Over the past week, the meme coin known as maga (TRUMP) has increased by more than 45% against the U.S. dollar, and over the past day, the TRUMP token has climbed more than 7%. Statistics reveal that this rise in value has boosted former U.S. President Donald Trump’s cryptocurrency holdings, with his stash of TRUMP […]
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Stablecoin Market Swells With Growth in March, Led by Ethena’s USDE
This month we have witnessed a continuous expansion in the stablecoin domain, eclipsing the 0 billion mark on March 20, 2024, with an infusion of an additional .4 billion into the arena since then. Leading the pack in supply growth for March was Ethena’s USDE, soaring by 194.9% over the last 30 days. Top Dollar-Pegged […]
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Stablecoin Sector Sees $3.26 Billion Growth Spurt; Tether Nears $100B Milestone, USDE Supply Swells by 374%
The stablecoin sector experienced a .26 billion expansion within the last eight days, climbing from 0.82 billion to 4.08 billion by Sunday, March 3, 2024. During February, increases in supply were observed in four of the top five stablecoins by market cap, with FDUSD’s supply growth leading amongst the five. Stablecoin Economy Rises 2.31% in […]
Bitcoin News
Stablecoin Sector Swells by $1.7 Billion in February; USDC and FDUSD Lead Supply Growth
Statistics reveal that since the onset of February 2024, the stablecoin sector has experienced a significant expansion, with an increase of .7 billion in its economy. In the last 30 days, both usd coin and first digital usd witnessed their supplies jump by 9.6% and 40.3%, respectively. The Dual-Edged Sword of Stablecoin Growth As the […]
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300 Million Dogecoin (DOGE) Moved To Robinhood As Price Swells
The Meme-based cryptocurrency Dogecoin (DOGE) has recently experienced a significant increase in whale transactions during an improvement in the crypto asset’s price.
300 Million Dogecoin (DOGE) Dumped In Crypto Exchange
Data from the on-chain crypto tracker Whale Alert recently revealed that a massive amount of Dogecoin (DOGE) was transferred to Robinhood. This whale transaction has attracted the interest of traders and investors in the larger cryptocurrency space.
According to the crypto tracker, the transfer was orchestrated by an unknown wallet address earlier today. The wallet address identified as DDuXG.ruc1wwKF sent about 300 million DOGE to the cryptocurrency trading platform Robinhood.
The post read:
300,000,000 #DOGE (25,033,123 USD) transferred from unknown wallet to #Robinhood.
With the current price of Dogecoin, the whale transaction is valued at approximately million. The whale moved the substantial Dogecoin haul to Robinhood for a comparatively low network cost of just .18. This is most likely by taking advantage of times when fees and congestion were low.
The transfer of DOGE to Robinhood suggests that the whale is looking to sell the tokens, igniting speculation in the larger cryptocurrency market. However, it seems that the meme-based cryptocurrency’s price increase runs counter to the tokens being dumped on exchanges.
Currently, the price of DOGE is sitting at .0839, indicating an over 2% increase in price in the past 24 hours. Meanwhile, its market capitalization is also reflecting the same percentage rise at .9 billion, according to CoinMarketCap.
A similar whale transaction was also flagged by the on-chain tracker recently. In October, a similar transaction of 300 million DOGE tokens occurred thrice, while last month also saw a similar transaction twice.
Large-scale individual transactions usually come with the danger of crashes due to fast liquidations or market manipulation. However, there is no solid evidence that the whale transaction had any impact on the token’s price.
The Crypto Asset’s Holders Increases Significantly
Dogecoin has shown a significant uptick in its total number of holders lately. Analytics firm IntoTheBlock revealed that the total number of addresses holding a balance exceeded 5 million this week, and reached a high of 5.02 million on November 27. A major factor contributing to the rise in new Dogecoin addresses is the cryptocurrency’s increasing adoption and interest.
The on-chain analytics firm also revealed that the numbers have been increasing gradually since the start of the year. “This recent activity is most likely driven by Dogecoin “Doginals”, which don’t require a significant on-chain balance of $DOGE,” IntoTheBlock said.
