FLOKI Grows Over 300% As Memecoin Breaches $400 Million TVL – Details

Floki Inu (FLOKI), a canine-themed cryptocurrency, has witnessed a remarkable surge in its price, capturing the attention of investors, traders, and enthusiasts alike. The coin’s value has experienced a sharp increase, with the past 24 hours alone seeing a surge of over 50%.

FLOKI Tallies An Impressive 336% Weekly Gain

However, it is the weekly timeframe that has truly astounded market observers, as FLOKI recorded an impressive rally of 336%. This surge in price comes on the heels of a community-backed proposal to burn 2% of the token’s supply.

The proposal to burn tokens was met with overwhelming support from the community, with nearly 90% of votes favoring the initiative. The top voter staked a staggering 117 billion tokens, demonstrating the belief in the long-term security and stability of the Floki project.

The burn event is scheduled to take place after a seven-day period, and its purpose is to minimize the risks associated with token exploitation and dumping, thereby ensuring the project’s sustainability.

Social Media Buzz And Positive Sentiment 

An investigation by NewsBTC has revealed a surge in social media mentions for Floki Inu in recent days, indicating the continued popularity of the meme coin within the cryptocurrency community.

Moreover, a rise in weighted sentiment suggests that positive views towards the token prevail at the time of writing. This growing social media buzz and optimistic sentiment have played a role in attracting attention to Floki Inu and contributing to its meteoric rise in value.

FLOKI Total Value Locked Soars

Meanwhile, Floki has reached a noteworthy accomplishment. Total Value Locked (TVL) across its ecosystem goods has exceeded $400 million. This accomplishment follows the cryptocurrency’s all-time high of $366 million, which showed its quick rise and investor appeal.

As the crypto market continues to evolve, all eyes remain on Floki Inu and its future trajectory. Market participants eagerly await the outcome of the token burn event and closely monitor the impact of social media trends and cautionary indicators on the coin’s price.

The coming days will shed more light on whether Floki Inu can sustain its current momentum or if a correction is on the horizon.

Related Reading: Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?

Floki Inu’s recent surge in price, driven by overwhelming community support for a token burn proposal, has captured widespread attention. The coin’s popularity on social media and positive sentiment within the cryptocurrency community further contribute to its rise.

Featured image from Pexels, chart from TradingView


Source: News BTC
Original Post: FLOKI Grows Over 300% As Memecoin Breaches 0 Million TVL – Details

Meme Coin Mania: Why Shiba Inu, PEPE, Dogecoin Are Far From Finished

As the crypto market experiences another wave of fervent enthusiasm, meme coins like Shiba Inu, PEPE, and Dogecoin have surged to the forefront of investors’ minds. With PEPE leading the rally at a staggering 371% increase, Dogwifhat (WIF) at 351%, FLOKI at 331%, BONK at 182%, and Shiba Inu (SHIB) at 177% over just the last seven days, the phenomenon has caught the eye of both enthusiasts and skeptics alike.

Meme coin mania

Why Shiba Inu, PEPE, DOGE Will Continue To Rally

Andrew Kang, co-founder and partner at Mechanism Capital, offered a deep dive into the dynamics fueling this unprecedented meme coin frenzy. Kang, sharing his expert analysis on X, articulates the foundational appeal of meme coins: “People are really calling top on meme coin season when BTC hasn’t even crossed ATH yet. Meme coins are a global shelling point for speculative liquidity.”

He stresses the accessibility of meme coins as a crucial factor in their explosive growth, positioning them as more globally accessible than any traditional stock. This accessibility, combined with a universal speculative interest, has led to Dogecoin’s significant outperformance compared to phenomena like the GameStop stock frenzy.

The historical context Kang provides is telling of the potential he sees in this cycle. “Total Meme coin market cap last cycle was $100 billion last cycle, and we usually get multiples on market cap highs every cycle,” he notes, suggesting that the current market conditions are ripe for surpassing previous records.

His insights reveal a broadening demographic of meme coin investors, including high-net-worth individuals, hedge funds, and even traditional financial institutions, all drawn in by the speculative allure and community-driven narratives of these assets.

Meme Coins Are A Skill-Based Lottery

Kang’s perspective on the meme coin ecosystem is particularly illuminating. He likens it to a “Skill-based Global Lottery Platform,” where success is part skill, part community effort, and part viral momentum. “We are going to reach some serious levels of mental retardation for memecoins this cycle […] And the more people that they get to buy the same tickets at them, the more likely they and their friends win – that’s the best feeling – winning together,” Kang elaborates. This communal aspect of meme coin trading, combined with the thrill of speculation, underscores the unique appeal of meme coins as both a financial instrument and a social phenomenon.

Expanding on the potential scale of meme coin growth, Kang draws an ambitious parallel with the global lottery industry, which boasted $300 billion in sales in 2020. “Now imagine the valuations of memecoins if a capital injection of that scale were to flow into them,” he muses, positing a future where meme coins command a significant portion of global speculative investment.

Kang also critiques the broader cryptocurrency market, suggesting that the complexity and niche appeal of many projects may limit their attractiveness to the general public. “The masses won’t care about the 4th liquid restaking derivative or whatever fancy new technology […] Memecoins are just a much more pure and upfront speculative vehicle,” he states, predicting that meme coins could outperform more technologically complex crypto assets by a wide margin.

The King Of All Meme Coins

A strong advocate for strategic investment in meme coins, Kang draws an analogy a Bitcoin investment for tradfi investors, suggesting that a small, measured allocation to meme coins could offer disproportionate rewards. “Advocating for a 1-5% portfolio allocation of memecoins is like boomers advocating for 1-5% portfolio allocation of BTC,” he says, emphasizing the blend of high risk and high reward that meme coins represent.

Highlighting Dogecoin’s unique position within the meme coin space, Kang points to its potential for real-world application and celebrity endorsements as key factors in its potential for dominance. “DOGE is the king of memecoins […] Elon is a people’s man and I doubt he keeps his silence on Doge/X payments much longer. […] Sam Altman has 1% float WLD and Elon has DOGE. It is obvious that the AGI will choose the more decentralized currency,” he suggests.

At press time, Shiba Inu traded at $0.00002642.

Shiba Inu SHIB price
Source: News BTC
Original Post: Meme Coin Mania: Why Shiba Inu, PEPE, Dogecoin Are Far From Finished

DOT Price (Polkadot) Looks Set To Crush $10 And Rally Further

Polkadot (DOT) is gaining pace above the $8.80 resistance against the US Dollar. The price could extend its rally once it settles above the $10 barrier.

