Dogwifhat (WIF), a cryptocurrency emerging from the world of internet memes, has made significant waves in the digital currency space by becoming the third-largest memecoin by market capitalization as of March 29.
This achievement saw it overtake the Pepe (PEPE) token in the rankings.
Achieving a new peak, the price of Dogwifhat soared to an all-time high of $4.64 on March 30, only to adjust slightly to $4.32 by 2:00 pm (UTC) the same day, based on data from CoinMarketCap.
The remarkable surge of over 87% in a week propelled Dogwifhat’s market cap to $4.3 billion, thus surpassing Pepe token’s valuation of $3.4 billion.
Such growth has positioned WIF as the 31st largest cryptocurrency overall.
The largest holder of WIF, despite the coin’s 431% increase over the past month, is opting to retain their investment.
Holding $139.5 million worth of WIF tokens, initially purchased at an average price of $0.32, this wallet now sits on an unrealized profit of $127.3 million, as per Coinstats.
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The momentum behind Dogwifhat’s rise was notably boosted on March 14, reaching a then peak of $3 following a crowdfunding initiative that gathered over $700,000 for advertising the token on the Las Vegas sphere, resulting in a 25% price increase post-announcement.
Arthur Hayes, the ex-CEO of BitMEX and now chief investment officer at Maelstrom, forecasted on March 14 through an X post that Dogwifhat could reach a $10 valuation, stating, “The hat stays on while I count to $10.”
Dogwifhat joins the ranks of dog-themed memecoins like Dogecoin, which soared to a $75.2 billion market cap in May 2021, currently valued at $30.2 billion.
To match Dogecoin’s market cap, Dogwifhat’s price would need to reach $30.8 per token, an eightfold increase not deemed improbable in the volatile memecoin market.
Reflecting on Dogecoin’s performance during the 2021 bull market, it witnessed an over 892% price increase from $0.07433 on April 12, 2021, to $0.7376 on May 6, illustrating the dynamic and unpredictable nature of memecoin valuations.
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Consensys recently responded to an inquiry by the United States Securities and Exchange Commission (SEC) regarding concerns about the potential for fraud and manipulation within Ethereum’s proof-of-stake (PoS) system, especially in relation to spot Ether exchange-traded funds (ETFs).
In a comment letter to the SEC, Consensys, a leading blockchain and Web3 software development firm known for creating the MetaMask wallet, argued that the worries about fraud and manipulation are unfounded.
The company elaborated on its position in a blog post, asserting, “In fact, Ethereum’s PoS implementation meets and even exceeds the security of Bitcoin’s proof-of-work (PoW), which underlies Bitcoin-based ETFs that have already been approved for trading by the SEC.”
Consensys outlined several features of Ethereum that contribute to its security advantages over Bitcoin, including quicker block finality, a split of duties between proposers and attesters to prevent dominance by any single group, higher costs for potential attackers, strict penalties for validator misconduct, and greater environmental sustainability.
Moreover, Consensys emphasized Ethereum’s extensive developer community and its operation on a fully transparent and public blockchain.
The firm urged the SEC to recognize these superior security attributes, which exceed those of Bitcoin-based ETPs already sanctioned by the SEC.
While spot Bitcoin ETFs have garnered significant interest, the approval of a spot Ether ETF within 2023 remains uncertain.
The SEC has set a deadline of May 23 to decide on the pending spot ETH ETF applications, starting with VanEck’s proposal.
Despite optimism from some experts about an approval in 2023, there’s speculation that the SEC may defer its decision into 2024.
Companies such as Fidelity, Hashdex, and ARK 21Shares are among those with pending spot ETH ETF applications. The SEC began green-lighting Ether futures-linked investment vehicles in October 2023.
The crypto betting markets are closely watching the SEC’s decisions, with over $12 million wagered on the outcome of the spot Ether ETF approvals before the end of May.
Previously, the SEC approved 11 spot Bitcoin ETFs on January 10. Grayscale, an investment management firm, has expressed hope for a positive verdict from the SEC on spot Ether ETFs by May.
Grayscale’s Chief Legal Officer, Craig Salm, noted on March 25 that the SEC’s current lack of direct engagement with ETF applicants does not necessarily indicate the outcome of their decisions.
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Coinbase’s Ethereum layer-2 network, Base, has experienced a significant surge in trading volume on decentralized exchanges (DEX) within just 24 hours, breaking its previous records and exceeding the $1 billion threshold.
Data from Dune highlighted this remarkable increase, showing that on March 30, Base’s DEX trading volume soared to $1.21 billion, a 25% rise from the previous day’s $959.63 million.
