Shiba Inu ($SHIB) and Dogecoin ($DOGE) are set to deliver strong gains to their loyal holders in 2024, despite already rallying by well over 100% in the last 30 days.
Dogami (DOGA), another dog-themed token, is also likely to deliver massive gains in 2024 – and with a market cap of just $6.5 million – it arguably has more potential than the other, more established memecoins.
$SHIB, $DOGA and $DOGE Price Prediction
Shiba Inu is up by 2.4% in the last 24 hours according to CoinMarketCap data, and despite facing some resistance recently, it remains over 200% up over the last month.
It’s currently trading at $0.00003231, and SHIB bulls are currently targeting the $0.00004 level after establishing $0.000032 as support.
By the end of 2024, Shiba Inu is likely to hit $0.0001, delivering a 3x return at the current entry price.
Meanwhile, Dogami is up over 15% in the last 24 hours according to CoinMarketCap data, currently trading at $0.01878.
If DOGA can break through the $0.02 barrier and maintain momentum, it could quickly surge past the $0.03 mark and then target $0.05.
Dogami coin is in a good position to breach $0.15 by the end of this year, delivering an almost 10x return at the current entry price.
Finally, Dogecoin is up by 7.4% in the last 24 hours, and has rallied by 106% in the last month.
Trading at $0.1793 and facing strong resistance, DOGE could hit $0.30 by the end of 2024 – and it could potentially surge considerably higher depending on how much support Elon Musk throws behind it.
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Retail cryptocurrency investors are currently the most bullish on Zap Protocol (ZAP), Render Network (RNDR) and DefiDo (DEFIDO), according to crypto analysis platform Market Prophit.
In a tweet posted on 14 March, Market Prophit revealed that crypto investors had the strongest bullish sentiment on the aforementioned three tokens, despite other, more popular tokens – like Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB) – dominating the headlines.
All three tokens – namely $ZAP, $RNDR and $DEFIDO – have enjoyed strong runs thus far in March, with further gains on the horizon.
The bullish sentiment regarding Render Network’s token was stoked by news that the project would be speaking on stage at the upcoming Nvidia AI conference.
Meanwhile, Zap Protocol’s token has been gaining momentum amid growing anticipation about the coin’s potential to return to its all-time high during the next bull run. This would deliver a return of over 100x, at the current entry price.
Zap token has already surged over 390% in the last month, while Render has rallied by over 130% in the last 30 days.
However, Zap has much more potential to rise, given the fact its market cap remains under $3 million, while Render’s is already above the $4.5 billion mark.
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MicroStrategy, along with its Executive Chairman Michael Saylor, remains committed to expanding their Bitcoin (BTC) portfolio, revealing plans for a new $500 million convertible note offering intended for further Bitcoin acquisitions.
Announced on March 13, this initiative marks another significant step in the company’s transition from a business intelligence entity to a “Bitcoin development” firm.
The offering, set to be privately issued as senior convertible notes, may also allocate a portion of its funds towards general corporate endeavors.
In the past two weeks alone, MicroStrategy has launched offerings totaling $1.3 billion, including a recently finalized $800 million senior convertible note offering.
This latest endeavor initially aimed to raise $600 million, but the target was subsequently increased to $700 million, plus an additional option for a $100 million aggregate principal amount under certain conditions.
These funds contributed to MicroStrategy’s acquisition of an additional 12,000 BTC, boosting its Bitcoin reserve to 205,000 BTC, valued at $15 billion.
This investment has yielded a 117% return, or a profit of $8.1 billion for the company.
MicroStrategy is nearing a milestone of owning at least 1% of Bitcoin’s theoretical maximum supply, needing just 5,000 more BTC to reach this goal.
With the current market prices, the proposed $500 million investment could secure approximately 6,850 Bitcoin.
READ MORE: Thetanuts Finance Launches Leveraged LRT Strategy Vault on the Ethereum Mainnet
The terms of MicroStrategy’s senior convertible notes, which are debt instruments convertible into equity or cash, include semi-annual interest payments and a maturity date of March 15, 2031.
These can be converted into cash, shares of MicroStrategy’s class A common stock, or a combination of both, depending on specific conditions.
Following this announcement, MicroStrategy’s stock (MSTR) saw a significant rise, increasing 10.85% to $1,766 on March 13 as per Google Finance.