Polkadot Price Restarts Rally

After forming a base above the $7.50 level, DOT price started a steady increase. It gained over 25% in a few days and even outperformed Ethereum and Bitcoin at times.

There was a clear move above the $8.50 and $8.80 resistance levels. The price even traded close to the $10.00 level. A new multi-week high is formed near $9.89 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the $8.57 swing low to the $9.89 high.

DOT is now trading above the $9.00 zone and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $9.20 on the 4-hour chart of the DOT/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $8.57 swing low to the $9.89 high.

DOT Price (Polkadot)

Source: DOTUSD on TradingView.com

Immediate resistance is near the $9.85 level. The next major resistance is near $10.00. A successful break above $10.00 could start another strong rally. In the stated case, the price could easily rally toward $12.00 in the near term. The next major resistance is seen near the $13.50 zone.

Are Dips Supported in DOT?

If DOT price fails to start a fresh increase above $10.00, it could start a downside correction. The first key support is near the $9.50 level.

The next major support is near the $9.20 level, below which the price might decline to $8.80. Any more losses may perhaps open the doors for a move toward the $8.50 support zone.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.

Major Support Levels – $9.50, $9.20 and $8.50.

Major Resistance Levels – $9.85, $10.00, and $12.00.


Source: News BTC
Original Post: DOT Price (Polkadot) Looks Set To Crush And Rally Further

Ethereum Price Key Indicators Suggest A Strengthening Case For Surge To $3,800

Ethereum price is consolidating gains above $3,400. ETH is showing positive signs and might soon aim for a move above the $3,500 resistance zone.

Ethereum Price Remains Supported

Ethereum price formed a base above the $3,350 level and started another increase, like Bitcoin. ETH broke the $3,400 level to set the pace for more upsides.

There was a clear move above the 50% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low. The bulls are now active above the $3,420 level. There is also a key bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD.

Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. It is showing positive signs above the 76.4% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low.

Immediate resistance on the upside is near the $3,500 level. The first major resistance is near the $3,520 level. The next major resistance is near $3,550, above which the price might gain bullish momentum.  The next stop for the bulls could be near the $3,650 level.

Ethereum Price

Source: ETHUSD on TradingView.com

If there is a move above the $3,650 resistance, Ether could even rally toward the $3,720 resistance. Any more gains might call for a test of $3,800.

Are Dips Supported In ETH?

If Ethereum fails to clear the $3,520 resistance, it could start a downside correction. Initial support on the downside is near the $3,420 level and the trend line.

The first major support is near the $3,400 zone or the 100 hourly SMA. The next key support could be the $3,350 zone. A clear move below the $3,350 support might send the price toward $3,320. Any more losses might send the price toward the $3,150 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,400

Major Resistance Level – $3,520


Source: News BTC
Original Post: Ethereum Price Key Indicators Suggest A Strengthening Case For Surge To ,800

Bitcoin Price Restarts Rally, Why BTC Could Soon Hit $65K

Bitcoin price is gaining momentum above the $62,000 resistance. BTC is signaling an upside break and might surge toward the $65,000 resistance.

Bitcoin Price Regains Strength

Bitcoin price remained well-bid above the $60,000 support zone. A base was formed, and the price started a fresh increase above the $62,000 resistance.

There was a break above a key bearish trend line with resistance at $62,300 on the hourly chart of the BTC/USD pair. The pair even cleared the 76.4% Fib retracement level of the downward move from the $63,583 swing high to the $60,108 low.

Bitcoin is now trading above $62,500 and the 100 hourly Simple moving average. Immediate resistance is near the $63,800 level. The next key resistance could be $64,500, above which the price could rise toward the $65,000 resistance zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

If the bulls remain in action, the price could even surpass $65,000 and test $65,500. Any more gains might send the price toward the 1.618 Fib extension level of the downward move from the $63,583 swing high to the $60,108 low at $65,730.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $64,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $62,750 level.

The first major support is $62,250 or the 100 hourly SMA. If there is a close below $62,250, the price could start a decent pullback toward the $61,000 zone. Any more losses might send the price toward the $60,000 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $62,750, followed by $62,250.

Major Resistance Levels – $63,800, $65,000, and $65,730.


Source: News BTC
Original Post: Bitcoin Price Restarts Rally, Why BTC Could Soon Hit K

Bitcoin Profitability Reaches 97% For The First Time In Over 2 Years

Bitcoin has had an eventful few weeks in terms of price action. The world’s largest crypto is currently at a 19% increase in the past seven days and a 43% increase in the past 30 days, its highest percentage gain in over a year. As a result, a huge number of BTC addresses have been pushed into the profitability zone. For the first time in over two years, 97% of all Bitcoin addresses are now in profit.

Number Of Bitcoin Addresses In Profit Skyrockets As Prices Surge

According to crypto on-chain analytics platform IntoTheBlock, 50.62 million Bitcoin addresses are currently in profit at the current price level. This huge figure represents over 97% of the total wallet addresses. Notably, the last time holders saw this much profitability was in November 2021 when the price of Bitcoin was around $69,000, nearing its all-time high.

Notably, market playout has seen Bitcoin continue its massive gains over the past few months. Just last month, 91% of addresses were in profit. Despite some sporadic sell-offs and profit-taking from some investors attempting to break even, the percentage of addresses in profit continues to grow as the huge profitability means selling pressure no longer has a significant effect.

 

How Long Can Bitcoin Sustain This Upward Momentum?

Bitcoin prices have skyrocketed over the past several months, recently topping $60,000 again. The top crypto is currently trading at $62,233 at the time of this writing, and 1.28 million addresses, which account for 2.46% of the total addresses, are at a break-even point. 

The price surge can be attributed to increased mainstream adoption in the traditional investing world spearheaded by Spot Bitcoin ETFs. This in turn has ushered in a new wave of holding mentality. In February, 69,244 BTC worth over $3.6 billion were withdrawn from crypto exchanges.

Notably, those who have profited the most are those who have been holding Bitcoin long-term. According to IntoTheBlock, 13.6 million Bitcoins are in the possession of investors who have held onto their assets for over a year.

However, new investors can still look forward to a continued price surge, as Bitcoin faces virtually little to no resistance in its path. Only 0.37% of addresses (193,000) are still waiting to make a profit at the current price. 

