Altcoin
Why Did The Dogecoin Price Crash To $0.31?
The Dogecoin price crashed to as low as $0.31 this week and is still at risk of losing the psychological $0.3 level. This price decline is due to several factors, including developments on the macro side.
Why Did The Dogecoin Price Crash To $0.31
CoinMarketCap data shows that the Dogecoin price is down over 8% and has crashed to as low as $0.31 this week. This price decline has happened due to several factors, including the FOMC decision coming up today, which has created some uncertainty in the market. The US Federal Reserve is set to announce the Fed rate cut decision, whether or not they plan to cut rates.
CME FedWatch data shows that there is a 99.5% probability that the US Fed will keep rates unchanged, which has sparked a bearish sentiment in the broader crypto market. The Fed keeping rates unchanged is bearish for the Dogecoin price, as investors are less likely to invest in risk assets like DOGE.
The anticipation of rates remaining unchanged already contributed to the widespread selloff witnessed in the crypto market earlier in the week, which also impacted the Dogecoin price. Another reason why there has been a wave of selloffs in the crypto market, leading to the Dogecoin price crash, is the rise of the Chinese AI startup DeepSeek.
DeepSeek AI gained widespread popularity this week, which immediately sparked a wave of sell-off for US tech stocks, with trillions of dollars wiped out from the US stock market. The crypto market also took a hit as a result, leading to this downtrend for the Dogecoin price. It is worth mentioning that the Bitcoin price had also dropped below $100,000 earlier in the week. As such, DOGE was bound to also witness such downward pressure given its strong positive correlation with the flagship crypto.
Positives For DOGE Amid Downtrend
There are still some positives for the Dogecoin price amid this downtrend. One is the fact that crypto whales are still bullish on the foremost meme coin and look to be accumulating during this downtrend. IntoTheBlock data shows that DOGE’s large transaction volume has surged by over 41%, with $23.35 billion traded during this period, indicating whale accumulation.
Crypto analyst Ali Martinez also revealed that whales have bought 460 million DOGE during this Dogecoin price dip. Meanwhile, crypto analyst Trader Tardigrade recently asserted that there are two bull runs on the horizon for Dogecoin. This came as the analyst revealed that DOGE is following the Gaussian Channel pattern. He added that the meme coin first exited the channel when it was red, followed by a retest of the mid-channel line. With this retest out of the way, DOGE could witness a massive move to the upside next.
At the time of writing, the Dogecoin price is trading at around $0.33, down almost 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
The Shiba Inu burn rate again witnessed a remarkable 280% surge on Thursday, igniting bullishness among investors amid a broader market recovery. Latest burn statistics indicated that roughly 12 million coins were taken out of the asset’s supply, causing the abovementioned surge. As a result, market watchers weigh optimism on the meme token’s future potential.
Shiba Inu Burn Rate Shoots Up 280%, What’s Happening?
According to the data offered by Shibburn on X as of January 30, the Shiba Inu burn rate witnessed a 284% uptick in the past 24 hours. The massive surge comes primarily from 12.5 million tokens that were permanently removed from the circulating supply.
For context, the SHIB burn mechanism sends tokens to a null address, thereby making it impossible to recover. In turn, the circulating supply shreds, with traders and investors anticipating a bullish impact on price mirroring the law of supply and demand.
As of press time, the meme coin’s total supply was evaluated to be 589.25 trillion SHIB after taking a hit.
Community Advancements Bolster Market Sentiment
Further, recent community developments have offered additional market support to the meme crypto. Intriguingly, the Shiba Inu community recently rolled out ShibOS in an effort to boost market sentiment.
The ShibOS is a blockchain-based operating system offering individual platforms for various use cases. As a response to the launch, market sentiments towards the dog-themed meme token remain optimistic, further escorted by the recent Shiba Inu burn surge.
SHIB Price Jumps
At the time of reporting, SHIB price witnessed a 1% increase in value and is currently trading at $0.00001863. Its 24-hour low and high were $0.00001785 and $0.00001878, respectively.
The current upward trajectory falls in line with the Shiba Inu burn rate surge, whereas even the broader market trend backs it. Crypto prices on Thursday showed signs of recovery despite unchanged interest rates by the U.S. Fed. The broader trend has solidified hope for the meme token’s future, whilst recent advancements back it.
A recent Shiba Inu price analysis by CoiGape further revealed that the token rebounded as the market digested the U.S. Fed’s latest decision. The next critical resistance zone is at $0.000019, a level much-eyed by investors. Given that recent developments reinforce market support ahead, the dog-themed meme coin could see a rise above this resistance, paving the way for further gains.
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.
The dust DeepSeek made hasn’t even settled as another Chinese company, Moonshot AI, rolled out its latest model, Kimi k1.5.
Kimi outshines GPT-4, Claude, and even DeepSeek on all key benchmarks, namely, in math, coding, and reasoning.
While Nvidia and OpenAI are having a rough time following the news, the AI crypto market is still on the rise, including the new AI agent MIND of Pepe.
Let’s unpack the good, the bad, and the ugly of the current situation in the AI sector.
Kimi Sets a New Standard for AI Models?
