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Court Approves Terra Founder Do Kwon’s Extradition to the US

Elendu Benedict
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Court Approves Terra Founder Do Kwon’s Extradition to the US

Montenegro’s Minister of Justice has approved the United States request to extradite Do Kwon, the infamous Terra (LUNA) founder.

Minister Bojan Bozokiv signed the verdict on December 27, ending the lingering decision. Notably, the US and South Korea keenly contested the extradition of the embattled Terra boss, seeking to prosecute him for his alleged involvement in the notorious 2022 Terra implosion.

For context, the Terra ecosystem tumbled in 2022, wiping out billions of dollars from the cryptocurrency market. Its native token, LUNA, crashed from over $100 to almost nothing after the algorithmic stablecoin TerraUSD depegged from the dollar valuation.

Following the over $40 billion crypto wipeout, Do Kwon took to his heels, escaping to Serbia before moving into Montenegro. In March 2023, the Montenegro police force arrested him and his partner, Han Cheng Jun, in the Podgorica airport while they attempted to flee the country to Dubai.

Justice Minister Issues Verdict 

Notably, the United States and South Korea had previously filed a request to extradite Do Kwon. Both countries’ prosecutors sought to indict the Terra boss for his involvement in the 2022 crash.

Bozokiv built on an earlier ruling by the Montenegro Supreme Court, stating that both the US and South Korea met the requirements to extradite Do Kwon from the Southeastern European country.

Meanwhile, the Minister of Justice favored the United States. He considered criteria like the gravity of the crime, order of submission, citizenship, and the possibility of further extradition and concluded that Do Kwon would head to the US.

Notably, the statement did not mention the extradition details, such as the date and means of movement. Moreover, Do Kwon remains in the facility for foreigners in Montenegro after being released from prison last year.

South Korea Almost Captured Do Kwon

Meanwhile, the latest ruling came after an earlier conclusion that the Terra boss would be heading to South Korea. For context, a federal court ruled in March that Montenegro will extradite Do Kwon to his home country for further trial.

South Korea placed a red label on Do Kwon and made several attempts to capture him, all to no avail. Notably, the Terra founder could face up to 40 years of imprisonment if convicted in his hometown.

Consequently, Terraform’s crash affected major crypto firms like Three Arrow (3AC) and FTX. The firm filed for bankruptcy earlier in the year and paid the US Securities and Exchange Commission (SEC) a staggering $4.47 billion fine.

Shiba Inu Team Reacts to SHIB 2024 Transformative Journey, Says ‘What a Wonderful Wrap of the Year’

Lele Jima
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Shiba Inu Team Reacts to SHIB 2024 Transformative Journey, Says ‘What a Wonderful Wrap of the Year’

The team behind the Shiba Inu ecosystem publishes the closing edition of The Shib magazine for 2024, reflecting on the transformative journey the cryptocurrency experienced this year. 

According to the team, 2024 was a year of monumental growth, during which Shiba Inu transitioned from its meme origin into a global crypto powerhouse. This significant feat was driven by strategic partnerships, innovation, community-driven initiatives, and a rapidly expanding ecosystem. 

Shiba Inu’s 2024 Recap 

Notably, the magazine provided a recap of Shiba Inu’s major milestones in 2024. 

SHEboshis NFT Phenomenon 

Shiba Inu began 2024 in style, with its SHEboshi NFT collection selling out instantly in February. As reported earlier, the 20,000 units of SHEboshi NFTs sold out within five minutes following the launch of Phase 2 of the minting exercise. 

Shiba Inu’s Partnerships 

In March, the team behind the Shiba Inu ecosystem partnered with ZAMA to facilitate the integration of Fully Homomorphic Encryption (FHE) to enhance users’ security and privacy. 

A few months later, the team partnered with D3 to introduce the Shib Name Service (SNS). Through this collaboration, users were able to secure .shib domains in their wallets, reinforcing Shiba Inu’s vision of becoming a comprehensive blockchain ecosystem with enormous utility.  

Additionally, in February, Shiba Inu announced K9 Finance DAO as its official liquid staking and derivative (LSD) partner. K9 subsequently launched its LSD platform on Shibarium, astronomically boosting the total value locked (TVL) on the blockchain. 

