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Hedge Funds Fall For The Memecoin Frenzy: “Mind-Boggling” Returns Tempt Financial Giants

In a recent Bloomberg report, it has come to light that the hedge fund industry is increasingly drawn to the allure of the memecoin sector, given the recent price increases and substantial profits that surpass those of Bitcoin (BTC) or the largest altcoins in the market.

Memecoin Mania

One example of the appeal of memecoins to traditional finance institutions is Newport Beach-based Stratos, which launched a liquid fund with the Dogwifhat token in December. 

The Solana-based memecoin Dogwifhat, known for its mascot – a beanie-wearing dog – became a major player in the crypto world, with its price increasing more than 300 times. 

This substantial spike reportedly helped Stratos achieve a staggering 137% return in the first quarter of 2024, outperforming gains in the broader crypto market. However, Dogwifhat has since retraced more than 35% from its March 31 all-time high (ATH) of $4.83 and is currently trading at $3.09.

Interestingly, Stratos is not alone in venturing into memecoins; other hedge funds are also doing so. 

Asset manager Brevan Howard, for instance, has reportedly made a “tiny” investment in memecoins. Pantera Capital, a crypto fund, recently emphasized the staying power of memecoins and the “enormous” trading opportunities they present. 

Is It Just Gambling?

Despite the enthusiasm from some hedge funds, the report notes that many crypto participants remain skeptical of memecoins. 

Quinn Thompson, the founder of Lekker Capital, a hedge fund experimenting with trading memecoins, likened the current frenzy to the speculative fervor seen in traditional markets with stocks like GameStop. 

In addition, Thompson described memecoins as the “tip of the spear for speculation” and emphasized the “gambling-like” nature of their trading.

Still, Cosmo Jiang, a portfolio manager at Pantera Capital, noted the evolution of memecoins beyond mere jokes, calling some “culture coins” that symbolize membership in a particular group or belief system. 

The report notes that the ease of creating and launching memecoins has increased with the availability of apps like Pump.fun, which allow users to mint coins in minutes. Blockchains like Solana and Coinbase’s Base, which offer low trading fees, have been flooded with these tokens. 

In light of these developments, Josh de Vos, research lead at CCData, highlighted the improved infrastructure supporting memecoins, including increased liquidity and the development of advanced futures markets on centralized exchanges (CEX). 

As more hedge funds take memecoins seriously, Rennick Palley of Stratos anticipates a growing focus on these crypto assets. 

Drawing parallels to the initial skepticism surrounding cryptocurrencies, Palley suggests that meme-only funds may emerge, mirroring the creation of non-fungible token (NFT) funds.

To further demonstrate the interest and adoption of these emerging tokens, in the first quarter of 2024, memecoins emerged as the most profitable crypto narrative, delivering massive average returns of 1312.6% across its top tokens, according to a recent study conducted by CoinGecko.

Memecoin

Currently, the largest memecoin on the market, Dogecoin (DOGE), is trading at $0.1616, up 5% in the last seven days. It has a market cap of $23 billion. 

Featured image from Shutterstock, chart from TradingView.com

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Expert Forecasts 700% Growth For Dogecoin (DOGE) As It Sets Sights On $1 Target

Dogecoin (DOGE), the popular meme-based cryptocurrency, has demonstrated its resilience in the market with a 2.5% price increase over the past 24 hours, reaching a trading price of $0.1607. 

Analysts, including Altcoin Sherpa and Ali Martinez, have recently shared optimistic predictions for DOGE’s future, suggesting further gains and potential for outperformance compared to other tokens.

A Strong Future For Dogecoin In 2024? 

Over the past months, DOGE has closely followed Bitcoin’s price action, experiencing ups and downs in tandem with the market leader. 

On March 28, DOGE reached its yearly high of $0.2292, solidifying its position as the 9th largest cryptocurrency with nearly 100% year-to-date growth. Despite the volatility, DOGE has demonstrated its ability to rebound and attract investor attention.

Market expert Altcoin Sherpa recently expressed optimism about DOGE’s future, stating that the coin is poised for strength in 2024. 

Altcoin Sherpa recommended averaging between $0.12 and $0.14, emphasizing DOGE’s potential to outperform other tokens.

The analyst highlighted DOGE’s previous consolidation phase, lasting almost two years, and suggested that it is primed for a significant price surge in the future. Sherpa stated:

DOGE is looking good. I strongly feel like this is going to be a strong coin for 2024. I think averaging between $.12 and $.14 would be a solid play and this one should outperform many other tokens for a lot of reasons. It chopped for almost 2 years, it’s going to moon later. 

700% Price Uptrend Toward $1

On the other hand, crypto analyst Ali Martinez has also shared a bullish prediction for DOGE, noting the coin’s recurring price patterns. 

Martinez pointed out that DOGE consolidates after breaking out of a descending triangle formation. Based on historical trends, the analyst believes that DOGE has the potential to rally towards $1 in the coming weeks, which would represent a staggering 700% uptrend in price from current levels, surpassing the cryptocurrency’s current all-time high of $0.7316, reached in May 2021. 

Dogecoin

Despite Martinez’s optimistic outlook, Dogecoin faces several resistance levels that have impeded its recovery after a 21% price decline in the past two weeks.

The meme coin encounters a significant obstacle at the $0.1633 price level, as depicted in the DOGE/USD daily chart above. This level has acted as a barrier for the past 10 days, hindering further upward movement.

In its journey towards the $0.200 mark, DOGE may encounter additional hurdles at $0.1739, $0.1938, and $0.1998. These resistance levels must be overcome before the cryptocurrency can potentially retest its all-time high.

It is important to note that Bitcoin’s performance will likely influence Dogecoin’s price movement in the coming weeks. In addition, Dogecoin’s overall trajectory through the end of 2024 remains uncertain as it depends on the potential for a bullish breakout and various market factors.