The bulk of this trading volume was concentrated on Uniswap, which dominated 64.3% of the activity.
It was followed by contributions from Aerodrome Finance and SharkSwap, which accounted for 9.7% and 7.8% of the volume, respectively.
Additionally, Base’s daily active users (DAU) also witnessed a boost, with a 12.4% jump from 153,000 to 172,000, while the average weekly active users over the past six weeks stood at 667,765.
Amidst this growth, there’s a buzz in the crypto community regarding Base’s potential to emerge as a new focal point for memecoins.
The crypto trader Wizard of SoHo, with a following of 97,000 on X, likened Base to an “early Solana” and foresaw the development of several billion-dollar memecoins on the network.
Similarly, Base contributor Jesse Pollak engaged his 73,200 followers in a discussion about when Base might become the “largest non-Ethereum on-chain economy,” with 49.4% of participants predicting it could happen within 3 months, and another 28.6% within a year.
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Despite the buzz, the network presently lacks tokens with a market capitalization reaching or surpassing $1 billion.
However, memecoins like Degen (DEGEN) and Brett (BRETT) are notable, boasting market caps of $709.9 million and $654.6 million respectively, as per CoinGecko.
Notably, DEGEN’s market cap surged nearly fivefold from $143.4 million to $709.9 million in just seven days.
Furthermore, Coinbase announced plans on March 27 to transition more of its USD Coin stablecoin accounts for both customers and corporate entities to Base.
Max Branzburg, Coinbase’s vice president, emphasized that this move would enable the exchange to offer lower fees and quicker settlement times for managing and securing customer funds.
This adjustment will be applicable only to Coinbase.com accounts, excluding Coinbase Wallet users who manage their own private keys.
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Over the weekend, XRP experienced a minor setback, decreasing by 1.36% on Saturday and closing the session at $0.6219.
This dip reversed the gains from Friday, highlighting the volatile nature of cryptocurrency markets.
The decline occurred amidst a backdrop devoid of new developments from the ongoing SEC vs. Ripple litigation, instead reflecting market reactions to a significant court decision involving Coinbase.
On Wednesday, a partial victory was recorded for Coinbase in its Motion to Dismiss (MTD) against a lawsuit, but the celebration was muted as the court’s decision also hinted at challenges for Coinbase, Ripple, XRP, and the broader cryptocurrency sector.
The dismissal pertained only to certain allegations, leaving intact serious charges of securities law violations.
Legal analysts had speculated that a complete win for Coinbase might have prompted the SEC to reconsider its stance against Ripple.
Stuart Alderoty, Ripple’s Chief Legal Officer, took to X (previously known as Twitter) to comment on the implications of the recent court ruling, criticizing the SEC’s approach and expressing skepticism about their evidence.
Alderoty’s statements underscore the ongoing tension and the critical eye Ripple maintains towards the SEC’s legal maneuvers.
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The court’s ruling, articulated by Judge Katherine Failla, underscored the allegations against Coinbase for operating as an unregistered securities intermediary.
This decision not only affects Coinbase but also casts a shadow over the cryptocurrency industry at large, especially as it involves 13 cryptocurrencies accused of being offered and sold as investment contracts.
In a broader context, the legal landscape for cryptocurrencies in the United States is becoming increasingly complex.
Recent judgments, including one against Terraform Labs, have started to shape a regulatory environment that could extend SEC oversight across the digital asset domain.
These developments are pivotal, potentially influencing the future of Ripple and XRP, among others.
XRP’s market position, in the meantime, remains resilient.
Despite short-term fluctuations, indicators like the 50-day and 200-day Exponential Moving Averages (EMAs) suggest a bullish trend.
Technical analysis points to possible resistance and support levels, with a notable emphasis on the potential for XRP to challenge higher price points, should it overcome immediate barriers.
As the cryptocurrency community watches the unfolding legal battles, the SEC’s aggressive posture towards the sector demands investor vigilance.
The outcomes of these cases, including the one involving Coinbase, could significantly impact market dynamics and regulatory approaches in the U.S. digital asset space.
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Ethereum (ETH) is on the cusp of potentially climbing higher, drawing attention from breakout traders.
However, the journey upward isn’t straightforward, as market dynamics often see an initial move in the opposite direction to gather liquidity.
This necessitates patience among ETH enthusiasts eager for gains.
The price of Ethereum has recently carved out a trading range, plummeting 25% from $3,054 to $4,095 between March 11th and 20th.
Presently, ETH has surged past the mid-point of this range, stationed at $3,574, signaling a promising, albeit volatile, ascent.
