• Dogecoin whale profit-taking climbs, 400 million DOGE tokens moved to Binance, the largest cryptocurrency exchange by volume. 
• Self-proclaimed Dogefather and Tesla’s billionaire CEO Elon Musk completed his takeover of Twitter, fueling the Dogecoin price rally. 
• Analysts believe Dogecoin price has strong support at between the $0.0772 and the $0.0792 level where more than 5.89 billion DOGE was acquired. 

Elon Musk, a business magnate and the billionaire CEO of Tesla added another giant to his list of acquisitions. Musk’s Twitter acquisition acted as a bullish trigger for Dogecoin price since the self-proclaimed Dogefather has voiced his support for DOGE several times on social media. 

Analysts believe Dogecoin’s trend reversal is a sustainable one and the meme coin is likely to continue its climb after finding strong support between the $0.0772 and $0.0792 level. 

Also read: Dogecoin price: DOGE climbs 20% overnight, whale transactions hit two month peak

These factors triggered Dogecoin’s massive price rally

Dogecoin price yielded nearly 50% gains over the past thirty days. While there are several factors that contributed to the massive rally, three of them stood out. Accumulation of Dogecoin by large wallet investors, Elon Musk’s (Dogefather) takeover of Twitter and Dogechain’s announcement of its future roadmap were the key factors that influenced the meme coin’s price rally. 

According to a Reuters report, Elon Musk recently completed his multibillion-dollar ($44 billion) acquisition of social media giant Twitter. The news of Musk’s Twitter acquisition sent Dogecoin price soaring, from its low of $0.04729 to $0.0877. DOGE price yielded a double-digit gains overnight. Previously, Musk has issued statements arguing that payments on Twitter should be digitized and voiced his support for Dogecoin, the tenth largest cryptocurrency by market capitalization.

Whales scooped up large volumes of Dogecoin ahead of the massive price rally and started profit-taking after crossing the $0.0792 level. Large wallet investors have transferred 400 million DOGE tokens to Binance, in a move to take profits as the meme coin’s price hit a monthly high of $0.087. 

Dogecoin Whale Alert, a Twitter account that tracks movement of DOGE whales shared the details of the transaction in a recent tweet:

Dogechain, a layer-2 scaling solution for Dogecoin announced its future roadmap, fueling Dogecoin’s rise to power as the tenth largest cryptocurrency by market capitalization. Dogechain started the voting process on its coin burn and this fueled a bullish sentiment among DOGE holders. 

Why analysts believe Dogecoin price rally is guarded 

Analysts believe Dogecoin’s recent bullish trend reversal is guarded by support between the $0.0772 and $0.0792 level. According to data from IntoTheBlock, this is the price level at which approximately 27,000 addresses scooped up 5.89 billion DOGE tokens. 

5.89 billion DOGE acquired between $0.0772 and $0.0792

Dogecoin price could experience selling-pressure from increased whale profit-taking. Holders within the range of $0.0772 and $0.0792 would fight to defend their gains and support DOGE’s upward climb. Whether holders can help sustain Dogecoin above the $0.0792 level remains to be seen. 

Bone ShibaSwap (BONE) has been falling since Aug 30 and could continue its descent until it reaches the $1.20 horizontal support area.

BONE is the governance token of the ShibaSwap ecosystem. It allows holders to vote on proposals, with the weight of their vote being proportional to the amount of their holdings.

It has doubled in price over the past two weeks. The upward movement might have occurred as a result of the anticipation of the new upgrade, Shibarium. 

Shibarium is a Layer-2 scaling solution, whose goal is to optimize Shiba Inu’s host chain, Ethereum. The solution is expected to: 

• Speed up transactions
• Lower transaction fees
• Contribute to the implementation of the Shiba Inu metaverse. 

Shibarium is also rumored to have a built-in burn mechanism, in order to remove coins from circulation and in turn boost their price. While the burning mechanism will be implemented solely with SHIB, the ecosystem will also involve LEASH and BONE tokens, the latter being the utility token of Shibarium.

While there is no set date yet for the release of Shibarium, it is expected to go live in the third quarter of this year.

BONE movement

The price initiated a rapid upward movement on Aug 19. It managed to successfully break out from the $1.20 area on Aug 29. Afterward, it proceeded to reach a high of $2.39 the next day. The high was made just above the 2.61 Fib retracement resistance (white) and created a long upper wick, which is considered a sign of selling pressure.