Featured image from Shutterstock, chart from TradingView.com 

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Altcoins Hotlist: Expert Identifies Top 6 Coins To Track Amid Bitcoin’s Rise To $72,000

As Bitcoin (BTC) continues its upward trajectory, regaining its bullish momentum after brief range-bound price action and inching closer to its all-time high (ATH) of $73,700, crypto analyst Miles Deutscher shared insights on several altcoins to watch for potential gains this week. 

Altcoins With Strong Potential

First, Deutscher observes a robust recovery in Bitcoin following its recent dip below the $65,000 level on April 3rd. The analyst notes that Bitcoin’s structure appears positive, with $73,8000 being the critical level to watch as it represents the previous ATH and the cryptocurrency’s last resistance before further gains. 

According to Deutscher’s analysis, BTC’s ability to break through this level could signal further upward momentum for the market leader.

Despite recent network congestion issues, Deutscher remains optimistic about Solana’s long-term prospects, as it is the first of several altcoins on the analyst’s radar this week, promising further gains on top of its already 23% uptrend over the past month. 

Altcoins

The analyst highlights that sentiment around Solana has deteriorated slightly but emphasizes that these issues are unlikely to significantly impact the medium to long term.

Next on the list, Deutscher identifies BTC’s equivalent to non-fungible tokens (NFTs), Ordinals, as a strong performer within the BRC-20/BTC narrative ecosystem.  

With the Bitcoin halving scheduled for the last half of April just days away, Deutscher remains bullish on the ORDI token ahead of the event. While the narrative surrounding the halving remains relatively quiet, Deutscher continues to suggest that Ordinals stands out as a leader in the space.

Orion And Altlayer

Deutscher has expressed interest in Altlayer, an altcoin closely associated with the EigenLayer protocol, due to recent rumors surrounding the upcoming EigenLayer airdrop. According to the analyst, Altlayer’s proximity to the airdrop and its involvement in the restaking narrative contributes to its appeal. 

Given these anticipated developments, Deutscher sees a potential boost for the token as the market prepares for the airdrop. The token is up 14% in the last month alone and over 4% in the previous 24 hours. 

Similarly, Deutscher highlights ORN as the first restaking rollup on EigenLayer and emphasizes the limited opportunities to get exposure to EigenLayer before its official launch. 

This factor, combined with Orion’s rebranding to LUMIA, has attracted positive market sentiment, the analyst said, noting that recent weeks have demonstrated the market’s positive response to token rebrands, further increasing Orion’s potential.

Dogecoin’s ‘Doge Day’

Next on the altcoin watchlist, Deutscher notes the upcoming “Doge Day” on April 20, which has historically seen increased interest and speculation surrounding the dog-themed meme coin. 

According to the analyst, the possibility of Elon Musk tweeting about the meme-inspired cryptocurrency has fueled expectations for potential price moves. Deutscher suggests monitoring DOGE for strength and considering it as a viable short-term trading opportunity.

Finally, Deutscher points to previous instances where early altcoins airdrop participants experienced initial selling pressure, followed by potential rebounds. 

Wormhole’s native token, W, is facing a similar scenario as the token has fallen over 30% since trading began on April 3. Deutscher advises watching how the token reacts around the significant support level of $1. 

Once the initial selling pressure potentially subsides, Deutscher notes that a positive reaction can be expected, but whether the $1 support holds will be key to determining the cryptocurrency’s next moves. 

Altcoins

Featured image from Shutterstock, chart from TradingView.com

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Memecoins Reign Supreme: CoinGecko Reveals Most Profitable Crypto Narrative Of Q1

In the first quarter of 2024 (Q1), memecoins emerged as the most profitable crypto narrative, delivering massive average returns of 1312.6% across its top tokens, according to a recent study and report conducted by CoinGecko.

This figure far surpassed the returns of other narratives, highlighting the growing popularity and frenzy surrounding memecoins in the cryptocurrency market.

RWA Vs Memecoins

Three newly launched tokens were among the top 10 memecoins by market cap at the end of the quarter: Brett (BRETT), BOOK OF MEME (BOME) and Cat in a dogs world (MEW). 

BRETT generated the highest returns since its launch with a gain of 7727.6%, closely followed by dogwifhat (WIF) with a gain of 2721.2% during the quarter. Notably, the memecoin narrative outperformed other crypto narratives by a significant margin.

memecoins

 

Compared to the second most profitable narrative, RWA, memecoins were 4.6 times more profitable, and their returns were 33.3 times higher than those of the Layer 2 narrative, which experienced the lowest gains in Q1.

The RWA narrative, which stands for “Real-World Assets“, returned 285.6% in Q1. Although it briefly held the title of the most profitable narrative in early February, memecoins and artificial intelligence-based (AI) tokens outperformed RWA in terms of returns. However, RWA managed to regain its position ahead of the AI narrative by the end of March. 

Notable winners in the RWA category included MANTRA (OM) and TokenFi (TOKEN), which posted quarter-to-date (QTD) returns of 1074.4% and 419.7% respectively. XDC Network (XDC) was the only RWA token to decline, falling 15.6% for the quarter.

Artificial intelligence closely followed RWA as the only other narrative to deliver three-digit returns, reaching 222.0% in Q1. All large-cap AI tokens experienced gains, with AIOZ Network (AIOZ) leading the pack at 480.2% and Fetch.ai (FET) following closely at 378.3%. 

Even the lowest gainer in the AI category, OriginTrail (TRAC), returned a respectable 74.9% during the quarter, indicating the overall interest in AI-related tokens.

Layer 1 Tokens Trail Behind

The decentralized finance (DeFi) narrative delivered moderate returns of 98.9% in the first quarter. In late February, DeFi returns were boosted by the Uniswap (UNI) fee switch proposal. DeFi tokens that performed well included Jupiter (JUP) with gains of 125.7%, Maker (MKR) with 121.2%, and The Graph (GRT) with 111.0% QTD.

