Altcoin
Here’s Why The MOVE Price Has Surged Over 15% Today
The MOVE price has surged over 15% today following developments that present a bullish outlook for the crypto. One such development is that Movement, the coin’s native network, is among firms discussing blockchain use with Elon Musk’s team.
Why The MOVE Price Has Surged Over 15% Today
The MOVE price has surged over 15% following reports that Movement, the network behind the token, is among firms that are discussing blockchain use with Elon Musk’s Department of Government Efficiency (DOGE) team.
CoinGape has reported that Elon Musk’s DOGE Department is eyeing the use of blockchain technology for government efficiency efforts. The department looks to be forging ahead with these plans, considering that firms like Movement are already in talks with the team.
Movement’s discussion with Musk’s DOGE is bullish for the MOVE price, considering how it could lead to wider adoption of the crypto token.
Meanwhile, MOVE has also surged due to Donald Trump’s World Liberty Financial purchase of the crypto token. Arkham Intelligence data shows that the DeFi platform bought 2.398 million MOVE for $1.94 million. This continues the accumulation trend by World Liberty Financial, which has bought several altcoins since Trump took office.
Rushi Manche, the co-founder of Movement Labs, commented following these developments. Regarding World Liberty Financial’s purchase, he said,
We are proud to be the first altcoin, first modern blockchain platform, and first alternative vm under the new administration. MOVE is Made in America.
Meanwhile, in another X post, Manche hinted that he and his team were indeed in discussion with Elon Musk’s DOGE, as he reacted to reports around this development.
Another Bullish Fundamental
Another reason why the MOVE price has surged today is because the Movement network developer mainnet just launched. Per the announcement, this marks the beginning of the second phase of the Movement network launch plan.
Now, developers can start deploying on the blockchain network. The new features that come alongside this launch include core infrastructure deployment, technical docs and dev resources release while select teams can start deploying applications. This developer mainnet is slated to last until mid-February.
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.
Altcoin
Here’s Why Bitcoin, Ethereum, And The Entire Crypto Market Is Crashing Today
Bitcoin, Ethereum, and the broader crypto market have experienced massive price crashes, dropping to levels not seen in a while. This development is due to macroeconomic factors which have sparked a wave of sell-offs among crypto traders.
Why Bitcoin, Ethereum, And The Broader Crypto Market Is Crashing Today
CoinMarketCap data shows that the crypto market has dropped by over 10% in the last 24 hours. Specifically, Bitcoin has crashed by over 6% and dropped to as low as $92,000, while Ethereum has crashed by 20% and dropped to as low as $2,400. This price crash follows US President Donald Trump’s tariffs on Mexico, Canada, and China.
Over the weekend, Trump announced a 25% tariff on imports from Mexico and Canada and a 10% on imports from China. The US President also threatened to impose tariffs on the European Union (EU). In response to this development, Mexico and Canada have also imposed retaliatory tariffs on the US. Meanwhile, China has also threatened to respond to these tariffs.
This has brought about a potential trade war, which is bearish for risk assets like Bitcoin, Ethereum, and other cryptocurrencies. Trade wars could negatively impact the economies of the countries in question and have raised concerns about stagflation and recessions. Bearing this in mind, traders have moved to offload their coins in fear of the unknown.
Renowned author and finance expert Robert Kiyosaki had warned about an impending crash for Bitcoin, Ethereum, and the broader crypto market due to these tariffs. However, he added that this was an opportunity to buy these assets on sale rather than panic. According to him, the real problem is debt, which will only get worse. As such, he expects these crypto assets to become more valuable over time.
Bitcoin, Ethereum, and the broader crypto market still risk suffering more sell pressure depending on how the stock market reacts to these tariffs. Moreover, institutional investors are invested in Bitcoin and Ethereum through ETFs, which could spark another wave of sell-offs as they offload their shares in these funds.
Donald Trump Comes Under Fire
Members of the crypto community have criticized Donald Trump, seeing as the ‘pro-crypto’ US president has indirectly contributed to the downtrend that Bitcoin, Ethereum, and the broader crypto market have faced. Even before now, there has been a bearish sentiment in the crypto market, as the president seems to be stalling on creating a strategic Bitcoin reserve.
Although Trump signed an executive order that raised the possibility of the creation of a national crypto stockpile, market experts like Galaxy Digital’s Head of Research Alex Thorn have explained that this stockpile is far off from a strategic reserve. Meanwhile, Trump has also been criticized for the creation of his TRUMP meme coin, which is believed to have drained liquidity from Bitcoin, Ethereum, and the broader crypto market.
Featured image from Unsplash, chart from Tradingview.com
Altcoin
Dogecoin Whale Offloads 200M DOGE To Binance Amid Market Crash, What’s Next?
A Dogecoin whale sent shockwaves across the meme coin market on Monday, dumping a staggering 200 million tokens to Binance. Primarily, as the dump occurred amid a broader market crash in light of Trump’s new tariffs, market watchers convey severe concerns over future price movements. Notably, DOGE price tanked nearly 20% in the past 24 hours as of press time, in sync with the broader crypto market crash.