Furthermore, the daily RSI has generated a very significant bearish divergence (green line), which led to a potential double top pattern.

If the downward movement continues, the closest support area is at $1.20 while the next closest resistance is at $2.66.

SHIB breaks down

SHIB had been trading inside an ascending parallel channel since June 18. The movement inside it led to a high of $0.000018 on Aug 14. This validated both the resistance line of the channel and the $0.0000175 horizontal resistance area (red icon). 

However, SHIB has been falling since and broke down from the channel on Aug 26. Currently, SHIB is trading inside the $0.000012 area.

Additionally, the daily RSI has broken down from an ascending support line and has now decreased below 50. So, this grants legitimacy to the breakdown and suggests that lower prices are in store. 

If the downward movement continues, the next closest support area would be at $0.00001.

For Be[in]Crypto’s previous Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Lick it up.

Kiss bassist Gene Simmons tweeted in February that he had bought $300,000 of the Cardano blockchain’s ADA currency, writing it was “one I believe in.”

The conviction has paid off for the rocker, with ADA’s price more than doubling since then. Based on back-of-the-envelope math, the token hoard would be worth more than $700,000 now.

ADA is one of 14 cryptocurrencies Simmons owns, he said Sunday in an interview on the Altcoin Daily YouTube channel.

“I like [c]ardano, although it’s an idiot name,” Simmons said. “Get rid of that thing. Just call it ADA. Call it by the trading name.”

Through a spokeswoman, Simmons, 72, declined to comment when contacted by CoinDesk.

In the YouTube interview, Simmons said he also owns bitcoin, ether (the native cryptocurrency of the Ethereum blockchain) and litecoin, among others.

He said he bought bitcoin when the price was around $10,000. Lately it’s trading just above $57,000.

“All my cryptos have done very well,” Simmons said.

Simmons goes crypto

The musician once known by his stage persona “The Demon” said he bought 0.2% of two cryptocurrencies that he thinks will go up tenfold. He declined to name them because if he did the prices would probably pump and “you’re going to have short-sellers.”

“I want the rise to be natural,” Simmons said.

He said he’s a “medium fan” of Charles Hoskinson, the lead developer of the Cardano blockchain.

“You live and die by the people who steer the company,” Simmons said.

Read more: Kiss’ Gene Simmons Buys $300,000 Worth of Cardano

He said BTC and ETH are the two biggest cryptocurrencies in his portfolio on a percentage basis.

And while he sold dogecoin (DOGE) earlier this year after Tesla CEO Elon Musk tweeted about it, he said he plans to hold his remaining cryptocurrencies for at least a decade.

“Do your own research,” Simmons said. “In the interest of full disclosure, nothing I’m saying means anything. Please ignore me. I’m not giving anybody advice.”

The public blockchain platform Cardano declares that it has doubled the payout for white hat hackers and bounty hunters that can identify vulnerabilities or bugs in its smart contracts blockchain. The firm has revealed that this six-week promotion, which will close on March 25, aims to keep “its businesses and customers safe.”

Cardano started six-week promotion recently and doubled the reward for bounty hunters and hackers to find vulnerabilities in the Cardano ecosystem. $20,000 is the highest amount platform has offered to hackers for discovering critical bugs in the network, starting from February 14.

Related Readings | Cardano Sees Jump in Smart Contracts and Seesaw Protocol Surges 640% in Presale

Similarly, hackers identifying the minor bugs in the Cardano nodes will receive a low amount of $800. 

On the other side, bounty hunters discovering critical vulnerabilities in the Cardano Wallet will get a payout of $15,000 while $600 reward for those who uncover less critical vulnerabilities in the Wallet. 

In August 2021, the foundation partnered with the white hat hackers’ platform, HackerOne, a vulnerabilities management firm that uses hackers to find flaws and vulnerabilities to secure the financial ecosystems from attacks. Previously, the firm offered $10,000 to find critical vulnerabilities in its network while $7500 for identifying critical weak points in Cardano Wallet.

To boost the security check of its network, the Cardano Foundation has now doubled the bounty reward for hackers to uncover vulnerabilities in its blockchain.

