Category: Cryptocurrency News

Dogwifhat (WIF) has been on a wild ride this week. As of Tuesday evening, its value surged by nearly 10%, however, the canine-inspired cryptocurrency could not sustain the momentum and by Wednesday, it lost 14% of its value. Related Reading: Bitcoin Below $70,000: Is $80K Still Possible, Or Is The Rally Over? Dogwifhat’s Aggressive Rise And Sudden Dip The rollercoaster ride began with a bang. Dogwifhat, a newcomer to the meme coin scene built on the Solana blockchain, quickly drew investor interest. Its lighthearted name and association with the ever-popular dog meme trend fueled a buying frenzy, pushing its price up by double digits. This bullish sentiment echoed a wider trend in the meme coin market, which saw a 1.5% increase over the past week. WIF’s price has risen by 90% during the past month, adding an enormous $0.32 on average to its present price tag. This rapid rise indicates that if the coin keeps growing, it has the potential to become a reliable asset. WIF price action in the last month. Source: CoinMarketCap On March 29, Dogwifhat surpassed Pepe (PEPE) to become the third-largest memecoin by market capitalization, according to CoinMarketCap data. However, the euphoria surrounding Dogwifhat proved short-lived. The broader Solana meme coin category, which includes WIF, witnessed a steeper decline compared to the overall meme coin market. This suggests factors specific to Solana meme coins, possibly network congestion or concerns about the platform’s scalability, might be contributing to the price drop. WIF market cap currently at $3.3 billion. Chart: TradingView.com Dogwifhat’s Future: A Lofty Prediction, But Is It Realistic? Despite the recent dip, some analysts remain optimistic about Dogwifhat’s future. Changelly, a leading on-chain metrics and price prediction firm, has released a forecast that has set tongues wagging. Their prediction? Dogwifhat could reach a staggering $17 in the near future, representing a potential surge of a whopping 300% from its current price. Related Reading: Polkadot Shines – Is Now The Time To Buy DOT Before $10? This rosy picture, however, comes with a hefty dose of caution. The cryptocurrency market is notorious for its volatility. Meme coins, in particular, are known for their meme-driven price fluctuations, often lacking the underlying utility or strong fundamentals found in established cryptocurrencies. While the potential for massive returns in meme coins exists, so too does the risk of significant losses. On Bugs And Project Postponements Meanwhile, as additional projects and customers have joined its ecosystem over the past month, Solana has experienced network congestion. Anatoly Yakovenko, the co-founder of Solana, talked about the difficulties of “dealing with congestion bugs” on Twitter last Thursday. As a result of the congestion problems, several cryptocurrency projects have postponed token launches in the past few days. solana’s current issue is not a design flaw, it’s an implementation bug it is now hitting me that some folks might not understand what we’ve been trying to say by this for the past week I’ll simplify it (intended for non-technical people) it is important to make this… pic.twitter.com/fNZzu9f90S — mert | helius.dev (@0xMert_) April 8, 2024 Reportedly, developers of Solana have scheduled the deployment of a patch for a “implementation problem” that has caused the network’s transaction failure rates to skyrocket on April 15. According to Helius Labs CEO Mert Mumtaz, the current problem with the network is not a “design flaw,” but the “implementation bug.” Featured image from Bybit, chart from TradingView

Bitcoin’s price movements on April 10, 2024, showcased a day of significant volatility, with the cryptocurrency’s value swinging between $68,207 and $70,917. Oscillators and moving averages paint a complex picture of neutrality and cautious selling signals, amidst a backdrop of a $1.35 trillion market capitalization. Bitcoin’s stance of neutrality and period of consolidation precede the […]

