Altcoin
Dogwifhat To The Vet! Meme Coin Needs Medical Attention After Price Plunge — Analyst
Published
2 weeks agoon
By
adminDogwifhat (WIF) witnessed a sharp decline, with its price plummeting by nearly 20% over the past 24 hours. This latest downturn marks a continuation of the downward trend that began in late March, culminating in a significant 40% decrease.
Analysts Raise Concerns: ‘It Needs To See A Vet’
The drastic price drop has prompted analysts to voice their concerns, with one commentator humorously remarking, “It needs to see a vet.”
The analogy underscores the severity of the situation, suggesting that Dogwifhat’s current state requires careful attention and intervention.
I think the dog is going to take off the hat for a bit.
Across every timeframe $WIF looks like it needs to see a vet. It probably ranges for some time, enough to get people moving on and doubting its long term place in this market (it stands with $DOGE now imo)..
The next pump… pic.twitter.com/bG4vum8GEh
— HORSE (@TheFlowHorse) April 12, 2024
While the surge in trading volume may signal short-term interest, analysts remain cautious, emphasizing the need for a thorough assessment of the coin’s health.
Mixed Predictions: Uncertainty Looms Over Dogwifhat Future
Amidst the uncertainty, analysts are divided on the future trajectory of Dogwifhat. Some foresee a continuation of the bearish trend, anticipating further dips in the coin’s value.
However, others adopt a more optimistic stance, suggesting that while short-term challenges persist, Dogwifhat may offer significant returns in the long run.
One analyst predicts a period of ranging for WIF, followed by a stronger pump, hinting at a potential summer resurgence for the embattled coin.
Bitcoin is now trading at $64.752. Chart: TradingView
According to CoinMarketCap data, Dogwifhat overtook Pepe (PEPE) on March 29 to take the third spot as the largest meme coin in terms of market capitalization.
But Dogwifhat’s elation turned out to be fleeting. In comparison to the meme coin market as a whole, the Solana meme coin category, which included WIF, saw a more severe decline.
WIF weekly price action. Source: Coingecko
This implies that conditions unique to Solana meme currencies, like as network bottlenecks or worries about the capacity of the platform, may be causing the price decline.
Other Meme Coins Take A Hit
Meanwhile, as the fate of Dogwifhat hangs in the balance, its decline has reverberated across the meme coin landscape, impacting other notable cryptocurrencies in the market.
Coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Floki (FLOKI), and Bonk (BONK) have all registered significant dips in the wake of WIF’s downward spiral.
The interconnectedness of these meme coins underscores the volatility inherent in the cryptocurrency market, where price movements in one asset can trigger cascading effects across the ecosystem.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoin
85% Of Altcoins In “Opportunity Zone,” Santiment Reveals
Published
4 days agoon
April 26, 2024By
adminThe on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical “opportunity zone.”
MVRV Would Suggest Most Altcoins Are Ready For A Bounce
In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that compares the market cap of Bitcoin against its realized cap.
The market cap here is the usual total valuation of the asset’s circulating supply based on the current spot price. At the same time, the latter is an on-chain capitalization model that calculates the asset’s value by assuming the “true” value of any coin in circulation is the last price at which it is transferred on the blockchain.
Given that the last transaction of any coin would have likely been the last time it changed hands, the price at its time would act as its current cost basis. As such, the realized cap essentially sums up the cost basis of every token in the circulating supply.
Therefore, one way to view the model is as a measure of the total amount of capital the investors have put into the asset. In contrast, the market cap measures the value holders are carrying.
Since the MVRV ratio compares these two models, its value can tell whether Bitcoin investors hold more or less than their total initial investment.
Historically, when investors have been in high profits, tops have become probable to form, as the risk of profit-taking can spike in such periods. On the other hand, a dominance of losses could lead to bottom formations as selling pressure runs out in the market.
Based on these facts, Santiment has defined an “opportunity” and “danger” zone model for altcoins. The chart below shows how the market currently looks from the perspective of this MVRV model.
The data for the MVRV divergence for the various altcoins | Source: Santiment on X
Under this model, when the MVRV divergence for any asset on some timeframe is higher than 1, the coin is considered to be inside the bullish opportunity zone. Similarly, if it is less than -1, it suggests it’s in the bearish danger zone.
The chart shows that MVRV divergence for a large part of the market is in the opportunity zone right now. As the analytics firm explains,
Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over 1-month, 3-month, and 6-month cycles.
Thus, if the model is to go by, now may be the time to go around altcoin shopping.
ETH Price
Ethereum, the largest among the altcoins, has observed a 3% surge over the past week, which has taken its price to $3,150.
Looks like the price of the asset has gone up over the last few days | Source: ETHUSD on TradingView
Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Stellar (XLM), a prominent player in the digital asset landscape, is experiencing a surge in optimism as analysts forecast a significant price increase in the near future. The cryptocurrency, currently priced at $0.1126, has demonstrated stability amidst market fluctuations, attracting investor interest and propelling a potential bullish trend.
Source: Coingecko
Stellar Breaks Out Of Technical Pattern
This newfound optimism stems from a recent technical breakout. XLM successfully emerged from an Ascending Triangle pattern, a bullish indicator that often precedes price surges. This breakout was further bolstered by a retest of the breakout level, solidifying the potential for an upward trajectory.
Technical analysts are leveraging the measured move technique to predict XLM’s future price movement. This analysis suggests a target range spanning from 0.38 to 0.47 cents, aligning with Fibonacci levels 0.70 to 0.78. This range signifies substantial growth potential, enticing investors seeking profitable opportunities.
