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Dogecoin Whale Accumulates 155M DOGE, Is the Dip Over?

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A Dogecoin whale has once again caught the eyes of crypto market participants globally, making a highly bullish move on recently. On-chain data showcased that a whopping 155 million DOGE was accumulated by a whale, sparking optimism among investors surrounding the meme coin’s future movements. DOGE price’s broader charts indicate that the token is currently on a bull run. However, market watchers speculate whether the renowned dog-themed meme crypto could pump further in light of the recent accumulation.

Dogecoin Whale Accumulates 155M Coins Igniting Market Frenzy

According to data revealed by Whale Alert on October 21, a Dogecoin whale accumulated 155.11 million DOGE, worth $21.65 million, from the crypto trading division of Robinhood Markets. Per the data, the unknown address DP1…Wdj was recorded as bagging the abovementioned amount of coins. This massive accumulation, hinting at increased market confidence in the asset’s potential, has reverberated optimism surrounding future movements.

Simultaneously, it’s worth mentioning that the dog-themed meme coin is currently on a price rally, as pointed out by broader charts. This bullish trajectory is primarily attributable to Elon Musk’s support of Donald Trump amid the ongoing U.S. presidential elections. As Trump’s winning odds rose substantially to 63.7%, whereas Harris’ stood at 36.1%, per recent Polymarket data, Elon Musk’s D.O.G.E post under the Trump cabinet has garnered significant attention toward the token. Further as the U.S. presidential elections loom as of November, the massive accumulation by the aforementioned Dogecoin whale has poured additional market optimism on the meme crypto.

Meme Coin’s Price Dip Over?

Simultaneously, DOGE price traded at $0.1457 at press time, down nearly 2% intraday. This drop primarily aligns with today’s broader market trend. The meme coin’s 24-gour low and high were $0.1384 and $0.1495, respectively. Nevertheless, weekly and monthly charts for the coin illustrated a 26% and 35% surge, respectively.

While the upside movement sparked investor optimism, Coinglass data indicated a 5.33% drop in Dogecoin futures OI to $1.02 billion today. Besides, the derivatives volume soared 8% to $3.46 billion. These stats underscore an uncertain market sentiment for the token.

Nonetheless, a recent DOGE price analysis by CoinGape Media indicates that the coin could potentially rise to $0.37 ahead in light of bullish metrics. Notably, the 50-day moving average is rising, implying strong short-term momentum. Given this trend continues, it could bolster a price increase ahead. Crypto market enthusiasts continue to monitor the meme token for further price shifts ahead in the wake of dynamic market trends.

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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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Bonk Price May Rally 2X After Major Listing on Upbit

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1 hour ago

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October 22, 2024

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South Korea’s largest crypto exchange Upbit on Tuesday said it will list Solana meme coin Bonk today. Traders responded immediately as BONK price saw a sudden 7% jump after the announcement, extending the rally this month to over 35%.

Upbit Lists Solana Meme Coin Bonk for Spot Trading

Crypto exchange Upbit in an official announcement on October 22 revealed the listing of one of the most demanded digital assets for spot trading. The exchange has finally decided to list Solana meme coin Bonk for spot trading.

Users can start trading BONK in USDT pair from 06:00 PM KST on October 22. The deposits and withdrawals through networks other Solana networks is not supported.

“BONK digital asset withdrawal fees are provided free of charge for approximately 24 hours after the start of deposits and withdrawals, and fees are charged from the 24-hour mark, said Upbit.

Transaction restrictions apply as usual, with trading limit price determined based on the price at CoinMarketCap. The crypto exchange also informed users about the minimum sell price restriction. Sell orders at prices less than 10% of the previous day’s closing price are restricted for approximately 5 minutes after trading begins.

Recently, Bonk announced plans to launch a BONK ETP in the US ahead, sparking optimism over its future price movements.

BONK Price to Rally Ahead?

BONK price jumped 7% immediately within an hour after Upbit announced listing with USDT pair. Traders anticipate a new all-time high as the Solana meme coin has consolidated for months now.

BONK PriceBONK Price

Bonk to make “golden cross” as the 50-day moving average (blue) is expected to cross above its long-term moving average of 200-DMA (red). It is a bullish indicator and signals an upcoming rally. The price targets are 0.000035 and 0.000045, as it is currently bouncing from $0.0000232, a 0.236 Fib retracement level.

BONK price today currently trades at $0.00002425. The 24-hour low and high are $0.00002304 and $0.00002485, respectively. Furthermore, the trading volume has increased by 30% in the last 24 hours, indicating a rise in interest among traders.

Furthermore, the open interest in futures has surged to over $300 million, reflecting a growth of 20% in the last 24 hours. This spike implies increased market participation and investor confidence as more traders are opening positions, potentially anticipating significant price movements or trends.

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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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Litecoin Founder Comments On ETF Approval Following Canary Capital Filing

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13 hours ago

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October 21, 2024

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Litecoin founder Charlie Lee recently spoke about enthusiasm for the ETF application, especially regarding rising institutional interest in Litecoin and possible approval.

He also pointed out the importance of the demand, reflected by the more than daily 2% growth of the Grayscale Litecoin Trust, which is currently trading at more than double its NAV.

He added comparisons with Litecoin’s peer-to-peer transactional similarities with Bitcoin, saying the likelihood of the Litecoin ETF approval anytime soon is extreme.

Litecoin Founder Charlie Lee Says ETF Approval Coming Soon

Litecoin founder Charlie Lee recently expressed delight over Canary Capital’s recent filing for a Litecoin ETF because this indicated that the cryptocurrency was finding interest among both institutional and retail investors.