Most experts remain optimistic about Bitcoin’s price potential for the rest of 2024 and beyond. With the bull run in full swing, many traders and crypto analysts think Bitcoin will continue setting new all-time highs in 2024. Price targets for the end of the year range from $100,000 up to $300,000 per Bitcoin. 

Featured image from Pexels, chart from TradingView


Source: News BTC
Original Post: Bitcoin Profitability Reaches 97% For The First Time In Over 2 Years

$906 Million Worth Of Ethereum Leave Exchanges Last Week – ETH To $4,000?

Exchange data has revealed continued bullish sentiment from Ethereum traders. According to IntoTheBlock, $906 million worth of Ethereum was withdrawn from crypto exchanges last week, indicating a holding mentality among investors. This massive exodus of ETH from exchanges could indicate that traders are anticipating higher prices and moving their holdings into private wallets for long-term storage.

The holding attitude has emerged amid a wider spike in the price of cryptocurrencies throughout the market and numerous demands for Ethereum to cross over $4,000 and beyond.

Ethereum Sees Massive Exodus From Exchanges

Exchange data typically helps give an overview of the supply and demand dynamics of crypto assets. When the supply of an asset declines on exchanges, it indicates holders have a long-term view. 

In this vein, exchange data from IntoTheBlock concerning Ethereum has shown the dynamics tipping to the demand side as investors have increased their accumulation of the industry’s second-largest cryptocurrency since the beginning of the year. 

More importantly, outflows of Ethereum from exchanges totaled $906 million last week to mark eight consecutive weeks of outflows. 

This outflow pattern has been reaffirmed by a comparable exchange metric on CryptoQuant. Since January 10, the total amount of Ethereum on exchange reserves has decreased by more than 1 million ETH, and it currently stands at 13.7 million ETH.

What’s Next For Ethereum?

The massive outflow from exchanges can be attributed to Ethereum bulls looking to push the crypto to new highs. Ethereum has gone on a sustained upward trend in the past few months to outperform majority of altcoins.

At the time of writing, the crypto is trading at $3,392, up by 46% in the past 30 days. If anything, the increase in outflow from exchanges is a signal for a continued uptrend and ETH is now on its way to reaching the $3,500 mark again after a brief crossover on February 29.

The bullish action has prompted investors to look forward to Ethereum breaking into $4,000 again towards its all-time high of $4,878. With decreasing supply on exchanges, the price of ETH is poised to rise. A breach of the $4,000 level seems imminent, and from there, a run-up to $4,900 could happen quickly. 

A crypto analyst known as Trader Alan pointed out that recent price action has seen Ethereum perfecting a bullish breakout and retest on the monthly chart. According to the price chart shared by the analyst, a strong bullish movement could see ETH reaching $7,000 by the end of 2024, as well as exceeding $10,000 and $15,000 in the coming years.

Featured image from Pexels, chart from TradingView


Source: News BTC
Original Post: 6 Million Worth Of Ethereum Leave Exchanges Last Week – ETH To ,000?

Solana Meme Coin Dogwifhat (WIF) Hits New ATH, Market Cap Breaks $1.6 Billion

The world of meme coins, the often-controversial corner of the cryptocurrency market, is experiencing a surge in early March 2024. Led by the unexpected rise of Dogwifhat (WIF), several meme coins have seen their market capitalization explode, attracting significant investor interest.

Dogwifhat: Meteoric Ascent

Dogwifhat, a dog-themed meme coin launched on the Solana blockchain only three months ago, has become the undisputed champion of the recent rally.

WIF reached a staggering all-time high of $1.50 on major exchanges, surpassing established meme coins like Floki (FLOKI) and even exceeding its market capitalization in less than a quarter to an impressive $1.6 billion.

This rapid rise has fueled speculation that WIF could potentially join the ranks of the top five meme coins, currently occupied by Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK).

Factors Fueling The Meme Coin Mania

Several factors are believed to be contributing to the current meme coin frenzy. One key factor is the renewed interest in the Solana blockchain, with its transaction speed and scalability attracting investors.

Additionally, the “evergreen” popularity of meme coins, fueled by online communities and viral trends, continues to play a significant role. This trend is often driven by “narrative-led investors” who base their decisions on hype and community sentiment rather than underlying fundamentals or long-term utility.

Dogwifhat: Meme Coins Show Promise

At the beginning of March 2024, the market for meme coins is experiencing explosive growth. Following a 35% gain in price over the course of the previous night, it broke beyond the $40 billion capitalization mark today. According to the data provided by CoinGecko, the total trade volume comes in at approximately $16 billion.

Concerns And Cautious Optimism

While the current rally paints a picture of a thriving meme coin ecosystem, experts urge caution. The rapid rise of coins like WIF raises concerns about the inherent volatility of the market.

The lack of underlying utility or established use cases for many meme coins makes them highly susceptible to market fluctuations and potential crashes. Additionally, the article avoids mentioning the regulatory uncertainties surrounding meme coins, which could pose further challenges for their long-term viability.

Looking Ahead: Sustainable Growth Or Short-Lived Hype?

The future of Dogwifhat and the broader meme coin market remains uncertain. Whether WIF can maintain its position in the top ranks or join the graveyard of forgotten meme coins remains to be seen.

While the current surge has undoubtedly captured investor attention, it’s crucial to remember the speculative nature of this market and the potential risks involved.

Featured image from Mudrex, chart from TradingView


Source: News BTC
Original Post: Solana Meme Coin Dogwifhat (WIF) Hits New ATH, Market Cap Breaks .6 Billion

Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?

Shiba Inu (SHIB) has experienced a remarkable surge in recent times, mirroring the broader optimism sweeping the cryptocurrency market. This uptrend coincides with Bitcoin’s impressive rise above $63,000.

Shiba Inu Explodes On The Weekly Timeframe

The memecoin has witnessed significant gains, with a solid 61% jump in a 24-hour timeframe, a more impressive 124% increase over the week, and a stellar 50% growth in the past month.

Notably, SHIB has finally clawed its way into positive territory for 2023, boasting a 10% gain since February. In addition to this, its market capitalization crossed the $8.5 billion barrier for the first time in a year.

This bullish momentum is further bolstered by technical indicators. The recent price climb above $0.000014 has demonstrably reignited investor interest, as evidenced by the substantial 75% surge in trading volume. This suggests a potential breakout from a previous consolidation phase and could signal further upward movement if buying pressure persists.