This abrupt price movement, while tempting for traders, warrants caution.
The cryptocurrency market is notorious for its swift reversals following initial breakouts, aimed at amassing liquidity beneath critical thresholds.
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Since hitting its range low on March 20th, ETH has been marking progressively higher highs, suggesting the possibility of a retracement following a breakout above $3,574 and $3,658.
A dip to $3,461 may offer a strategic entry point for long positions, especially if Bitcoin (BTC) completes its liquidity accumulation phase.
Under these conditions, ETH could surge, surpassing the $3,658 barrier and potentially retesting the significant $4,000 level.
A further push could see it reaching $4,095, especially under strong selling pressure.
Conversely, should Bitcoin falter in its recovery post-liquidity collection, it could drag altcoins, including Ethereum, downward.
A drop to Ethereum’s range bottom at $3,054 and a subsequent shift of this level to resistance could negate the optimistic outlook for ETH, hinting at a continuation of the downward trend.
Such a scenario might precipitate a near 2% fall in Ethereum’s price, potentially bringing it down to the psychologically important $3,000 mark.
This forecast underscores the nuanced and speculative nature of cryptocurrency trading, emphasizing the need for caution and strategic patience among investors.
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In a significant development, Ripple Labs and the U.S. Securities and Exchange Commission (SEC) engaged in settlement discussions on March 29, aiming to resolve ongoing disputes before a crucial pre-trial conference scheduled for April.
Ripple’s Chief Legal Officer, Stuart Alderoty, expressed frustration over the SEC’s lack of clear regulatory guidance for the cryptocurrency industry on social media platform X.
Highlighting the ambiguity, Alderoty criticized the SEC, referencing eight major cryptocurrency lawsuits that underscore the regulatory uncertainties plaguing the sector.
These remarks stemmed from court-ordered settlement talks aimed at reconciling differences between Ripple Labs and the SEC.
The settlement conference, observed by Ripple CEO Brad Garlinghouse and Alderoty in Manhattan, sought to address these issues ahead of the final pre-trial conference set by Judge Analisa Torres for April 16.
This meeting underscored the urgency of reaching a potential settlement.
The SEC’s aggressive stance includes seeking a final judgment against Ripple Labs, demanding permanent injunctions, disgorgement with prejudgment interest, and civil penalties nearing $2 billion.
This approach has sparked a strong reaction from Ripple’s leadership, including Garlinghouse and Alderoty, who plan to challenge what they perceive as the SEC’s regulatory overreach in an upcoming filing on April 22.
The cryptocurrency community is closely watching this case, as its outcome could significantly impact the regulation of digital assets in the U.S.
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The controversy over the SEC’s transparency and regulatory approach intensified following a court ruling in the Coinbase vs. SEC lawsuit, which conflicted with Judge Torres’s reasoning in the Ripple case, particularly regarding secondary market sales.
This discrepancy has fueled debate among lawyers and cryptocurrency enthusiasts over the interpretation of secondary sales as investment contracts, especially when the buyer’s counterparty is unknown.
Amid these legal battles, pro-XRP attorney Bill Morgan addressed the XRP community’s concerns, particularly regarding the impact of XRP’s secondary sales.
Morgan highlighted Judge Torres’s comments on the insufficient consideration given to the distinction between secondary and program sales by the SEC, a key point in Ripple’s defense and a significant issue for the XRP community.
This ongoing legal saga between Ripple and the SEC continues to captivate the cryptocurrency industry, with potential implications for the regulatory landscape and legal framework for digital assets in the U.S.
As the April 16 pretrial conference approaches, both parties are preparing for a confrontation that could decisively shape the future of cryptocurrency regulation and enforcement in the country.
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In a recent post on X, previously known as Twitter, a crypto analyst going by the moniker Altcoin Sherpa delivered an optimistic forecast for several cryptocurrencies, pinpointing Dogecoin (DOGE/USD), Bitcoin (BTC/USD), and Fetch.ai (FET) as key players to watch.
Last Thursday, Altcoin Sherpa projected a remarkable growth for Dogecoin, predicting its value could soar by over 200% from its current figure, citing its long-standing appeal and the potential for substantial gains in the near future.
“DOGE: this is still a great long-term investment to be honest. And by long term, I mean like six months-plus.
“It’s going to do something insane this cycle and still should be at least a 3x-plus from here (possibly more).
“It accumulated for 700 days, still is the banner meme for all of crypto, and is very ‘safe’ given the market cap/liquidity/etc,” Altcoin Sherpa shared.
