Home Blog Page 1445

Biden Campaign Seeks “Meme Manager” to Woo Young Voters Online, Too late?

Albert Brown
-
0
Biden Campaign Seeks “Meme Manager” to Woo Young Voters Online, Too late?

The Biden campaign seeks a Partner Manager to engage young voters online, but Abdullah Nassif, host of the Good Morning Crypto show, questions the timing and approach.

Per an announcement posted on May 20, the Biden for President (BFP) campaign is actively seeking a Partner Manager to enhance its digital engagement strategy. The goal is to connect with younger voters through prominent content creators and meme pages on various internet platforms.

However, this announcement has sparked concerns within the crypto community, particularly from Abdullah Nassif, host of the Good Morning Crypto show, on X.

Nassif’s opinion that this move is “too little, too late” shows skepticism about the effectiveness of the Biden campaign’s new digital strategy.

The Partner Manager’s Role

Meanwhile, in the Biden campaign job description, the manager will focus on building and maintaining relationships with leading digital media companies, podcasters, and meme pages across multiple social media channels.

This role requires independently identifying and securing engagement opportunities, overseeing these partnerships from inception to completion, and working with internal teams and cross-functional partners to generate innovative ideas.

Crypto Community Reaction

Notably, Nassif’s reaction reflects the sense of apprehension within the crypto community. The post pointed out that young American investors and voters are unlikely to forget the impact of SEC Chair Gary Gensler’s regulatory actions on the crypto industry.

Although some commenters believe this move validates the staying power of crypto, others view it as a waste of money. For instance, one commenter remarked that Biden is already generating memes organically.

It is crucial to recall that the Biden administration recently reiterated its eagerness to develop new digital assets policies aimed at protecting investors. Despite this, Gensler’s assertion that existing laws provide sufficient authority for regulation has caused friction. This tension between the SEC and other regulatory bodies has added to the community’s concerns.

Shifting Attitudes Among Democrats

There has been a noticeable change in attitude among Democrats regarding cryptocurrency. The Crypto Basic recently reported that Galaxy Digital founder and CEO Mike Novogratz noted this shift, suggesting it might be politically motivated. This potential change could significantly impact the regulatory landscape and influence crypto market dynamics.

In addition to regulatory discussions, the current crypto cycle has seen the rise of political meme coins. These tokens, featuring exaggerated portrayals of politicians and intentionally misspelled names, have gained traction. Examples include tokens like BODEN and TREMP, with TRUMP leading the market cap in this niche.

Cardano Faces Pressure Near 50-day SMA On Daily Chart; What to Do?

Mark Brennan
-
0
Cardano Faces Pressure Near 50-day SMA On Daily Chart; What to Do?

Cardano currently encounters resistance near the 50-day Simple Moving Average (SMA) on the daily chart, suggesting a potential decision point for traders.

Cardano (ADA) looked depressive on the daily chart for the third straight session on Wednesday. The bulls could not sustain the gains that gathered at the beginning of the week.

As it already trades in a short-term range of $0.42 to $0.52, the price behaves accordingly, facing pressure at the upper range. The bulls were unable to breach the mentioned level, indicating a lack of strength.

At the time of writing, ADA/USD changes hands at $0.48, up 0.21% for the day. The 24-hour volume dropped more than 24% to $374 million. An increase in the price with a drop in volume could suggest that the upswing is not sustainable.

Cardano ADA 1 day Source Trading view
Cardano 1D Chart

At present, the price displays a quiet movement with no clear directional bias. If ADA breaches above the 50-day SMA, the bulls could stretch their muscle towards $0.51, followed by the $0.56 high on February 13. This view is supported by the momentum oscillator, Relative Strength Index (RSI).

However, if the bearish sentiment kicks in amid a volatile market sentiment, then there is a probability of falling toward the lower levels. The immediate downside target could be found at the May 17 candle at $0.45. 

The above-mentioned move will validate the movement of a range-bound market structure. Bears will further pull towards the key support zone of 0.42.

In a nutshell, Cardano (ADA) price trades at a crucial juncture, where there is a tug of war between bulls and bears. If the spot price convincingly trades below the 50-day SMA, then bears would have the upper hand. 

Technical indicators

  • 50-day SMA holds at 0.48. The price holds below the moving average as of press time.
  • RSI (14) trades above 50, indicating a bullish bias.