Market Strength And Bull Run Potential

The total market capitalization of cryptocurrencies is nearing $2.5 trillion, a significant milestone. This uptick has fueled speculation among some analysts for a potential bull run, a period of sustained price increases. While past performance doesn’t guarantee future results, this rising market cap does suggest a return of investor confidence.

These often highly volatile assets have experienced explosive price jumps, potentially contributing to a positive feedback loop within the broader market. This “meme coin frenzy” could be a sign of increased retail investor participation, which can be a double-edged sword, driving prices up but also increasing volatility.

SHIB Investor Sentiment

An interesting technical indicator is the improvement in Shiba Inu (SHIB) investor sentiment. Data suggests that over 50% of SHIB holders are currently sitting on profits, compared to a mere 10% in September 2022. This shift reflects the positive impact of the recent price increase and could further fuel buying pressure if the trend continues.

Shifting Tides

Meanwhile, on-chain data from Lookonchain indicates a sizeable investor, commonly referred to as a “whale,” has made a strategic shift in their holdings. This whale liquidated nearly 2 trillion PEPE tokens, profiting $3.5 million. This divestiture suggests the whale perceived PEPE to be nearing a price peak or no longer aligned with their investment goals.

Following the PEPE sale, the whale reinvested a portion, $893,000, into Shiba Inu (SHIB). This strategic allocation of 76 billion SHIB tokens suggests the whale anticipates potential growth in SHIB’s price. However, it’s important to remember that this is a singular instance.

Featured image from Pexels, chart from TradingView


Source: News BTC
Original Post: Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?

Crypto Analyst Predicts Parabolic Rally For Cardano – Here’s The Timeline

Several analysts have expressed optimism, suggesting that Cardano (ADA) is poised for a bullish market surge in the near term.

ADA recently went on an impressive spike on the last day of February, registering a 14% gain to push its price above $0.7 for the first time since May 2022. 

Despite these gains, there have been concerns from some investors of ADA potentially falling behind in its performance relative to Bitcoin in the last bull cycle. Popular crypto analyst Dan Gambardello addressed some of these concerns in a recent video posted on X. He mentioned that Cardano is currently within a typical trend and that a bull indicator which is expected to welcome a parabolic price spike would soon be triggered.

Parabolic Rally For Cardano

Gambardello’s recent video analysis came mostly to address concerns about ADA’s underperformance in this bull cycle. Particularly, parallels were made to the last time Bitcoin reached $60,000 in March and ADA was trading around $1.30 to $1.98.

However, this hasn’t repeated itself and traders are beginning to wonder if ADA will attract the same bullish sentiment. Bitcoin has now broken past the $60,000 mark again and ADA finds itself in the $0.66 to $0.7 region. 

Gambardello emphasized Ethereum’s past action as a comparison, noting that the cryptocurrency is one cycle ahead of Cardano. In that context, when Bitcoin neared its former all-time high of $17,000 in the last cycle in 2021, Ethereum was at $500. This seemingly underperformed its previous performance without raising a cause for concern from investors, as ETH was at $700 when BTC reached an all-time high of $17,000 in 2017. 

He remarked that since ADA is currently mirroring Ethereum’s last cycle, the current price movement is normal. He also noted that most altcoins are getting ready to power through. 

Ultimately, the analyst noted that a bullish break of structure just occurred on ADA’s weekly chart. The last time this happened in 2021, ADA went on a price surge from $0.15 to $1.5.    

Current State Of Cardano

Gambardello noted in his analysis that while the break of structure indicator got triggered above $0.7, ADA saw a minor correction shortly after. In light of this, he made the observation that a significant disruption of structure might take place within the next three days.

Remarkably, ADA has in fact broken out of the $0.7 price level since the analyst posted his video online. At the time of writing, ADA is trading at $0.74, up by 10% in the past 24 hours. Particularly, ADA reached above $0.76 in the past 24 hours. 

The Cardano blockchain recently crossed over 10 million blocks. ADA is now on its way to continue on massive gains along with the rest of the crypto market. 

Featured image from Pexels, chart from TradingView


Source: News BTC
Original Post: Crypto Analyst Predicts Parabolic Rally For Cardano – Here’s The Timeline

Dogwifhat What? Memecoin Barges Into 86th Spot With 320% Rally – What’s Going On?

The strong ascent of Dogwifhat (WIF) has made it stand out among cryptocurrencies and captivated investors. Crypto markets are gearing up for the first weekend of the month, and memecoins in particular are showing strong signs of positive momentum.

Amidst the increased hope, the meme coin based on Solana experienced an incredible 320% rally last week, propelling WIF to the top 100 cryptos from a valuation of $1 billion or more. However, why has this ascent been so rapid?

Dogwifhat’s Rise: Bulls In Action

At the time of writing, the price of Dogwifhat had increased 35% to $1.20, and its trading volume had surged 75% to $388 million. Over the past day, the value of one WIF token has fluctuated between $0.83 and $1.32.

Withstanding sufficient bullish and bearish pressures, WIF has been trading within an ascending parallel channel since its debut. In spite of this, bulls should be prepared to fight fiercely against any bearish pressures that may arise.

As a result, we anticipate that the WIF price will first reach $1.5 after continuing its upward consolidation along the parallel channel’s upper resistance. If the bulls keep on their momentum, getting to $2 might not be too difficult for dogwifhat pricing.

Robinhood Europe’s IPO of the WIF token occurred at the same time as Dogwifhat’s stratospheric ascent in the cryptocurrency hierarchy. European customers of Robinhood can now trade WIF in addition to a plethora of well-established tokens, such as XRP, Cosmos, and Polkadot.

The anticipation for the Robinhood listing was reaching a peak, and former BitMEX CEO Arthur Hayes was among the many who took to social media to voice their opinions.

X influencer “OSF” has fueled rumors that other major exchanges like Coinbase, Binance, or Gemini may soon join Robinhood in listing Dogwifhat, which is a huge deal for everyone.

Whale Confidence Boosts Dogwifhat’s Surge

Separately, Lookonchain, an on-chain data source, uncovered substantial whale activity in the WIF area. A large investor recently bought more over 673,000 WIF tokens at $1.36 each after withdrawing around $918,000 worth of Solana from Binance.

Also, this whale has clearly seen the potential in WIF; he has spent $2 million to buy 2.82 million tokens at $0.71 each, demonstrating his faith in the project. This whale’s activities, which resulted in an unrealized profit of almost $1.35 million, add to the positive attitude around dogwifhat (WIF) and its prospects for significant gains in the coming months.