Earlier this month, the team also partnered with Chainlink to make Shiba Inu tokens, including SHIB, BONE, and LEASH, accessible across 12 blockchains. 

Team Raises $12M to Build L3 Privacy Blockchain 

In April, the Shiba Inu ecosystem team stunned many when it announced it raised $12 million from prominent industry players such as Animoca Brands, Polygon Ventures, and Mechanism Capital. 

The rationale behind the fundraiser was to build a war chest for Shiba Inu in the form of an L3 privacy-focused blockchain. 

Shibarium Hard Fork and ShibaSwap Upgrade 

This year, Shiba Inu’s top projects, Shibarium and ShibaSwap, welcomed significant upgrades to enhance their performances. Specifically, Shibarium completed a major hard fork in May and another in December to boost its efficiency and scalability. 

This month also saw the launch of ShibaSwap 1.5, which transitioned the DEX transition to Shibarium.   

Notably, the team also launched the highly anticipated ShibaSwap 2.0 a few months later, which introduced features like centralized liquidity pools, a better reward structure, and seamless migration. 

ShibTorch Launch 

In August, the Shiba Inu ecosystem team finally launched ShibTorch, the much-awaited automatic burn portal, on Shibarium this year. This project was designed to automatically burn SHIB tokens through every transaction on Shibarium instead of relying on the manual process.  

Launch of ShibDev Portal and NFT Bridge 

September was an outstanding month for Shiba Inu, thanks to the launch of the ShibDev portal and NFT Bridge on Shibarium. 

The ShibDev portal is a platform that provides essential tools for developers to build on Shibarium. On the other hand, the NFT Bridge allows users to bridge NFTs like Shiboshi from Ethereum to Shibarium and vice versa. 

Other Major Milestones Recorded in 2024 

The magazine also highlighted other significant feats achieved this year. They include the launch of different Shiba Eternity tournaments, Shibarium’s first birthday, the TREAT Yourself Tour, the revamp of The Shib magazine, and the Shifu airdrop. 

In addition, the team launched two new Shiba Inu games, Shiboshi Rush and Agent Shiboshi, and the Shiba Eternity game transitioned to Shibarium. 

Shiba Inu Team Reacts 

Reacting to the recap, Shiba Inu’s top developer, Kaal Dhairya, echoed, ” What a wonderful wrap of the year!” This comment reflects his enthusiasm and pride in Shiba Inu’s accomplishments this year. 

Also, Shiba Inu’s leader, Shytoshi Kusama, expressed excitement about the cryptocurrency’s accomplishment this year. He urged the Shiba Inu community and ecosystem team to maintain momentum and continue striving for success. 

“Let’s keep it up! Go SHIB! GO!!!!,” Kusama remarked.

Here’s How Much It Would Cost to Buy 10,000 XRP in 2025 if XRP Rises 133% or 365%

Sam Wisdom Raphael
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Here’s How Much It Would Cost to Buy 10,000 XRP in 2025 if XRP Rises 133% or 365%

The window to buy XRP at lower prices is fast closing, and 2025 could further constrict this opportunity if XRP manages an additional 133% or 365% rise.

Interestingly, XRP has surged beyond the $0.5 average price it traded at for years. Amid this impressive rise to transcend the $0.5 level, XRP essentially closed up the window to procure it below the $1 mark. 

The altcoin accomplished this with a 284% spike in November, soaring from $0.5089 to $1.95. Meanwhile, in December, it has increased by an additional 10.68% despite the ongoing consolidation, now trading above the $2 mark.

Despite the November push, analysts believe the uptrend is not yet over. As a result, XRP’s current price might still represent a discount in comparison to the projected values for 2025. With XRP currently trading for $2.15, if an investor looks to purchase 10,000 XRP now, he will need to spend $21,500.

Cost of 10,000 XRP if XRP Rises 133% or 365% in 2025

However, this would not be the case if XRP hits the price projections for 2025. For instance, while some market watchers have projected a rise to $5, possibly in 2025, others expect a more ambitious surge to the $10 mark. At the current price, XRP would need to rise 133% to reach $5 and by a more substantial 365% to claim $10. 