Support and Resistance

Support 1: $0.46

Support 2: $0.42

Resistance 1: $0.50

Resistance 2:  $0.52

Here are Projected Timelines for Cardano to Hit $200

Mark Brennan
-
0
Here are Projected Timelines for Cardano to Hit $200

The future of Cardano appears promising, with statistical data indicating a gradual rise to $200 beyond 2030 in long-term forecasts.

ADA has piqued the interest of many investors, who anticipate a major positive price increase that might introduce new price highs. While the current optimistic trend in the crypto market has yet to fully impact ADA, the currency has seen minor gains following Bitcoin’s $70k climb.

At press time, ADA was trading at $0.484, a 1% decline in the last 24 hours. This slight dip has triggered concern among investors. However, the ADA community remains optimistic, hoping that it will soon align with the ongoing bullish trend and eventually enter a substantial bull run.

Statistics Overview

According to Changelly statistics, Cardano is expected to gain traction, albeit gradually. By May 2040, the platform anticipates that ADA will have a minimum price of $173.58, potentially rising to $208.20, with an average trading price of $183.08. These forecasts show that ADA’s value will reach a new peak during the next two decades.

cardano to $208 Challengy
Cardano Price Prediction | Changelly

Notably, insights from ChatGPT suggest that Cardano could potentially reach $200 beyond 2030. However, this ambitious target hinges on significant advancements in adoption, technology, and market conditions. According to ChatGPT, achieving such a price level will require substantial developments within the crypto ecosystem.

cardano to $200
Cardano Price Prediction | ChatGPT

Telegaon, another cryptocurrency platform, offers a more conservative outlook. It forecasts that by 2050, Cardano could reach a maximum price of $45, with an average price of $42.41 and a minimum price of $39.12. This suggests a steady, albeit slower, growth trajectory compared to Changelly’s predictions.

Conversely, CoinCodex presents a different sentiment. It estimates that by 2030, ADA’s maximum price will be $3.96, with a potential low of $0.819112. This projection suggests a more cautious outlook for Cardano in the near to long-term.

Analysts Bullish Outlook

Meanwhile, per reports from The Crypto Basic, analysts remain optimistic about Cardano’s future, predicting a bullish trend that could see it reach between $7 and $13 by 2025. Javon Marks, for instance, revised his target for ADA, raising it from an initial $2.7 to new potential targets of $5.29 and $7.82.

In another analysis, Ben “Bitboy” Armstrong highlighted a forecast by Ali Martinez, which projects ADA reaching $7 based on historical patterns. Armstrong takes this optimism further, suggesting an even higher target of $11. This bullish outlook is echoed by Dan Gambardello, who also believes that ADA could realistically achieve $11 in the current market cycle.

Seasoned Investor Eyes Over $1B Market Cap For This Altcoin That Utilizes XRP

Lele Jima
-
0
Seasoned Investor Eyes Over $1B Market Cap For This Altcoin That Utilizes XRP

Thanos expects Root Network (ROOT) to surpass the $1 billion market cap due to its recently launched Root Name Service (RNS) and utilization of XRP for cheaper transactions.

“Crypto Thanos,” a seasoned crypto investor, has called the public’s attention to Root Network, a project they expect has the potential to reach a billion-dollar market cap.

ROOT’s Potential Surge to $1B

The pseudonymous investor asserted that ROOT is one of the few crypto assets that will ever surpass the $1 billion market cap mark. At the time of writing, ROOT boasts a market cap of $46,930,428 ($46.93 million) and is ranked as the 655th-biggest cryptocurrency on CoinMarketCap.

To hit the $1 billion market cap, ROOT must surge by 2,030% from its current valuation of $46.93 million. Reaching the $1 billion valuation seems like an uphill task for ROOT, given that the token is expected to surge over 20x.

Nonetheless, Thanos believes the coin can surpass the $1 billion cap in its lifetime. The investor did not issue a timeline for when they expected this prediction to materialize.

Root Name Service Goes Live

Thanos issued the forecast while reacting to the launch of Root Name Service (RNS), a cross-platform digital identity solution built on Root Network. The solution, introduced in March, finally went live on May 19 at 06:30 PM (EDT).

Users who wish to own a unique digital identity via RNS can make payments with ROOT and USDC. Like every other Root service, the transaction fees for RNS will be paid in XRP from an EOA address.

