way to give back to our community too.”
While airdrops have received a level of community support, CZ sees their implementation as a steep mountain to climb for wallet operators. He predicts that selecting eligible individuals for the airdrop will trigger a raging debate among community members.
Aliyu Pokima
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.
Crypto analyst Egrag Crypto has provided a bullish outlook for the XRP price, predicting it could rally to $60 in the long term. The analyst also revealed key breakout levels for XRP as it eyes a rally to the ambitious price target.
Key Breakout Levels As XRP Price Eyes Rally To $60
In an X post, crypto analyst Egrag Crypto highlighted $3, $6.4, $8, $13, and $27 as key breakout levels as the XRP price eyes a rally to $60. The analyst remarked that the range between $33 and $60 was a long-term target based on the channel projection he highlighted in his accompanying chart.
The crypto analyst outlined a bullish scenario in which the XRP price could rally to as high as $67. He stated that a monthly close above $3 would validate further upside. Egrag Crypto added that a breakout from Fib 1.618 at $6.4 would lead to the second Fib extension, which starts with $8, $13, $27, and $67 as of Fib 1.888. This prediction aligns with his recent analysis in which he predicted that XRP could hit a $3.4 trillion market cap.
Short-Term Outlook For The Crypto
Egrag Crypto also predicted that the XRP price could rally to between $4 and $6 in the short term. The analyst noted that XRP’s current price action is showing a strong bullish move but facing resistance at the red horizontal zone on the accompanying chart.
He further remarked that the red resistance line at $3 represents a critical level from the previous all-time highs (ATHs). The analyst added that a monthly close above this level could confirm a breakout toward the next Fibonacci extension targets, which are Fib 1.414 and Fib 1.1618, and price targets between $4.3 and $6.4, respectively. Based on this, Egrag Crypto stated that the upside targets are between $4.3 and $6, which are also the next significant resistance zones.
A Bearish Scenario For XRP
Egrag Crypto also outlined a bearish scenario for the XRP price. He stated that a rejection at $3 could lead to a pullback towards $1.90 and $2, which acted as support from the previous bullish candles.
The analyst added that a break below $1.90 could shift sentiment to bearish, introducing downward risks toward the $0.90 and $1 range. Egrag Crypto claimed that a drop to this level would signal a potential Black Swan event across all markets.
According to him, such a collapse would be a challenging prelude before the ignition stage for the XRP price. He then raised the possibility of the upcoming fort knox audit as a potential catalyst for this market crash.
The Bybit hack, which led to a loss of $1.4 billion in ETH, threatened to be a Black Swan event, as the crypto market crashed following it. However, the market has recovered impressively following the hack.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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.
Dogecoin price has been gaining attention as analysts predict a potential surge of 200% amid growing speculation about a Dogecoin ETF approval. Market participants are closely watching price movements, with many expecting DOGE to surpass its all-time high of $0.739.
As the U.S. Securities and Exchange Commission (SEC) reviews multiple applications for a Dogecoin ETF, traders and investors are anticipating a major rally.
Dogecoin ETF Filings and Market Expectations
Grayscale Investments, CoinShares, and WisdomTree have submitted applications for a Dogecoin ETF, aiming to provide investors with regulated exposure to the cryptocurrency. The SEC has acknowledged Grayscale’s filing, signaling the beginning of a formal review process.
If approved, the ETF could attract institutional investors, potentially driving up Dogecoin price.
Regulatory sentiment toward cryptocurrencies appears to be shifting, especially under the current administration. Recently, the SEC dropped its lawsuit against Coinbase, reflecting a more crypto-friendly stance. This change has fueled optimism regarding the approval of new crypto investment products, including altcoin ETFs like XRP, Litecoin, Hedera and a Dogecoin ETF. Consequently, analysts suggest that if an ETF receives approval, Dogecoin price could see a substantial increase.