In contrast, the Layer 1 (L1) narrative delivered relatively lower profitability with 70.0% returns in Q1 2024. While Solana (SOL) garnered attention as a popular memecoin chain, the top-performing large L1 cryptocurrencies were Toncoin (TON) and Bitcoin Cash (BCH) with gains of 131.2% and 130.5%, respectively. 

Bitcoin (BTC) achieved a 65.1% gain, reaching new all-time highs, while Ethereum (ETH) posted a more modest 53.9% increase, despite the anticipation surrounding US spot Ethereum ETF applications.

Layer 2 (L2) emerged as the least profitable crypto narrative in Q1, with a relatively lower gain of 39.5%. Established Ethereum L2 solutions underperformed, with Arbitrum (ARB) returning 5.6%, Polygon (MATIC) seeing a 1.2% gain, and Optimism (OP) closing the quarter with a slight decline of 1.2%. However, Stacks (STX) and Mantle (MNT) recorded relatively strong returns of 142.5% and 95.8% QTD, respectively.

Memecoins

As of this writing, Dogecoin (DOGE), the largest memecoin by market capitalization, is trading at $0.1745. Over the past 24 hours, it has experienced a price correction of nearly 7%. In the last month, Dogecoin has shown limited bullish momentum, with a marginal gain of only 0.7% during this time period.

Featured image from Shutterstock, chart from TradingView.com

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Dogwifhat (WIF) Flips PEPE As The 3rd Largest Memecoin After Hitting $4

Memecoins are again in the spotlight as some of the most popular dog-themed tokens performed remarkably during this bull cycle. Dogwifhat (WIF), Floki Inu (FLOKI), and Dogecoin (DOGE) have done impressive numbers this month.

WIF’s market capitalization skyrocketed to almost $4 billion, surpassing PEPE and taking third place as the largest memecoin in the market by this metric.

Hats On, Is WIF Going To The Moon?

Yesterday, WIF’s price increased 32% in half a day, setting a new all-time high (ATH) of $4. Simultaneously, its market capitalization jumped from $3.04 billion to $3.98 billion, according to CoinMarketCap data, which represents a 30% increase in the same timeframe.

This remarkable performance saw dogwifhat flipping PEPE as the third largest memecoin by market cap, now ranking just below Dogecoin and Shiba Inu (SHIB) in this category.

WIf, crypto

As reported by EmberCN, this performance gave wifto100billy.sol, the largest WIF holder, $134 million in unrealized profits. This whale bought 37 million WIF for approximately $9.33 million at an average of $0,248. When it reached its ATH price of $4, the wallet saw a 1440% gain on the inversion.

Since then, WIF’s market cap has decreased to $3.65 billion, which still represents a 15.25% increase from 24 hours ago and remains above PEPE’s $3.82 market cap.

Similarly, WIF saw an 8.5% correction from its ATH price. At the time of writing, the token changes hands at $3.66, a 20% increase in 24 hours. Moreover, WIF’s market activity skyrocketed by 70%, with its daily trading volume reaching $808.4 million.

Dogwifhat Shows “Organic” Growth, But What’s Going On With Memecoins

Dogwifhat is one of the newest players in the market, and it has accomplished incredible achievements since its launch in November 2023. The token has amassed a loyal community that seems to be focused on bringing the project “to the moon.”

After putting on their hats, WIF investors raised over $700,000 in a few days as part of its Las Vegas Sphere project, displaying the community’s extent. Furthermore, Cryptonary’s CTO, Asad Saddique, revealed in an X post that Dogwifhat has recently reached 100,000 “organic” holders.

Nonetheless, the divisive memecoin presale frenzy has created a fear of fatigue from overexposure to these tokens, with some investors arguing that memecoins are taking a turn for the worse. Despite this, interest has not faded away.

Ethereum’s founder, Vitalik Buterin, recently published a blog post titled “What Else Could Memecoins Be?” In the post, Buterin discussed the current state of the memecoins landscape and expressed his “disappointment” that innovation is not driving these projects to the market.

Just this month, many controversies have surrounded the crypto community regarding memecoins, including the appalling launch of racist and antisemitic tokens.

Undoubtedly, the memecoin market is broad, diverse, and full of enough potential that projects can develop and grow a strong community. Still, it appears efforts from projects working to be more than a meme are overshadowed by the controversial actors in the market.

crypto, WIFUSDT

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Top Analyst Anticipates Dogecoin Surge To $0.10, But There’s A Catch

Elon Musk-backed meme coin Dogecoin (DOGE) has seen a significant price correction in recent days, falling over 14% in the past 30 days, due to the market’s waning sentiment surrounding the hype generated by the approval of Bitcoin Exchange Traded Funds (ETFs), and the lack of bullish catalysts.

After reaching an 11-month high of $0.1073 on December 11, 2023, DOGE witnessed a decline to the $0.0743 level. However, over the past 7 days, the meme coin has managed to break the downtrend, recording a 2% surge.

This positive movement has led a prominent crypto analyst to predict a potential upward movement towards the previously lost $0.10 mark. However, there is a crucial support cluster that the cryptocurrency must maintain for this anticipated rise to occur.

Rebound Opportunity For Dogecoin

Renowned crypto analyst Ali Martinez has provided insightful analysis on the prospects of Dogecoin following its recent price correction. Martinez has drawn attention to the TD Sequential indicator, a technical analysis tool used to identify potential trend reversals and price exhaustion points.

According to Martinez, the TD Sequential indicator has recently presented a buy signal on the 3-day chart of Dogecoin as seen in the chart below. 

