Best Crypto to Buy Now: Is Pepeto the 100x Hiding in Plain Sight While Solana ETFs Hold $1.5B and Cardano Whales Load Up? BlockchainReporter
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Next Shiba Inu Hides in Plain Sight as SHIB Burns Fail to Move Price While Pepeto and FLOKI Compete openPR.com
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Could the Next 100x Crypto Be Hiding in Plain Sight? Analysts Draw Comparison CryptoDnes.bg
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Over the last week, we have been seeing the German government constantly liquidating their Bitcoin holdings through popular exchanges like Coinbase and Kraken. On Wednesday, June 26, the U.S. government joined the bandwagon moving a total of 4,000 Bitcoins to Coinbase Prime. Soon after, the Bitcoin price came under selling pressure dropping by 1.5% and slipping under $61,000. However, CryptoQuant’s CEO stated that the current selling by the governments is plain FUD and not the real reason behind the BTC price drop.
U.S. Government’s Bitcoin Sale Unlikely to Impact Market
Addressing concerns about the current Bitcoin sale by the U.S. government, CryptoQuant CEO Ki Young Ju stated that this 4,000 BTC sale is unlikely to impact the market.
He further stated that Coinbase Prime holds the capacity to handle substantial liquidity handling between 20,000 and 49,000 BTC during periods of high spot ETF inflows. Even on low Bitcoin ETF inflows, the exchange handles liquidity at 6,000 to 15,000 BTC.
“I’m posting this because I’m tired of ‘government selling’ FUDs,” Ju stated while emphasizing that the sale shouldn’t be a major cause of concern among market participants.
US gov’t sold 4K #Bitcoin today, but less likely to impact the market.
Coinbase Prime handled 20-49K BTC in sell-side liquidity daily during high spot ETF inflows and 6-15K daily during low spot ETF inflows.
Posting this because I’m tired of “gov’t selling” FUDs. pic.twitter.com/4IrO1aBGO6
— Ki Young Ju (@ki_young_ju) June 26, 2024
Earlier this year in April, the U.S. government transferred 30,175 BTC valued at $2 billion to the same wallet on Coinbase.
Also Read: Bitcoin Bears Still In Control of the Market
Similar to the U.S. government, we have been seeing the German government has also moved over 2.200 BTCs over the past seven days. Despite these sell-offs, Germany’s Bitcoin holdings have substantially appreciated, now valued at $2.76 billion, with $1.1 billion in unrealized profit.
What’s Causing the BTC Price Correction
The recent BTC price correction has been majorly due to miner capitulation who have struggling to keep their operations going after the recent Bitcoin halving event. Thus, the BTC miners have been the net sellers in the market putting additional selling pressure on BTC.
As of press time, the Bitcoin price is trading 1.5% down at $60.630 with a market cap of under $1.2 trillion. Over the last week, Bitcoin has lost more than $100 billion in market cap.
Also Read: $6.6 Billion of Bitcoin Options to Expire on Friday
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Dogecoin has been up 12% since the beginning of October.
- The DOGE price failed to breach the previous swing high and shows a lack of momentum despite an influx of volume.
- Invalidation of the bearish thesis is a closing candle above $0.068.
Dogecoin price could be displaying evidence of a smart money trap. A sweep the lows event is in the cards. Key levels have been identified.
Dogecoin price could re-route south
Dogecoin price is currently up 12% to start the month of October as the bulls pulled off an impressive 10% rally earlier in 24 hours. An influx of volume has poured in as sidelined investors speculate the move is just the beginning of a long overdue DOGE pump. Although the possibility for more returns does look promising, there are a few factors that investors should keep in mind to suggest otherwise.
Dogecoin price currently auctions at $0.064 as consolidation takes place near the newfound monthly highs. A key ingredient to decipher the next move for the DOGE price is hiding in plain sight. At the current time, the DOGE price has failed to close above the previous swing high in October. This subtle display of resistance is also shown on the Relative Strength Index (RSI) on larger time frames as DOGE is still within bounds of previous resistance.
DOGE/USDT 12-Hour Chart
When combining these factors, early bulls should be very cautious. The influx of volume without breaking the previous swing high can be viewed as a weakening retaliation. If this is indeed the case, the liquidity level underneath the origin point of October’s rally at $0.058 is at risk of a breach. Such a move would result in an 11% decline from the current Dogecoin price.