On the topic of Bitcoin, Altcoin Sherpa conveyed a bullish stance, suggesting the digital currency is undergoing a consolidation phase which is likely to precede an upward movement.
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“BTC: price has consolidated here for about one month.
“Overall, this is bullish and I don’t think we go lower than that range low at $60,000 (in the short term).
“Expecting a bit more chop and then we do the next leg up.
“No reason to be bearish at all in my opinion,” they stated, reinforcing a positive outlook on Bitcoin’s immediate future.
Furthermore, Altcoin Sherpa expressed a positive view on Fetch.ai, an artificial intelligence-focused cryptocurrency, advising traders to buy on dips, reflecting a strong belief in its future success.
At the moment of this report, Dogecoin showed significant market activity with a nearly 20% increase in the last seven days, trading at $0.2063.
Similarly, Bitcoin’s value rose by 8% within the same timeframe, marking its price at $70,294.65.
These movements highlight the volatile yet promising nature of the cryptocurrency market, as underscored by Altcoin Sherpa’s analysis.
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The crypto industry is growing and enriched with new trading tools. To succeed in this dynamic market, traders should understand the fundamentals of trading and identify the most suitable instruments for their needs. One such tool that has gained significant popularity among many crypto enthusiasts is Futures. Explore the trading world and learn how to earn real profits from crypto Futures.
What are Crypto Futures?
Crypto futures are financial derivatives that allow traders to speculate on the crypto price movements. Unlike spot trading, where assets are bought and sold for immediate delivery, Futures contracts enable the trade of an asset at a predetermined price on a specified future date. The principle of working with them is to choose the long or short Futures position and form a correct betting strategy. Analysts and professionals who can predict price movements well can earn millions on trading. So, the first step to success is to choose the most suitable tool and understand its essential aspects.
Where to Trade Crypto Futures?
Over time, many platforms are expanding their crypto ecosystems and introducing Futures trading. If you are looking for a unique experience and exclusive benefits, consider the following projects.
- BetFury: the platform offers many trading opportunities with low fees and up to x1000 multiplier. Moreover, BetFury gives up to a 60% discount on Futures commission for all holders of BFG (the platform’s native token).
- RollBit: the platform is known for its user-friendly interface and comprehensive range of Futures products. Another plus is that RollBit offers over 20 currencies for trading.
- BCGame: the platform has expanded its crypto ecosystem to include a trading game. It has low leverage but is convenient for novice traders.
- SolCasino: the platform offers users 18 currencies for trading with high multipliers. SolCasino Futures has an attractive interface and pleasant customer service.
How to Earn Real Crypto Trading Futures?
There is no one-size-fits-all method for success in this dynamic market. However, you can consider some key principles to decrease the level of risk.
- Do Your Research: the ideal strategy is your own strategy. Each responsible user should independently analyze the market, be in search, and choose the most profitable approaches. Thus, catch waves of relevance and conduct your own crypto research.
- Use the Right Leverages: earnings from Futures directly depend on the chosen leverage. The bigger the leverage, the higher the income. For example, BetFury Futures offers a multiplier of up to x1000. Suppose a user places $10 with 1x leverage and closes the position with a P&L +$1. If, in this case, the user places $10 with 1000x leverage, his profit will be $1,000.
- Use a Variety of Indicators: when trading Futures, it is essential to use all tools provided by the platform for convenience and speed. Knowing how to use indicators to trade futures is an admirable skill for crypto earning.
- Apply Additional Trading Tools: classic Futures are formed based on exchange rates from official exchanges. However, specific tools work a bit differently. For example, FuryWaves by BetFury generates price movements using a randomizer. It simulates a trading experience with an entertaining method and helps users master more difficult instruments.
- Practice Risk Management: implement techniques to protect your capital and minimize losses. Pay attention to stop-loss orders to limit potential losses and use the correct position size for effective risk management.
- Develop a Futures Trading Strategy: even if one strategy consistently generates income, you don’t need to stick to it. It’s worth looking for new approaches that will bring even more cryptocurrency.
- Choose a Reputable Platform: trade Futures on reliable platforms with security audits, long-term and reachable plans, a supportive community, and strong partners. As a sample, BetFury has over 2M users, CertiK audit, and leading partners like BNBChain. Such aspects build trust and knowledge that any tools of this platform have a transparent and fair system.
- Be Patient: take your time to earn as much crypto as possible at once. Creating perfect strategies takes a lot of time. By exercising patience, you can thoroughly analyze market trends, identify optimal entry and exit points, and adjust your strategies.
Conclusion
Trading crypto Futures offers enthusiasts a lucrative opportunity to earn by predicting price changes. You can capitalize on this for substantial financial gain with a deep understanding and the right approach. Therefore, choose the most profitable Futures tool and adhere to all tips to get real crypto.