Featured image from Pexels, chart from TradingView


Source: News BTC
Original Post: Dogwifhat What? Memecoin Barges Into 86th Spot With 320% Rally – What’s Going On?

Pepe Coin Soars Over 250% – Will March Bring More Surprises?

There are lots of surprises during the bull season. Occasionally, during a bull run, coins that have been falling or thought to be dead can rise again, and tokens with defective models can self-correct. In the instance of Pepe Coin (PEPE), which was thought to have lost value and utility but has recently gained attention and is amassing a large number, this is the situation.

With Bitcoin getting close to its peak price and the market rallying, the cryptocurrency space is a flurry of activity. Memes have particularly profited from this renaissance because of their widespread popularity and low cost, which draw in a diverse range of investors.

Pepe Coin Climbs Amid Increased Memecoin Interest

Pepe Coin has stood out in this surge of interest, coming in third place in the meme coin rankings, only behind Shiba Inu (SHIB) and Dogecoin (DOGE). This rise suggests that investors are becoming more interested.

PEPE had a very diverse trajectory and became a billion-dollar asset at periods when there was speculation of a huge trend reversal. The market cap rise of the memecoins was increasing dramatically.

The weekly and daily chart patterns, when analyzed, show consistent growth that might perhaps reach new heights. February saw the start of Pepe’s value climb, which culminated in a 200% spike in just one week.

Today, Pepe reached a top of $0.0000041, and registered an impressive 255% rally in the weekly timeframe. The coin’s performance was equally notable in the 24-hour timescale, with a nearly 50% gain. The weekly chart shows Pepe’s value is still above the critical resistance level, indicating that the market is confident and that there may be further rises ahead.

The bulls will regain momentum and challenge the price’s upper resistance level of $0.00000315 if the market pushes the price above the barrier level of $0.00000280. Additionally, if the bulls maintain their hold on the market, it will rise further and get ready to test its upper boundary of $0.00000350.

Meme Coin Profits Up

In the meantime, a scenario of note occurred when six prominent wallets made trades and sold approximately 2 trillion $PEPE coins between them. Sales for the transaction totaled about $4.37 million, while profits came close to an astounding $2 million. Token exchanges of this size demonstrate the extent of market activity around $PEPE during this upswing.

Although lacking the technological sophistication of Ethereum, its merits reside in its active participation by the community and the capacity for social media to go ubiquitous.

Similar to other meme coins, Pepe Coin is subject to significant fluctuations in value due to celebrity endorsements and community sentiment. This renders it a potentially lucrative investment opportunity for individuals adept at navigating the tumultuous realm of internet meme culture.

With Pepe Coin experiencing a remarkable 250% surge, all eyes are on what March holds for this unpredictable cryptocurrency. As investors eagerly anticipate further developments, the question lingers: Will Pepe Coin continue to defy expectations and unveil more surprises in the coming month?

Featured image from Pexels, chart from TradingView.com


Source: News BTC
Original Post: Pepe Coin Soars Over 250% – Will March Bring More Surprises?

Historical Data Signals Bitcoin’s Imminent 25% Plunge – Time To Buy Or Bail?

Historical data suggests that no Bitcoin cycle has peaked without experiencing significant double-digit corrections. These downturns, while daunting, have historically presented lucrative ‘buy-the-dip’ opportunities for investors.

As Bitcoin continues its ascent, with its price hovering above $62,000, the anticipation of a potential correction looms large, offering a window into the cyclical nature of cryptocurrency markets.

Market Maturity And Correction Patterns

Seasoned investor CryptoJelleNL recently shared a post on X earlier today pointing towards an imminent correction in the 20-25% range for Bitcoin.

Based on cycle analysis, this predicted dip indicates a potential drop to the $46,500 range, earmarking an opportunity for investors to bolster their positions in the leading crypto.

This perspective gains further credence when examining the diminishing severity of corrections as the market matures; the 2016-2017 Bitcoin cycle was characterized by seven substantial corrections, with an average pullback of 32%, significantly impacting investor sentiment and portfolio values.

In the subsequent cycle that propelled BTC to its current all-time high of $69,000, the market conditions were considerably more lenient for bullish investors: experiencing five downturns, the average decline was limited to 24%.

Fast forward to the present cycle, and the landscape appears somewhat different. With only four notable corrections recorded so far and an average pullback of 21%, Bitcoin should see a notable pullback, though not as harsh as previous ones. This indicates the market’s growing maturity.

Bitcoin Historical pullback

Additionally, this evolution suggests that while corrections remain a staple of the Bitcoin experience, their capacity to deter the asset’s long-term trajectory diminishes.

Navigating Bitcoin Upcoming Corrections

The potential correction for Bitcoin, as indicated by CryptoJelleNL is echoed by other market observers. Galaxy Digital Holdings CEO Michael Novogratz has also highlighted the possibility of a temporary dip, attributing it to factors such as excessive leverage among younger investors.

Despite these forecasts, Bitcoin’s current momentum remains strong, with recent price action showing a near 2% increase in the past 24 hours, underscoring the asset’s sturdy appeal.

Bitcoin (BTC) price chart on TradingView

In addition to speculative analysis, real-world examples of investor success stories provide tangible evidence of Bitcoin’s enduring allure. A notable instance is a smart whale who, per lookonchain analytics, invested $1.39 billion in Bitcoin in July 2022 at an average price of $21,629 per BTC.

With BTC price now surging past the $62,000 mark, this investor’s unrealized profit is a testament to the strategic potential of timely market entry and the value of patience in the face of volatility.

Featured image from Unpslah, Chart from TradingView


Source: News BTC
Original Post: Historical Data Signals Bitcoin’s Imminent 25% Plunge – Time To Buy Or Bail?

BlackRock Spot Bitcoin ETF Launches In Brazil, ETF Market Secures 4% Of Total BTC Supply

BlackRock, the world’s largest asset manager, announced the iShares Bitcoin Trust ETF (IBIT39) launch in Brazil on Thursday. Starting today, Friday, March 1, shares of this index fund, which tracks the spot price of Bitcoin (BTC), will be traded on the Brazilian Commodities and Futures Exchange, known as B3.

BlackRock Launches IBIT39 Bitcoin ETF In Brazil

Karina Saade, president of BlackRock in Brazil, highlighted the company’s commitment to providing high-quality access vehicles to investors in the digital asset market. She stated:

IBIT39 is a natural progression of our efforts over many years and builds on the fundamental capabilities we have established so far in the digital asset market.

