Altcoin
Dogecoin Wallets Just Hit A New All-Time High, But Why Is Price Struggling?
Dogecoin has reached a new milestone with the number of wallets on the network hitting a new all-time high (ATH). Despite this bullish development, the DOGE price continues to struggle, which has raised concerns among community members.
Dogecoin Wallets Hit New ATH But Price Continues To Struggle
In an X post, crypto analyst Ali Martinez revealed that the total number of Dogecoin wallets has hit a new all-time high of 83.48 million. This is bullish for DOGE as it indicates that more users are actively using the network, and the foremost meme coin. An increase in Dogecoin’s utility tends to lead to higher prices for the meme coin.
However, in this case, the Dogecoin price is struggling despite the network’s addresses hitting a new ATH. DOGE is currently below the psychological $0.20 price level, having steadily declined from a local high of $0.46 achieved in December. As Bitcoinist recently reported, Dogecoin’s price decline is due to external factors rather than its fundamentals.
The ongoing trade war between the US and other countries like Canada, Mexico, and China has sparked a bearish sentiment among investors and negatively impacted Dogecoin and other crypto assets. Moreover, the US has continued to create uncertainty in the market by going back and forth on what tariffs it is choosing to impose on these countries.
Meanwhile, the US Federal Reserve maintains a hawkish stance, reducing the likelihood of the Fed cutting interest rates this year. This is also bearish for Dogecoin and continues to impact its price. Investors are unlikely to allocate much capital to the meme coin and other risk assets without assurances of a rate cut this year.
DOGE At Risk Of Dropping To As Low As $0.15
In an X post, Ali Martinez warned that the Dogecoin price could drop to as low as $0.15 if it breaks below the $0.19 support level. He explained that since 2014, DOGE has been trading within an ascending channel and has tended to rebound from the channel’s lower support trendline to the upper resistance trendline.
However, crypto analyst Trader Tardigrade suggested that the Dogecoin price could break out to the upside rather than suffering a break below $0.19. In an X post, he stated that DOGE’s Average Directional Index (ADX) indicates a potential surge ahead. His accompanying chart showed that the foremost meme coin could rally to $2.8 when this surge happens.
Meanwhile, amid this market downtrend, crypto analyst Kevin Capital has indicated that now might be a good time to accumulate Dogecoin. He pointed out DOGE’s weekly Relative Strength Index (RSI), which is currently oversold. As such, the meme coin could soon rebound from its current price level.
At the time of writing, the DOGE price is trading at around $0.19, down over 8% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
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Pepe Coin whales sent shockwaves across the broader crypto market by offloading over 1 trillion tokens recently. Data from numerous transaction trackers revealed that large-scale investors have embarked upon a PEPE-selling spree amid the ongoing crypto market slump. Particularly, whales are reflecting a panic-selling sentiment due to the broader market uncertainty caused by recent macro trends.
Pepe Coin Whales On Selling Spree Spark Concerns As Over 1T Tokens Sold
Lookonchain’s data on April 9 revealed that a whale sold 723.67 billion PEPE tokens for 4.63 million DAI. While this selloff sparked investor concerns, major institutional crypto liquidity providers also dumped massive amounts, adding to the market unease.
Spotonchain’s data suggested that market maker Cumberland deposited 247 billion coins to Robinhood recently. Also, renowned market maker B2C2 was recorded as depositing 163 billion tokens to Binance. Overall, Pepe Coin whales, including market makers, have offloaded nearly $7 million worth of tokens in just a day.
Why Are The Dumps Bearish?
Usual market sentiments remain highly negative in the wake of such whale dumps, underscoring the loss of market confidence and rising negative pressure on an asset’s dynamics. The dump transactions indicate potential selloffs, and thus bringing heightened token supply on exchanges. These aspects remain critically eyed by investors as they pose a severe risk to the price.
PEPE Price Action
As of press time, PEPE price continued its fall, dropping nearly 1% to $0.000006301. The coin swooped to a $0.000005814 low while also hitting a peak of $0.000006405 intraday. Notably, the weekly chart for the crypto shows a drop of over 14%. This broader waning action may be the catalyst for rising Pepe Coin whale dumps.
It’s worth pointing out that the frog-themed meme coin has lost nearly 70% since the start of this year, alongside broader market trends. The token that once traded at the $0.00002 price level in January is now down to unprecedented lows. As a result, broader market sentiments surrounding the meme coin remain uncertain. Further, the Trump tariff’s ripple effect has further swallowed hopes of a recovery in the short term.
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.
