Altcoin
XRP Whale Dumps 52M Coins Amid Price Upswing, What’s Next?
Against the backdrop of a substantial upward momentum embarked upon by XRP, the Ripple-backed cryptocurrency, a whale has taken action to offload considerable amounts of coins to centralized exchanges. On-chain statistics illustrate that nearly 52 million coins were dumped amid XRP’s recent price recovery in the past 24 hours. This has raised severe concerns among investors betting over the asset’s future price action. So, let’s look deeper into the whale activity and on-chain market data orbiting XRP.
Whale Dump Sparks Bearish Concerns
Notably, massive token dumps to exchanges commonly stage as a bearish market factor, impacting prices negatively due to increased supply. Concerning this, according to data revealed by Whale Alert, an on-chain transaction tracking platform, 52.54 million XRP was collectively dumped to two CEXs by a well-known XRP whale over the past day.
A total of 30.04 million XRP, valued at $14.53 million, was transferred to Bitstamp, a Luxembourg-based crypto exchange. Simultaneously, the same whale shifted 22.60 million XRP, worth $10.93 million, to Bitso, a Mexico-based exchange.
Underscoring a sense of increased selling pressure, these transactions sparked bearish sentiments among crypto market participants, as mentioned above. However, XRP has traded in the green today, defying usual market expectations and aligning with the broader crypto market recovery-like trend due to the U.S. CPI data announcement.
Also Read: These Altcoins Are Outpacing The Crypto Market Rebound
XRP Price Soars
As of writing, XRP traded at $0.4877, noting a 1.26% upswing over the past day. The token’s market cap rested at $27.06 billion. Its daily lows and peaks for today are $0.4783 and $0.4975, respectively.
Meanwhile, the price upswing also aligns with a recent optimistic announcement for the XRP ledger (XRPL), XRP’s blockchain. Ripple is in talks to introduce a new stablecoin, RLUSD, to stabilize transactions within XRPL.
However, the futures OI slipped 1.55%, whereas the derivatives volume jumped 2.90%, painting an uncertain portrait of current market sentiments on the asset. While the trading activity spiked considerably in the futures market, investor interest in the asset reduced.
Besides, the RSI continued to move near 38, underlining the presence of downside pressure on the asset. This could mean XRP could witness a turbulent movement ahead. However, should the RSI enter an oversold territory, the Ripple-backed crypto price could witness a significant price rebound ahead.
Also Read: Bitcoin Whales Buy The Dips With BTC Exchange Supply At 3-Year Low
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
Dogecoin Hashrate Surges To New All-Time High Amid Rise In Positive Momentum
The Dogecoin hash rate has spiked sharply, reaching new all-time highs. This bullish development reflects increasing network activity and miner participation. The surge also aligns with the recent positive shift in Dogecoin’s momentum, which favorable market conditions and sentiment have bolstered.
Dogecoin Hashrate Reaches New ATH
Dogecoin mining activity is experiencing a major upsurge, as its hash rate recently hit a new ATH. This impressive milestone indicates strong network security and growing miner confidence in Dogecoin.
Crypto analyst Master Kenobi announced this bullish development in an X (formerly Twitter) post on November 20. The analyst revealed that over time, DOGE mining activity could become more profitable, more stable and less taxing for miners than Bitcoin mining.
Master Kenobi’s analysis is especially notable due to Bitcoin’s cyclic halving events, which occur every four years and cut the rewards of miners in half. The Bitcoin halving also decreases the rate at which new coins are available, thus reducing its supply while also resulting in lesser profits for Bitcoin miners.
Without halving events like Bitcoin, Master Kenobi reveals that Dogecoin offers more predictable rewards and facilitates long-term stability for miners. Moreover, this stability can potentially boost the meme coin’s value and strengthen its network security, thereby improving trust in its ecosystem.
The Dogecoin hash rate is calculated based on the number of calculations performed per second to solve a hash on the blockchain. At the time of the ATH, DOGE’s hash rate was at 1.5 PH/s. However now its hash rate has increased slightly to 1.52 PH/s.
Interestingly, the spike in Dogecoin’s hash rate to new ATHs comes as the meme coin records a surge in momentum. Over the past few weeks, Dogecoin has experienced triple-digit gains, recording a price increase of more than 169% just this month. CoinMarkeCap’s data also shows that the price of the meme coin is currently trading at $0.385.