Invalidation of the bearish thesis is a closing candle above $0.068. The bulls must show more momentum on the RSI as well. If the invalidation level is breached, the Dogecoin price could rally as high as the mid-point of the previous decline at $0.075. Said price action would result in a 20% increase from the current market value.
In the following video, our analysts deep dive into Dogecoin’s price action, analysing key market interest levels. – FXStreet Team
Floki Inu Will Be the Next Shiba Inu, Plain and Simple Nasdaq
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First, there was the meme token known as Dogecoin (CCC:DOGE-USD). Then came Shiba Inu (CCC:SHIB-USD), which actually managed to overtake Dogecoin in popularity. Yet, there’s a third canine-themed coin, Floki Inu (CCC:FLOKI-USD), and I don’t recommend dismissing Floki Inu as an also-ran.
Source: Wit Olszewski
I’ll admit that as an old-school, fundamentals-focused investor, I had difficulty taking any of these coins seriously at first. However, an old dog like me can learn new tricks, and we all have to adapt to changing market conditions in the 2020’s.
Indeed, even the most level-headed investors can have several dogs in the race, so to speak. You can have your serious, bread-and-butter investments, but also hold some Floki Inu tokens just for the fun of it.
And who knows – FLOKI could be your next 10x trade. So, let’s open our minds up to a dog-centered digital asset that deserves more consideration from crypto enthusiasts.
Analyzing the Floki Inu Price
Are you ready to see a whole lot of decimal points and zeros?
Floki Inu is a super-affordable coin which could make some traders wealthy even if it only goes to a penny.
As recently as August, FLOKI was just $0.00000002. Over a period of months, however, it ascended quickly.
The token’s price reached $0.00006 in late October, which already represented a substantial gain. Nonetheless, taking profits at that point would have been a big mistake.
That’s because Floki Inu soared like an eagle, hitting $0.00034 on Nov. 4.
It might be hard to wrap your head around these minuscule prices, but we’re talking about a nearly 17,000% gain since the bottom was reached in August.
Suddenly, FLOKI isn’t such a joke anymore. Recently, it pulled back to $$0.00025, which could provide a dip-buying opportunity if you aren’t positioned yet.
Not a Meme Coin – Got It?
If I called Floki Inu a meme coin earlier, now I’ll have to apologize and take it back.
The token’s white paper clearly states (boldface and all-caps courtesy of the original author(s), not yours truly):
“Floki Inu is not a meme coin. IT’S A MOVEMENT. A new cryptocurrency birthed by fans & members of the Shiba Inu community.”
So, there you have it. Don’t call FLOKI a meme coin – you’ll probably offend somebody!
The white paper also explains the origin of the Floki Inu token, which was named after Elon Musk’s Shiba Inu (the dog, not the cryptocurrency).
Apparently, the project behind the coin is working on three flagship utility projects.
These include a non-fungible token (NFT) gaming metaverse called Valhalla, an NFT and merchandise marketplace known as FlokiPlaces and a content/education platform dubbed Floki Inuversity (get it?).
This Could Change Everything
By the way, there’s a community called the Floki Vikings, named in honor of Floki, the Viking character which Elon Musk’s dog was named after.
Without a doubt, some of the Vikings are behind a grassroots movement to get FLOKI listed on the popular Coinbase (NASDAQ:COIN) cryptocurrency exchange.
Before you decide that this is just a pipe dream, consider that there’s a petition to have the token listed on Coinbase.
As of Nov. 10, that online petition has 28,379 signatures. Clearly, there’s a veritable army of Vikings supporting this movement.
Keep in mind, it was the popular demand that led to Shiba Inu being available for trading on Coinbase.com and in the Coinbase Android and iOS apps.
So, don’t be too surprised if you wake up one day and discover that FLOKI is available on Coinbase.
And that, almost certainly, would cause a huge move in the coin’s price.
The Bottom Line
Not every low-priced digital coin has its own white paper and a movement to get it listed on Coinbase.
Like it or not, Floki Inu is serious business. As the token’s awareness and acceptance grows, so should the price.
You’re certainly entitled to form your own opinion on FLOKI.
But just remember: whatever you do, don’t call it a meme coin.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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