Sounding confident, he projected that permission for the LTC ETF would not take much time because crypto ETF products were gathering pace in the market. If this happens, some market experts predict the Litecoin price will jump to $400 and more than $1,100 by 2026.

At the same time, market sentiment reflects the rising demand for Litecoin, which may also serve to justify the approval of this ETF. This interest follows a wider trend of institutional adoption of cryptocurrencies, underlining the changing dynamics across the digital asset landscape.

With the recent approval of Bitcoin and Ethereum ETFs by the SEC, the door is finally open for spot ETF applications to be approved for other cryptocurrencies, including Solana’s SOL, XRP, and Litecoin LTC.

Of course, one of the big surprises last week was Canary Capital’s application for a Litecoin ETF alongside its XRP request. Litecoin is up 6% weekly at the time of writing, trading at $70.88.

Rollercoaster Ride: ETF Filing Fuels Volatility

The Litecoin founder pointed to the growing interest in Litecoin, using the increasing value of Grayscale’s Litecoin Trust as proof that this institutional demand is on the rise. He said the trust was trading at more than double its net asset value, NAV, which was a sign of excellent market interest in the cryptocurrency.

He finally added that Litecoin shares much in common with Bitcoin in many aspects since both are commodities. This optimism aligns with the broader trend of increasing institutional involvement in cryptocurrency.

In the wake of the latest filing, the LTC price increased significantly, reaching a monthly high of $75.88 and recovering from a low of $62.12. However, the uncertainty associated with the approval, along with general volatility in the market, has placed the Litecoin price at $71.44, a drop of 5.04%.

Canary Capital Files for Litecoin ETF, Following XRP Filing

At the time, James Seyffart, an ETF analyst at Bloomberg Intelligence, only confirmed that Canary, who previously filed for an XRP ETF, has now applied for a Litecoin ETF.

Seyffart agrees with the Litecoin founder but also said that Litecoin is already a member of Europe through listing exchange-traded products. “Some ETPs already hold Litecoin, such as $LITE in Switzerland from CoinShares and $ELTC in Germany from ETC Group,” Seyffart said. He further explained that in the US, the Grayscale Litecoin Trust traded under the symbol LTCN.

This latest ETF filing is very different because it’s a single ETF focusing on Litecoin, whereas previous filings have focused on major cryptocurrencies. Even Eric Balchunas, the senior ETF analyst at Bloomberg, added his voice to this regarding the importance of this filing. He explained that it’s not just the first Litecoin ETF in the U.S. but potentially the first one globally.

“Even 21Shares does not have one at this point,” he stated.

This move comes hardly a week after Canary Capital filed for an XRP ETF on October 8, gathering massive crypto community attention. Filing for XRP came after similar filings by Bitwise, a leading crypto asset manager. If approved, Litecoin founder Lee hopes that both the Litecoin and XRP ETFs will offer new ways for traditional investors to get exposure to the assets.

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Teuta

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 in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, 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, enjoys punk rock, chablis, and has a passion for shoes.

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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Top Analyst Predicts Timeline For Solana Price To Reach $4,500

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14 hours ago

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October 21, 2024

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The Solana Price could enjoy a 26x increase from its current price and rise to as high as $4,500. This is based on an analysis of a cup and handle pattern that just formed on the coin’s chart. This provides a bullish outlook for SOL, which is already bullish territory thanks to its fundamentals, which have contributed to recent price gains.

The Solana Price Can Reach $4,500

SOL has formed a cup-and-handle pattern on its weekly chart, which shows that the Solana price can surge by 2,600% and rise to $4,500. The bullish pattern usually signifies the continuation of an uptrend. This pattern extends way back to 2022 when the crypto dropped from around $206 to as low as $9.20 following FTX’s collapse.

ImageImage

Before the price drop, SOL was witnessing an uptrend, which was set to send it past its current ATH of $260. Therefore, this price surge is simply a continuation of the price rally which began in 2022 but was derailed by FTX’s collapse.

This chart analysis provides a more bullish outlook for the Solana price than crypto analyst Titan of Crypto’s forecast that SOL will hit $1,400. However, his analysis is similar to this as he highlighted a bull flag which formed on SOL’s chart.

The bull flag is also a bullish pattern that hints at an uptrend continuing after a period of consolidation. Based on the cup-and-handle and bull flag analysis, the price surge to four digits, if it happens at all, will likely occur next year and will mark the market top in this bull run.

In the short term, the focus is on how high the Solana price can reach by the end of this month. According to a CoinGape analysis, the coin will likely move towards $190 and $195 and could rise higher and trade between the $230 to $250 range, close to its current ATH.

Solana Is Currently Ahead Of Other Chains

The Solana network is well ahead of other chains in decentralized exchange (DEX) volume, which is a bullish development for the Solana price. DeFiLlama data shows the network is leading other chains in weekly and daily volumes.

In the last 24 hours, the Solana network has witnessed DEX trading volume of $2.17 billion, well ahead of Ethereum, which recorded $1 billion during this period. Similarly, SOL is ahead of ETH in weekly DEX volume with $12.8 billion to $8.8 billion.

The narrative that Solana is becoming the new home of DeFi is getting stronger, and this has also strengthened predictions that SOL could flip ETH or at least challenge its dominance in this market cycle.

While that remains a big ask, it is worth mentioning that the Solana price is currently outperforming the Ethereum price in this bull run. SOL boasts a year-to-date (YTD) gain of over 63% compared to ETH’s 17%.

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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.





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