According to Thanos, Root’s RNS is superior to the popular Ethereum Name Service (ENS), with the potential to outperform it in the long term.

Launched in July 2023, Root Network is a Layer-1 blockchain designed to serve as the central infrastructure for the open metaverse. The crypto project uses a dual-token system. While ROOT performs the role of governance and security within the Root ecosystem, XRP is used as the official gas token.

Besides serving as the Root Network’s official gas fee token, XRP’s utility was expanded by leading decentralized exchange Moai Finance following the introduction of a single-sided staking service for the coin. Moai also paired XRP with other Root Network-based tokens, including USDC and ROOT.

Here Are Potential XRP Price Targets After Spot ETF Approval

Abdulkarim Abdulwahab
-
0
Here Are Potential XRP Price Targets After Spot ETF Approval

Recently, we asked ChatGPT to suggest the potential market value of XRP in a scenario where the asset gets a spot exchange-traded fund (ETF) like Bitcoin.

Initially, the AI system acknowledged the challenge of predicting the precise valuation of XRP with the emergence of ETFs. Nonetheless, ChatGPT drew upon Bitcoin’s historical data post-ETF approval to provide an informed projection for XRP’s potential market value.

Bitcoin Historical Data post-ETF

Notably, Bitcoin traded at a low of $44,483 on January 10 when the U.S. regulator assented to the inaugural spot crypto ETFs. Precisely two months later, Bitcoin broke the $73,750 all-time high. Overall, BTC printed a return of approximately 66% in about 63% after ETF approvals.

photo 2024 05 23 10 32 10

The Hypothetical Case with XRP

Given XRP’s present value at $0.5289, ChatGPT envisioned a situation in which an XRP ETF might have a percentage influence on its price similar to that of Bitcoin’s ETF. 

In particular, a 66% increase from XRP’s current price would raise the seventh-ranked cryptocurrency’s value to approximately $0.878. Accordingly, the AI system deduced that XRP’s price might ascend to an estimated $0.878, mirroring the 63-day trajectory post-ETF approval witnessed with Bitcoin.

photo 2024 05 23 10 32 39

However, while a 66% rally was enough for Bitcoin to set a new all-time high, a similar percentage growth has less consequential impact on an altcoin like XRP. Specifically, the $0.878 price level still puts XRP 77% away from its old ATH of $3.84. 

With altcoin known to outperform Bitcoin, it may be expected that XRP would register a more substantial percentage growth with ETFs than the 66% BTC attained.

Meanwhile, ChatGPT highlighted various factors, such as market conditions, investor behavior, and regulations, as potential catalysts for higher price levels. It cited the crucial role of overall market sentiment at the time of approval. 

This is observable in the case of Bitcoin: the approval of the Bitcoin spot ETFs occurred during a bull market rather than a bear market.

“Realistic” Price Range for XRP

When asked about XRP’s potential to surpass the $1 threshold ETF following approvals, ChatGPT concurred. It noted factors such as ETFs driving increased demand for XRP and higher liquidity with greater trading volumes. 

Additionally, it mentioned the likelihood of market hype and a fear of missing out (FOMO) frenzy driving XRP’s price significantly higher than anticipated. Ultimately, ChatGPT concluded that XRP’s realistic price range following ETF approval is between $0.83 and $1.2.

photo 2024 05 23 10 32 24

XRP ETF Prospects

Meanwhile, it is worth noting that the prospect of an XRP ETF coming to fruition still hangs in the balance, as no asset manager has filed for it despite XRP’s clear regulatory status in the U.S. 

Nonetheless, market participants eagerly await this development. Furthermore, pundits argue that the U.S. SEC’s approval of Ethereum spot ETFs would pave the way for other crypto asset ETFs like XRP.

Europe Biggest Crypto fund Founder Says Cardano is ‘Extremely Centralized’

Sam Wisdom Raphael
-
0
Europe Biggest Crypto fund Founder Says Cardano is ‘Extremely Centralized’

Venture capitalist Justin Bons discusses centralization concerns surrounding Cardano due to its Genesis keys.

In a recent disclosure, Justin Bons, founder of Europe’s biggest crypto fund, Cyber Capital, discussed concerns surrounding Cardano’s centralization. Bons asserted that Cardano’s governance model is overly centralized, contradicting its claims of being a decentralized blockchain.