Dogecoin

According to Martinez’s analysis, the TD Sequential indicator suggests a potential rebound opportunity for DOGE. However, he emphasizes the critical importance of a key support cluster centered around the $0.074 mark. Maintaining this support level is crucial for Dogecoin to realize its upward potential and regain positive momentum.

Key Levels To Watch 

In addition to this pivotal support, several other key levels should be closely monitored as they could significantly impact the future price action of the meme coin. 

The first noteworthy level is the support near $0.078. This level plays a vital role as a foundation for maintaining price stability. It represents a zone where buying pressure is expected to outweigh selling pressure, indicating a higher probability of DOGE sustaining its upward trajectory.

Another level of significance is the $0.075 level, which has recently demonstrated strong support for the token. Dogecoin has rebounded from this level and is currently trading just above it, reinforcing the importance of this price point in determining future price movements.

Conversely, resistance around $0.088 poses a significant barrier to DOGE’s continued upward movement. To sustain its positive trajectory and reach higher levels such as $0.09, the token must overcome this resistance. 

Subsequently, it would face further hurdles at the $0.940 and $0.9824 levels before attempting to regain the $0.10 mark.

Dogecoin

The future price movements of Dogecoin remain uncertain, and it is yet to be determined which side, whether bullish or bearish, will prevail. The outcome of this battle could significantly influence the mid-term direction of the token’s price.

Featured image from Shutterstock, chart from TradingView.com 

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Dogecoin Whales Are Moving Millions Of Dollars – Here’s Why

On-chain data from whale transaction tracker Whale Alerts has revealed multiple transfers of Dogecoins changing hands between unknown whales and crypto exchanges Binance and Robinhood. Large whale transfers such as this one, which collectively amounted to 1.88 billion DOGE tokens throughout the week, tend to catch investors’ attention over their motives. But this elaborate shuffle between whales could be attributed to the approaching DOGE-1 space mission to take Dogecoin to the moon.

Dogecoin Whales Transfer Millions Of Dollars

Whale Alert showed whales moving large transfers to and from Binance, Robinhood, and unknown wallets totaling more than 1.88 billion Dogecoin. Large transfers kickstarted on the first day of the month with a transfer of 56.9 million DOGE worth $5.079 million to Coinbase. The tracker reported a flurry of large transfers on January 3, starting with a transfer of 82 million DOGE worth $6.74 million to Robinhood. In less than 15 minutes, another whale wallet made a transfer of 102 million DOGE tokens worth $8.4 million to Robinhood. Hours later, a reverse transaction occurred, with 151 million DOGE tokens worth $12.4 million making their way out of Robinhood to a private wallet.

Whale transfers continued into January 4 with hundreds of millions of DOGE in each transfer. The first transaction of the day was 300 million DOGE worth $24.6 million sent from an unknown wallet to crypto exchange Binance. Hours later, 307 million DOGE worth $25.4 million were exchanged between unknown wallets. At the same time, another alert revealed that unknown wallets had participated in the exchange of 883 million DOGE tokens, which had a total value of $72.9 million.

https://x.com/whale_alert/status/1742916334344655174?s=20 

Possible Explanation Behind The Whale Transfers

The whale activity comes against the backdrop of the planned mission to take DOGE to the moon. The planned mission called DOGE-1 was paid exclusively with Dogecoins and initially planned to take place in December 2023. However, Intuitive Machines, the company behind the launch in partnership with Space X, postponed the launch date to sometime in mid-February 2024.

The launch of DOGE-1 mission was first announced by Elon Musk on Twitter (now called X) on May 9, 2021, and has since been approved by the NTIA and FCC. The main purpose of the mission is to broadcast art inspired by Dogecoin on the Doge-1 satellite, which will be orbiting the Moon. The satellite will be carried by a Space X rocket and the Dogecoin-inspired art will be broadcast to Earth. It’s been anticipated that the mission, if eventually carried out, will contribute to a DOGE price surge. 

The price of DOGE has reacted negatively to the movements, as the crypto is down by double digits in the past week. At the time of writing, DOGE is trading at $0.07973, down by 12% in a 7-day timeframe.

Featured image from iStock

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Dogecoin And XRP Beat Out Cardano And Solana To Secure New Milestone

Kaiko, a blockchain analytics platform, conducted an investigation that revealed the complexities of liquidity across the biggest crypto assets, with some lower market cap assets beating higher ones. According to its Q3 liquidity rankings, XRP and Dogecoin (DOGE) managed to beat out Solana and Cardano in liquidity rankings, coming in behind only Bitcoin and Ethereum. There were also some surprise numbers on the rankings, like BNB coming in 8th in terms of liquidity, and Litecoin also outperforming.  

Kaiko Analysis Highlights Liquidity For Crypto Assets

The vast number of crypto assets has always brought out the idea among investors to rank their valuation on a scale of some sort, with the most adopted being the market cap. However, according to Kaiko, liquidity, along with other metrics like volume and market depth is a better way to measure a token’s real value apart from its market cap. This was best demonstrated by FTX’s token FTT, whose market was bloated to reach a peak of nearly $10 billion without having enough liquidity on exchanges to back this up.

According to its latest rankings, Bitcoin took up the first spot in liquidity. This wasn’t surprising, as Bitcoin has always held a tight reign over the crypto industry since its inception. Ethereum followed in second place in terms of liquidity to reiterate its position as the king of altcoins. However, Kaiko’s liquidity rankings started to digress from the market cap at the third position, with BNB underperforming massively to come in at 8th place. 

Instead, XRP came in at 4th place, beating out the likes of Solana and Cardano (the Ethereum killers) on exchanges among traders. XRP’s liquidity boost in the quarter was thanks to the asset receiving regulatory clarity in the US. Dogecoin came in at 5th place, despite being 10th on market cap rankings, to solidify its position as the leader among meme coins. Litecoin came in at 5th place to complete the top five, despite being 18th in market cap rankings.