Dogecoin Whale Dumps Heavily Raising Market Concerns
According to an X post by Whale Alert on February 3, a Dogecoin whale offloaded 200 million tokens worth $49.94 million to the crypto exchange giant Binance. Notably, the wallet address “DU8gPC5m” was recorded to have made the transaction.
For context, usual market sentiments remain bearish in light of such massive whale dumps, signaling a loss of large-scale investors’ confidence in the asset. Moreover, the massive dump also adds to a coin’s exchange supply, negatively impacting tokenomics. As a result, the DOGE whale dump raised severe concerns about future movements amid a broader market crash.
Crypto Market Slumps Amid Trump’s New Tariffs
CoinGape reported that the crypto market crashed as the week kicked off amid broader macroeconomic developments. Bitcoin swooped to a $91K low intraday, whilst meme coins mirrored a bearish trend. This bearish action is primarily attributed to Donald Trump announcing new import tariffs recently, sending shockwaves across global markets.
As a result, even the cryptocurrency sector took a hit, with massive liquidations occurring over the past day. The Dogecoin whale’s massive dump amid the current bearish market trend further solidifies investors’ cautiousness on the meme-themed asset.
DOGE Price Crashes
At the time of reporting, DOGE price lost 19% of its value and exchanged hands at $0.247. The meme coin’s intraday bottom and peak were $0.2117 and $0.3043, respectively.
A recent CoinGape report revealed that Dogecoin’s price slumped amid massive liquidations, declining OI, and the broader crypto market trend. The Dogecoin whale’s massive dump also aligns with this bearish dynamic.
However, it’s worth keeping in mind Elon Musk’s DOGE-related developments have managed to help the meme coin secure a prominent spot on traders’ radars. A DOGE price analysis by CoinGape revealed that in light of the D.O.G.E. department’s success in saving Americans $1 billion, positive sentiments over long-term prospects prevail. Nevertheless, traders and investors continue to monitor the token, expecting price shifts amid dynamic market trends.
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.
Altcoin
Why Are Dogecoin and Shiba Inu Price Crashing Over 25% Today?
Renowned meme cryptocurrencies Dogecoin and Shiba Inu price have illustrated an alarming drop as the week kicked off, primarily attributable to the broader market trends. Notably, SHIB price slumped to as low as the $0.000012 level intraday, whereas DOGE price plunged to the $0.2 level, sparking investor concerns. A stockpile of factors appears to be driving the current slumping action in the mentioned meme coins, including investor uncertainty and massive liquidations amid broader developments.
Here’s Why Dogecoin & Shiba Inu Price Are Slumping Over 25% Intraday
Mentioned below are some vital factors that appear to be fueling the leading meme coins‘ crash of over 25% in a day.
Trade War Speculations Trigger Crypto Market Crash Amid Trump’s New Tariffs
The global crypto market witnessed a crash recently as U.S. President Donald Trump announced new import tariffs, triggering speculations of a trade war. CoinGape reported that the 47th president announced new increased import tariffs on Mexico, Canada, and China, sending shockwaves across global markets.
In turn, even the crypto sector took a hit, with experts speculating over a looming trade war that can affect global markets. Simultaneously, despite Trump’s pro-crypto standpoint, the new tariff mover has conversely brought about a market-wide crash. Bitcoin dipped to as low as $91K, with altcoins bearing further heat. Even the meme coin sector followed the bearish trend, with DOGE and SHIB prices in a slump.
Dogecoin & Shiba Inu Price Take Hear Amid Heightened Liquidations
Simultaneously, massive liquidations amid the broader market uncertainty have added pressure on the meme coins’ prices. Coinglass data indicated that Dogecoin saw $87.12 million worth of liquidations in the past 24 hours.
Whereas, Shiba Inu saw nearly $7.5 million worth of liquidations intraday. These massive liquidations, bringing selling pressure to the asset, further align with the current price crash.
Futures OI On Decline Signal Reduced Market Interest
Further, Coinglass data has revealed that DOGE futures OI was down by 33% intraday, reaching $2.44 billion. Simultaneously, SHIB futures OI plummeted by a remarkable 46% intraday, reaching $155.01 million. Altogether, this data underscored diminishing market activity surrounding the meme coins, reflecting investor uncertainty amid broader market trends. This statistic is also one of the reasons for a price drop.
How Are The Tokens Currently Performing?
At the time of reporting, Shiba Inu price witnessed a 22% crash and is resting at $0.00001368. However, the coin’s intraday low and high were $0.0000123 and $0.00001764, underscoring a loss of more than 25% in a day. Notably, SHIB’s waning movement further falls in line with a nearly 100% decline in its intraday burn rate, as per the latest burn data.
Similarly, DOGE price followed, plunging 21% to $0.2394 intraday. Its 24-hour bottom and peak were $0.2117 and $0.3061, respectively. Market watchers continue to stay cautious surrounding future movements, reflecting uncertainty amid recent trends.
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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Why Are Dogecoin and Shiba Inu Price Crashing Over 25% Today?
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