Altcoins
Trader Unveils Massive Price Target for Ethereum Rival, Says Memecoins Attract Retail Investors
Published
3 hours agoon
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adminA widely followed crypto strategist believes one under-the-radar Ethereum (ETH) challenger will hit his massive price target this cycle.
Pseudonymous trader Rager tells his 199,100 followers on the social media platform X that he’s bullish on layer-1 protocol Fantom (FTM).
Rager shares a chart suggesting that FTM will hit his price target of $3.31 by around April.
“Late to the market?
People who say that aren’t looking at the FTM chart.
And yes, in my opinion, this is a practical target for the next six months.”
At time of writing, FTM is trading for $0.71, indicating an over 366% potential price rise if the altcoin reaches Rager’s target.
Rager notes that FTM can probably even reach higher levels if the project witnesses a smooth transition to Sonic.
“Practical target – not top or bottom if SONIC migration can go well.”
Sonic is designed to be a high-throughput layer-1 chain with a native layer-2 chain linked to Ethereum.
Explains the project,
“The Sonic chain will be a layer-1 platform that connects to Ethereum via a bespoke layer-2 bridge, allowing Sonic to tap into vast amounts of liquidity, users, and protocols. This allows the network to combine the low cost, scalability, and speed of a layer-1 with the security of a layer-2 bridge for access to native ETH and other assets on Ethereum. As a result, the Sonic chain isn’t just an L1 or L2 – it’s the first chain of its kind to provide the best of both.”
Looking at memecoins, Rager believes that meme tokens now serve as a gateway for retail investors to enter the crypto market.
“My thesis for memes is what attracts retail.
Many memes have limited upside because there needs to be a larger audience outside of crypto to be attracted to it.
Retail are going to want well-known memes.
Memecoins like PEPE, POPCAT and BONGO will thrive over the next year because of this.
It’s only beginning.”
As for Bitcoin, Rager predicts that BTC will witness one more shallow correction to $66,000 before surging to new all-time highs.
“BTC can go higher and would certainly be looking to buy on a pullback before higher.”
At time of writing, Bitcoin is trading for $68,196.
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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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Altcoins
BlackRock in Talks With Crypto Exchanges About Using Its BUIDL Token As Derivatives Collateral: Report
Published
1 day agoon
October 19, 2024By
adminAsset management titan BlackRock is reportedly in talks with numerous crypto exchange platforms about using its proprietary token BUIDL as collateral for derivatives contracts.
According to a new report by Bloomberg, anonymous people familiar with the matter say the world’s largest asset manager is exploring the idea of utilizing BUIDL – the crypto asset related to the firm’s tokenized mutual fund – as collateral for trading derivatives contracts.
BUIDL, which launched in March of this year and stands for BlackRock USD Institutional Digital Liquidity Fund, is a tokenized money-market fund designed to offer a stable value of $1 per token built on the Ethereum (ETH) blockchain that offers blue-chip traders yields.
Bloomberg says the crypto exchanges BlackRock is in talks with include Binance, the world’s largest crypto exchange by volume, as well as OKX and Deribit.
Previously, it was reported that the fund invests in cash, US Treasury Bills, and repurchase agreements and sends dividends directly to investors’ wallets as new tokens every month.
As stated by Robert Mitchnick, BlackRock’s head of digital assets, in a press release issued by Securitize, BlackRock’s brokerage partner,
“[BUIDL] is the latest progression of our digital assets strategy. We are focused on developing solutions in the digital assets space that help solve real problems for our clients.”
In April, stablecoin issuer Circle launched a new smart contract function that permits holders of BUIDL to convert their tokens into USDC. At the time, Circle chief executive Jeremy Allaire said that the new functionality would allow “investors to move out of tokenized assets at speed, lowering costs and removing friction.”
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Altcoins
Market Data Hints At 500x XRP Rally In Upcoming Altcoin Season
Published
3 days agoon
October 18, 2024By
adminAccording to market analysis, XRP might be near to having a significant price blowup. The next altcoin season could go anywhere from 10x to the amazing 500x, experts believe.
Two important charts by renowned market analyst Kevin Cage on XRP’s relationship with Bitcoin’s supremacy in past bull markets form the basis of this favorable prediction.
The Last 2 Times $XRP Pumped
Was during the previous 2 Alt Seasons when #Bitcoin was drawing higher highs first.