DOGE trading at .0833 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Bitcoin Technical Analysis: BTC Navigates Tides of Low Volume and Market Swells
On Sunday morning Eastern Time (ET), bitcoin’s trading value hovers slightly over the ,000 mark per unit, peaking at ,294 for the day. There’s a slight dip in BTC trading volume over the weekend compared to the previous weekday, totaling .76 billion of the crypto economy’s .15 billion. Over the last day, bitcoin has seen a modest decline of 0.4%, but it’s up by 5.5% over the past week and has surged just above 38% in the last month.
Bitcoin
Bitcoin’s price oscillations on Sunday show a nuanced battleground between bullish sentiment and potential overbought warnings. The leading cryptocurrency displayed a 24-hour price range between ,821 and ,294, with oscillators like the relative strength index (RSI) and the commodity channel index (CCI) signaling caution. Meanwhile, moving averages suggest a continued uptrend, presenting a complex scenario for traders.
On the oscillator front, bitcoin’s RSI reached a high level of 80, typically indicating overbought conditions that could precede a price pullback. The Stochastic oscillator echoed this sentiment with a value also at 80, but held a neutral stance, suggesting hesitation among traders about immediate price direction. The CCI’s reading at 155 further supports the overbought signals, urging investors to brace for potential volatility or a short-term correction in price.
Moving averages tell a different story, revealing a continued and strong bullish trend across multiple time frames. Short-term support is evident with the 10-day exponential moving average (EMA) and simple moving average (SMA) sitting at ,086 and ,917 respectively, both indicating an optimistic sentiment in the market. The longer-term outlook remains bright as well, with the 200-day EMA and SMA at ,672 and ,696, asserting a strong foundation for growth.
The interplay between the shorter-term and longer-term moving averages, along with the EMA and SMA data, showcases a sustained growth trajectory for bitcoin. The consistent optimistic sentiment signals across the 20, 30, 50, 100, and 200-day intervals underscores the momentum that has been building. This suggests that despite the short-term overbought signals from oscillators, the undercurrent of bitcoin’s market sentiment leans toward a bullish continuation. The Crypto Fear and Greed Index (CFGI) hosted on alternative.me, shows a position of “greed” on Sunday with a score of 73.
Concurrently, U.S. stock markets wrapped up Friday on a positive note, with key benchmark indices recording rises from 1-2%. Come Monday, the financial world sets its sights on the monthly U.S. federal budget statement. Following this, Tuesday’s agenda is marked by the U.S. Labor Department’s unveiling of the consumer price index (CPI). The week will further unfold with updates on housing sales and unemployment claims. These elements, combined with the broader economic climate and global tensions, may sway bitcoin’s valuation throughout the week.
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What do you think about bitcoin’s recent market action? Share your thoughts and opinions about this subject in the comments section below.
Gamefi Tokens’ Valuation Swells by $4.5 Billion, Eclipsing AI Crypto Sector’s Growth
Over the last month, the crypto market has seen appreciable gains, reaching a valuation of .4 trillion. Certain areas, however, have registered more pronounced increases against the U.S. dollar. Data reveals that the top gaming tokens from the game finance (gamefi) sector have experienced significant growth over the past week. From the onset of 2023, the market valuation of the gamefi token sector has increased by .54 billion, attaining its current value of .49 billion.
Top Gamefi Tokens Capture Striking Gains
Gamefi tokens have registered notable gains in the past week, with several assets achieving double to triple-digit increases. Coins linked with game finance are digital assets employed within blockchain-based gaming platforms, either as in-game currency or for governance purposes, enabling voting on decisions that influence the game’s development and operations.
Currently, the aggregate value of today’s leading gamefi tokens stands at .49 billion. This valuation represents less than 1% of the total .4 trillion crypto economy, or approximately 0.82%. The largest game token by market capitalization is internet computer (ICP), which is valued at about .9 billion. ICP’s value increased by 8.1% against the greenback over the past week.