Interestingly, if XRP ever claims the $5 price, the amount necessary to procure 10,000 XRP tokens would skyrocket. Notably, at $5, it would cost an investor up to $50,000 to accumulate 10,000 XRP tokens. 

The $50,000 figure represents an addition of $28,500 to the current rate of $21,500. Meanwhile, if XRP surges further to $10 next year, as some predict, this figure will increase further to $100,000. This marks an additional $78,500 to amass the same 10,000 XRP tokens.

Notably, even the current $21,500 figure represents an increase from previous years but remains largely lower than possible rates in 2025 should XRP claim some of its price projections. 

Cost of 10,000 XRP Over the Years

For instance, XRP consistently traded around the $0.5 price level for years. Notably, the altcoin observed persisted woes after correcting from the April 2021 peak of $1.96. XRP first collapsed to $0.51 in July 2021, and, after a mild recovery, slumped further to the $0.2 price region in mid 2022 following the Terra collapse.

From this point, the altcoin underperformed, ranging between $0.3 and $0.6, with an average trading price of $0.5 for more than two years. It managed to hold above $0.60 for a few months in 2024 but performed worse than most other leading assets.

This period presented a massive opportunity for investors to procure XRP at discounted prices, but most market participants forfeited the opportunity. Despite calls from several market analysts that an XRP breakout was imminent, accumulation was largely subdued. 

To put things into perspective, at the end of December 2020, XRP traded for $0.2195. During this period, procuring 10,000 XRP would have cost $2,195. Further, at the close of December 2021, XRP changed hands at $0.8294. With this price, it would have cost $8,294 to buy 10,000 tokens.

Meanwhile, amid the 2022 bear market, XRP saw a price of $0.3390 at the end of December 2022. An investor would have spent $3,390 to amass 10,000 XRP here. However, in December 2023, XRP had risen to $0.61, necessitating an investment of $6,100 to get 10,000 tokens.

Now, with XRP trading for $2.15, it would take a whopping $21,500 to get the same amount of XRP tokens. If XRP hits some of its price targets for next year, this figure might increase considerably by December 2025.

Analyst Says XRP Pullback Shows Completion of Wave 4, Expects Wave 5 to Lead to $5

Sam Wisdom Raphael
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Analyst Says XRP Pullback Shows Completion of Wave 4, Expects Wave 5 to Lead to $5

Mr. Xoom, a notable market analyst, believes the ongoing XRP pullback culminates in the completion of Elliott Wave 4. 

He mentioned this in a recent analysis amid the persistent market collapse. It bears mentioning that the broader crypto market has been in a bearish phase for most of December despite occasional recovery efforts. 

XRP is one of the victims of this turbulence, unable to transcend the $2 price level since recovering it on Dec. 1 for the first time in seven years. It suffered a pullback after reaching a peak of $2.9 on Dec. 3 and has consolidated since then.

XRP About to Complete Wave 4

In his recent disclosure, Mr. Xoom says this ongoing bearish consolidation represents the fourth wave of an extensive Elliott Wave structure.

For context, his chart shows that XRP completed Wave 1 in September 2024 and traded within Wave 2 from September to November 2024. Meanwhile, the bullish Wave 3 began in early November following Donald Trump’s victory in the U.S. presidential election. This Wave 3 ended with XRP’s run to $2.9 in early December.

XRP 1D Chart Mr Xoom
XRP 1D Chart | Mr Xoom

As the pullback and consolidation ensued, Wave 4 took form. Mr. Xoom believes XRP is about to complete this current wave amid a price drop to the $2.14 region. Once the Wave 4 concludes, the next wave would be a bullish one, which the bulls could leverage to recover the losses from Wave 4.

Data from the chart also highlights a descending channel as XRP followed the trajectory of Wave 4. With Wave 4 on the verge of completion, XRP appears to be at the apex of the channel. The start of Wave 5 could trigger a rally that would allow the asset to breach the upper trendline of the channel.

Wave 5 Could Push XRP Price to $5

Mr. Xoom expects this Wave 5-based rally to push prices to $5, representing a new all-time high and a 133% increase from the current price. However, he insists that this $5 is conservative. Earlier this month, market commentator Vincent Van Code predicted XRP to claim this $5 by February 2025.