On the other hand, AVAX’s liquidity ranking dropped 11 places when compared to its market cap, while TON came in at 37th place despite being 9th by market cap during the quarter. Also, ATOM, UNI, APT, TON, SHIB, OKB, LEO, and CRO all fell more than five spots.

What Does Liquidity Say About Dogecoin And Crypto Assets?

Kaiko’s measure of liquidity included the spread and the average daily trading volume on different exchanges. The analytics platform also included two different market depth levels; 0.1% for higher frequency traders and 1% for longer-term holders.

In terms of trading volume, BTC came in first place while ETH and XRP followed suit. However, SOL beat DOGE in this metric with around $2 billion in the quarter.

The bottom line is that greater liquidity often precedes greater success over the longer term for cryptocurrencies. Q4 2023 should tell a strong tale in terms of crypto liquidity, as most cryptocurrencies registered new yearly highs in terms of market cap.

Featured image from Shutterstock

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Solana’s BONK Climbs To 3rd Place In Dog Coin Market Cap, Leaving FLOKI Behind

In recent weeks, the Solana (SOL) blockchain has been making waves in the crypto world, with its native token SOL experiencing a remarkable uptrend of 46% over the past 30 days. Alongside this surge, Bonk Inu (BONK), the first Solana-based meme coin, has gained significant traction, solidifying its position as the third-largest dog coin by market capitalization, surpassing Floki Inu (FLOKI).

BONK Rockets To New Heights With 845% Surge In 30 Days

The staggering growth of Bonk Inu is evident in its recent performance, achieving an impressive 845% gain over the past 30 days. The meme coin’s remarkable ascent has propelled it to new yearly highs, while SOL experienced a slight pullback from its peak of $65 on December 2.

Despite the temporary setback for SOL, the bullish momentum and renewed interest in Bonk Inu have caught the attention of market participants. 

As of now, BONK is trading at $0.0000069712, outperforming the broader crypto market with a remarkable 22.4% uptrend in the past 24 hours, aligning with the positive sentiment surrounding Bitcoin (BTC) and the overall market.

BONK

With a market capitalization of approximately $430 million, Bonk Inu currently sits in third place among dog coins, trailing behind the likes of Shiba Inu (SHIB) and Dogecoin (DOGE), which boast market caps of $5 billion and $12 billion, respectively.

CoinGecko data reveals that BONK has witnessed a significant 24-hour trading volume of $65,235,205.16, indicating strong investor interest and active participation in the market.

BONK

The future trajectory of Bonk Inu’s uptrend and its potential for further gains remains uncertain. However, should BONK continue to attract investors, it has the potential to dethrone Pepecoin (PEPE) in terms of market capitalization. As of the latest update, PEPE has achieved a market cap of $592 million.

However, it is important to note that Bonk Inu still has a significant gap to bridge to catch up with the largest dog coins in the market in terms of market capitalization, namely SHIB and DOGE. SHIB and DOGE have demonstrated substantial gains and already possess staggering market capitalizations.

Dog Coins Make Strong Push For Year-End Gains

The altcoin SHIB, built on the Ethereum platform and known for its Shiba Inu mascot, continues to demonstrate consistent gains across various time frames. 

Notably, SHIB has seen a 14% increase over the past fourteen days and an 18% surge over the past thirty days. These positive trends have allowed the dog coin to achieve a slight year-to-date profit of 0.2% after experiencing a significant downturn in 2022.

Presently, SHIB is trading at $0.00000946, representing a decline of more than 89% from its all-time high (ATH) of $0.00008616, reached in October 2021.

Meanwhile, the meme coin DOGE, which has the backing of Elon Musk, is currently trading at $0.09058. It has witnessed an 18% rise over the past fourteen days and nearly 30% growth over the past thirty days, following a sustained upward trend that began on November 21. 

BONK

However, in contrast to SHIB’s price action, DOGE has experienced a 12% decline year-to-date and an 87% drop from its ATH of $0.731578 reached in May 2021.

It remains to be seen whether the dog coins will continue to experience further gains throughout the remainder of the year or if a healthy pullback will occur to surpass upper resistance levels for another upward movement.

Featured image from Shutterstock, chart from TradingView.com 

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Kaspa (KAS) Price Shatters Records, Outshining Bitcoin With A Massive 105% Surge

Kaspa (KAS), a proof-of-work cryptocurrency employing the GHOSTDAG protocol, has experienced a notable surge in market activity and investor interest over the past few months. 

The token’s recent listing on Coinone, one of South Korea’s leading cryptocurrency exchanges, has significantly propelled Kaspa into the top 33 cryptocurrencies based on market capitalization.

Since its listing on October 25 in the Korean market, Kaspa has outperformed well-known cryptocurrencies like Bitcoin (BTC), and Ethereum (ETH) and popular meme coins such as Dogecoin (DOGE) and Pepecoin (PEPE) during market breakouts.

KAS Token Skyrockets Reaching New All-Time High

Over the past 24 hours, the price of KAS has increased by a remarkable 28.78%, reaching a high of $0.092917. Despite a slight dip in the current price, 0.72% below the all-time high, the token continues to exhibit strong upward momentum.

Kaspa

The recent surge in trading volume for Kaspa, amounting to $114,934,098.78 within the last 24 hours, represents a substantial increase of 121.50% compared to the previous day. This surge signifies heightened market activity, indicating growing confidence and interest in the project.

Notably, Kaspa’s consensus mechanism, implemented through the GHOSTDAG protocol, sets it apart from conventional blockchains. Using parallel blocks that can coexist and be ordered through consensus eliminates block orphans, providing enhanced security and scalability. 

The blockDAG structure enables a high block rate of one block per second, with aspirations to reach even higher rates of 10 blocks per second and eventually 100 blocks per second.

