A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) is poised to spark massive rallies, en route to astronomical fresh all-time high levels.

Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE appears to be trading in a large ascending channel on the weekly chart.

An ascending channel is typically seen as a bullish structure as it suggests that an asset is printing higher highs and higher lows.

According to Martinez, Dogecoin looks to be gearing up for fireworks after respecting the diagonal support of the channel.

“A test of the middle or upper boundary of the channel puts Dogecoin DOGE at $2.40 or $18!” 

At time of writing, DOGE is trading for $0.383, suggesting a potential rise of 526% if the coin hits the trader’s first target and about 6,000% if it reaches Martinez’s second target.

Next up, the trader has his radar locked on the native asset of the Ethereum (ETH) scaling solution Optimism (OP). According to Martinez, OP appears to be mirroring a pattern that led to parabolic rallies last year.

“Optimism OP has a history of forming market bottoms with ascending triangles, often followed by rallies to the 1.618 Fibonacci retracement level. Today, we’re seeing a similar setup, pointing to a bullish target of $7.20 for OP – a potential 340% gain.”

At time of writing, OP is worth $1.68.

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This week, crypto exchange Kraken stole the show with its $42.5 million grant raise from Optimism.

Kraken has disclosed its latest decision to launch Ink, a layer-2 on the Optimism (OP) blockchain. As a part of the deal, Optimism has announced that they will offer $42.5 million, or 25 million OP tokens.

This has brought the exchange’s funds raised to date to $164.8 million. Crypto.news dug deeper into the firms that raised the most capital from Oct. 27 to Nov 2.

Here are the firms that bagged million-dollar amounts during this period, according to data from Crypto Fundraising.

Glow Labs, $30 million

• Glow Labs is a community-powered platform that aims at ramping up global solar energy adoption.
• The firm raised $30 million from Framework and Union Square Ventures.

Succinct Labs and OP Labs have collaborated on a zero-knowledge proofs solution that significantly improves transaction finality and gas costs compared to optimistic rollups.

On Sept. 11, Succinct Labs announced its partnership with OP Labs, a startup contributing to the development of the Optimism (OP) protocol, to create OP Succinct.

OP Succinct by Succinct Labs and OP Labs

Paradigm-backed Succinct and OP Labs’ collaboration on OP Succinct combines the general-purpose zero-knowledge virtual machine SP1 with OP Stack to deliver a zkEVM rollup.

With this new solution, upgrading OP Stack chains to utilize zero-knowledge proofs is now cheaper and faster. According to Succinct Labs, OP Succinct is also highly customizable.

“The modular design of the OP Stack makes it easy to convert an OP Stack rollup to a ZK rollup. OP Succinct’s two-step integration requires minimal code and easily fits into existing deployments–including rollup-as-a-service setups,” Succinct Labs posted on X.

Fast finality and lower gas costs

The ZK rollup development adds to the growing layer 2 scaling solutions ecosystem, with off-chain transaction proofing offering fast finality and reduced gas costs.

OP Labs and Succinct Labs, which secured $55 million in Paradigm-led funding rounds in March 2024, are bringing this to the market with OP Succinct.

Being able to upgrade an OP Stack to use ZKPs within an hour vastly improves the fraud-proof window of seven days applicable to standard optimistic rollups. Proving costs are also at 0.5 to 1 cent, compared to higher costs of 1.34 cents on OP Mainnet and 1.11 cents on OP Sepolia.