Total crypto market cap currently at $2.2 trillion. Chart: TradingView
Investor Confidence On The Rise
Beyond technical indicators, investor confidence is playing a significant role in Stellar’s projected rise. The recent 2.50% price increase over the last 24 hours underscores this growing momentum. This shift in market sentiment indicates a bullish trend, potentially leading to a notable price appreciation in the coming months.
Analyst Projects Stellar To Reach $0.47
Adding fuel to the fire, crypto analyst EGRAG CRYPTO recently shared a bullish forecast for XLM’s price trajectory. The analyst predicts a surge towards a promising target of $0.47, highlighting the potential for substantial growth. This bullish sentiment resonates with investors and enthusiasts, further bolstering confidence in Stellar’s future.
#XLM Rockets Towards 0.47c!
🔥 #XLM has successfully broken out of the Ascending Triangle and is currently retesting the breakout level. This sets the stage for a potential bullish move.
📈 The measured move suggests a target range between Fib 0.702-0.786 (0.38-0.47c),… pic.twitter.com/bmezGMnrTI
— EGRAG CRYPTO (@egragcrypto) April 23, 2024
The analysis digs deeper, identifying key Fibonacci retracement levels as crucial milestones for XLM. These levels not only serve as potential profit-taking targets for investors but also signify the strength of the upward momentum.
XLM seven-day price action. Source: Coingecko
Interestingly, the analysis suggests that XLM has the potential to surpass traditional technical indicators. Should the cryptocurrency surpass the formidable Fib 1.618 level, it could embark on a remarkable ascent, exceeding expectations and venturing into uncharted territory.
Market Volatility Warns For Caution
While the outlook for Stellar appears promising, it’s crucial to remember the inherent volatility of the cryptocurrency market. Unforeseen events and market fluctuations can significantly impact prices.
Despite the inherent risks, the technical indicators and growing investor confidence paint a compelling picture for Stellar’s future. As the digital asset landscape continues to evolve, Stellar’s potential for significant growth is undeniable.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoin
The Next Dogecoin? Top Trader Points To This Memecoin
Published
2 weeks agoon
April 19, 2024By
adminCrypto trading sensation Ansem, known on X (formerly Twitter) as @blknoiz06, has directed the market’s gaze towards the Bitcoin Runes ecosystem, labeling it as the nascent grounds for the next 100x crypto opportunity, as NewsBTC reported yesterday. Ansem, whose prowess is well-documented through his previous astronomical gains of 170x on Solana (SOL), 520x on dogwifhat (WIF), and 80x on Bonk (BONK), stirred the crypto community with his recent Dogecoin comparison.
On the cusp of Bitcoin’s highly anticipated halving today, Ansem doubled down on his initial assessment, particularly highlighting two tokens within the Bitcoin Runes ecosystem: Bitcoin Wizards (WZRD) and PUPS. He equates WZRD with Dogecoin, suggesting it has the potential to mirror Dogecoin’s viral success. In contrast, he compares PUPS to the lesser-known but highly profitable dogwifhat (WIF).
Related Reading: Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today?
In a tweet that caught the eye of both investors and enthusiasts, Ansem elaborated on his reasoning behind the picks, stating:
Great thread, been saying, I believe Runes are next asymmetric 100x opp in crypto. The meme that got DOGE founder interested in Bitcoin & the phrase magic internet money is still used today – representative of bitcoin culture. DOGE equivalent = WZRD, WIF equivalent = PUPS.
Ansem references a thread on X by Immutable Edge (@ImmutableSOL), who delved into the historical and cultural significance of the “Magic Internet Money” meme, originally sparked by mavensbot’s viral Reddit ad.
The “Magic Internet Money” meme dates back to February 18, 2013, when mavensbot, a digital artist, submitted a hand-drawn depiction of a blue wizard to promote Bitcoin on Reddit. This ad, created during Bitcoin’s early adoption phase, was crucial in cultivating a cultural ethos around Bitcoin.
It resonated deeply within the community, encapsulating the whimsical yet revolutionary nature of Bitcoin’s rise. The ad’s simplicity and authenticity resonated with the Reddit community, propelling Bitcoin from a niche internet experiment to a major financial phenomenon. Within weeks of the ad’s debut, Bitcoin’s value surged from $27 to a record high of $1,132 by November 2013.
Bitcoin Wizards, one of the highlighted tokens, aims to rekindle this original spirit. The token leverages the iconic imagery and cultural narrative of the “Magic Internet Money” meme to foster a new wave of interest and adoption. The creators of WZRD are not only paying homage to Bitcoin’s roots but are also embedding this storied meme within the mechanics of a modern cryptocurrency, aiming to capture both nostalgia and innovation.
The Bitcoin Wizards project is part of the broader Bitcoin Runes ecosystem, which reached a lot of hype prior to its launch. According to Ansem, WZRD’s history and deep roots in memes give it the perfect ingredients to become the next Dogecoin, just on Bitcoin Runes.
Moreover, the analyst assessment comes at a critical time for the crypto market, which is often influenced by the narratives that capture the community’s imagination. As the Bitcoin halving event unfolds, many eyes will be on the Bitcoin Runes ecosystem to see if it can indeed replicate the meteoric rises seen in BRC-20 tokens and Ordinals.
At press time, WZRD traded at $12.15, up 70% in the last 24 hours.
Featured image created with DALL·E, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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