This price surge has caught the attention of the crypto market, and with the increase in hash rate, Dogecoin is steadily solidifying its position as the number one meme coin in the crypto market.
DOGE Mining Vs. Bitcoin Mining
In his X post, Master Kenobi reveals that Dogecoin and Bitcoin operate on fundamentally different networks. Each cryptocurrency uses distinct hashing algorithms, making mining compatibility between both ecosystems virtually impossible.
While DOGE operates on the Scrypt algorithm, which is optimized for a different class of Application-Specific Integrated Circuits (ASICs), Bitcoin, on the other hand, relies on the SHA-256 algorithm, which requires ASICs specifically designed for its type of hashing.
This notable distinction prevents miners from switching between networks, bolstering the independence of each blockchain network. Additionally, the difference in hashing algorithms ensures no overlap in hardware utility and prevents the risk of a network being compromised by others’ mining resources. This ultimately improves security for both the Dogecoin and Bitcoin ecosystems.
Featured image created with Dall.E, chart from Tradingview.com
Altcoin
BTC Surges to $99K, ETH Shoots, XRP Jumps 25%
The crypto prices today have primarily continued on an upward trajectory, showcasing strong market momentum. Bitcoin (BTC) has reached a significant milestone, touching $99,000 for the first time. Ethereum (ETH) and Solana (SOL) have also surged by 9% and 12%, while XRP has climbed by an impressive 25%. The global crypto market cap has jumped by 6%, to $3.26 trillion, with total trading volume skyrocketing 41% in the past 24 hours to $251 billion.
Let’s dive deeper into the top cryptocurrencies by market cap and their price movements on November 22.
Crypto Prices Today: Bullish BTC, ETH, SOL & XRP Sentiment
The overall crypto market appears bullish as Bitcoin (BTC) touched $99K for the first time. Ethereum (ETH) prices shot up by 9%, while most major cryptocurrencies have gained in the past 24 hours. XRP surged 25%, fueled by news of Gary Gensler stepping down as US SEC Chair in January 2025.
Bitcoin Price Today
Bitcoin has gained approximately 5% in the past 24 hours and is currently trading at $98,683. The coin’s intraday low and high were $94,457 and $98,834, respectively. With a market cap of $1.95 trillion and a 24-hour trading volume of $106 billion, BTC holds a market dominance of 59.53%, reflecting its continued strength in the crypto market.
According to Sosovalue, ten Bitcoin ETFs recorded an inflow of $397 million on Thursday, signaling growing institutional interest. However, BlackRock’s IBIT data, which is highly anticipated, is still awaited and could further influence market sentiment.
Ethereum Price Today
Ethereum surged 9% today and is trading at $3,331. Its 24-hour low and high were $3,083 and $3,388, respectively. With a market cap of $400 billion and a trading volume of $52 billion in the past 24 hours, ETH remains the second-largest cryptocurrency by market cap, holding a market dominance of 12.20%.
While ETH ETFs saw an outflow of $9 million, BlackRock’s data is still awaited for further insights. Additionally, ETH co-founder Vitalik Buterin purchased Super Anon (ANON) tokens on Base, highlighting its potential as a revolutionary token in the privacy space.
Solana Price Today
Solana (SOL) is currently trading at $261, marking a 12% increase in the last 24 hours. The crypto prices hits all-time high of $263.70 today. Its intraday low and high were $236 and $263.70, respectively. With a market cap of $122 billion, SOL stands as the fourth-largest cryptocurrency by market cap, showcasing its robust performance.
The 24-hour trading volume for Solana is $11 billion, and it holds a market dominance of 3.74%. As Bitwise submits Solana spot ETF filing, its growing significance in the crypto space reflects increasing investor interest.
XRP Price Today
XRP recorded the biggest jump in the past 24 hours, currently trading at $1.36, marking a 25% surge. Its 24-hour low and high were $1.086 and $1.43, respectively. With a market cap of $78 billion, XRP ranks as the sixth-largest cryptocurrency by market capitalization.
The 24-hour trading volume for XRP stands at $15 billion, with a market dominance of 2.38%. This significant rally highlights growing investor interest, further boosting its position in the crypto market.
Meme Coins Prices Today
Dogecoin (DOGE) witnessed a 6% increase in the past 24 hours, currently trading at $0.3966. Its 24-hour low and high were $0.3767 and $0.3996, respectively. With a market cap of $58 billion and a trading volume of $8.72 billion in the last 24 hours, DOGE continues to show strong market performance.