The Kaspa implementation encompasses several notable features and subprotocols, including Reachability for querying the DAG’s topology, block data pruning, SPV proofs, and upcoming subnetwork support that will facilitate the implementation of layer 2 solutions. 

Kaspa Coinone Listing Sparks Price Surge

The listing of Kaspa on Coinone has been a significant catalyst for its recent price surge. Coinone has a substantial user base and provides a platform for investors to trade Kaspa against the Korean won (KRW). 

This listing has opened up fresh avenues for Korean investors to participate in the Kaspa ecosystem, bolstering its market presence and contributing to its rapid ascent in the market rankings.

Kaspa’s entry into this market has increased visibility and exposure to a wide range of traders and potential investors. The positive response to its listing on Coinone reflects the growing demand for Kaspa in the Korean crypto community.

Kaspa

Looking ahead, the successful listing on Coinone and the surge in market rankings indicate further gains for the token. The project’s consensus mechanism, coupled with its development of features like subnetwork support and layer 2 solutions, positions it as a blockchain solution with growth potential.

Featured image from Shutterstock, chart from TradingView.com

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Expert Insights: 7 Altcoins Showing Promising Breakout Potential – A Must-Watch List

In a recent X (formerly Twitter) post, renowned crypto expert Miles Deutscher provided valuable insights into his weekly tokens and narrative watchlist, focusing on critical altcoins and upcoming events with significant trading potential. 

Altcoins Poised For Potential Breakout

Deutscher’s analysis sheds light on several altcoins, including Solana (SOL), SingularityNET (AGIX), Fetch.ai (FET), Ocean Protocol (OCEAN), Arkham (ARKM), Dogecoin (DOGE), and XRP. 

  • Solana:

Deutscher emphasizes the importance of Solana’s Breakpoint 2023 conference and anticipates major announcements. While previous Breakpoints have resulted in “sell the news” events, Deutscher remains cautiously short on SOL. 

On the other hand, Miles expects a positive response from the community after the recent FTX collapse. However, historical patterns suggest the possibility of a sell-off, which warrants vigilance.

Altcoins

Nonetheless, SOL has broken previous weekly records every week for the past month. Currently, SOL is trading at $36.27, a new record for 2023 and a level not seen since November 5, 2022. Moreover, SOL has seen significant gains of 4.4% over the past 24 hours, following its remarkable 57% rise over the past 30 days.

  • AGIX, FET, OCEAN:

The resurgence of the artificial intelligence (AI) narrative has sparked anticipation for a series of AI conferences, including OpenAI’s developer conference on November 6. Deutscher advises focusing on established leaders such as AGIX, FET, and OCEAN. 

These tokens have demonstrated strength during previous AI market surges. Deutscher suggests avoiding speculation on low-cap coins and opting for long positions on these altcoin AI leaders.

Over the past 30 days, AGIX has seen a remarkable 19% increase in price. However, over the past 1 year, the token has seen a staggering 350% rise amidst the AI narrative hype. It is currently trading at $0.2284. On the same note, FET has surged over 329% over the 1 year and is currently trading at $0.3665. 

OCEAN has posted smaller gains over the 1 year, but has still recorded a significant 110% surge over this period and is currently trading at $0.3645.

  • ARKM:

According to Deutscher, although ARKM has received less attention than other altcoins, it is promising due to its involvement in AI-related businesses and its investment by Sam Altman. 

Deutscher highlights ARKM’s potential in the AI space, especially during the Solana conferences. This makes ARKM one of the altcoins to watch closely for potential trading opportunities, according to Deutscher. 

Currently, the crypto analytics and data tracking platform’s native token is trading at $0.3833, up 20% in the last fourteen days.

XRP Speculation Intensifies Ahead Of Ripple’s ‘Swell Conference’

  • DOGE:

While DOGE has seen a decline in price action and hype, Deutscher highlights two key factors that could influence its performance. 

First, DOGE Day, has historically attracted retail interest. Second, the potential for a Halloween tweet from Elon Musk, as was the case last year. Deutscher suggests that DOGE is best suited for spot trading and dollar cost averaging (DCA), as it remains an attractive option for retail investors and has the potential for a strong pump in the future.

Currently, the Meme coin has lost its bullish momentum and has erased most of its gains over the past few days. Currently, the token is trading at $0.0686, down 1.9% in the past 24 hours and 42% in the 1-year time frame. 

  • Last but not least is XRP:

With Ripple’s “Swell Conference” scheduled for November 8-9, Deutscher acknowledges the heavy speculation surrounding a potential initial public offering (IPO), although he believes it is unlikely. 

However, given the speculative nature of the crypto market, such speculation can fuel FOMO (fear of missing out) )-driven rallies. XRP has experienced pre-conference spikes, making it a token to watch this week and next.

Altcoins

Currently, XRP is experiencing a sustained uptrend price action, gaining 2% in the past 24 hours, pushing the token to the 0.5949 level, which has not been seen since August.

Featured image from Shutterstock, chart from TradingView.com 

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Expert Insights: 7 Altcoins Showing Promising Breakout Potential – A Must-Watch List

In a recent X (formerly Twitter) post, renowned crypto expert Miles Deutscher provided valuable insights into his weekly tokens and narrative watchlist, focusing on critical altcoins and upcoming events with significant trading potential. 

Altcoins Poised For Potential Breakout

Deutscher’s analysis sheds light on several altcoins, including Solana (SOL), SingularityNET (AGIX), Fetch.ai (FET), Ocean Protocol (OCEAN), Arkham (ARKM), Dogecoin (DOGE), and XRP. 

  • Solana:

Deutscher emphasizes the importance of Solana’s Breakpoint 2023 conference and anticipates major announcements. While previous Breakpoints have resulted in “sell the news” events, Deutscher remains cautiously short on SOL. 