The current market condition places XRP in a position to record higher gains once the broader market recovers. XRP currently changes hands at $2.14, but its CCI stands at -116.40, indicating possible oversold conditions. The last time XRP’s CCI stood at -100 was in early November, when it traded at $0.51.

XRP 1D Chart
XRP 1D Chart

The current CCI value suggests XRP still has room for more growth, and a 133% increase is a rather feasible goal. However, to overcome the current bearish state, XRP must first breach the 20-day SMA at $2.31 and subsequently push above the upper Bollinger Band ($2.54).

Bitcoin Price Forecast: CME Gap Could Drive BTC Down to $77K

Albert Brown
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Market analysts expect an imminent Bitcoin crash that would allow the asset to fill the latest visible CME gap on the 1-week chart.

In this latest Bitcoin price news, Bitcoin recently fell to $95,212 after briefly surpassing $99,000 during a Christmas rally. The market’s ongoing turbulence has triggered concerns about further declines, with analysts warning of a potential drop to $77,000 to close a critical CME gap. 

Factors Pointing to Potential Bitcoin Drop

EGRAG, a prominent analyst, pointed out that Bitcoin has experienced several massive corrections since October 2022, with average losses of about 23.5%. 

The current market environment suggests a similar pattern could unfold, with a potential decline aligning with the historical average. Notably, this would place Bitcoin’s next key support zone in the $77,000–$80,000 range, where a CME gap resides. 

Bitcoin CME Gap EGRAG Crypto
Bitcoin CME Gap | EGRAG Crypto

Notably, this CME gap occurred on the back of the early November uptrend following Donald Trump’s election victory. Bitcoin closed the week ending on Nov. 8 at $77,360 but then began the next week starting Nov. 11 at $81,210, creating the gap. 

EGRAG also called attention to the 21-week EMA, which currently sits near $80,000. According to the analyst, this metric suggests the possibility of another flash crash to these levels. 

Bitcoin 21W EMA EGRAG Crypto
Bitcoin 21W EMA | EGRAG Crypto

In addition, EGRAG noted that market makers might exploit upcoming events, such as the U.S. presidential inauguration in January 2025, as a trigger for selling pressure. This is another event that could potentially contribute to the imminent crash.

However, he remains confident that Bitcoin will eventually reach $120,000 at some point. Nonetheless, EGRAG is unsure if the crypto asset will first rally to $120,000 before dipping to fill the CME gap or if it will immediately dip to the CME gap before rallying to the $120,000 mark.

Importance of the CME Gap

Meanwhile, XForceGlobal, another analyst, also highlighted the importance of CME gaps in Bitcoin’s price behavior. He stressed that historical data indicates that the market has eventually filled 90% of daily CME gaps larger than $1,000. 

However, the timing and method of filling such gaps often remain unpredictable. The analyst outlines two scenarios: Bitcoin could experience a wave-4 correction, resulting in a drop to the $77,000–$80,000 range, or it could revisit this gap much later, possibly during a more significant market correction to the $46,000 level.  

Other experts, like Ali Martinez, previously stressed the importance of Bitcoin holding its current support zone between $97,041 and $93,806. He contends that failure to maintain this level could lead to a decline to $70,085, given the lack of substantial support below this range.  

Further, Elliott Wave analysts suggest Bitcoin may not have completed its wave-B correction. Interestingly, if prices fail to break above $99,892 sustainably, a further decline could unfold, potentially taking the asset into the $80,000–$90,000 range.  

Record $18B in Bitcoin and Ethereum Options Expire, Sparking Optimism for 2025

Abdulkarim Abdulwahab
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Record $18B in Bitcoin and Ethereum Options Expire, Sparking Optimism for 2025

The crypto market is closing out the year with significant Bitcoin and Ethereum options expirations and a bullish outlook heading into 2025.

Today, a record $18 billion in options expired, marking the last major expiry of the year, with Bitcoin (BTC) and Ethereum (ETH) seeing large volumes of contracts reach their conclusion.