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Bitcoin has again experienced a price decline since briefly climbing above the $72,000 mark on April 8. This price dip is believed to be due to a couple of factors, which no doubt present a bearish outlook for the flagship crypto. Inflation Data Expected To Come In Hot The March Consumer Price Index (CPI) data is scheduled to be released on April 10. Some market experts predict that the report will show a rise in overall inflation. This could lead to the Federal Reserve taking a hawkish stance on interest rates, negatively impacting Bitcoin’s price and the broader crypto market.  Related Reading: Shiba Inu Sees Bullish Reversal In On-Chain Metrics, Can SHIB Price Recover? This would explain why Bitcoin’s price has declined lately, as crypto investors remain on the sidelines ahead of the CPI report. However, if the inflation figures come in favorable, this could restore investors’ confidence in the economic situation and provide a much-needed bullish outlook for the crypto market.  Also, considering that January and February’s inflation data exceeded expectations, it is necessary to highlight what last month’s data exceeding expectations could mean in the long term. So far, the Fed has continued to hold interest rates steady at about 5.3%, and there was even optimism at the beginning of the year that there could be rate cuts at some point this year.  However, with inflation continuing to stay well above the Central Bank’s target of 2%, there is a growing feeling that they might be forced to take drastic measures at some point. That is ultimately not good for Bitcoin’s price, especially since different crypto analysts gave bullish predictions partly based on their assumption that there would be several rate cuts this year.  Spot Bitcoin ETFs Are Back In The Red The Spot Bitcoin ETFs have also contributed to Bitcoin’s recent decline. These investment funds experienced a net outflow on April 8 and 9, leading to a significant Bitcoin dump on the market. Specifically, these outflows came from the Grayscale Bitcoin Trust (GBTC), which recorded an outflow of $303.3 million and $154.9 million on April 8 and 9, respectively.  Related Reading: VeChain On The Edge: Insider Says VET Will Reach The Finish Line Meanwhile, the other Spot Bitcoin ETFs have not recorded impressive inflows during this period, which shows their demand has slowed. For context, 6 out of the 10 Spot Bitcoin ETFs (excluding GBTC) recorded zero inflows on April 9, while 5 out of 10 recorded zero inflows on April 8. BlackRock’s iShares Bitcoin Trust (IBIT) also recorded a relatively low inflow of $21.3 million that day.  At the time of writing, Bitcoin is trading at around $69,300, down over 2% in the last 24 hours, according to data from CoinMarketCap.  BTC price loses $70,000 | Source: BTCUSD on Tradingview.com Featured image from Vietnam Insider, chart from Tradingview.com

STFIL, the Filecoin liquid staking protocol, believes its core technical team is being investigated by the Chinese police. The STFIL team said it also recently detected abnormal and unscheduled upgrades to the protocol. During the core technical team’s detention, FIL tokens worth over $22 million were transferred to an unknown external address. Lawyers Engaged to […]

Bitcoin, the undisputed king of cryptocurrencies, is once again on a wild ride. After a surge over the weekend that brought it close to shattering its all-time high, the digital asset has dipped back below the crucial $70,000 mark in the last 24 hours. This sudden correction has left investors wondering if the predicted surge to $80,000 is still on the table. Source: Coingecko Related Reading: Polkadot Shines – Is Now The Time To Buy DOT Before $10? Bitcoin Erases Weekend Gains Just days ago, Bitcoin bulls were celebrating as the price climbed to near record highs exceeding $70,000. This bullish momentum fueled optimism, with analysts like Markus Thielen predicting a swift climb towards $80,000. However, that optimism has been tempered by the recent price drop. Bitcoin has plummeted roughly 6% from its peak, effectively erasing the gains made earlier this week. While the price has recovered slightly to hover around $69,200, it remains below the psychological barrier of $70,000. Is The $80,000 Dream Dead? The recent correction has undoubtedly dampened spirits, but some analysts are still confident that Bitcoin’s journey to $80,000 is far from over. Proponents of this view point to a few key factors that continue to fuel their bullish sentiment. Stablecoin Inflows: A Beacon Of Hope? One factor cited by Thielen is the continued strength of stablecoin inflows. Stablecoins, cryptocurrencies pegged to traditional assets like the US dollar, are often used as an entry point for investors into the crypto market. Total crypto market cap is currently at $2.5 trillion. Chart: TradingView According to Thielen, these robust inflows suggest sustained investor interest despite the short-term price fluctuations. Additionally, he highlights a recent technical chart pattern breakout, specifically a symmetrical triangle, as another bullish indicator. Technical analysts believe such breakouts often signal a continuation of the prior trend, which in this case would be positive for Bitcoin. On-Chain Data Bolsters Bullish Case Some analysts point to on-chain data from IntoTheBlock, which reveals significant buying support at current price levels. This data suggests that a large number of addresses (essentially unique identifiers for cryptocurrency wallets) purchased Bitcoin within the range of $68,200 and $70,325. This buying activity indicates potential resistance against further price dips, as these addresses would likely be hesitant to sell at a loss. Bitcoin price action in the last week. Source: Coingecko Bullish And Bearish Forces The current situation presents a classic tug-of-war between Bitcoin bulls and bears. While the recent price correction has shaken some confidence, strong stablecoin inflows and on-chain buying activity suggest underlying bullish pressure. However, they remain cautious, pointing to the slowdown in investments specifically targeted at spot Bitcoin ETFs (Exchange Traded Funds) as a potential concern. These ETFs allow investors to gain exposure to Bitcoin’s price movements without directly owning the cryptocurrency. Source: CoinShares Meanwhile, a report by CoinShares, a digital asset manager, highlights a significant decrease in inflows to such ETFs in recent weeks, suggesting that some institutional investors might be adopting a wait-and-see approach. Related Reading: Don’t Miss The Boat! Ethereum Whales Signal Bullish Run With $40 Million Bet The future trajectory of Bitcoin remains uncertain. The coming days and weeks will be crucial in determining whether the bulls can overcome the current resistance and propel the price towards $80,000. Featured image from Pexels, chart from TradingView

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