Since February 6, the stock has surged by 254%, making it one of the Nasdaq’s top performers this year.
This uptick in MSTR’s stock price aligns with Bitcoin’s recent price rally, which recorded a 46.1% increase over the last month, reaching $73,050 according to CoinGecko.
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Thetanuts Finance, a prominent decentralized on-chain options protocol, has recently unveiled its integration with Pendle Finance’s $PT-eETH, launching a Leveraged LRT Strategy Vault on the Ethereum Mainnet. This initiative marks Thetanuts’ initial venture into restaking and Liquid Restaking Tokens (LRTs), a burgeoning segment within the Decentralized Finance (DeFi) sector that boasts over $10 billion in Total Value Locked (TVL).
Restaking enables DeFi participants to leverage their staked $ETH for securing additional networks, thereby earning yields beyond those available on the Ethereum Mainnet. Originated by EigenLayer, this mechanism offers users the option to restake either directly through EigenLayer’s native dApp or via liquid restaking protocols like EtherFi. Through these protocols, users can create “Liquid Restaking Tokens” or LRTs, which can be further utilized to generate extra yield.
EtherFi emerges as a leading figure in the LRT domain, holding over $2.5 billion in TVL. It allows for the deposit of various Ethereum-based tokens to mint $eETH, an LRT that elevates rewards through EigenLayer points and additional protocol points, including EtherFi Loyalty Points. Pendle Finance enhances this ecosystem by dividing $eETH into two tokens: $PT-eETH, which offers a fixed ~20% APY without yield or points, and $YT-eETH, providing leveraged yield exposure.
Thetanuts Finance’s Leveraged LRT Strategy Vault aims to augment yields for $PT-eETH holders by leveraging option premiums and rewards. This innovative approach requires users to “Zap” their $PT-eETH into the Thetanuts Finance v3 Lending Market, borrow $ETH, and invest it in the $ETH Call Basic Vault for additional option premiums, albeit with short volatility risk.
Thetanuts Finance’s Leveraged LRT Vaults introduce a novel strategy allowing $PT-eETH holders to utilize their assets before maturity to earn yields in five different ways, including EigenLayer Points, EtherFi Loyalty Points, fixed yield from Pendle’s $PT-eETH, Thetanuts’ option premiums, and future $NUTS Rewards. This positions Thetanuts Finance as a pioneer in the options market, creating a unique yield-generating mechanism for LRT-related products. With 150,000 $PT-eETH in circulation, there’s anticipated strong demand for this innovative product.
Thetanuts plans to extend its Leveraged LRT Strategy Vaults to other LRT protocols, providing a similar strategy with different LRTs as collateral. However, like all DeFi investments, these ventures carry risks, including the potential for deposit loss if the market for eETH or PT-eETH faces downturns.
Taki Games, a prominent social gaming network known for offering real money rewards to its users, is expanding its horizons by partnering with Genopets. This collaboration aims to extend the “move-to-earn” concept, a rapidly growing brand within the Solana blockchain ecosystem that has attracted a large player base.
Set to launch in April 2024, Genopets Match will join an expanding lineup of Web3-branded games on Taki’s Solana-based platform, such as Puzzle Smoofs, Game7 Food Fighter, and Pac-Cats. Through this partnership, Taki Games aspires to introduce billions of mobile gamers to Web3, enhancing the gaming experience with rewarding opportunities by collaborating with numerous top Web3 brands and communities.
Taki Games’ decentralized network revolutionizes mobile gaming by incorporating tokenized rewards and ownership of gaming assets, fostering a player-owned ecosystem. This approach not only offers developers new revenue avenues but also allows them to share success with their players. As a pioneer in the “play-to-earn” (P2E) gaming trend, Taki Games seeks to refine the model with a tokenomics structure designed to prevent token hyperinflation. This strategy aims to ensure players receive a fair portion of the over $200 billion annually generated by the gaming industry.
Central to Taki’s model is the TAKI token, featuring a “buy-and-burn” mechanism to sustain its value while motivating gamers to engage and earn. The developer team behind Taki includes the founders of Kabam, a leading studio in the free-to-play mobile and social gaming sector.
Genopets stands out in the Solana blockchain ecosystem as a top free-to-play mobile game with a vast active player base. The game, reminiscent of classics like Pokemon and Tamagotchi, involves nurturing NFT-based digital pets. It offers extensive customization and evolution options for the Genopets, adding depth and variety to the gameplay. Ahead of its public V1 launch, Genopets is integrating with Taki’s network to broaden its audience, encouraging new users to join through a special airdrop.