Cardano Strengthens Its Platform

While explaining the moto behind the promotion, the platform has told that it needs to work with the security community for finding vulnerabilities points to “keep our businesses and customers safe.” and added;

From this program, we aim to strengthen the Cardano brand through this public bug bounty program, covering essential items to access and manage crypto assets that are issued on the Cardano blockchain.

The company also clarified that “the scope of the bug bounty program will not include any UI or general functionality bugs.” While identifying the type of bugs and vulnerabilities considered for a reward, the foundation mentioned that these should be sensitive. For example, it includes identifying errors that can cause crashes and the attacks that may cause to lower the blockchain quality.

Furthermore, the blockchain firm mentioned it wants hackers to uncover those areas that can be “an exploitable vulnerability,” opening a way for cybercriminals so that each finding can be arranged to discuss “on a case-by-case basis.”

Related Readings | Verlux, A Cardano Based Project Releases Video Demo Of Their Proposed NFT Marketplace

Undoubtedly, crypto adoption is increasing fast, and so is the crypto community. Therefore, the white hat hackers will play an essential role in fighting against vulnerabilities and hacks constantly growing. To put it simpler, white hat hackers seek security loopholes or vulnerabilities that a black hat hacker/cybercriminal can use as its way to enter a project. Fortunately, white hat hackers are becoming popular in the crypto space due to everyday exploits.

Featured image from Pixabay and chart from TradingView.com

 

The crypto ecosystem houses some devoted followers who have had the logo of their favorite cryptocurrency etched on their skin for life.

According to the latest data from Crypto Head, more than 900 people worldwide have inked themselves with the Bitcoin (BTC) “B” while Dogecoin (DOGE) and Ethereum (ETH) tattoos are on the rise.

The research analyzed “Instagram hashtags and Google search volumes,” revealing crypto tattoo searches have increased by 222%. Despite lackluster price action, more and more crypto enthusiasts seek to get inked with a crypto logo.

The making off my #bitcoin Freedom Tattoo!!

Show me your #crypto tattoo as I want to make another one and need some inspiration #tattoo pic.twitter.com/HJI3PbNqhM

— ₿ Didi Taihuttu ₿ ALLIN (@Diditaihuttu) March 21, 2022

For followers of the first and seminal cryptocurrency, Bitcoin tattoos have been around for almost a decade while influential Bitcoiners were quick to ink themselves. Didi Taihuttu, a Bitcoin showman and father of the Bitcoin Family, was an early adopter of Bitcoin ink in 2017. His tattoo represents “freedom and no longer being part of the system.”

Anita Posch, a Bitcoin author and podcaster, has a lightning bolt tattooed on her forearm. She explained in a German language Bitcoin documentary called “Human B” that the tattoo “represents energy.” A recipient of a recent Human Rights Foundation grant distributed in Satoshis, Posch is a passionate advocate for the Lightning Network.

While Dogecoin is deep outside the top five cryptocurrencies, it remains the second most popular cryptocurrency tattoo search with 700 average monthly searches. However, the Dogecoin hype of 2021 is clearly on the wane.

A huge peak in searches for Doge tattoo in early 2021 has since dropped off (in red), despite Doge’s biggest fan, Elon Musk, continuing to popularize the currency.

Plus, some of the Dogecoin tattoos on Instagram are a stretch from the logo of the original Shiba Inu dog.

As for cryptocurrency tattoos, Ethereum’s logo of an octahedron, a diamond-shaped geometric figure is less inked, with only 6 Instagram posts. However, NFT tattoos, which were popularised on the Ethereum blockchain, have been gaining in popularity.

Related: $1 million rock NFT sells for a penny in all ore nothing error

During the peak for NFT tattoos in late 2021 — as shown on the Google Trends graph — one Lazy Lion NFT collector said that if the floor price for the Lazy Lions reached 2 ETH, they would tattoo themselves.

Lines done. Black shading time… then color.

LFR!!!#nft #nfts #LazyLions @Lazylionsnfthttps://t.co/LR7RPNQVWT https://t.co/0zmQ0ZknPN pic.twitter.com/KQllsr8YKH

— DO NOT CMPLY (@AR_ON_tweets) October 27, 2021

In March 2021, as the floor price for the Lazy Lions grinds down to 1.5 ETH, the ink remains permanent.