Altcoin
Will Dogecoin Price See Strong Rebound After 270% Surge In Active Addresses?
Amid the broader crypto market correction, the Dogecoin price has also tanked over 9% today testing its crucial support levels at $0.16. However, on-chain activity suggests that the positive momentum for DOGE could resume soon amid a 270% surge in active addresses over the last 24 hours. Also, the DOGE whale activity has surged, indicating big players are buying the dips, thereby hinting a potential rebound moving ahead.
Dogecoin Price Rebound Ahead?
Crypto analyst Ali Martinez has highlighted a critical support level for DOGE as it approaches the lower boundary of its current price channel. According to Martinez, maintaining a position above $0.16 is essential for the cryptocurrency to sustain momentum and potentially fuel a strong rebound.
As of press time, the Dogecoin price is trading 9.29% down at $0.1726 with its daily trading volume surging 115% to more than $2.01 billion. Also, the open interest has tanked 12.91% to $1.45 billion while the 24-hour liquidations have shot to $21 million, per the Coinglass data.
Previously, analyst Ali Martinez stated that if bulls manage to hold above the DOGE support levels of $0.16, it can trigger a rally toward $2.74 or even as high as $6.24.
DOGE Active Addresses and Whale Activity
Despite the Dogecoin price heading lower amid broader crypto market correction, market analysts are bullish amid strong on-chain developments. In a significant development for DOGE, the number of active addresses on the network has skyrocketed by 270% in just 24 hours, increasing from 71,750 to 264,000.
On the other hand, the largest whales on the Dogecoin network have reportedly accumulated 1.7 billion DOGE over the past 72 hours. This massive accumulation suggests that major players could be positioned for the next big move, underscoring growing activity and interest in the meme coin. Additionally, the Dogecoin wallet addresses have reached an all-time high, hinting further momentum ahead.
Key Demand Zones for DOGE
Pseudonymous analyst “TheGift94” has outlined potential demand zones where DOGE might stabilize amidst intense selling pressure. In a recent TradingView analysis, the analyst identified three “buying demand zones” critical to the meme coin’s price movement. The first support zone, at $0.20, was breached as Dogecoin’s price fell by 13% yesterday, closing at $0.1678.
The analyst further highlighted two additional zones that could act as support levels: $0.16 and $0.13. These levels are now being closely monitored as potential turning points for the meme coin.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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 rising tide of stablecoin adoption has prompted a significant response from traditional financial institutions. Global banks and fintechs are launching their own stablecoins, capitalizing on the increasing adoption and favorable regulatory environment.
Joining an established list of payment providers like Standard Chartered, PayPal, and Revolut, Bank of America (BoE) is considering launching its stablecoin. This growing trend among financial institutions aims to disrupt the dominance of major players like Tether and Circle.
Banks and Fintechs Capitalize on Stablecoin Growth
According to Financial Times, top banks and fintechs are racing to introduce their own stablecoins to secure a foothold in the rapidly evolving cross-border payments space. The favorable regulatory environment and growing adoption of stablecoins add momentum to the development.
Notably, the regulatory recognition that stablecoins can play a legitimate role in the financial system has boosted enthusiasm. This, in turn, has influenced financial institutions to leverage the capabilities of these assets.
This regulatory shift, following President Donald Trump’s election victory in 2024, has been driven by his pro-crypto stance. Likening this increasing demand for stablecoins to the gold rush, where people made more money selling shovels to miners than actually mining for gold, Simon Taylor, co-founder of fintech consultancy 11: FS, stated,
It’s about people selling shovels in the stablecoin gold rush. The other thing that’s driven it is there’s real volume. Founders want to get a piece of it because they know they’re going to get stablecoin regulation and so it’s all of those things coming together.
Stablecoin Frenzy: Big Players Enter the Fray
Large players like Bank of America, PayPal, Standard Chartered, Stripe, and Revolut have expressed their interests in adopting stablecoins. Stripe co-founder John Collison stated, “Stablecoins and the more modern chains are really interesting for the payments use case, and that makes up our business.”
Recently, Bank of America announced its potential plans to launch its own stable asset upon receiving regulatory approval. CEO Brian Moynihan stated, ““If they make that legal, we will go into that business.”