Both Taki and Genopets are committed to mainstreaming the Web3 industry, attracting a diverse audience including Solana token holders, NFT enthusiasts, and digital asset collectors. Jay Chang of Genopets expressed excitement about partnering with Taki Games to introduce mainstream gamers to the next generation of Web3 gaming.
This partnership marks a significant milestone in Taki Games’ journey, which has seen a 3,000% network growth since its pivot to Web3 gaming. Now ranked among the top dApps in the Polygon Proof-of-Stake ecosystem and across all blockchain networks, Taki’s success is evident in its native TAKI token’s trading volume and the widespread adoption of its mobile gaming app. Taki Games CEO Weiwei Geng envisions the company as Web3’s Zynga, aiming to drive mainstream adoption of Web3 through engaging gaming experiences and ownership opportunities.
This collaboration between Taki Games and Genopets illustrates the transformative potential of Web3 technologies in redefining traditional video game engagement and growth, promising a new era of enhanced value and opportunities for developers and gamers alike.
In a notable development within the cryptocurrency market, a pseudonymous analyst known as Rekt Capital pointed out that the meme-based cryptocurrency FLOKI could be on the brink of a significant price increase.
Rekt Capital, sharing insights on the platform X, highlighted, “FLOKI is in the process of retesting its final major resistance as new support (black).
Successful retest would send #FLOKI to new highs. Needs to continue to hold here.
Retest is in progress.” This statement sets the stage for FLOKI’s potential market performance.
The analysis included details on FLOKI facing two pivotal resistance levels at $0.000021 and $0.0000625. In the realm of technical analysis, resistance levels are thresholds where the sell-off pressure surpasses buying interest, thus capping the asset’s price increase.
Breaking through a resistance level could transform it into a support level, indicating a strong buying interest that prevents further price declines.
Rekt Capital suggests that FLOKI has surpassed a significant price challenge and is now testing this boundary as a support level, potentially solidifying its position and preventing further declines.
The spotlight on FLOKI also comes at a time when the coin has engaged in significant token burning activities, effectively reducing its circulating supply.
READ MORE: Starknet to Harness Ethereum’s Dencun Upgrade for Major Fee Reductions and Enhanced Scalability
Recently, over $1 million worth of FLOKI tokens were burned, followed by another substantial burn amounting to $3.2 million.
This reduction in supply has been further supported by the FlokiFi Locker, a DeFi protocol that purchases and burns FLOKI tokens, aiding in the scarcity of the asset.
Additionally, data from Santiment, an analytics platform, indicates an increase in social dominance for Floki, hinting at a growing interest and potentially positive market sentiment towards the coin.
Another cryptocurrency analyst, Inmortal, also conveyed optimism about FLOKI’s future, drawing parallels to another meme coin’s success. Inmortal stated on X, “PEPE pumped.
FLOKI next. Muscle memory, contagion. Call it what you want, but it works.”
This sentiment underscores a broader belief in the meme coin’s market dynamics and potential for substantial gains.
At the time of the report, FLOKI’s trading value stood at $0.0002771, marking a 6.46% increase over the preceding 24 hours, signaling positive market movement for the meme cryptocurrency.
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The upcoming Bitcoin halving event, scheduled for April, is generating unprecedented excitement in the cryptocurrency world, fueled by a combination of unique factors.
This event marks the fourth Bitcoin halving, with previous occurrences in 2012, 2016, and 2020.
Significantly, this halving follows the U.S. Securities and Exchange Commission’s approval of the first spot Bitcoin ETFs in the United States, heightening the anticipation surrounding the event.
Experts are not just focused on the ETF approvals.
Julian Grigo, from Safe, emphasized the halving as a pivotal reminder of Bitcoin’s distinction from fiat currencies, particularly in a time of global inflation.
He highlighted Bitcoin’s fixed supply as a key attraction for investors, contrasting it with the inflating supply of fiat currencies and noting Ether’s decreasing supply as potentially even more appealing.
Joey Garcia from Xapo Bank predicts the halving will have a positive ripple effect on Ethereum and the broader market, likening Bitcoin’s scarcity mechanism to precious metals.