Felipe Gonçalves, Superintendent of Interest and Currency Products at B3 discussed the growth of the listed crypto market in Brazil. He noted that the market, which started in 2021, now has 13 ETFs with total assets of R$2.5 billion, or about $505 million.

While the market experienced fluctuations in its early years, it reached an eye-catching daily trading volume of R$30 million reais ($6.6 million) by the end of last year, according to local media reports in Brazil. 

Gonçalves mentioned that investors in crypto ETFs include institutional investors, such as funds, and individual investors, with a current number of 170,000. Liquidity in the market is provided by non-residents investing in B3 as a whole.

IBIT39 will reportedly have a management fee of 0.25%, with a one-year waiver that reduces the fee to 0.12% once the fund reaches its first $5 billion in assets under management (AUM). The product will be made available to the general public, allowing broader participation in the Bitcoin market.

$7.5B Net Inflow In Bitcoin ETFs Since Launch In The US

BlackRock’s IBIT (iShares Bitcoin Trust) ETF has emerged as a notable player in the US ETF race, countering a significant outflow from Grayscale’s Bitcoin Trust (GBTC).

BitMEX research data shows that on February 29, 2024, positive flows amounted to $92 million for the day. Notably, BlackRock and GBTC offset each other, experiencing $600 million in opposite directions. The data shows that since the ETFs began trading on January 11, 2024, there has been an impressive net inflow of $7.5 billion.

The overall holdings of spot funds, which directly hold Bitcoin, stood at 776,464 BTC (equivalent to $47.7 billion) on Friday morning, according to BitMEX Research. It’s essential to consider that the total BTC supply currently in circulation is 19.64 million, with a maximum limit of 21 million. 

With this context, the fact that the ETFs have secured 4% of the total BTC supply is a significant milestone. It demonstrates the growing demand for Bitcoin among investors utilizing these index funds to gain exposure to the cryptocurrency.

Blackrock

BTC continues to consolidate above the $62,000 mark, rising 1.3% in the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com


Source: News BTC
Original Post: BlackRock Spot Bitcoin ETF Launches In Brazil, ETF Market Secures 4% Of Total BTC Supply

Cardano’s Price Performance In The Current Bull Run – Is ADA Lagging Behind?

As Bitcoin (BTC) is currently in a bull run, eclipsing the $60,000 mark once again, the spotlight has turned to ADA performance in comparison. With a history that mirrors Ethereum’s (ETH) early days, ADA’s journey through the market’s ups and downs has prompted a closer examination of its potential trajectory.

The eighth-largest cryptocurrency by market cap, ADA has seen its fair share of highs and lows, with a recent uptick in price sparking both interest and speculation about its future.

Particularly, Cardano’s current trading level, lingering below the highs of the March-April 2021 bull run, has raised eyebrows, especially when juxtaposed with Bitcoin’s bullish momentum.

During the last peak period when BTC hit $60,000, ADA traded above $1. Yet, as Bitcoin revisits its former glory, ADA’s valuation stands around $0.6, presenting a curious case for analysis.

Dan Gambardello, a crypto analyst have drawn parallels between ADA’s price action and Ethereum’s historical performance, suggesting that ADA may be on the cusp of a “significant breakout”, akin to ETH’s journey post-2017.

ADA Historical Echoes With Ethereum

Dan Gambardello’s comparison of ADA to Ethereum’s past trajectory sheds light on the developmental parallels and market behavior between the two cryptocurrencies.

Gambardello points out that ADA’s entry into the market towards the tail end of the 2017 bull run placed it in a different starting position than ETH. Despite this, both currencies achieved notable highs during that period.

The subsequent bear market phases for both ADA and ETH were marked by substantial corrections and periods of foundational development, crucial for their long-term viability, according to Gambardello. The analyst added that the emergence of Decentralized Finance (DeFi) projects on both platforms, with Uniswap for ETH and SundaeSwap for ADA, underscores the parallel paths of “innovation and growth.”

This historical perspective suggests that ADA’s current position and 78% dip from its peak might not be as dire as it appears. Instead, it could indicate a maturing phase that precedes significant growth, much like Ethereum experienced after its initial setbacks.

The comparison offers a hopeful outlook for ADA, positioning it as a digital asset with the potential to recover and surpass its previous highs as it follows in Ethereum’s footsteps.

Cardano (ADA) price chart on TradingView

Cardano’s Potential Unfolding

Crypto analysts Trend Rider and Ali’s recent analysis has also amplified the optimism surrounding Cardano’s future. Trend Rider’s alert on a potential new all-time high for ADA, backed by a significant increase in the Trend Strength Indicator, echoes the sentiment of a pending rally reminiscent of ADA’s climb to $3.6.

Furthermore, Ali’s projection of ADA hitting $8 in the upcoming bull run, based on a breakout pattern in the weekly price charts, adds to the growing consensus of Cardano’s untapped potential.

Featured image from Unpslah, Chart from TradingView


Source: News BTC
Original Post: Cardano’s Price Performance In The Current Bull Run – Is ADA Lagging Behind?

Crypto Exchange Says Cardano Price Can Reach $165, Here’s When

Cardano (ADA) is currently riding on the back of a 14% gain in the past seven days, allowing the cryptocurrency to break past the $0.70 price level for the first time since May 2022. According to crypto exchange Changelly, Cardano is poised to continue on this price growth and break over $1, $10, and $100 in the coming years and decades.

Changelly Predicts Exponential Cardano Price Growth

Cardano is one of the biggest cryptocurrencies by market cap with a cap of over $23.5 billion. Although ADA has since retraced some of its gains earlier in the week and is now trading below $0.77, it ended February with a 35% gain amidst a wider inflow of money into the crypto market. Current fundamentals have prompted experts to forecast a continued price surge in March.

According to Changelly’s prediction, ADA will continue on this price growth to make a steadfast breakout above $0.70 and end the month at a maximum of $0.751. Notably, analysts at the exchange also looked at future price points for ADA, predicting very bullish prices.

In its prediction, the exchange noted ADA would break over $10 in 2030. With the cryptocurrency now trading at $0.66, this would mean a 1,400% growth from the current price level. Looking further into the future, Changelly expects this price growth to continue into the next decade, allowing ADA to eventually break over $165 by 2040 and end the year around $600.

How Feasible Is This Bullish Prediction?