For a long time, US tech giants dominated the AI industry, but Chinese competitors are now spitting out AI models like hotcakes.
Kimi is a multimodal AI that processes text, code, and visual inputs, which gives it an advantage over DeepSeek, which only understands text.
If you’ve ever asked ChatGPT to solve a mathematical problem, you know its capabilities are dubious at best. Kimi, on the other hand, scored 96.2 at the MATH 500 benchmark and 94% on the Codeforce platform.
The model employs Reinforcement Learning (RL) to improve decision-making through self-rewards, which essentially means it figures out what works best by trial and error.
What’s even more impressive, Moonshot AI spent just a fraction of ChatGPT’s cost to develop the model.
Nvidia stock already took a hit on the back of the DeepSeek launch with a 14.53% five-day dip. Although the model uses Nvidia chips, it appears the company is too closely tied to US tech giants in investor eyes. And Kimi added fuel to the fire.
Meanwhile, AI tokens are doing great. The sector’s market cap grew by 2.82% and the trading volume by 8.98% in the past 24 hours.
This discrepancy shows that the AI crypto sector exists in parallel with the broader industry. For traditional AI giants, the rise of new models is a threat; however, for crypto AI, it’s an engine for innovation.
MIND of Pepe ($MIND) Promises Unbiased, Data-Driven Market Insights
One AI project that’s currently gaining momentum in the crypto space is MIND of Pepe ($MIND) – a self-sovereign agent that analyzes market data to deliver exclusive insights to its token holders.
On top of that, $MIND autonomously interacts with influencers and traders on social media to gauge broader sentiment.
Emotions and bias can ruin any trading strategy. Unlike human investors, $MIND only relies on data and logic, so its trading advice is 100% objective. This could help small investors find hidden gems and make headway in the rapidly growing market.
Another challenge is the lack of reliable real-time data. Most traders find out about hot projects too late. $MIND, on the other hand, is constantly on the lookout for opportunities.
As the AI agent evolves, it could even set new trends and launch its own tokens only available to $MIND holders.
The $MIND token presale kicked off a few weeks ago, and early adopters have already invested over $4.4M. One token now costs $0.0032273, but the price is set to increase tomorrow.
This means now is the best time to secure your share of tokens and become part of a community that prefers to trade smart, not hard.
Crypto AI Follows Its Own Path
The AI crypto market is seemingly decoupling from the broader tech market. While crypto projects may apply technological advancements from the general AI field, their success hinges on community engagement and token utility rather than raw model performance.
Projects like MIND of Pepe understand this dynamic, focusing on practical applications of AI within the crypto market. Its ability to deliver data-driven market insights might help $MIND build a large user base that would support its long-term growth.
However, no gains are guaranteed in the crypto market. Remember to DYOR and diversify your portfolio to offset potential losses.
Debates on Ripple vs SEC lawsuit pick up as the XRP community hopes the Trump administration to resolve it by April or May. Moreover, the rumors of XRP lawsuit removal from the US SEC’s website sparked significant market buzz. However, an expert refutes the lawsuit removal by the SEC as well as the case settlement claims with facts.
US SEC Didn’t Remove or Move Ripple Lawsuit
Sherrie, a popular expert amongst the XRP community, has refuted the Ripple lawsuit removal by the US SEC reports. She confirmed that Ripple Labs isn’t at the trial court level and the case will show under the Award Claims page of the SEC.
Moreover, the case is available on the Court of Appeals website since it was assigned a new case number. The case concluded in district court as Judge Analisa Torres ordered Ripple to pay $125 million in penalty, which was far lower than the $2 billion expected by the SEC.
The SEC didn’t move it. The case concluded and it is found under Award Claims. The moment the case got appealed it was assigned a new case number and can be found on the Court of Appeals website
— Sherrie 🌸 (@CherryEmpress21) January 30, 2025
Settlement or Dismissal of XRP Lawsuit May Get Delayed Further
Paul Atkins is estimated to get approval as SEC Chairman by the US Senate around April. It is highly unlikely the Ripple vs SEC lawsuit will be dropped by an Acting Chair, claims Sherrie.
Generally these big cases are dealt with by the actual Chairman. Atkins has an estimated time of getting approved by the Senate around April.
Also, she added that Ripple to submit its brief related to appeal and cross-appeal by April 16 is scheduled for a reason. Also, attorney Jeremy Hogan predicted an April or May timeline for the SEC to withdraw or dismiss the case.
As per the US Senate website, Paul Atkins will remain a member of the Securities and Exchange Commission until June 5, 2031.
Next in Ripple Vs SEC in Case of Settlement
In case the parties decide to drop their respective appeals, a notice will be submitted to the Court of Appeals for the Second Circuit. As per Sherrie, the written notice or letter is generally a “simple single page and will have signatures included.”
She further elaborated that the US SEC needs to hold a vote to drop the case in the presence of SEC Chair Paul Atkins. Then they will contact Ripple’s lawyers. If the parties agree to drop the case, a written notice gets sent electronically to the court docket.
According to her, the Ripple vs SEC lawsuit may get resolved between April and June this year. The SEC under Paul Atkins may decide not to pursue appeals further.
Varinder Singh
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space.
At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting.
Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
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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