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Dogecoin Price Could Rally As This On-Chain Metric Turn Bullish
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3 days agoon
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adminRecent on-chain data shows that short-term trading activity for meme coins has been increasing, which could lead the Dogecoin price to rally.
Dogecoin’s recent 65% price retracement aligns with the typical pattern following a breakout from a multi-year descending triangle, setting the stage for a potential bull rally.
Dogecoin Price Surge: 200% Target in Sight
Crypto analyst Ali Martinez has highlighted the potential for a significant movement in Dogecoin price. According to Martinez, the DOGE price is currently breaking out of a multi-year descending triangle pattern. This has historically signaled significant price increases.
In previous instances, the memecoin experienced a 200% surge following similar breakouts. however, it subsequently saw a 60% retracement before embarking on a more substantial bull run.
For historical analysis, Martinez pinned three breakouts similar to what they saw this year since 2015, each moving upward with much force. If history is to repeat itself, a midterm rally could push Dogecoin price by 200% up to $0.2236. That level was last seen in December 2021.
The coin has retreated to the current price of $0.1112, representing a 2.92% jump in the last 24 hours. Nevertheless, that historical trend looks promising. The broader market conditions, including macroeconomic and investor sentiment perspectives, will likely shape its course in the coming weeks.
Adding to the bullish sentiment, whale activity around Dogecoin also intensified, with whales accumulating 2.07B DOGE in just one week.
This marks the most significant accumulation of this token by whales since January. It also indicates strong interest from large holders and potentially setting the stage for a substantial price movement.
This, however, may not have been completely unexpected. Recently, when the crypto market experienced a sudden wave of selling pressure, Dogecoin price showed resilience, posting a gain.
In the last week alone, some 110,000 short-term traders have traded Dogecoin, far outpacing its closest rivals, Shiba Inu, DEGEN, and Pepe. This rise in trading volume indicates that traders looking to make a quick kill in the markets for meme coins continue to find this memecoin an attractive option. That could mean more speculation or a renewed focus on DOGE, which leads the meme coin market.
DOGE Community Back in Action With Active Addresses Surge
First and foremost, it should be underlined that historically, each time Dogecoin price has broken out of its multi-year descending triangle pattern, this has been followed by a serious rally in price, with returns of about 200%.
Following that initial surge, the market usually undergoes a retracement of about 60%. This has often formed a consolidation before the next primary uptrend. If history is any guide, this breakout could be the starting point of yet another strong rally.
Active DOGE addresses have recently surged to 133,880, marking the highest level in the past eight months.
This significant increase highlights a resurgence in interest within the DOGE community, particularly as new users flock to the network.
Analysts attribute this growth to a combination of factors, including a broader positive sentiment in the market and a growing number of wallets, which reached over 90 million. The increase in active addresses reflects a spike in participation. It also hints at potential bullish momentum for DOGE moving forward.
Active #Dogecoin addresses recently surged to 133,880—the highest level in 8 months! pic.twitter.com/DojEsDscXk
— Ali (@ali_charts) October 12, 2024
The meme coin gained a peak as recently as September 28, 2024, when DOGE touched $0.1350. It has since lost around 15% of that value. It has nonetheless gained some poise at the start of October.
At the time of writing on October 12, DOGE was trading at $0.1111, representing a 2.64% week-over-week rise. Analysts remain upbeat that DOGE might rise to $0.1315 this month and have growing whale interest to support such a rebound.
According to recent Santiment data, whales holding between 1 and 10 million DOGE in wallets continued aggressively accumulating DOGE. This has been ongoing since October 2024, even with great volatility in prices. This is a sign that larger holders seem quite confident in the coin’s future potential.
Historically, when this accumulation trend emerges, it has often aligned with a market bottom and signaled a probable price reversal. If the pattern holds, then Dogecoin price might be preparing for a big upward movement in the near term, as confidence among these “whale” investors usually precedes market rebounds.