2017: Over 500X (over 300x with Monthly Candle Bodies)
2021: 10x (During Lawsuit & Exchange Delistings)
Will history rhyme or will the future be different?… pic.twitter.com/V8nb9yh8qR
— Kevin Cage (@Kevin_Cage_) October 16, 2024
Recently, financial analyst Gary Cardone generated enthusiasm within the XRP community with a cryptic tweet suggesting a possible “launch” for the cryptocurrency.
Historically, Bitcoin’s market dominance has significantly influenced the performance of altcoins, such as XRP. When Bitcoin’s dominance declines, altcoins frequently experience significant increases.
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We are waiting….I confirmed w/ authorities they are ready for you, this was the message;
XRP- LAUNCH PAD IS: Green…….
Proceed with launch codes…..
Repeat:
Launch pad is green lite for XRP.
XRP may Launch.
General Barnaby Anushopium https://t.co/JB2BMQDoHs
— Gary Cardone (@GaryCardone) October 15, 2024
This trend was apparent in previous altcoin seasons, as XRP flourished when Bitcoin’s market dominance diminished. Proponents such as Zach Rector assert that XRP is poised for a substantial breakout, bolstering the belief that the token’s future may be promising.
Historical Performance Indicates Potential
Cage emphasizes two critical epochs in XRP’s history. During the 2017 bull market, XRP surged more than 500-fold, increasing from $0.006 to $3.50 by early 2018. This increase occurred as Bitcoin’s dominance decreased from 95.91% to 35.46%. Altcoins including XRP surged significantly when Bitcoin fell, grabbing the chance to shine.
Though delisted from multiple exchanges and facing legal challenges from the US SEC, XRP had an incredible 10x gain in value during the 2021 bull run.
It increased from $0.18 to $1.96 with a corresponding decrease in Bitcoin’s supremacy, which fell from 73.51% to 39.54%. These historical examples demonstrate a distinct trend: XRP typically excels when Bitcoin declines.
Altcoin: Market Dynamics
Currently, Bitcoin’s dominance is approximately 58%, having recently increased. Should its dominance begin to wane once more, according to previous cycles, XRP may be poised for another substantial price surge.
A tenfold rise is possible, which would push XRP above $5. This shows that altcoin seasons are still a big reason for the token’s price changes.
Even though these predictions are getting a lot of attention, it’s still not clear how much XRP will rise. Things like the present lawsuits against Ripple could change how the market works.
The SEC’s recent appeal in its case against Ripple makes things more complicated. It makes the legal fight last longer and makes investors less sure of what will happen.
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Community Discourse And Speculation
The XRP community is full of speculations. Cardone’s tweet made while using military imagery indicated some kind of upcoming development for XRP. Some members of the community seemed to take it as good news.
Supporters of XRP, such as Zach Rector, interpreted Garry’s tweet as an indication of the growing recognition of the altcoin. “Gary is hopping onboard the XRP train,” he remarked.
Featured image from HTX, chart from TradingView
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Altcoins
Top Analyst Says Monster Breakout Underway for One Memecoin, Says Six Altcoins Are His Fastest Horse Picks
Published
4 days agoon
October 17, 2024By
adminAn analyst known for making timely altcoin calls thinks that a massive trend reversal is underway for an under-the-radar meme token.
Pseudonymous crypto strategist Bluntz tells his 283,700 followers on the social media platform X that Book of Meme (BOME) looks bullish after breaking out of its accumulation range in a big way.
“BOME daily looking like a MONSTER breakout now.
Surely I won’t cop heat for talking about a $700 million market cap coin.”
Based on the trader’s chart, he seems to predict that BOME will rally to $0.03, suggesting an over 220% increase from current levels.
At time of writing, BOME is worth $0.00932.
The trader also unveils his current portfolio, which is made up of memecoins.
“My bags change frequently based on whichever charts I think look the best at any given time (astrology for men).
Always looking for the fastest horses but also I try not to diversify too much. I go hard into a handful of picks, usually up to 10 or MAX
Currently, my Noah’s Ark bags are:
WIF
BOME
SILLY
SLERF
PENG
CAT.”
Another meme token on the trader’s radar is cat in a dog’s world (MEW). Bluntz says MEW looks strong after clearing its diagonal resistance on the daily chart.
“Huge daily downtrend breakout on MEW overnight.
Pretty significant in my opinion.”
At time of writing, MEW is trading at $0.0084.
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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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