Immutable x (IMX), the second-largest gamefi coin, saw a rise of 57.7% this week, with its valuation reaching .35 billion. Four gamefi coins posted triple-digit gains during the seven-day period, with netvrk (NTVRK) climbing 319%, planet ix (IXT) increasing by 261%, and sinverse (SIN) advancing by 185%. Sipher (SIPHER) expanded by 109.1%, the virtua kolect (TVK) by 86.3%, and senate (SENATE) by 71.5%.
Illuvium (ILV) also experienced notable gains, increasing by 71.2% this past week. However, two gamefi tokens underperformed: affyn (FYN) fell by 28%, and starlink (STARL) declined by 11.1% against the U.S. dollar. While the allure of the metaverse and gamefi has diminished compared to the excitement surrounding the artificial intelligence (AI) sector, the leading gamefi token ecosystem remains significantly more valuable than the AI crypto token economy, which is currently valued at .37 billion.
What do you think about the seven-day gains gamefi tokens recorded and the .5 billion increase since the onset of 2023? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin’s Transaction Backlog Swells With Latest Inscription Wave, Pushing Fees Up 4,000%
After a quiet period post-September 15, Bitcoin transaction backlogs are surging anew, with a noticeable resurgence of Ordinal inscriptions starting October 24. The number of pending bitcoin transactions in the mempool has surpassed 157,000, prompting a rise in high-priority transaction fees to .38.
Bitcoin Sees Renewed Congestion, With Transaction Fees Hitting New Highs
As of the afternoon of November 6, 2023, precisely 157,101 transactions await confirmation at the Bitcoin network’s block height of 815,605. Following a peak in mid-September with over 700,000 pending transactions, Bitcoin miners had reduced the number to a mere 27,210 by October 3, with high-priority fees dropping to just .08 each.
The recent spike in Ordinal inscriptions led to November 4 recording the second-highest daily total for such entries, with 440,760 additions making it one of the busiest days for Bitcoin with 698,917 transactions processed. The momentum continued on November 5, with another 403,026 inscriptions logged.
This flurry of activity—over 800,000 transfers within two days—has inflated the mempool backlog. By the end of November 5, the ledger was clogged with over 166,000 pending transactions, and high-priority transaction fees climbed to .86.
The following day, the pending count remained above 157,000, with fees for expedited processing at .38, and standard transactions costing .49. According to bitinfocharts.com, the average transaction fee is now 0.00011 BTC or .71, with the median fee at 0.000061 BTC or .12 per transaction.
Notably, the average cost for Bitcoin block space currently outpaces the median ethereum (ETH) fee, which stands at 0.0014 ETH or .66 per transaction. Data reveals a significant 4,125% increase in high-priority transaction fees from October 3 to November 6, 2023.
What do you think about the unconfirmed transactions rising and the jump in bitcoin transfer fees? Share your thoughts and opinions about this subject in the comments section below.
Central Bank Gold Demand Swells in Q3 Amid Global Unrest
Central banks around the world maintained their appetite for gold in the third quarter of 2023, with their purchases totaling 337 metric tons, the World Gold Council’s (WGC) third-quarter report shows. Analysts from the council suggest that this steady central bank activity is indicative of a sustained, strong demand for gold, which may lead to a strong year-end total for 2023.
World Gold Council Report Shows Central Banks Boost Gold Holdings Amid Economic Shifts
The figure of 337 metric tons of gold came close to but did not surpass the record set in the third quarter of 2022. However, it has pushed the year-to-date purchases to a record high of 800 metric tons. The WGC report states that such consistent central bank activity signals ongoing demand for gold, potentially leading to another strong year-end total for 2023.
On Friday, the price of gold per ounce reached a high of ,002 but has since fallen below the ,000 mark. Over the past 30 days, gold has gained more than 9% against the U.S. dollar, and it has increased 22% over the past 12 months. In the report, the WGC notes that central bank purchases have become a key driver of demand.