Whale Accumulation and New Users Fuel Dogecoin’s Rise
Speculation is well underway over Dogecoin’s future trajectory, which leads to notable growth, particularly in active addresses and whale accumulation.
For instance, the increase in active addresses denotes that new users are starting to pour into the market, likely in anticipation of further developments in the Dogecoin network. This enthusiasm among newcomers is of the essence because it signals renewed enthusiasm from investors.
However, it is tough to predict what will happen in the future with Dogecoin price. Though a strong community and endorsement by high-profile personalities add credibility to it, like all cryptocurrencies, DOGE remains susceptible to market volatility.
More recently, this milestone has surpassed 90 million wallets, serving as a signal of a growing base, one that might be a catalyst for innovation and adoption, which has repeatedly driven leading cryptocurrencies like Bitcoin and Ethereum to grow.
According to some reports, the surge in active activity indicates a rekindled investor interest. With the new entrants and whales buying into it, things look high for Dogecoin price and the token to shed its meme currency tag and be positioned as a cryptocurrency with serious growth. As adoption and innovation have become the key elements for the future, the market will keenly watch how these factors pan out.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
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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BTC Tops $67K, LTC & CHZ Up 4-7%
Published
3 hours agoon
October 16, 2024By
adminCryptocurrency Prices Today, October 16: The broader market’s movement on Wednesday sparked mixed speculations globally. While Bitcoin (BTC) price topped the $67K level over the past day, top altcoins mainly illustrated a volatile movement. Besides, Litecoin (LTC) and Chiliz (CHZ) prices gained 4%-7%, emerging as the day’s top gainers.
Simultaneously, the global crypto market cap witnessed a 1.16% rise in value to $2.32 trillion. Further, the total market volume from yesterday soared 15% to $107.3 billion. Here’s a brief report on some of the top crypto by market cap and their price movements today, October 16.
Cryptocurrency Prices Today: BTC Gains While ETH, SOL, & XRP Turbulent
BTC price crossed the $67K mark, gaining considerably in the past 24 hours. But, ETH, SOL, and XRP prices traded in the red zone today. Simultaneously, LTC and CHZ lead the broader market’s gains. Intriguingly, the recent rising price actions, in light of the looming U.S. presidential elections set for November, have garnered noteworthy attention among market watchers globally.
Bitcoin Price Today
BTC price chart illustrated a nearly 3% gain in value and the coin is now trading at $67,125. Its intraday low and high were recorded as $64,809.20 and $67,881.68, respectively. Bitcoin’s market cap stood at $1.33 trillion today. This rising action falls in line with continued inflows in ETFs. Sosovalue data shows $371.02 million worth of inflows recorded in spot BTC ETFs as of October 15. Meanwhile, the flagship crypto’s market dominance stood at 57.42%, up 0.75% from yesterday.
Ethereum Price Today
Simultaneously, ETH price showcased a highly turbulent movement, with the coin dominantly in the red territory over the past day. ETH price rested at $2,617, down nearly 0.1% in the past 24 hours. The coin’s intraday low and high were $2,537.94 and $2,685.17, respectively. Ethereum’s market cap rested at $315.43 billion today. Sosovalue data indicated that spot Ethereum ETFs recorded $12.70 million in outflows, aligning with the coin’s turbulent movement.
Solana Price Today
The crypto SOL witnessed a nearly 1% drop in value today, reaching $154. The coin’s intraday low and high were $150.91 and $158.72, respectively. Solana’s market cap was recorded as $72.53 billion at press time. The coin falls despite Grayscale’s filing to convert SOL trust into an ETF. Meanwhile, the filing also includes converting AVAX and XRP trust into ETF.
XRP Price Today
XRP price followed with a tumbling movement, slipping roughly 1% from yesterday to reach $0.5432. The coin’s intraday low and high were recorded as $0.5327 and $0.5496, respectively. Crypto market enthusiasts speculate over the coin’s future movements as Ripple CLO spotlights the next steps in the XRP lawsuit.