Last month, Standard Chartered revealed its plans to develop a Hong Kong dollar-backed token, adhering to the new stablecoin regulatory policies in the territory.
Similarly, PayPal intends to expand its stablecoin payment option, PYUSD, in 2025, anticipating significant adoption among US businesses making international supplier payments. According to Visa data, stablecoin transactions on PayPal totaled $163 million this month, a fraction of Tether’s $131 billion.
US Department of Housing and Urban Development Experiments with Stablecoins
In a recent development, the US Department of Housing and Urban Development is planning to integrate blockchain technology and adopt stablecoins. According to a ProPublica report, the department is considering blockchain-based solutions for grant tracking and stablecoin payments, with pilot testing proposed for one of its offices.
Notably, the team believes that the current experiment signals the adoption of crypto and blockchain across the federal government.
US Regulatory Landscape Boosts Crypto Adoption
President Donald Trump’s crypto-focused policies have generated significant optimism. This marks a substantial shift in the US government’s stance on digital assets. Trump’s administration is introducing new policies aimed at establishing stablecoins.
Recently, Trump announced plans to adopt Bitcoin, XRP, SOL, and ADA as US crypto reserve assets, signaling a commitment to integrating digital assets into the country’s financial ecosystem. This move was followed by an executive order establishing a Strategic Bitcoin Reserve.
These developments underscore the government’s progressive stance on cryptocurrencies. It focuses on fostering innovation, investment, and integration into the traditional financial system. The Trump administration’s policies aim to position the United States as a leader in the global digital asset economy.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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 giant Binance again captured noteworthy investor attention as it unveiled a key announcement on six cryptos this Monday. The crypto exchange revealed that the collateral ratio for CELO, IOTX, LRC, ALICE, AUDIO, & ICX tokens under the portfolio margin will be updated shortly ahead. As a response, market watchers speculate over the update’s impact on prices as the new offerings provide less market value.
Binance Reduces Collateral Ratio For 6 Crypto Tokens
In an official Binance announcement dated March 10, the crypto exchange revealed that it will reduce the collateral ratio for six tokens under the margin portfolio starting March 14 at 06:00 UTC. As per the announcement, this update will be completed in just an hour.
Here Are The Updated Collateral Ratio For 6 Crypto:
CELO
- The collateral ratio is to be reduced from 80% to 70%.
IoTeX (IOTX)
- Binance revealed that IOTX collateral ratio is to be reduced from 80% to 70%.
Loopring (LRC)
- Loopring collateral ratio is to be reduced from 80% to 65%, per the update.
MyNeighborAlice (ALICE)
- ALICE’s collateral ratio is to be reduced from 80% to 65%.
Audius (AUDIO)
- The collateral ratio is to be reduced from 70% to 55%.
ICON (ICX)
- ICX collateral ratio is to be reduced from 70% to 55%.
For context, a decline in this ratio signals reduced collateral value, thereby limiting the borrowing capacity of these tokens. As a result, these assets could see a decline in investor interaction and trading volumes due to reduced offerings on one of the top crypto exchanges.
What’s More?
Binance added that the collateral ratio will affect ‘Unified Maintenance Margin Ratio (uniMMR)’ as well. Platform users should monitor the update closely to mitigate any losses potentially resulting from the abovementioned change.
How Are These 6 Tokens Performing?
CELO price plunged over 6% intraday and closed in at $0.3440. The coin’s intraday bottom and peak were $0.3295 and $0.3682, respectively.
IOTX price dropped over 2% intraday and exchanged hands at $0.01540. The coin hit a low and a high of $0.01491 and $0.0159 over the past day.
LRC price slipped nearly 1% as of press time and traded at $0.01053. The coin bottomed and peaked at $0.09879 and $0.1073 in the past 24 hours.
ALICE price also followed the waning action in tandem with Binance’s announcement, falling 7% to $0.5194. MyNeighborAlice hit a low and high of $0.4999 and $0.5601 intraday.
Nevertheless, AUDIO price was up by a remarkable 35% and rested at $0.1071. The coin bottomed at $0.07742 in the past 24 hours.