Cardano has had its fair share of ups and downs in the past few years. Recently, the blockchain network saw a 90% jump in the creation of new wallet addresses, indicating increased network activity and interest in the network. However, the blockchain has also been subjected to negative remarks, with multiple reports hinting that Cardano’s network activity has been nothing but fabrications. Particularly, a recent report termed ADA as a dead coin.

Despite this, some holders and experts remain optimistic. For ADA to cross over $10 and $100 per coin, mainstream adoption needs to happen. As the crypto industry, which is spearheaded by Bitcoin, becomes more mainstream, Cardano is poised to benefit from greater adoption.

While $165 per ADA sounds overly optimistic now, if Cardano can achieve its ambitious goals, gain mainstream interest and adoption, and attract institutional investment from traditional investors, that price target may not be so unrealistic after all. At the same time, this isn’t impossible, as ADA has delivered over 3,000% profit for its holders in the past.

Cardano price chart from Tradingview.com


Source: News BTC
Original Post: Crypto Exchange Says Cardano Price Can Reach 5, Here’s When

Bitcoin ETF Breaks Records: BlackRock’s IBIT Joins Elite ‘$10 Billion Club’ Amidst Soaring Demand

The demand for spot Bitcoin exchange-traded funds (ETFs) has surged since their recent approval on January 10, with BlackRock’s IBIT Bitcoin ETF leading the way. This ETF has reached impressive milestones in less than two months, attracting significant investor interest and opening doors for various market participants to invest in the largest cryptocurrency directly. 

As institutional and retail investors flock to these new investment vehicles, market experts predict a bullish trend and anticipate a potential price surge.

Bitcoin ETF Frenzy

According to Bloomberg ETF expert Eric Balchunas, BlackRock’s IBIT Bitcoin ETF has quickly joined the esteemed “$10 billion club,” reaching the milestone faster than any other ETF, including Grayscale’s Bitcoin Trust (GBTC), noting that only 152 ETFs out of 3,400 have crossed the threshold.

Balchunas notes that IBIT’s ascent to this club was primarily driven by significant inflows, which accounted for 78% of its assets under management (AUM). This reflects the growing appetite for Bitcoin exposure among investors seeking diversified and regulated investment options.

In particular, the current trajectory of the ETF market paints a picture of resilience and bullish sentiment in the market. Equity ETF flows, and leveraged trading levels are positive indicators, although they have not yet reached the euphoria seen in 2021, Balchunas notes. 

However, Bloomberg’s new BI ETF Greed/Fear Indicator, which incorporates various inputs, highlights the optimistic outlook shared by ETF investors, as seen in the chart below.

Bitcoin ETF

On this matter, crypto analyst “On-Chain College” went to social media X (formerly Twitter) to emphasize the significant demand for Bitcoin as evidenced by its rapid departure from exchanges. 

In its analysis, On-Chain College highlights that Bitcoin ETFs buy approximately ten times the daily amount of BTC mined. At the same time, the upcoming halving event will further reduce the mining supply. The analyst predicts when demand will exceed available supply, leading to potential upward price pressure.

Highest Monthly Close Since 2021

Bitcoin’s recent market performance has caught the attention of wealth manager Caleb Franzen, who highlights the significance of the highest monthly close since October 2021. 

Franzen further emphasizes the bullish momentum by pointing out that the 36-month Williams%R Oscillator has closed above the overbought level for only the fourth time in history. Historical data reveals impressive returns following such signals, indicating the potential for substantial gains in the coming months. 

Bitcoin ETF

Additionally, Franzen notes the changing dynamics of the market, with increased institutional participation and the ease of retail onboarding through ETFs.

Franzen presents a compelling case for the bullish nature of overbought signals, urging market participants to view them as momentum indicators rather than signals to fade. Previous instances of overbought signals have resulted in significant Bitcoin price appreciation:

While acknowledging diminishing returns in each cycle, Franzen highlights the unprecedented level of institutional participation and the ease of retail access through ETFs. 

Even if Bitcoin were to match the +260% gain from the November 2020 signal, it would reach a price of $180,000, surpassing Franzen’s minimum cycle target of $175,000. 

Ultimately, Franzen notes that bull markets are typically characterized by a rising ETHBTC ratio and a falling BTC.D (Bitcoin dominance). While these characteristics have yet to manifest fully, Franzen suggests that a multi-quarter rally in the broader cryptocurrency market may be on the horizon.

Bitcoin ETF

Featured image from Shutterstock, chart from TradingView.com 


Source: News BTC
Original Post: Bitcoin ETF Breaks Records: BlackRock’s IBIT Joins Elite ‘ Billion Club’ Amidst Soaring Demand

CEO Of Blockchain-Focused VC Firm Predicts XRP Price Will Reach $10

Oliver Michel, founder and CEO of German-based venture capitalist firm Tokentus Investment AG, has given a bullish price prediction for the XRP price. According to him, XRP could hit $10 soon enough. 

XRP Price To $10 Is Just The Beginning

Michel mentioned during an interview with Der Aktionär, a leading German finance magazine, that he expects XRP to rise to between $5 and $10 in the first wave of its parabolic move to the upside. Interestingly, he added that XRP would eventually hit three to four figures and didn’t seem worried about XRP’s current price action. 

Meanwhile, Michel revealed that he is invested in the XRP tokens as he has them both in his family office and with his company, Tokentus. The same applies to Ripple shares, which he stated he purchased through an SPV (Special Purpose Vehicle). 

Michel is no stranger to the XRP ecosystem, considering that his company partnered with Ripple last year in an effort to grow and increase the adoption of the XRP Ledger (XRPL). During the interview, Michel also offered his thoughts on Ripple as a “professional company” and sounded so bullish on what the crypto firm was building with its Payment service

He used the opportunity to elaborate further on how Ripple was simplifying cross-border transactions with the help of the XRPL and XRP tokens. Ripple is known to settle these transactions through its blockchain, with XRP serving as the utility token, and these XRP tokens are then converted to the fiat currency of the recipient’s choice. 

XRP To Become The “World Reserve Bridge Currency”

Michel stated that XRP could become the “world reserve bridge currency” once countries implement their CBDCs (Central Bank Digital Currency). Ripple’s XRPL is already being touted as the go-to chain for CBDC settlements. The crypto firm had also revealed that they were already actively working with more than 20 Central banks on CBDC initiatives. 