Meme Coins Performance Today
Dogecoin (DOGE) price gained nearly 0.2% over the past day and is now trading at $0.1165. However, Shiba Inu (SHIB) price slipped nearly 1% from yesterday to $0.00001819. Even Pepe Coin (PEPE), dogwifhat (WIF), and Bonk prices waned by 3%-6%.
Top Cryptocurrency Gainer Prices Today
Litecoin
LTC price soared roughly 7% in the past 24 hours and is currently trading at $71.64. The coin’s intraday low and high were recorded as $65.56 and $72.85, respectively.
Chiliz
CHZ price gained nearly 4% over the past 24 hours and is resting at $0.08161. The coin’s intraday low and high were $0.07733 and $0.08305, respectively.
Beam
BEAM price gained roughly 4% over the past day and is trading at $0.01721. The coin’s intraday low and high were $0.01594 and $0.01785, respectively.
Top Cryptocurrency Loser Prices Today
SUI
SUI price tanked 10% over the past day and is now sitting at $2. The coin’s 24-hour low and high were $1.99 and $2.26, respectively.
Brett
BRETT price cracked 7% from yesterday to trade at $0.1046. The coin’s intraday low and high were $0.1037 and $0.1159, respectively.
First Neiro On Ethereum
NEIRO price tumbled 7% over the past day and is currently sitting at $0.001974. The coin’s intraday low and high were $0.001905 and $0.0023, respectively.
Besides, the hourly time frame charts continued to spark investors’ speculations over the cryptocurrency prices today, illustrating mixed trajectories. While BTC price waned by 0.03%, ETH gained by 0.08%, sparking discussions among traders and investors over future movements.
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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Ripple CLO Breaks Down Next Steps In US SEC vs XRP Appeal
Published
7 hours agoon
October 16, 2024By
adminRipple Labs Chief Legal Officer (CLO) Stuart Alderoty has shared the developments of next steps that are to be taken in the ongoing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC).
This case was filed in 2020 and focuses on the characterization of the XRP as a security, and whether Ripple conducted the sales of this token without registering them under the laws of the United States. As the legal fight enters the appeals stage, the firm and the US SEC prepare for a drawn-out process that could extend into 2026.
Ripple CLO Breaks Down Next Steps In US SEC vs XRP
Alderoty outlined the next stages of the appeal process at the agency’s annual Swell conference, explaining the basis of the agency’s appeal and Ripple’s cross-appeal. Stuart Alderoty said that the SEC has to file Form C, indicating what it wants to prosecute, by October 16, 2024.
In two weeks, the firm will file its own Form C, which will present the company’s cross-appeal. The company has said that it plans to challenge the specific provisions of the original decision that held that certain institutional XRP sales constituted unregistered securities transactions.
After presenting Form Cs, the parties will then schedule when they will brief. The first brief by the US SEC is due in 90 days, and the commission is expected to present its legal points. Stuart Alderoty noted that the agency is expected to take the full 90 days, which means that the SEC’s first brief submission will be due mid-January 2025. The company will then file its response, followed by its own brief. This process, which includes several cycles of briefing and reply, is expected to continue until the middle of 2025.
Confidence in the Second Circuit
However, Stuart Alderoty was optimistic that the company is on stronger legal ground given the long time frame. In his speech at the Swell conference and other interviews, he said that Ripple is even more confident in its position in the U.S. Court of Appeals for the Second Circuit than it was in the Southern District of New York.
”We think this appeal will blow up in the SEC’s face,” Alderoty said, noting that the majority of the appeals in the Second Circuit do not lead to reversals of the district court’s decisions, but rather affirmations of such decisions.
He pointed out that the SEC’s attempt to seek clarification through this appeal could positively impact the whole cryptocurrency space as the ruling will set a legal precedence.