The recent activity surrounding Shiba Inu (SHIB) provides a fascinating insight into the dynamics of the cryptocurrency market, especially in relation to meme coins.
The sale of 533.6 billion SHIB tokens by a single entity across 11 wallets, resulting in a significant profit and a notable impact on the market, highlights several key points about investor behavior, market sentiment, and the volatility inherent in the cryptocurrency space.
Market Volatility and Meme Coins
Meme coins like SHIB are known for their volatility, often driven by social media, influencer endorsements, and speculative trading rather than underlying fundamentals.
The ability of a single entity to affect market sentiment significantly by offloading a massive amount of tokens underscores this volatility.
This event not only demonstrates the impact that large transactions can have on the price and perception of meme coins but also the rapid gains that can be realized in this highly speculative market segment.
Investor Behavior and Market Sentiment
The reaction of the SHIB community and the broader cryptocurrency market to this transaction reflects ongoing concerns about the influence of “whales” (entities holding large amounts of a cryptocurrency) on market dynamics.
The fact that the community is closely watching the whale’s next moves indicates a high level of speculation and the potential for rapid shifts in market sentiment based on the actions of a few individuals or entities.
Strategic Considerations for Investors
This episode serves as a reminder of the need for vigilance and informed decision-making in the cryptocurrency market.
Investors must navigate the challenges presented by market volatility, the influence of whales, and the speculative nature of certain market segments.
The decrease in SHIB’s trading volume and open interest following the sell-off suggests a broader impact on trader enthusiasm and strategy, emphasizing the importance of staying informed and prepared for rapid market changes.
Future Implications
The future actions of the whale, especially regarding the reinvestment of the acquired DAI, will be of particular interest to the market.
These actions could signal new trends, influence market sentiment, and potentially impact the valuation of other cryptocurrencies.
As the cryptocurrency market continues to evolve, the behavior of significant market players will remain a critical focus for both investors and analysts.
In conclusion, the recent developments with Shiba Inu highlight the complexities of the cryptocurrency market, characterized by rapid changes, speculative trading, and the significant influence of large stakeholders.
As the market continues to mature, understanding these dynamics will be crucial for navigating the opportunities and risks of cryptocurrency investment.
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Bitcoin‘s resurgence to a $70,000 valuation post the March 29 daily close has sparked considerable attention as the cryptocurrency market anticipates the conclusion of an exceptionally bullish first quarter.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin is now testing the previous all-time highs around $69,000 as potential support levels, moving into the weekend with a promising upward trajectory.
The latter part of the day saw Bitcoin appreciating by about $1,000, buoyed in part by remarks from Jerome Powell, the Chair of the U.S. Federal Reserve, during an interview at the Macroeconomics and Monetary Policy Conference held in San Francisco, California.
Powell’s demeanor towards inflation and the broader economic forecast was notably measured, indicating a deliberate approach to policy adjustments, particularly regarding interest rate cuts, which are pivotal for risk assets.
“Growth is strong right now, the labor market is strong right now and inflation has been coming down,” Powell commented, emphasizing a cautious stance on future decisions.
Market speculations currently favor a June timeline for an anticipated interest rate reduction, with predictions leaning towards a 0.25% cut during the Federal Open Market Committee (FOMC) meeting, based on probabilities from CME Group’s FedWatch Tool.
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Despite March 29 being a non-trading day on Wall Street, the release of the Personal Consumption Expenditures (PCE) Index, a preferred inflation measure by the Fed, aligned with expectations at 2.5%, maintaining a stable outlook on inflation.
As Bitcoin navigates through potential price action barriers, the spotlight remains on the upcoming weekly, monthly, and quarterly candle closes.
Notable cryptocurrency trader and analyst Rekt Capital underscored the importance of the $69,000 level, suggesting that a weekly close above this threshold could set a new record for Bitcoin’s closing price.
“BTC is going to continue whip-sawing and zig-zagging within this Weekly Range until the Weekly Candle Close,” Rekt Capital shared on X (formerly Twitter), highlighting the significance of consolidation outside of these movements.
In addition, Kevin Svenson, another prominent trader, pointed to optimistic on-chain indicators, notably the moving average convergence/divergence (MACD) oscillator on daily charts, which is reportedly primed for an upward cross.
Svenson’s analysis on X suggests that such a development could herald a significant breakout for Bitcoin, potentially surpassing the all-time highs near $74,000, indicating a bullish outlook for the cryptocurrency’s future trajectory.
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