The council’s report also notes that, when excluding over-the-counter (OTC) transactions, gold demand in the third quarter exceeded its five-year average by 8%, despite a 6% year-over-year decrease, totaling 1,147 metric tons. When including OTC and stock flows, overall demand rose 6% from the previous year, reaching 1,267 metric tons.
The report goes on to say that gold investment demand in the third quarter was 157 metric tons, a 56% increase from the previous year, although it fell short of the five-year average of 315 metric tons. Gold exchange-traded funds (ETFs) around the world experienced a decrease of 139 metric tons in the third quarter, which, while notable, was less than the 244-ton outflow seen in the same quarter of the previous year.
Louise Street, the senior markets analyst at the World Gold Council, summarized the situation: “Gold demand has been resilient throughout this year, performing well against the headwinds of high interest rates and a strong U.S. dollar. Our report shows that gold demand is healthy this quarter, compared with its five-year average.”
Beginning in October 2023, against a backdrop of escalating tensions in Israel, the value of precious metals and bitcoin (BTC) has climbed amid mounting economic uncertainty. Over the last month, gold has appreciated by 9.4%, and BTC has surged 25%. Closing out this week’s trading, U.S. stocks showed resilience, finishing strong as Treasury yields retreated, with all four primary indices ending Friday in positive territory.
What do you think about the central bank gold demand in Q3 2023? Share your thoughts and opinions about this subject in the comments section below.
Base Chain TVL Surpasses Cardano As Interest Swells
Ethereum Layer 2 network “Base” has surpassed Cardano in terms of Total Value Locked (TVL) in just two weeks after its official launch, despite Cardano experiencing a multi-year head start in growth and development.
Base TVL And Trading Volume Rises Above Cardano
Presently, Cardano is facing criticism from users due to its TVL falling below that of the newly launched project “Base” built by Coinbase. One individual who has publicly criticized the project is Evan Van Ness, a Consensys member and Ethereum advocate.
Van Ness took to his X (formerly Twitter) account which boasts over 103,000 followers to call Cardano a “Zombie chain” because it was below Base by TVL despite being years ahead of the latter.
Base was launched on August 9 and it has experienced impressive growth and momentum since it was introduced to the public. According to Data from DeFillama, the layer 2 network Base recorded a higher trading volume (.23 million) than that of the layer 1 network Cardano ( million) in less than 24 hours after its official launch.
In terms of TVL, at the time Van Ness’s chart was shared on X, Base had managed to secure 8 million in TVL since it was introduced, surpassing Cardano which sat at the 14th position by TVL with 0 million.
However, these figures have since been flipped especially since ADA is seeing a green day on Saturday. DefiLlama data currently shows a TVL of 8.46 million for Cardano versus 5.53 million for Base.
Nevertheless, data from L2beat points Base’s rise in TVL over the past week puts it ahead of StarkNet and others which made it the fifth largest layer-2 network.
Base TVL is, however, not the only impressive thing about the L2, as the network has outperformed Cardano by completing more transactions in its first week than Cardano’s transactions in a month.
Although Base’s TPS may be lower than that of other layer 2 networks like Optimism (OP), investors and market observers believe that the network will experience more adoption as its ecosystem grows.
Rising Average Transactions Per Second
Base has recorded over 11 million transactions in less than a month since its official launch. Base’s average transactions per second over the past few days has been reported to be 15.88, surpassing other layer 2 blockchain Abritrum (AB) and Optimism (OP). The network’s 15.88 also shows an increase of almost 160% in daily Transactions Per Second (TPS).
Base’s TPS rise was no coincidence as more investors engage in Base’s Friend.tech. Friend.tech is a social market that allows users to buy and sell shares in public figures. It has reportedly garnered more than 100,000 users since its release.
Other protocols such as Synthenix have also shown interest in the Base network, as the protocol recently concluded a governance vote to deploy on Base. Another development is the on-chain analytics firm Arkham Intelligence announcing on X earlier in the week that it will be adding support for Base.