Bitcoin and Ethereum Options Data Highlights

Specifically, a total of 150,000 Bitcoin options expired with a staggering notional value of $14.17 billion. Notably, these contracts expired with a Put-Call Ratio of 0.69.

This figure suggests that more call options were traded relative to put options, signaling that investors are leaning toward a bullish market outlook.

Meanwhile, Ethereum options saw 1.12 million expired today, with a notional value of $3.74 billion.

Despite these large expirations, the market has been relatively quiet, with no major volatility due to the overlap with the Christmas holiday. However, experts believe this lull is temporary, with significant optimism for the future.

Notably, Bitcoin is trading at $96,329, with a 0.7% uptick over the past day. Ethereum is also trading at $3,387, with a gain of less than 1% today.

Beyond this passive market today, Bitcoin has already seen strong gains in 2024. Its price more than doubled this year, rising from $42,000 to over $108K, boasting a one-year gain of 120%.

Bitcoin’s late-year rally since November set a bullish tone for the broader crypto market, benefiting others like Ethereum. This month, Ethereum set a fresh year-high above $4,100.

These strong performances in the market’s leaders have lifted sentiment, with investors and analysts increasingly optimistic about the trajectory for 2025.

Bitcoin in 2025

Crypto enthusiasts expect the return of Donald Trump to the White House next month to usher in what many consider to be the most crypto-friendly presidency in U.S. history. This is expected to boost crypto market sentiment further.

Moreover, market commentators believe prominent crypto advocates like Elon Musk will have more energy to promote crypto innovation under the incoming Trump administration.

Other key drivers of growth for 2025 that market participants have highlighted include the increasing adoption of cryptocurrency by governments and major corporations. Specifically, the U.S. government and corporations like MicroStrategy plan to continue stockpiling Bitcoin as a reserve asset, which could catalyze a long-term price surge.

With this promising outlook, experts have projected even a $200K price level as conservative for Bitcoin in 2025.

Ethereum ICO Participant Moves $3.53M ETH After a Decade of Inactivity

Lele Jima
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Ethereum ICO Participant Moves $3.53M ETH After a Decade of Inactivity

An anonymous crypto whale who participated in Ethereum’s Initial Coin Offering (ICO) has come out of a decade of dormancy to move some of their ETH holdings. 

The popular smart money on-chain platform Lookonchain reported the development today via on X. 

Transaction Details 

Lookonchain stated that the Ethereum ICO participant made their first transaction today after 9.4 years of inactivity. The latest transaction saw the whale move 0.01 ETH to an unknown address, “0x296…Ee557,” today at 04:40 a.m. (UTC). With ETH currently trading at $3,394 per coin, this transaction is worth $33.94 at press time. 

This marks the wallet’s first transaction since it first received 1,940 ETH coins during the Ethereum ICO in 2015. According to Lookonchain, the entire portfolio of 1,940 ETH was valued at $601 at the time. Interestingly, after a decade of holding, the value has skyrocketed to a jaw-dropping $6.56 million today. 

Transactoin details
Transaction details | Lookonchain

Other Latest Transactions  

Since the ICO wallet initiated its first transaction after dormancy, it has been involved in a series of other transactions, sending and receiving ETH over the past few hours. 

Overall, the whale has moved 1,042.22 ETH ($3.53 million) to different blockchain addresses and received only 0.01 ETH ($34.25). At the time of writing, the ICO wallet still holds 897.77 ETH, currently valued at $3.04 million. 

The sudden awakening of a long-term dormant wallet usually creates a buzz within the crypto community, sparking speculations that the wallet’s owner recently regained access to their lost private keys. 

Ethereum ICO Whale Reawakening 

Nonetheless, this type of activity is not in isolation. In recent weeks, The Crypto Basic has reported a series of reawakening of Ethereum ICO participants. 

For instance, on December 25, an Ethereum ICO whale moved 4,160 ETH worth $14.5 million to the Kraken cryptocurrency exchange. The whale received 20,000 ETH during the Ethereum ICO and has been dumping its holdings at local peaks since September 2024, offloading over 5,000 ETH ever since. 

