Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.

A closely followed crypto strategist believes one memecoin running on Solana (SOL) is not yet done rallying, even after posting over 60% gains this month.

Pseudonymous analyst Altcoin Sherpa tells his 245,000 followers on the social media platform X that he’s bullish on Bonk (BONK) following the altcoin’s breakout of an accumulation zone on the three-day chart.

The trader shares a chart suggesting that BONK can rally to as high as $0.0000262 after taking out its resistance at $0.0000142.

“BONK is going much higher (I have a bag). Looks good on the charts as well.

Think I’m going to add to my position if I get a small dip.”

At time of writing, BONK is trading for $0.0000182.

Turning to the native asset of the non-fungible token (NFT) project Pudgy Penguins (PENGU), the trader says the altcoin needs to print a bullish higher low setup at around $0.0065 to start reversing its multi-month downtrend. Otherwise, Altcoin Sherpa warns that PENGU may drop to as low as $0.004.

“Coins like PENGU got rekt the last several months but are showing some signs of life. The true test is going to be where the next low is and how the reaction is.

The trend is still bearish, so don’t be so quick to catch knives. That said, we could see some reversal if the environment continues to ease up.”

Based on the trader’s chart, he appears to suggest that PENGU may soar to as high as $0.014 if the altcoin manages to establish a higher low.

At time of writing, PENGU is worth $0.00985.

As for the broader altcoin market, the analyst warns that most coins are still in a high-time-frame downtrend and that the gains witnessed this month could be erased. However, Altcoin Sherpa notes that it is now within the realm of possibility for altcoins to start carving a major cycle bottom en route to a bullish reversal.

“To be clear, I’m pretty bullish overall and think that we’re going higher and the next major dip is a BUY THE DIP situation.

HOWEVER, most alts still are in bearish market structures (see TAO) and continuation of that trend is down. I think we go higher for everything, but just a careful reminder that these sh*tcoins are still in bearish trends and have made lower highs, lower lows.

I do think that we’re doing better, though.”

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

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.

Featured Image: Shutterstock/Art Furnace/Natalia Siiatovskaia

A cryptocurrency investor who prematurely sold a large position in the TRUMP meme coin has returned to the market by purchasing 337,000 tokens.

The current price is nearly double their previous selling price. On-chain analyst Ember CN reported that the whale used 5.196 million USDC to re-enter the market and paid an average price of $15.39 per TRUMP (TRUMP) token.

This purchase follows the investor’s previous decision to sell 630,000 TRUMP tokens at $8.70 each. This was just 20 hours before the announcement of a dinner event with former President Trump, which caused the token’s value to surge.

“He missed the explosive surge after the dinner plan was announced. Today, he got back in at $15.39,” Ember CN noted. The timing of the investor’s initial sale was unfortunate, as they missed potential profits of approximately $3.8 million by exiting their position before the price spike.

The dinner announcement promised that the top 220 TRUMP token holders would be invited to a “Private, Members-Only Club in Washington, D.C. for Dinner” with the former president on May 22. This has positively impacted the token’s value but drew scrutiny from Democratic lawmakers.

According to the official TRUMP leaderboard, the largest holder currently possesses over 1.22 million tokens, while the second-place position holds approximately 1.19 million.

Meanwhile, other traders have been actively restructuring their portfolios to capitalize on the TRUMP token’s surge. Blockchain analytics platform Lookonchain identified one particularly successful trader who swapped their entire holdings of 1.18 million Fartcoin (worth approximately $1.22 million) for 78,671 TRUMP tokens.