The reduction of mining rewards from 6.25 BTC to 3.125 BTC is expected to tighten Bitcoin’s supply, potentially increasing its price and, by extension, the prices of Ethereum and other cryptocurrencies as investors diversify their portfolios.
Alun Evans of Laos Network also acknowledged the halving’s broader impact, cautioning against the downsides of rapid price increases, especially for Ethereum, which powers numerous applications and smart contracts.
He suggested that future Ethereum network enhancements could mitigate these challenges by improving scalability and reducing transaction costs.
READ MORE: Shiba Inu’s Price Eyes Potential Surge Amid Market Speculation, Analyst Predicts Bullish Breakout
Beyond the halving, other factors are influencing the crypto market. Siddharth Lalwani of Range Protocol pointed to Ethereum’s upcoming Dencun upgrade and the potential for SEC-approved Ethereum ETFs as critical drivers of market dynamics.
Despite potential short-term liquidity shifts from Ethereum to Bitcoin, Lalwani remains optimistic about the crypto market’s bullish trend in 2024.
Jordi Alexander of Mantle and Aki Balogh of DLC.Link also weighed in, highlighting the role of Bitcoin’s price rally, upcoming Ethereum upgrades, and the strategic actions of entities like MicroStrategy in shaping market expectations.
They acknowledged the interconnectedness of Bitcoin and Ethereum’s fortunes, with Balogh emphasizing the broader impact of Bitcoin’s performance on the crypto ecosystem.
In summary, the forthcoming Bitcoin halving is viewed not just as a significant event for Bitcoin but as a catalyst for broader market movements, including Ethereum.
With factors like regulatory approvals, technological upgrades, and strategic market maneuvers at play, experts see a confluence of forces poised to shape the crypto landscape in the near and long term.
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In a recent turn of events, despite Binance’s decision to withdraw its operations from Nigeria, two high-ranking officials from the cryptocurrency exchange remain detained in Abuja, Nigeria’s capital.
Tigran Gambaryan, the head of Binance’s criminal investigations team, and Nadeem Anjarwalla, the regional manager for Africa based in Kenya, have been held without their passports for two weeks, as of March 12, according to a report by Wired.
The detention of Gambaryan, a former U.S. federal agent with a focus on cryptocurrency, and Anjarwalla began on February 26, 2024.
Despite the lack of clarity on the presence of criminal charges, the families of both executives have expressed their concern and uncertainty about their loved ones’ wellbeing and future.
Yuki Gambaryan, Tigran’s wife, voiced her frustration, saying, “There’s no definite answer for anything: how he’s doing, what’s going to happen to him, when he’s coming back.”
A Binance spokesperson confirmed the ongoing detention of the executives in Nigeria and stated, “While it is inappropriate for us to comment on the substance of the claims at this time, we can say that we are working collaboratively with Nigerian authorities to bring Nadeem and Tigran back home safely to their families.” Emphasizing their professional integrity, the spokesperson expressed confidence in a prompt resolution.
READ MORE: Arbitrum to Release $2.32 Billion in Vested Tokens, Sparking Market Speculation
The backstory to their arrest follows an invitation from the Nigerian government to discuss a dispute over Binance’s operations in Nigeria, which were deemed unlawful by Nigerian authorities.
Gambaryan and Anjarwalla arrived in Abuja on February 25 to meet with officials and discuss the government’s blockade of Binance and other crypto exchanges, accused of contributing to the devaluation of Nigeria’s currency, the naira, and facilitating illicit financial flows.
However, following their initial meeting, the executives were escorted from their hotel to a guesthouse managed by Nigeria’s National Security Agency, where their passports were seized.
Since then, they have been held there against their will, allege their families.
Both Gambaryan and Anjarwalla have received visits from officials of the U.S. State Department and the U.K. Foreign Office, respectively, though their discussions were overseen by Nigerian government guards, restricting private conversation.
This incident unfolded shortly before Binance formally announced its exit from the Nigerian market on March 5, following a series of measures restricting its operations, including the suspension of naira withdrawals and the removal of trading pairs involving the naira, as part of its phased withdrawal strategy.
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CoinShares, a leading European digital asset investment firm, has successfully finalized the acquisition of Valkyrie Funds, gaining the sponsor rights to Valkyrie’s spot Bitcoin exchange-traded funds (ETFs).
