Category: Cryptocurrency News

Dogecoin (DOGE) finds itself at a critical juncture. The $0.06 support level, a longstanding stronghold for buyers since early June, now faces increasing selling pressure that could potentially send DOGE sinking below this key level.  Support and resistance zones, like the $0.06 mark, are pivotal in assessing the direction of price movements in the crypto world, as they often dictate the market sentiment. In recent months, DOGE has weathered a bearish trend, but this vital support level has managed to hold firm and mitigate the extent of the downtrend. Nevertheless, multiple retests of the support zone have raised concerns about DOGE’s weakening structure, signaling an opportunity for bears to capitalize on the situation. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? Dogecoin Price And Technical Indicators As of the latest data from CoinGecko, DOGE is currently trading at $0.061140, showing a modest 0.4% gain over the last 24 hours but a 1.2% dip over the past seven days. Two technical indicators, the On Balance Volume (OBV) and the Relative Strength Index (RSI), provide further insight into the market’s dynamics. The OBV, which had been on an uptrend in October, has recently exhibited a drop in trading volume. This decline suggests that selling pressure has intensified in the past few hours, causing concern among investors. DOGE reached a market cap $8.6 billion today. Chart: TradingView.com The RSI, another crucial indicator, has dipped below the neutral 50 level, reaffirming the presence of selling pressure. These developments put DOGE at a pivotal crossroads, with both short-term bullish and bearish scenarios in play. According to a price report, if buyers can successfully defend the $0.06 support level, DOGE could see a short-term target range of $0.064 to $0.067. However, if sellers manage to breach this critical support, their near-term target becomes $0.055, potentially deepening the bearish sentiment. Market Volatility Vs. Derivatives Trading In addition to the price fluctuations, the Dogecoin market has been marked by considerable volatility lately. Yet, despite the turbulence, new derivatives traders have remained conspicuously absent.  Source: Coinalyze DOGE’s futures Open Interest (OI) has been hovering in the $232 million to $222 million range for the past week. Typically, rising open interest indicates an influx of new capital into the market, which often solidifies prevailing trends. However, the current trend suggests trader indifference, possibly due to the uncertainty surrounding DOGE’s immediate future. Related Reading: Assessing Cardano’s Struggles: Will Key Support Levels Halt The Decline Above $0.27? Traders should closely monitor whether the current key support can withstand the pressure, and the OBV and RSI indicators provide essential insights into the evolving market dynamics. The next few days will be crucial in determining whether DOGE can regain its bullish momentum or succumb to further bearish pressure. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Tuttnauer

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37xDubai founder Danilo Carlucci said the gallery uses NFTs based on the Tree of Life art display as its membership token.

Binance’s lost spot trading volume has reportedly been distributed among exchanges like HTX (formerly Huobi), Bybit and DigiFinex.

Ripple’s Chief Technology Officer (CTO), David Schwartz, has always been quick to come to the defense of the crypto firm and its technology. This time, he has defended Ripple developers implementing a newly proposed ‘Clawback’ feature on the XRP Ledger (XRPL).  Why The Clawback Feature Is Necessary In a tweet shared on his X (formerly Twitter) platform, Schwartz mentioned that while initially having reservations about the feature as he felt it was “redundant,” he later realized its importance as it differed from the existing freeze feature.  The “clawback” amendment is now eligible for voting. This allowers issuers of new assets specifically created with this feature enabled to claw back a specified quantity of the asset from a holder. Some thoughts: … https://t.co/OmrerirRQz — David “JoelKatz” Schwartz (@JoelKatz) October 2, 2023 As the name suggests, the Clawback feature allows a token issuer to “claw back” tokens when there is fraudulent activity or for recovery purposes, like when a user loses access to their account. Related Reading: Bitcoin Investment Strategy: Analyst Sets Hefty Exit Price He noted that the clawback feature was primarily to be used to fulfill legal obligations, as in the case of a stablecoin issue fulfilling their redemption obligations or where a court order necessitates the need to use such a feature.  From this premise, he explained that this feature ensures that this event is represented on the ledger, unlike the freeze feature, which doesn’t highlight why an asset was frozen. As such, this latest feature allows for better accountability and makes audits less complex.  Furthermore, he mentioned that the freeze feature was more of a “nuclear” option, unlike the clawback feature, which does less damage and can seen as a viable and probably better alternative.  Schwartz reiterated that this clawback didn’t apply to XRP and suggested that it was an option for stablecoin issuers, noting that other “blockchains that have stablecoins on them have some version of this clawback feature” and how it helped solved an accountability problem.  Token price retains $0.52 support | Source: XRPUSD on Tradingview.com XRP Ledger Feature Receives Cold Reception Despite Schwartz’s justification of the feature, many still showed displeasure with it as it undermined the ethos of decentralization and users’ privacy. One X user (@bigcjat) explained that a clawback feature seemed more drastic, unlike the freeze feature, as the former stripped users of their tokens, unlike the latter, where the user still maintained control of his tokens. He went on to quiz whether this token was simply proposed because of the ‘recent partnership’ considering that the feature was never proposed before now. He then suggested that the crypto firm and its blockchain may have been compromised as he stated, “Money taints, even decentralized ledgers. In response, Schwartz stated that, to the best of his knowledge, the driving force behind this feature was to ensure accountability as it would reflect the legal obligation of an issuer. He is not aware of anyone stating that they will only partner with Ripple if the XRPL supports clawback.  Other users weighed in on the conversation, with some showing support for the feature, stating that stablecoin issuers needed to implement such a feature. On the other hand, others argued that the clawback feature wasn’t necessary, with a particular user stating that this risk is “akin to being SIM swapped.”  Another concern raised is that token issuers could use this feature maliciously, especially when experiencing financial difficulties. That particular user gave an example of FTX being able to claw back their FTT tokens or a stablecoin issuer like Tether clawing back their USDT tokens in the event of financial difficulty. Related Reading: Analyst Who Put Bitcoin Price At $130,000 Says You Should Buy BTC Now, Here’s Why The X user @bigcjat once again came into the conversation and noted that Schwartz’s talks about “legal obligation” only undermine the essence of blockchain technology as there was no need for a ledger if the “actual value” and “rules” were off the ledger. However, Schwartz noted “several benefits” to putting these transactions on the ledger. One of them is that a public blockchain ensures that “the total legal obligations of the issuer can be completely public in a verifiable way.” The clawback feature will still need to be voted on by validators on the XRP Ledger before it becomes implemented. Once implemented, stablecoin issuers must decide to enable it before they can create their tokens on the network. Featured image from Bitcoinist, chart from Tradingview.com

