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Litecoin And Dogecoin Whales Move Huge Amounts Of Coins

Published

3 months ago

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The cryptocurrency industry has experienced a notable surge in activity among large holders, often referred to as “whales,” over the past few weeks. This level of engagement has been revealed through on-chain transaction data, which has shown multiple instances of large cryptocurrency movements to and from exchanges. 

One cryptocurrency that has particularly stood out in this trend is Litecoin. Particularly, crypto market intelligence platform IntoTheBlock has revealed an uptick in Litecoin large transactions since the last week of July. In the past 24 hours, over $3.5 billion worth of Litecoin has been moved among large holders.

Significant Litecoin Whale Activity

IntoTheBlock’s large “Large Transactions” metric shows an interesting movement among addresses holding large amounts of Litecoin. This metric is designed to track the number and total value of transactions worth $100,000 or more and classifies them as whale movement.

According to this metric, a cumulative $17.5 billion worth of such transactions have been performed in the past seven days. This is very interesting considering that Litecoin has largely remained quiet in terms of the general market sentiment.

LTC market cap currently at $5 billion. Chart: TradingView.com

According to a social media post by IntoTheBlock, the Litecoin network seems to be gaining trust among users to quietly and effortlessly move value. This movement peaked recently at 53.45 million LTC worth $3.43 billion within a 24-hour timeframe.

Although this increase in whale movement could be selloffs in exchanges as much as accumulation, recent price action points to the latter. At the time of writing, Litecoin is trading at $67.71, up by 2% in the last 24 hours and an 11% rise over the past week, even as the broader cryptocurrency market undergoes a correction.

DOGE Whales Accumulating

The increase in whale activity is not limited to Litecoin alone. Recent data from IntoTheBlock reveals that Dogecoin, the “king of meme coins,” has also seen a significant uptick in large-scale transactions over the past few days. Notably, the number of DODE holders holding more than 10 billion DOGE tokens has increased by 50% within the last 30 days. This, in turn, has contributed to a negative $14.05 million netflow into crypto exchanges in the past seven days. 

A negative net flow indicates that more Dogecoin is being withdrawn from exchanges than deposited, which can often signal that holders are opting to move their assets to private wallets in anticipation of holding them long-term rather than selling. 

Furthermore, on-chain data shows that Dogecoin addresses with a balance have grown to 6.56 million, which is a growth of 20% from eight months ago. At the time of writing, DOGE is trading at $0.1027 and has also posted 1.9% gains in the past 24 hours.

Featured image from SoFi, chart from TradingView





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Altcoin

Trader Says Telegram Gaming Token Primed To Rally by Nearly 100%, Updates Outlook on Ethereum and Dogecoin

Published

2 weeks ago

on

November 8, 2024

By


A popular crypto strategist is suddenly flipping bullish on an altcoin connected to a viral game on the encrypted messaging platform Telegram.

Analyst Ali Martinez tells his 77,300 followers on the social media platform X that Notcoin (NOT) could soar 100% from its current value.

“Notcoin is showing a promising risk-to-reward setup. With a falling wedge pattern forming, it could be primed for a bullish breakout toward $0.012!”

Image
Source: Ali Martinez/X

A falling wedge breakout is a technical analysis pattern that is used to identify bullish reversals in an asset’s price. The pattern is characterized by a series of lower highs and lower lows that form a wedge-shaped pattern on the chart.

As the pattern progresses, the distance between the highs and lows decreases, which indicates that the selling pressure is weakening. When price breaks out of the upper trend line of the wedge, it’s traditionally considered bullish.

NOT is trading for $0.006 at time of writing, up 7.9% in the last 24 hours.

The analyst is also bullish on Ethereum (ETH), suggesting it could soon hit $6,000.

“The risk-to-reward ratio on Ethereum is too good to pass up for a long position! I’ve set my stop below $1,880 and am aiming for a target of $6,000.”

Image
Source: Ali Martinez/X

Looking at his chart, the analyst suggests ETH is holding the bottom trend line of the ascending channel as support and could soon re-test the upper bound at around $6,100.

Next up, the analyst suggests that Dogecoin (DOGE) may see an explosive rally, in part, due to billionaire Elon Musk. Musk, one of the memecoin’s most famous supporters, is now close to US President-elect Donald Trump, after playing a role in his election.

The analyst also believes DOGE may repeat a historic pattern based on Fibonacci extensions, which traders use in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.

“With Elon Musk now influencing the 47th President, Donald Trump, Dogecoin could be primed for a wild ride! In past bull cycles, once DOGE broke the 0.50 Fibonacci retracement, it often rallied to the 1.618 or even 2.272 Fib levels. If history repeats, we could see DOGE hit somewhere between $4 and $23!

Image
Source: Ali Martinez/X

Dogecoin is trading for $0.1969 at time of writing, up 15% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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PONKE Price Skyrockets 19% On Binance Support, What’s Next?