On the other hand, Miles expects a positive response from the community after the recent FTX collapse. However, historical patterns suggest the possibility of a sell-off, which warrants vigilance.

Altcoins

Nonetheless, SOL has broken previous weekly records every week for the past month. Currently, SOL is trading at $36.27, a new record for 2023 and a level not seen since November 5, 2022. Moreover, SOL has seen significant gains of 4.4% over the past 24 hours, following its remarkable 57% rise over the past 30 days.

  • AGIX, FET, OCEAN:

The resurgence of the artificial intelligence (AI) narrative has sparked anticipation for a series of AI conferences, including OpenAI’s developer conference on November 6. Deutscher advises focusing on established leaders such as AGIX, FET, and OCEAN. 

These tokens have demonstrated strength during previous AI market surges. Deutscher suggests avoiding speculation on low-cap coins and opting for long positions on these altcoin AI leaders.

Over the past 30 days, AGIX has seen a remarkable 19% increase in price. However, over the past 1 year, the token has seen a staggering 350% rise amidst the AI narrative hype. It is currently trading at $0.2284. On the same note, FET has surged over 329% over the 1 year and is currently trading at $0.3665. 

OCEAN has posted smaller gains over the 1 year, but has still recorded a significant 110% surge over this period and is currently trading at $0.3645.

  • ARKM:

According to Deutscher, although ARKM has received less attention than other altcoins, it is promising due to its involvement in AI-related businesses and its investment by Sam Altman. 

Deutscher highlights ARKM’s potential in the AI space, especially during the Solana conferences. This makes ARKM one of the altcoins to watch closely for potential trading opportunities, according to Deutscher. 

Currently, the crypto analytics and data tracking platform’s native token is trading at $0.3833, up 20% in the last fourteen days.

XRP Speculation Intensifies Ahead Of Ripple’s ‘Swell Conference’

  • DOGE:

While DOGE has seen a decline in price action and hype, Deutscher highlights two key factors that could influence its performance. 

First, DOGE Day, has historically attracted retail interest. Second, the potential for a Halloween tweet from Elon Musk, as was the case last year. Deutscher suggests that DOGE is best suited for spot trading and dollar cost averaging (DCA), as it remains an attractive option for retail investors and has the potential for a strong pump in the future.

Currently, the Meme coin has lost its bullish momentum and has erased most of its gains over the past few days. Currently, the token is trading at $0.0686, down 1.9% in the past 24 hours and 42% in the 1-year time frame. 

  • Last but not least is XRP:

With Ripple’s “Swell Conference” scheduled for November 8-9, Deutscher acknowledges the heavy speculation surrounding a potential initial public offering (IPO), although he believes it is unlikely. 

However, given the speculative nature of the crypto market, such speculation can fuel FOMO (fear of missing out) )-driven rallies. XRP has experienced pre-conference spikes, making it a token to watch this week and next.

Altcoins

Currently, XRP is experiencing a sustained uptrend price action, gaining 2% in the past 24 hours, pushing the token to the 0.5949 level, which has not been seen since August.

Featured image from Shutterstock, chart from TradingView.com 

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PEPE Roars Ahead: Dominates SHIB And DOGE With Record-Breaking 6.9T Burn

In the ongoing frenzy surrounding meme coins that have captivated the cryptocurrency market throughout 2023, PEPE has experienced a significant resurgence. 

After a prolonged decline from July 14 to October 3, the memecoin halted its downtrend and entered an accumulation phase. Subsequently, it embarked on a renewed bullish uptrend starting on October 20, outperforming Ethereum-based altcoin Shiba Inu (SHIB) and Elon Musk-backed Dogecoin (DOGE) by a significant margin. 

As a result of this uptrend, PEPE has reclaimed its position in the top 100 list of cryptocurrencies, currently ranking 96th.

Bitcoin’s Surge Beyond $35,000 Sparks Market Uptrend

This surge in value has been largely influenced by the market leader, Bitcoin (BTC), which surpassed the $35,000 mark on Tuesday. 

For many, the current uptrend is driven by anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF), which could potentially bring a new wave of capital into the market.

Furthermore, Dogecoin is among the five popular meme coins influenced by Bitcoin’s rise to $35,000. Shiba Inu also experienced a 5.9% gain and is currently trading at $0.00000765, following a similar pattern to DOGE.

In a significant development, the dev team behind PEPE announced on X (formerly Twitter) that approximately 6.9 trillion $PEPE tokens, worth around $6,000,000, have been burned. 

Additionally, a new team of advisors has been brought on board to guide the future direction of Pepe. The original team is exploring using the remaining 3.79 trillion tokens, attributed to the Centralized Exchange (CEX) multi-sig wallet, for strategic partnerships and marketing opportunities. 

The PEPE community can expect regular updates on future token burns, movements, or uses through Twitter and the official telegram channel.

PEPE Price Skyrockets By 25.83% In 24 Hours

As of today, the price of Pepe (PEPE) stands at US$0.000000930549, with a 24-hour trading volume of $455,035,042.79. This represents a significant price increase of 25.83% in the last 24 hours and a 43.63% increase over the past 7 days. 

With a circulating supply of 420 billion PEPE, Pepe currently holds a market capitalization of $398,014,904.

PEPE

On the other hand, SHIB is currently priced at $0.00000739, with a 24-hour trading volume of $314,695,140.13. 

Over the past 24 hours, SHIB has experienced a price increase of 2.72% and a 6.04% increase over the past 7 days. With a circulating supply of 590 billion SHIB, Shiba Inu has a market capitalization of US$4,348,847,496.

Meanwhile, DOGE is trading at $0.065989, with a 24-hour trading volume of $1,064,277,555.26. Over the past 24 hours, DOGE has seen a price increase of 3.02% and an 11.02% increase over the past 7 days. 

With a circulating supply of 140 billion DOGE, Dogecoin holds a market capitalization of US$9,327,269,145.