Announced on March 12, this significant acquisition also includes Valkyrie Investments, the firm’s investment advisory branch, and the sponsor rights to the Valkyrie Bitcoin Fund, a physically-backed Bitcoin ETF.
The terms of the deal stipulate that the acquisition price will be determined at the conclusion of a three-year earnout period, reflecting Valkyrie’s financial performance.
Additionally, this agreement extends CoinShares’ management to include Valkyrie’s diverse ETF portfolio, such as the Valkyrie Bitcoin and Ether Strategy ETF, Valkyrie Bitcoin Miners ETF, and the Valkyrie Bitcoin Futures Leveraged Strategy ETF.
Jean-Marie Mognetti, CEO of CoinShares, emphasized the importance of the U.S. market for global asset managers and highlighted the acquisition’s strategic benefits: “The Valkyrie acquisition is yet another step in our growth strategy with a special focus this time in the U.S.
This acquisition brings an additional $530 million AUM to CoinShares, which makes it a top-line contributor from day one.
More importantly, it broadens our product offerings, strengthens our innovation capacity, and increases by a factor of 15 our total addressable market.”
In the wake of this acquisition, CoinShares plans to rebrand Valkyrie and its offerings within its ecosystem.
READ MORE: Bitcoin ETFs Will Hold Over 10% of BTC Supply By Q3
This move is part of CoinShares’ broader strategy to enhance its asset management platform in the United States, following an option to acquire Valkyrie that was held since November 2023.
The announcement arrives amidst a surge in interest for Bitcoin ETFs, notably after Bitcoin reached a new all-time high of $71,415 on March 11.
This increased attention is mirrored by the Bitwise Bitcoin ETF, which recently became the fifth fund to exceed $2 billion in Bitcoin holdings, according to Dune data, with Grayscale’s Bitcoin Trust ETF maintaining its position as the largest, managing $29 billion in Bitcoin.
Given the current pace, ETFs are expected to annually absorb 8.98% of the Bitcoin supply, potentially triggering a sell-side liquidity crisis by September, as per Ki Young Ju, founder and CEO of CryptoQuant.
Ju noted, “Last week, spot ETFs saw netflows of +30K BTC. Known entities like exchanges and miners hold around 3M BTC, including 1.5M BTC by U.S. entities… At this rate, we’ll see a sell-side liquidity crisis within 6 months.”
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In his budget proposal for 2025, President Joe Biden is revisiting the concept of imposing a 30% tax on the electricity consumption of cryptocurrency mining operations.
This initiative is outlined in the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” a document from the U.S. Department of the Treasury.
The document criticizes the lack of current legislation specifically addressing the taxation of digital assets, aside from broker and cash transaction reporting.
To rectify this, the Biden administration proposes an excise tax on the electricity used in the mining of digital assets, akin to taxes on physical goods like fuel.
The Treasury explains, “Any firm using computing resources, whether owned by the firm or leased from others, to mine digital assets would be subject to an excise tax equal to 30 percent of the costs of electricity used in digital asset mining.”
Under this proposal, crypto mining entities would be required to disclose both the quantity and type of electricity they consume.
For electricity bought externally, firms must also report its value, which will then be used as the basis for the tax.
READ MORE: MicroStrategy Bolsters Bitcoin Treasury With $800 Million Note Offering, Purchases 12,000 BTC
Similarly, miners leasing computational power must declare the electricity’s value provided by the leasing company.
This measure, aimed to take effect from January 1, 2025, plans a phased tax introduction: starting at 10% the first year, 20% the second, and reaching 30% in the third year.
Crypto mining operations that generate their own power will also be subjected to this tax.
The 30% rate will apply to the estimated costs of their electricity consumption, regardless of whether they are connected to the grid or not.
This includes those utilizing renewable energy sources such as solar or wind power.
Pierre Rochard of Riot Platforms has criticized the move as an attempt to undermine Bitcoin and facilitate the launch of a central bank digital currency (CBDC).
U.S. Senator Cynthia Lummis has expressed her opposition to the tax on X, suggesting that while the administration’s inclusion of crypto in the budget may indicate a positive outlook on cryptocurrency, the proposed tax could significantly harm the industry’s position in the U.S.
This initiative marks Biden’s second attempt to implement a 30% tax on the electricity used by crypto miners, following a similar proposal in the 2024 budget proposal announced on March 9, 2023.
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