Technical Indicators Suggest a Bullish Outlook
Chart analysis indicates that Dogecoin price may be preparing for a breakout. A falling wedge pattern has formed on the four-hour chart, and DOGE has broken out of this formation. This pattern is typically seen as a bullish signal, suggesting further price gains.
Key indicators also point toward potential upside movement. The Average Directional Index (ADX) stands at 27.95, indicating that a trend is forming. Meanwhile, the Relative Strength Index (RSI) has risen to 43.67, recovering from oversold conditions. If RSI crosses above 50, it could confirm bullish momentum for Dogecoin price.
Traders are watching key support and resistance levels. The support level is around $0.23, while resistance sits at $0.26 and $0.30. A move above these levels could signal further gains for Dogecoin price.
Analysts Predict DOGE Price Could Reach $3 to $5
Several analysts like Javon Marks are forecasting major price increases for Dogecoin in the current market cycle. Concurrently, Basic Trading has identified $0.2, $0.5, and $5 as key price levels, noting that Dogecoin price is in an upward trend despite recent corrections. The analyst pointed out that DOGE has followed a historical pattern of large percentage gains in previous bull cycles.
Crypto analyst Ali Martinez has also projected a bullish scenario for Dogecoin price. He highlighted that if the support range between $0.16 and $0.19 holds, DOGE could rally to $3. Similarly, analyst Trader Tardigrade stated that Dogecoin’s macro chart is showing a similar pattern to the 2017 cycle, which could result in a surge toward $1.7.
Other analysts have set even higher price targets. Dima Potts suggested that Dogecoin price could reach $10 if it mirrors past bull market trends. Some traders believe that DOGE’s historical price movements indicate a strong possibility of surpassing previous all-time highs.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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.
Crypto Highlights This Week: The broader market concludes another interesting week, primarily keeping investors on their toes. Cryptocurrency exchange behemoth Bybit suffered a $1.4 billion hack this week, whereas BTC and altcoins remained stagnant despite market advancements. Simultaneously, the meme coin sector panicked amid the emergence of the Argentinian LIBRA token.
Here’s a brief collection of some of the top crypto market updates reported by CoinGape Media over the past week.
Weekly Crypto Highlights: ByBit Exchange Hacked By N. Korean Group
The renowned cryptocurrency exchange Bybit was hacked by ‘The Lazarus Group’ this week, resulting in a massive exploitation of funds. Reportedly, the North Korean criminal organization stole $1.4 billion worth of ETH from the crypto exchange.
As a result, the broader crypto market saw a whopping $566 million liquidated in a day as investors started panic selling. In turn, BTC and altcoins reversed recent gains, backtracking to previous lows. BTC price closed the week at around $96K, whereas ETH was near $2,800. XRP & SOL also reversed recent gains, trading in the red this weekend.
It’s also worth mentioning that ByBit rolled out a $140 million bounty for cybersecurity experts to recover $1.4 billion stolen in Ethereum.
LIBRA Token Panic: What Happened?
Meanwhile, Argentinian President Javier Milei endorsed the Solana-based LIBRA meme token this week, which soon rocketed in value. However, the market was taken by storm when insiders cashed out massive amounts amid the rally, urging LIBRA price to crash over 90%. This saga raised rug-pull concerns surrounding the crypto, further bringing heat to its price.
However, President Javier Milei ordered a probe into the launch and KIP Protocol, aiming to rectify the error and bolster the token. This saga has emerged as another noteworthy crypto highlight this week, underscoring the market’s risky nature.
ETF Filings This Week
Simultaneously, a stockpile of ETF advancements was witnessed this week. Canary Capital’s Litecoin ETF emerged on Depository Trust & Clearing Corporation (DTCC), solidifying chances of approval.
Further, Grayscale’s XRP ETF entered the U.S. SEC’s review mode.
Also, asset manager Franklin Templeton filed an S-1 to launch a spot Solana ETF with the U.S. SEC this week. Mentioned above are the top crypto market highlights for this week, which appear to have substantially impacted investor sentiment.
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.
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