Published

3 weeks ago

on

November 4, 2024

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The Solana meme coin Ponke (PONKE) saw its price soar by 19% following Binance’s announcement of a USDⓈ-Margined PONKEUSDT Perpetual Contract. Set to launch on November 4, 2024, this contract offers users up to 75x leverage, signaling increased opportunities for traders and heightened optimism among PONKE supporters.

PONKE Price Rockets Amid Major Binance Support

According to Binance’s official announcement, the PONKEUSDT perpetual contract will go live on November 4 at 12:30 UTC, providing traders with 75x leverage and 24/7 trading. Key features include a tick size of 0.00001 and a capped funding rate of ±2.00%, with funding fees settled every four hours. Binance’s Multi-Assets Mode further allows users to utilize BTC as collateral, offering flexibility in margin trading. However, the exchange may adjust contract specifications, such as funding fees, leverage, and tick size, based on evolving market conditions, ensuring the asset aligns with market risk levels.

PONKE, built on Solana, benefits from the blockchain’s high-speed and low-cost transactions, catering to online traders and gaming enthusiasts. The coin’s community-driven design, distinct tokenomics, and accessibility through major exchanges contribute to its market appeal. Its #ponkyarmy community is particularly active, with governance roles and a dedicated social media presence that drive further engagement and growth.

Will The Rally Sustain?

Following the Binance listing news, PONKE’s price surged by 19%, currently trading at $0.49, with a 24-hour low of $0.43 and a high of $0.56. Its trading volume climbed to $77 million in the last 24 hours, indicating heightened interest. PONKE, with a market cap of $274 million, continues to capture the attention of meme coin enthusiasts. Besides, recent Coinglass data also highlights increased open interest for PONKE, signaling optimism for further gains.

PONKE Price Skyrockets 19% On Binance Support, What's Next?PONKE Price Skyrockets 19% On Binance Support, What's Next?

Launched in late 2023 with a total supply of 555 million tokens, PONKE has already achieved an all-time high of $0.70 four months ago. Its deflationary burn mechanism and community-driven features have positioned PONKE uniquely within the Solana ecosystem, drawing both meme coin fans and investors seeking growth in Solana-based assets.

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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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Crypto Market Awaits FOMC; How Will US Fed Rate Cut Impact Bitcoin & Altcoins?

Published

3 weeks ago

on

November 3, 2024

By


The crypto market eagerly awaits the upcoming FOMC interest-rate decision by the US Federal Reserve this week. It is one of the highly anticipated events this week, which is expected to shape the sentiments in the digital assets space, potentially setting the path for Bitcoin and other altcoins. Although the market is anticipating a dovish stance by the central bank, any other move could trigger a selling pressure in the market.

Crypto Market Enters Crucial Week With FOMC In Focus

The crypto market enters a crucial week with a flurry of events scheduled that could shape the future of digital assets. Among these, the market participants are eagerly waiting for the upcoming FOMC for cues over the central bank’s stance on their monetary stimulus plans.

Notably, concerns mounted over the past few days over a potential pause in the US Fed’s rate cut plans, especially with the economic data weighing on traders’ sentiment. However, the latest US Job report appears to have shrugged off concerns, while cementing bets towards a 25 bps Fed rate cut next week.

The latest Job data showed weaker job creation in the US in October, with the unemployment rate remaining unchanged from September. This has fueled hopes of two more rate cuts this year, one being in next week and the other in December. According to the CME FedWatch Tool, there is about a 99% chance of a 0.25% point cut in November.

CME FedWatch Tool Crypto MarketCME FedWatch Tool Crypto Market
Source: CME FedWatch Tool

This has also sparked investors’ hopes towards a potential rally for Bitcoin price and other top altcoins. Usually, the lower interest rates raise the risk-bet appetite of investors, potentially benefiting digital assets, stocks, gold, and other risker assets.

Will Bitcoin And Altcoins Rally?

The crypto market participants are anticipating the upcoming FOMC to trigger a rally in Bitcoin and altcoin prices. Besides, the US Presidential Election, scheduled for November 5, will also play a key role in shaping the future of the broader financial markets, let alone the digital assets space.

Notably, the market is anticipating a potential upward momentum for crypto, irrespective of Donald Trump or Kamala Harris’s victory. Although the market anticipates Donald Trump’s win to provide more boost to the crypto market, a recent Bitcoin price analysis suggests that Kamala Harris’s victory could also propel a market rally.

On the other hand, historically, Bitcoin tends to showcase a positive performance in the fourth quarter of the year. Having said that, the market anticipates a similar performance in 2024, while many expect the other altcoins to follow suit.

However, many in the crypto community also warned over potential volatility in the market due to the upcoming US election. Considering that, the investors should exercise due diligence while putting their bets into the assets.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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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