Lastly, ICX price lost 6% value and closed in at $0.09933. Its intraday low and high were $0.0961 and $0.1066, respectively.
It’s noteworthy that the broader slumping action also falls in line with the broader crypto market trend today. Besides, the leading exchange’s reduced offerings added to market concerns surrounding the aforementioned tokens’ future performances.
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.
Crypto Market Today (March 10): Bitcoin & Ether price actions on Monday set off a tidal wave of market concerns despite recent pro-cryptocurrency advancements in the U.S. Notably, BTC price backtracked to touch a $80K low intraday, whereas ETH price lost nearly 6%. Traders and investors are left jittering as even major-league altcoins Solana and XRP lost alarming values despite a ‘crypto stockpile’ and a strategic Bitcoin reserve announcement by Donald Trump last week.
Crypto Market Today: Here’s Why Bitcoin & Major Altcoins Are Falling
The global crypto market lost 4.83% over the past day, as indicated by a diminished market cap of $2.69 trillion. Further, liquidations in the past 24 hours totaled over $600 million, per Coinglass data, underscoring heat on prices. Analyst Ali Martinez revealed that over $1 billion in Bitcoin long positions have been liquidated recently, aligning with the market volatility.
On the other hand, the release of the non-farm payrolls (NFP) report on Friday hinted that a hawkish stance by the Feds could be on the horizon again. Coupled with the macro heat due to Trump’s tariff saga this month, these factors present risk assets with severe market pressure.
BTC Price Brushes $80K Low
BTC price dropped nearly 5% as of press time and exchanged hands at $82,033. The flagship coin hit an intraday bottom of $80,052.49 after falling from $86,146.15. The latest Coinglass data indicated that $237.60 million was liquidated in the Bitcoin market intraday. Nevertheless, the coin’s market dominance remained up by 0.03%, pointing towards a more volatile alts sector.
ETH Price Reverses 6%
ETH price lost nearly 6% in the past 24 hours and exchanged hands at $2,062. The coin bottomed and peaked at $1,991.19 and $2,194.89 intraday. Ethereum slips alongside $107.56 million liquidated in the past 24 hours. ETH’s market dominance rested at 9.2% today.
XRP Price Falls 6%
XRP price fell nearly 6% in the past 24 hours and exchanged hands at $2.18. The coin hit a low and a peak of $2.09 and $2.34 in the past 24 hours. Ripple’s coin recorded only $30.34 million worth of liquidations, despite which the price slumps.
SOL Price Loses 8%
SOL price lost nearly 8% value as of press time and closed in at $127.5. Its intraday bottom and peak were $124.38 and $139.73, respectively. Solana recorded $26.6 million worth of liquidations in the past 24 hours, with its price dipping in tandem with the broader trend.
Meme Crypto Market Also Wanes
Dogecoin (DOGE) price fell 10% in the past 24 hours and traded at $0.1718. Shiba Inu (SHIB) price cracked 4% and exchanged hands at $0.00001208. Pepe Coin (PEPE) and TRUMP crashed over 9% and are sitting at $0.000005960 and $10.97, respectively. Leading meme coins also sink in sync with the broader market trend.
Top Gainers In Crypto Market Today
Some tokens have defied the broader market trend to trade in the green zone today. These are:
Story (IP)
Price: $5.23
24-Hour Gains: +9%
UNUS SED LEO (LEO)
Price: $9.83
24-Hour Gains: +0.5%
Top Losers In Crypto Market Today
JasmyCoin (JASMY)
Price: $0.01363
24-Hour Loss: -15%
Injective (INJ)
Price: $9.66
24-Hour Loss: -13%
Render (RENDER)
Price: $3.05
24-Hour Loss: -12%
Overall, the current market action has pushed investors to stay cautious despite pro-crypto advancements in the U.S. However, some market experts sighed in relief as the U.S. government announced it wouldn’t sell the nearly 200,000 Bitcoins acquired by Silk Road and would include it in its reserve, negating mass sell-off concerns. On the other hand, whales continue to buy the dip, sparking contrary market speculations as a sustained volatile trend prevails despite broader crypto advancements.
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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