Cryptocurrency exchange Binance triggered a wave of market concerns this Wednesday by revealing plans to delist seven crypto trading pairs shortly ahead. The exchange announced on April 9 that it is delisting specific pairs for ACT, ALPHA, BLUR, CELR, PENGU, POND, and RUNE tokens as soon as this weekend. As a result, market onlookers are expecting additional heat on the assets’ prices amid an incessant broader market slump.
Binance To Delist 7 Crypto Trading Pairs This Week: Why Are Investors Cautious?
Binance’s recent announcement disclosed that the following spot trading pairs will be delisted on April 11 at 03:00 UTC:
- ACT/BRL,
- ALPHA/BTC
- BLUR/BTC
- CELR/BTC
- PENGU/BNB
- POND/BTC
- RUNE/BNB
The decision to delist these spot trading pairs comes as the exchange looks to protect its users from emerging market risks while also maintaining a high-quality trading experience despite broader volatile trends.
Notably, the delisting process also comes as these spot trading pairs exhibit poor liquidity and low trading volume, among other negative market reasons. However, “the delisting of a spot trading pair does not affect the availability of the tokens on Binance Spot,” the announcement added.
Additionally, the leading crypto exchange will also terminate spot trading bot services for the abovementioned pairs on the same date and time. Users can still trade the spot trading pair’s base and quote assets on the platform.
Overall, the delisting announcement ignited a bearish market wave, given that similar historical chronicles usually ushered in price volatility. CoinGape earlier reported that Binance announced plans to delist GALA, PERP, and two other crypto tokens, reverberating bearishness surrounding their prices.
GALA’s price lost over 30% in value since the delisting announcement on March 26 to date. Similarly, PERP price cracked nearly 50% since the same. These waning price actions have in turn garnered bearish sentiments toward the abovementioned tokens.
Further, the broader crypto market uncertainty due to macroeconomic trends has put additional pressure on crypto prices. As a result, market participants reflect a highly cautious approach when it comes to the seven tokens, whilst others may look to sell to avoid losses, bringing more heat to prices 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.
Shiba Inu burn rate has once again surged 1500%, offering some support to the meme coin despite the ongoing market volatility. On Wednesday, April 9, burn data suggested that roughly 34 million coins were removed from the token’s circulating supply. In turn, crypto market watchers speculate whether a SHIB price recovery to previous highs is even possible amid broader uncertain trends.
Notably, the renowned dog-themed meme coin has erased over 50% of its value since the beginning of this year to date. TradingView data shows that the meme crypto’s price slammed from a $0.00002 level to a $0.00001 level since January.
Here’s Why The Latest Shiba Inu Burn Data Sparks Optimism
Official tracker Shibburn’s data revealed that 34.21 million Shiba Inu tokens were burnt in the past 24 hours. As an upshot, the SHIB burn rate surged 1538% intraday.
Notably, crypto market participants eye this event as a bullish price dynamic. Economic principles reveal that the price braces for a bullish impact should the supply take a severe hit. Following this principle, traders and investors are expecting a recovery-like price trajectory ahead.
Simultaneously, the total number of coins removed from the meme crypto’s circulating supply to date totals 410.73 trillion tokens. Besides, 584.36 trillion tokens still remain in circulation.
Meanwhile, SHIB burn metrics indicated that the wallet address “0x541f60e5576” was responsible for the lion’s share that caused today’s burn rate upswing. This address single-handedly burnt 17.13 million tokens, per the burn data.
Can SHIB Price Recover? Top Analyst Stays Bullish Despite Volatility
The recent Shiba Inu burn rate surge has failed to fuel a price pump as the meme coin traded down over 5% intraday, resting at $0.00001093. Notably, the price fell from a high of $0.00001143 in the past 24 hours, raising market concerns. Traders and investors are left scratching their heads as the price wanes despite bullish support due to the burn.
Also, the weekly and monthly price charts show a dip of 10% and 12%, respectively. This broader waning price action is primarily attributable to the market facing macro heat due to Donald Trump’s tariffs and trade war tensions. Nevertheless, a top analyst has retained his bullish stance for the token.
Crypto analyst Javon Marks revealed that SHIB token’s price has a potential for a +550% upside movement, although it remains vital for the broader market to digest current tensions. The analyst has been asserting for a couple of months that a $0.000081 target remains unchanged for the meme coin. This bullish prediction has turned heads market-wide, although a recovery for such a feat to occur remains vital.
The chances of a price recovery to previous highs primarily depend on the abovementioned factors, such as constant Shiba Inu burns and macro support to risk assets. As of now, traders and investors continue to keep the meme coin on their radars, expecting a price action shift in tandem with broader trends.
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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