The Tokentus founder also believes it won’t be long before other Central banks fall back on Ripple to help them implement their CBDCs. He noted that the pressure was piling up on these banks to act now to avoid an impending economic collapse. XRP is expected to play an integral role when this all happens. 

Ripple’s XRPL also looks set to act as the intermediary between all these CBDCs when the time comes. Bitcoinist once reported how the network’s clawback feature boosts the prospects of CBDCs being implemented on it. 

At the time of writing, XRP is trading at around $0.58, down over 1% in the last 24 hours, according to data from CoinMarketCap. 

XRP price chart from Tradingview.com


Source: News BTC
Original Post: CEO Of Blockchain-Focused VC Firm Predicts XRP Price Will Reach

Bitcoin OTC Desks ‘Dried Up To 40 BTC’: What This Means

The availability of Bitcoin (BTC) on Over-the-Counter (OTC) desks has sharply decreased, with reports suggesting that at one point, only about 40 BTC were available for sale. This news has significant implications for the market and could herald a new era in BTC trading dynamics.

OTC Desks Had 40 Bitcoin Available On Wednesday

Caitlin Long, the CEO and founder of Custodia Bank, provided an eye-opening account of the current state of the OTC Bitcoin market. Through a series of posts on X (formerly Twitter), Long noted, “The #HODLgang has mostly held…I spent time in NYC over the past couple of days and it’s clear why the Bitcoin price spiked this week: there was almost no BTC available for sale on the big OTC desks.”

Echoing Long’s observations, Samuel Andrew, a noted figure in the crypto space, added, “OTC desks are nearly dried up. Very little Bitcoin available that’s easily accessible to meet demand. BlackRock and Fidelity are moving size in ways crypto has never seen before.” Long added:

Only ~40 BTC were available for sale at any price at one point on Wednesday, I was told by a credible source…

This scarcity of BTC on OTC desks is not an isolated incident but part of a broader trend indicating a significant shift in the market. Glassnode, a leading blockchain data and analytics firm, reported that Bitcoins held by OTC desks are at their lowest level in five years. Although Glassnode tracks only a portion of the OTC market, the data points to a clear trend of dwindling BTC availability.

What This Means For BTC Price

The implications of this trend are manifold. Firstly, it suggests a potential supply shock in the Bitcoin market, driven by increased demand from institutional investors and large corporations looking to add Bitcoin to their portfolios, as well as the introduction of spot Bitcoin ETFs. This supply shock could lead to a shift in price discovery from OTC desks to public exchanges, where the real market price of Bitcoin will be determined more transparently.

The shortage of Bitcoin on OTC desks also means that large investors and ETFs like BlackRock and Fidelity, who traditionally bought Bitcoin in bulk at a discount through these desks, may no longer have this option. This could further drive demand on public exchanges, potentially leading to significant price movements.

Analysts are already speculating on the possible outcomes of this situation. Alessandro Ottaviani, a prominent analyst, suggested, “After today, god candles ($10k in the daily), before the halving are possible and realistic.”

This sentiment was echoed by Francis Pouliot, CEO of Bull Bitcoin, who remarked on the self-correcting nature of the market: “OTC desks like http://BULLBITCOIN.COM never run out of Bitcoin. The price goes up, and people sell. If people don’t sell, the price goes up more.”

Adam Back, a Bitcoin OG and cypherpunk, provided a bullish outlook, stating, “$100k by halving day. People starting to believe. Bears, leveraged shorts rekt, scared-off, profit take limit orders moved upwards or just deleted to wait-and-see; OTC desks out of coins, daily $500m / 10k BTC ETF buy walls. This can gap upwards fast. 51 days to go [until Halving].”

In conclusion, the depletion of BTC supply on OTC desks marks a pivotal moment for the market. With the upcoming halving event in April and institutional interest at an all-time high, the stage is set for potentially unprecedented movements in the Bitcoin market.

At press time, BTC traded at $61,903.

Bitcoin price
Source: News BTC
Original Post: Bitcoin OTC Desks ‘Dried Up To 40 BTC’: What This Means

BNB Barrels Past $400, As Binance TVL Nears $5 Billion – Details

Recently, the Binance Smart Chain emerged as the top Layer 1 platform with the biggest number of BNB users. There has also been a noticeable increase in its volume.

The optimistic outlook for the cryptocurrency market as a whole has also contributed to BNB’s success. With a market capitalization of around $2.30 trillion, Bitcoin’s latest ascent beyond $63,000 suggests that investor confidence has increased.

BNB Approaches $5 Billion TVL

Total Value Locked (TVL) for BNB Chain increased steadily this year and is currently close to $5 billion. It’s crucial to remember that the current upward trend in BNB is what’s responsible for the TVL spike.

According to data from DefiLlama, this represents a notable rise over the $3.50 billion reported at the beginning of the year and illustrates the growing presence of decentralized finance (DeFi) protocols on the chain.

With 425 million unique users, BNB chain held the top spot at the time of publication, according to Crypto Rank data, which displayed the total number of unique users across the top 15 networks.

On-chain volume on BNB Chain saw a notable spike this week, peaking at about $1.4 billion. According to DefiLlama, this is the greatest volume seen in 2024 and the second-highest day volume on the chain in more than a year. An increase in activity suggests that users are more engaged and that the ecosystem has room to develop.

BNB Breaches $400 Level

The price of BNB has recently increased to levels not seen in months, which is quite notable. The coin has moved into previously unobserved price ranges as of April 2022.

The 24-hour period chart analysis showed that BNB ended trading on a high note. Though there has been a slight decline of less than 1% as of this writing, BNB is still trading at $405.

The excitement around the web3 game project Portal’s airdrop farming campaign is partly responsible for the recent increase in BNB’s price. Users were able to take part in Portal’s PORTAL token airdrop thanks to Binance’s Launchpool integration, which increased interest and engagement in the BNB Chain ecosystem.

Meanwhile, bulls will retake control and be ready to challenge the market’s upper resistance level of $420 this week if the price moves over the resistance level of $401. If the price stays there, the BNB coin will be ready to try testing its upper limit of $435 in the following weeks.

The notable variation in pricing is observed despite Binance being subjected to one of the most serious criminal penalties in the history of the United States. Following the consent of a judge, the exchange reached a plea agreement amounting to $4.3 billion, which pertained to allegations associated with violations of anti-money laundering regulations and penalties.

Featured image from Pexels, chart from TradingView


Source: News BTC
Original Post: BNB Barrels Past 0, As Binance TVL Nears Billion – Details