Ripple’s Cross-Appeal Focuses on Institutional Sales
Ripple’s cross-appeal will only be on the part of the judgment of Judge Analisa Torres where she found that institutional sales of XRP by the company were a violation of the securities laws. While Judge Torres ruled that retail sales of XRP did not constitute unregistered securities offerings, she ruled against Ripple on institutional sales.
The company will argue that these institutional sales did not involve “investment contracts” because they lacked specific rights and obligations, a key legal factor in determining whether a financial product is a security under U.S. law.
Alderoty explained that the firm is aiming for a legal precedent that clarifies this distinction. “We think that’s a fundamental rule of law that needs to be recognized,” he said, noting that trial courts have been reluctant to go that far in their interpretations. Nevertheless, the Ripple CLO acknowledged that the Second Circuit’s ruling could bring much-needed clarity, regardless of which side prevails.
In addition to its ongoing legal battle with the SEC, the company continues expanding its operations globally. At the Swell event, the firm also discussed the launch of its new stablecoin, RLUSD, a dollar-denominated token designed to enable faster and cheaper cross-border payments. The stablecoin is set to be issued under New York’s strict regulatory framework, which could give it an advantage in regulatory compliance, especially in an environment where other stablecoins face increased scrutiny.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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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Dogecoin Price At Risk As DOGE’s Adoption Continues To Decline
Published
11 hours agoon
October 15, 2024By
adminThe Dogecoin price nosedived back on Tuesday and covered some gains made on Monday. According to Santiment on-chain metrics, the number of Dogecoin holders is well down, with a net loss of around 106,600 non-empty wallets since October 8th.
This trend has come as a reason for increasing frustration among traders over the performance of the leading meme coin. It also prompted many to look for quicker opportunities elsewhere. The sentiment seems to be changing in the wider crypto market. Participants are reassessing their portfolios in the face of volatile prices and reduced activity in DOGE.
Dogecoin Price Plummets as MVRV Metric Signals Overvaluation
According to data from Santiment, the number of active addresses first soared to a six-month high of 133,880 on October 10. At the time of writing, however, the Dogecoin price lost 2.5% to $0.1131, and the number of active addresses has fallen off a cliff. This indicates that the user activity is nosediving lower.
🐶📉 Dogecoin holders are rapidly falling in number. Since October 8th, there has been a net drop of -106.6K non-empty DOGE wallets. Traders have expressed frustration toward the largest meme coin’s performance, and have been increasingly looking elsewhere for quick pumps. pic.twitter.com/elpv0T71Ma
— Santiment (@santimentfeed) October 15, 2024
Still, market analysts have been diverting more attention to the $0.20 price level for DOGE lately. They consider that recent trends show favorable indications for an upward trend. Currently, DOGE trades at $0.113, while trading volumes have jumped by more than 100%. This may serve as fuel to push the Dogecoin price toward its immediate higher target. One of the reasons for the volume incline could be the fact that Grayscale recently hinted towards a potential listing for DOGE on its platform,
The MVRV metric signifies when a particular cryptocurrency, such as DOGE, is undervalued or overvalued. Currently, DOGE represents a 30-day MVRV of 4.93%, suggesting that the token is overbought.
This might be a sign that this positive value of MVRV could mean overvaluation of the cryptocurrency and lead to a potential sell-off. This ramps up selling pressure across crypto exchanges. Indeed, every time MVRV spikes historically, there is usually a correction afterward, meaning a trader should be cautious.
Potential for Moderate Growth in 2024, Significant Upside in 2025
Dogecoin price would see a somewhat fair appreciation this 2024, with predictions ranging between the higher $0.12 and the higher $0.25, considering the recovery of the overall crypto market. The positivity in sentiment, active community support, and revived interests may drive its price higher, but such growth may be dampened by prevailing market consolidation.
With a much better bull market and huge tech breakthroughs, DOGE’s valuation could increase meaningfully by 2025. Forecasts show it reaching $0.22 to $0.50. This would be thanks to increased adoption, momentum, and partnerships that drive up demand and price action accordingly.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
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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