Bitcoin is being treated with suspicion on short timeframes, with repeated pushes into resistance met with rejection.

The United Nations Educational, Scientific and Cultural Organization and the Dutch government launched a new project for supervising AI to help create a framework for the wider EU area.

Hong Kong will not allow retail investors to trade stablecoins until they are officially regulated, which is projected to happen by the end of 2024.

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Large-scale transactions of Shiba Inu tokens have once again captured the attention of the cryptocurrency community. In a recent announcement by the crypto tracker Whale Alert, a substantial amount of SHIB was observed being transferred from the Amsterdam-based cryptocurrency exchange Bitvavo to an undisclosed blockchain address.  The staggering figure of 4,584,530,677,374 SHIB raises intriguing questions about the continued interest of prominent investors in this meme-based cryptocurrency. The transfer, which took place in the early hours of Oct. 5, was meticulously recorded by the Ethereum (ETH) blockchain explorer Etherscan, adding credibility to the transaction’s authenticity.  Related Reading: Assessing Cardano’s Struggles: Will Key Support Levels Halt The Decline Above $0.27? Shiba Inu Whale Transaction Details And Suspicious Timing This development comes just one week after the Shiba Inu development team issued a cautionary statement to its community, urging investors to exercise due diligence and remain cautious of suspicious entities claiming to be affiliated with the SHIB ecosystem. 🚨 🚨 4,584,530,677,374 #SHIB (33,132,403 USD) transferred from #Bitvavo to unknown wallethttps://t.co/HrCbR3oavs — Whale Alert (@whale_alert) October 5, 2023 The team emphasized that the mere use of the name “Shibarium,” which denotes the ecosystem’s recently launched layer-2 scaling solution, does not automatically confer legitimacy. Instead, the SHIB team emphasized that all official partnerships and announcements would be exclusively disseminated through the ecosystem’s Discord channel or official blog. SHIB market cap currently at $4.2 billion. Chart: TradingView.com Over the past 24 hours, the SHIB community has embarked on a noteworthy endeavor to reduce the circulating supply of SHIB tokens. A substantial quantity, totaling 50,430,344 SHIB, has been intentionally transferred to “dead wallets,” a strategy that effectively reduces the available supply and supports token value.  The largest single transaction in this recent burn spree amounted to 10,162,798 SHIB, as reported by the Shibburn tracker. HOURLY SHIB UPDATE$SHIB Price: $0.00000723 (1hr 0.16% ▲ | 24hr -0.47% ▼ ) Market Cap: $4,259,485,087 (-0.53% ▼) Total Supply: 589,339,392,895,097 TOKENS BURNT Past hour: 2,671,046 (2 transactions) Past 24Hrs: 50,430,344 (61.06% ▲) Past 7 Days: 426,377,516 (-41.81% ▼) — Shibburn (@shibburn) October 5, 2023 SHIB’s Resilience And Current Market Performance The ongoing efforts by Shiba Inu enthusiasts to burn SHIB tokens have been highly successful. To date, a remarkable 410 trillion-plus SHIB tokens have been deliberately removed from circulation, signaling a concerted commitment to creating scarcity in the market. Related Reading: Solana Price On Fire: October Red-Hot Prediction – $30 Within Reach? The resurgence in SHIB activity follows a period of rapid growth in the SHIB ecosystem. Despite recent market fluctuations, SHIB is currently valued at $0.00000720 according to CoinGecko, experiencing a slight 0.9% decline over the last 24 hours and a modest 2.2% dip over the past seven days. These developments in the world of Shiba Inu (SHIB) underscore the resilience of meme-based cryptocurrencies and the unwavering enthusiasm of its community, making it a cryptocurrency to watch closely in the coming weeks and months. Featured image from Channel Futures