The recent price movements and market activities of these meme coins reflect the renewed confidence and interest in the cryptocurrency market. Furthermore, these numbers solidify PEPE’s position as the standout performer in the market.

Featured image from Shutterstock, chart from TradingView.com 

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Expert Trader Identifies 6 High-Potential Altcoins To Watch

In its latest update on October 18, renowned crypto analyst Rekt Capital has highlighted six altcoins that have caught his attention, showing potential for the remainder of 2023, Ocean Protocol (OCEAN), Dogecoin (DOGE), Woo Network (WOO), Verasity (VRA), Stellar (XLM), and Injective (INJ).

Mixed Signals For Dogecoin

Rekt Capital’s analysis suggests a crucial moment for the Ocean Protocol. Whether the current price deviation will result in a downside wick below the red channel placed at $0.2763 or if the price will close below it weekly. 

While a downside wick followed by a recovery could lead to a move toward the Channel Top at $0.3247, a weekly close below the Channel Bottom would necessitate keen observation for price rejection as new resistance.

On the other hand, Rekt Capital notes that Dogecoin has been meandering at the bottom of its channel at $0.058890.

Altcoins

However, recent price developments indicate that the potential bullish divergence in its 1-week chart is likely no longer valid. 

The lower low has shifted from support to resistance, confirmed by price action and a breakdown in the RSI’s trendline. Although a scenario of DOGE reclaiming its lower low remains possible, Rekt believes that a more definitive reaction is needed to confirm a potential fake breakdown.

Injective Dominates The Altcoins Market

Woo Network has experienced a relatively subdued quarter compared to the first half of 2023. Despite the uncertain macro outlook, WOO Network remains confident in its vision and mission. 

Notably, the network successfully negotiated the repurchase of shares and tokens from the estate of Three Arrows Capital, alleviating uncertainty for WOO Network’s community and investors.

Verasity is a protocol and product layer platform for esports, video entertainment, and digital content management. Rekt Capital acknowledges the breakout from the mid-term downtrend structure in Verasity’s native token. 

The token has been establishing higher lows after reaching a low point on October 4, indicating a potential shift in momentum.

Stellar is a blockchain-based payments network that facilitates global, efficient digital asset issuance and exchange. XLM has recently displayed sideways price action, trading below its 50-day and 200-day moving averages. Nonetheless, Rekt Capital includes Stellar in their altcoin watchlist, suggesting it is one to watch.

Injective is an open and interoperable blockchain optimized for DeFi applications, utilizing the Tendermint PoS consensus mechanism. Rekt Capital highlights the significant uptrend in INJ’s native token in the past 24 hours and over the past year, with a remarkable surge of 290%.

As Rekt Capital’s analysis indicates, these six altcoins – OCEAN, DOGE, WOO, Verasity VRA, XLM, and INJ – have caught the attention of the crypto analyst. 

While each cryptocurrency presents its unique opportunities and challenges, investors and enthusiasts can look forward to monitoring their performances and assessing their potential for the remainder of 2023. 

Altcoins

Featured image from Shutterstock, chart from TradingView.com

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Dogecoin Gains 100K Holders In Just Three Months, Report

Popular meme coin, Dogecoin, has welcomed new holders into its ecosystem within the past three months. As per data from CoinMarketCap, the number of Doge holders has increased by about 2% from its July 24th number.

While the coin has enjoyed increased investors, it hasn’t reflected in its price movement. It seems most investors are dormant whales banking on future bullish news, such as Twitter’s acquisition or other blockchain upgrades. 

Dogecoin Investors Spike: The Numbers

Dogecoin has enjoyed massive growth in the past. What started as a meme on Twitter grew to become a top 10 cryptocurrency, according to CoinMarketCap. Despite its huge popularity, it joined the rest of the market to nosedive during the recent crypto crash. 

Dogecoin is still over 90% below its all-time high. However, it has seen a decent increase in the number of holders in the past three months. Dogecoin’s total holder count as of October 23 was 4,456,459, up from 4,365,551 on July 24 (a 2% increase). CoinMarketCap statistics show that the tenth-ranked cryptocurrency by market cap gained over 889,900 holdings in three months.

However, the price of Dogecoin has not responded to the actions of its holders. As of this writing, the asset was trading for $0.059, down 16.1% in the past three months.

Why More People Are Holding Doge

There are several reasons that explain the disconnect between the rise in the number of DOGE holders and the price of cryptocurrency. One major reason is the widespread expectation that the meme coin’s value will improve soon. The whales’ continuing accumulation of DOGE and network activities to increase its utility indicate that DOGE will rally again.

Elon Musk, CEO of Tesla, has also been in the news recently for his proposed takeover of social media giant Twitter. This news has coincided with a surge in holdings. It’s worth mentioning that Musk and the Dogecoin community have had a positive history together. Therefore, the prospect of this purchase going through might affect the value of DOGE.

Musk has backed DOGE and is collaborating with the cryptocurrency’s key developers to improve the token’s potential. His prior remarks on Dogecoin also caused the token’s price to skyrocket. On the other hand, if the transaction is successful, there is a potential that Dogecoin may be included as a payment option on the social networking platform. This would be a bullish development for cryptocurrency. 

DOGE’s price currently hovers around $0.06. | Source: DOGEUSD price chart from TradingView.com
Doge Community Is Bullish About Its Price

CoinMarketCap’s cryptocurrency community anticipates the dog meme token will average $0.06748 this October. This estimate was calculated using the ‘Price Estimate’ tool. The tool lets participants speculate on the future value of various cryptocurrencies based on their votes. The total number of votes in this forecast was 1,043.

The anticipated Dogecoin price on October 31, 2022, is $0.0716. It is +19.71% more than its current $0.05981 value at the time of writing.

Featured image from Pixabay and chart from TradingView.com