In September, another Ethereum ICO wallet ended its two-year dormancy by dumping 10,000 ETH at an aggregate price of $24.37 million. The following month, a wallet that also participated in the Ethereum ICO transferred $12.22 million worth of ETH tokens to Kraken. 

These developments come as Ethereum attempts to recover from the recent downturn that plunged its price to near $3,000. At press time, ETH is trading at $3,394, up 0.83% over the past 24 hours and 2.59% in the past seven days. 

Bitget Token Soars 15% as Bitget Plans to Burn 40% of Coin’s Total Supply

Elendu Benedict
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Bitget Token Soars 15% as Bitget Plans to Burn 40% of Coin’s Total Supply

BGB, Bitget’s native utility token, continues its bullish upsurge today after the team released an updated whitepaper on the asset’s burn mechanism.

For context, the Bitget Token (BGB) surged over 20% today, hitting a new all-time high of $8.500. The bullish upsurge took its weekly and monthly gains to 102% and 421%, respectively, bucking the overall trend in the broader market.

Notably, today’s surge followed a Bitget announcement that it has updated its whitepaper, specifically on asset burns. The Bitget team introduced a mechanism that allows incessant, large incineration of the BGB token, drawing bullish momentum to the ecosystem’s native token.

Bitget to Burn 40% of Total Supply.

Per the release, Bitget will imminently incinerate 40% of its total supply of 2 billion BGB ($6.6 billion at the current market price). Notably, the core team reserved 40% of the ERC-20 token for itself during the token generation event (TGE) but would burn it with the new development.

With the burn, BGB’s total supply would drop to 1.2 billion, boosting the asset’s scarcity. Bitget stated that the incineration event would happen at a later date, and the team would provide proof of the significant milestone on-chain.

Furthermore, Bitget introduced a periodical burn mechanism. The latest addition would see the exchange allocate 20% of its quarterly earnings to buying and burning the BGB token.

The process would be a quarterly event where Bitget would send the specified amount in BGB to the burn address. Bitget also noted it would notify the crypto community of the incineration after each process.

It bears mentioning that the Bitget token is now officially the unified utility token in the Bitget ecosystem. The exchange announced yesterday that it would merge the asset with the Bitget Wallet Token (BWB), making BGB the ultimate token for its exchange and self-custody wallet.

BGB Becomes 16th Largest Cryptocurrency

Meanwhile, BGB’s bullish momentum has seen it climb the crypto ranking ladder. With a market cap of $11.6 billion, the Bitget Token is the 16th largest cryptocurrency.

In its rise up the cader, BGB has flipped notable assets like Polkadot (DOT), Stellar (XLM), Litecoin (LTC), and Pepe (PEPE). Furthermore, larger assets like Sui (SUI) and Shiba Inu (SHIB) now face the pressure of a possible flip if BGB’s bullish momentum persists.

At the time of writing, Bitget Token trades at $8.33, correcting slightly from its new all-time high of $8.50.

How Crypto Whale Activity Offers Hope for Bitcoin and Broader Market Recovery After Post-Christmas Dip

Albert Brown
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How Crypto Whale Activity Offers Hope for Bitcoin and Broader Market Recovery After Post-Christmas Dip

A recent campaign of large stablecoin deposits by whales triggers hope of a Bitcoin and broader market recovery following the latest pullback.

The crypto markets have shown signs of uncertainty in recent weeks following the Federal Reserve’s hawkish posture heading into 2025. While the market offered hopes of a recovery with a Christmas Day rally, an ensuing sharp correction on Boxing Day again stirred doubts. 

Amid the uncertainty, leading crypto analytics platform Santiment Feed has argued that there is hope to be found in the activity of a closely watched class of crypto investors.

Whales Preparing to Accumulate?

On Christmas day, December 25, 2024, Bitcoin rallied to $99,900 amid a 7% jump from Christmas Eve lows of $93,500 amid a Fed-led slump. But any hopes that a recovery from the recent market slump was underway were likely short-lived.

Notably, on Boxing Day, December 26, the asset shed most of its Christmas gains to trade as low as $95,000, dragging the broader crypto market down with it. Despite the wild swings, Santiment Feed has maintained that the crypto market still has bullish undercurrents, citing whale activity.