Similarly, Shiba Inu (SHIB) gained nearly 7%, currently trading at $0.00002502. Other notable meme coins like PEPE, BONK, and WIF also saw impressive gains, ranging from 6% to 13% in the past 24 hours, reflecting strong investor interest in the meme coin sector.
Top Crypto Gainers Prices Today
FTX Token
FTT token jumped by 34% in the past 24 hours, currently trading at $2.68. Its 24-hour low and high were $1.973 and $2.962, respectively, reflecting a strong surge in its price.
XRP
XRP is currently trading at $1.36, reflecting a 25% increase in the past 24 hours. Its 24-hour low and high were $1.086 and $1.43, respectively, showing significant price movement during this period.
Optimism
Optimism (OP) is up by 24% in the last 24 hours, currently trading at $2.03. Its 24-hour low and high were $1.647 and $2.202, respectively, reflecting strong price action during this period.
Top Crypto Losers Prices Today
FLOKI
FLOKI is down by 5% in the last 24 hours, currently trading at $0.0002627. Its 24-hour low and high were $0.0002487 and $0.0002778, respectively, showing a slight decline in price during this period.
Peanut the Squirrel
PNUT price is trading at $1.29, down by 3% in the last 24 hours. Its 24-hour low and high were $0.1185 and $0.153, respectively, with trading volume climbing 31%.
Besides this, the hourly chart of BTC and ETH looks positive, with both showing a 1% increase. This upward movement reflects a strong short-term trend for both cryptocurrencies. The crypto prices is expected to show volatility today amid weekly options expiry.
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
Dogecoin Code Appears In CyberTruck And Model 3 Website, Will Tesla Accept DOGE Payments For Cars Soon?
Dogecoin enthusiasts recently reignited discussions on the meme coin’s future after an observation shared on the social media platform X. KrissPax, a Dogecoin enthusiast, highlighted a curious detail that showed that DOGE is the only cryptocurrency currently embedded in the payment code for Tesla’s Cybertruck and Model 3 vehicles. Interestingly, this plays into the current bullish sentiment surrounding DOGE and rumors about Tesla’s plans to officially accept DOGE as a payment method.
Dogecoin Code In Tesla’s Payment: A Long-Standing Detail Revisited
The inclusion of Dogecoin in Tesla’s payment infrastructure has been known for some time, but the timing of its renewed focus has drawn attention. Notably, it comes during a notable price correction for the meme cryptocurrency.
Back in October 2023, reports surfaced about mentions of DOGE in the source code of Tesla’s Cybertruck checkout page. Particularly, crypto influencer MartyParty identified over 50 references to Dogecoin within the code.
However, the renewed interest stems from a recent post by Dogecoin enthusiast KrissPax on the social media platform X. He highlighted the presence of a DOGE code in Tesla’s payment systems, stating:
“Just remember, there is Dogecoin in the Cybertruck and Model 3 Tesla payment codes. Not any other crypto – just Dogecoin. Just waiting for Tesla to turn this option on!”
Although Tesla’s Cybertruck has since been launched, this year, the DOGE payment feature has not yet been activated. Nonetheless, its presence in the code suggests that Tesla is keeping the door open to allow DOGE transactions in the future.
What Does This Mean For DOGE?
Tesla CEO Elon Musk has long been a vocal supporter of Dogecoin, often relaying its use for everyday transactions. His enthusiasm for DOGE has been evident through numerous public endorsements, including Tesla’s decision in January 2022 to start accepting DOGE as payment for select merchandise. This endeavor created some sort of utility for DOGE, which is known for its meme status.
However, a final integration of DOGE as a payment method for Tesla cars would be the final straw in the electric vehicle maker’s creation of utility for the meme coin. A move of such magnitude would not only improve Dogecoin’s adoption but also open it up to another path of inflows, which would in turn benefit its price growth. Furthermore, other companies could follow in the footsteps of Tesla and make DOGE a payment method.
Interestingly, such a move would not be the first time Tesla accepted crypto payments for its vehicles. Back in 2021, Tesla started allowing customers to use Bitcoin as a form of payment. However, the initiative was short-lived, as Tesla discontinued Bitcoin payments just months later due to environmental concerns over the growing energy consumption of Bitcoin mining and transactions.
At the time of writing, the Dogecoin price is trading at $0.3842, down by 0.92 and 1.69% in the past 24 hours and seven days, respectively.
Featured image created with Dall.E, chart from Tradingview.com
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