In an X post on Friday, December 27, the firm noted that this class of crypto investors with extensive holdings were increasingly moving stablecoins to exchanges following the most recent dip, per its top centralized exchange deposit dashboard, presumably to load up on more crypto assets.

Top centralized exchange deposits dashboard
Top centralized exchange deposits dashboard. Source: Santiment Feed

Santiment Feed noted that in the past 24 hours alone, there had been at least seven such deposits worth over $9 million, with the highest carrying a value of $50 million.

The firm argued that while some of these deposits are likely aimed towards farming a new Binance Launchpool token BIO Protocol (BIO), the dominance of such large stablecoin transactions on the dashboard boded well for the crypto market regardless.

“it’s a strong sign that whales are gearing up for some purchasing, which can push up prices market-wide,” Santiment wrote, even though it is unclear when these whales intend to start making these purchases.

Still, Santiment Feed’s recent statements align with CryptoQuant CEO Ki Young Ju’s opinion that the crypto bull market is still on.

Billions Flowing into the Market

On Thursday, Young Ju argued that the crypto bull market was still on despite recent uncertainty. The analyst expressed this view, citing capital inflows into the market.

Young Ju stressed that while news of whale accumulation may no longer send shockwaves through the crypto space as they did two to three years ago, the moves offered confirmation that the market was not yet in a bubble.

He contended that a bubble is when prices are significantly higher than the capital flowing into a market. On the contrary, he noted that $7 billion poured into crypto markets weekly, citing on-chain data.

The CryptoQuant Chief further asserted that Bitcoin appeared far from its cycle top, pointing to the asset’s “true” market value to realized value (MVRV) ratio.

The true MVRV chart shared by Young Ju measures the deviation between Bitcoin’s market value and the realized value, which is the average price at which coins were last moved, excluding coins thought to have been lost for more than seven years.

BTC True MVRV
BTC True MVRV. Source: CryptoQuant

Like the standard MVRV, the metric is used to measure extremes in Bitcoin’s price, often called market tops and bottoms. The chart shared by Young Ju places the MVRV at 1.8, which is considered to be healthy and not overheated.

Dogecoin Flashes Buy Signal as Whales Scoop 90 Million Coins

Okoya David
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Dogecoin Flashes Buy Signal as Whales Scoop 90 Million Coins

Dogecoin sees a buy signal on the TD Sequential indicator amid a massive accumulation trend from whale addresses.

Over the past two weeks, the prices of crypto assets, including the leading doggy-themed meme coin Dogecoin (DOGE), have been largely subdued amid broad macroeconomic uncertainty. Still, DOGE may now be flashing signs of an imminent rebound amid significant market activity from large investors called whales.

Dogecoin (DOGE) TD Sequential Points to Rebound

Prominent crypto analyst Ali Martinez has told investors to anticipate a rebound in DOGE’s price after the meme coin’s most recent 10% post-Christmas dip from highs of $0.34221 to lows of $0.30837.

The analyst disclosed this in an X post on Friday, December 27, highlighting that the TD Sequential on the meme coin’s 4-hour candle chart had flashed a buy signal.

Dogecoin 4 hour candle chart flashing TD Sequential buy signal
Dogecoin 4-hour candle chart flashing TD Sequential buy signal. Source: Ali Martinez

The TD Sequential is an indicator trader use to time price reversals. It works by measuring the previous candle closes.

The recent DOGE buy signal follows significant whale activity over the past 48 hours. On Friday, Martinez shared Santiment Feed data revealing that this class of investors holding between 10,000,000 DOGE and 100,000,000 DOGE had accumulated over 90 million coins worth over $28.6 million at current prices amid the market correction.

Santiment Feed chart showing Dogecoin whale activity
Santiment Feed chart showing Dogecoin whale activity. Source: Ali Martinez

Moves by this class of investors typically preempt a big market push. To be sure, DOGE is already trading 3.1% above its Boxing Day lows at $0.31794 at the time of writing.

Analysts like Martinez have maintained that the meme coin remains bullish despite recent market uncertainty, with price targets far above its all-time high of $0.74. Martinez, for one, has set an ambitious $18 price target for DOGE if it replicates its price action in previous bull cycles.

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