Bons Argues Against Cardano Decentralization

He stressed that Cardano’s control structure is tightly held by its development company, Input Output Global (IOG). This is due to the company’s possession of a set of multi-signature keys called the Genesis Keys. Of the seven keys, IOG controls five, a reality which Bons believes grants them significant power over the network.

Bons noted that the Genesis Keys enable seamless code changes without the need for a hard fork, allowing IOG to make major modifications, such as halting the chain or changing emission schedules, without consensus. This level of control, he claimed, is rare for an L1 network.

The Genesis Keys

For context, the governance framework involving these Genesis Keys materialized in the Shelley mainnet upgrade in July 2020, which aimed to decentralize the network by introducing staking pools and other mechanisms. Of the seven keys, five must agree to implement a governance decision.

Initially, the keys were distributed among Cardano’s founding entities, with IOG holding three, the Cardano Foundation (CF) in possession of two and EMURGO equally holding two. However, the Cardano Foundation delegated their control to IOG, consolidating IOG’s influence and giving it absolute control.

In his remarks, Bons called attention to Cardano founder Charles Hoskinson’s disapproval of this reality and his desire to enforce a change. Notably, Hoskinson discussed the keys in a broadcast last October. He noted that they exist to manage system parameters and facilitate hard forks.

The Cardano founder highlighted the introduction of CIP-1694 to improve governance, proposing a constitutional committee to formalize decisions. He stressed that this proposal is crucial for Cardano’s future, even stating that he would burn the Genesis Keys if CIP-1694 doesn’t pass, to ensure a better governance framework is established.

Cardano Set to Implement CIP-1694

CIP-1694 is expected to create the bedrock for Cardano’s transition to the Voltaire era, a move which would change the governance model to facilitate more decentralization. This new era would put governance power into the hands of three entities: delegated representatives (DReps), stake pool operators (SPOs) and a constitutional committee.

Jaromír Tesař, a Cardano Delegated Representative, discussed this in response to Bons. But first, he explained the workings of the Genesis Keys, arguing that they do not make Cardano as centralized as Bons presented. Tesař clarified that the keys are merely tools to effect hard forks.

According to him, they are used to adjust specific protocol parameters, such as staking rewards or block size, but with community approval. For instance, a community vote occurred before the decision to lower the minimum fixed fee from 340 ADA to 170 ADA from Epoch 345.

He also highlighted that no entity has the ability to employ the genesis keys to censor transactions, misappropriate funds, or interrupt consensus. User funds remain secure with their private keys. Tesař assured that the use of genesis keys has defined limits, and does not guarantee IOG absolute authority, as Bons suggested.

However, Tesař highlighted that this current governance structure is set to evolve. The power currently held by IOG will eventually transfer to the Cardano community, with decentralized representatives (DReps) taking over governance actions. Any Cardano holder can become a DRep, promoting broader community participation.

Shiba Inu: Precipitate AI to Add BONE as New Payment Option

Albert Brown
-
0
Shiba Inu: Precipitate AI to Add BONE as New Payment Option

Precipitate Protocol adds BONE as a payment option after the community votes 100% to adopt the Shiba Inu ecosystem token in a recent governance setup.

Precipitate.AI, an AI blockchain infrastructure, has officially added BONE as a payment option following a community governance vote. The vote, which took place between May 20 and May 23, saw BONE win with 100% consensus.

Voting Details and Results

The governance vote was conducted to decide between two tokens, BONE and LEASH, as the new payment currency for the platform. The voting system employed was single choice, and the snapshot block stood at 19,886,694. The quorum required to validate the vote was at 5 million RAIN, with the total votes cast amounting to 8.4 million RAIN, comfortably surpassing the quorum threshold.

In the final tally, BONE received all the votes, totaling 8.4 million RAIN, with LEASH seeing no votes. Notably, the voter groovydeath.eth influenced the outcome by casting 7 million RAIN in favor of BONE, which accounted for approximately 83.33% of the total votes. Other notable votes included 0x5e10…d9cA with 1.3 million RAIN, 0x6fD7…6cE9 with 100K RAIN, 0x8AA2…230D with 10K RAIN, and 0x570b…31E8 with 2K RAIN.

The adoption of BONE could bolster its market presnece. As of today, BONE trades at $0.6268, with a 24-hour trading volume of $5,406,273. However, its price action has been turbulent in recent times, dropping 2.65% in the last 24 hours and 3.74% over the past 7 days.

BONE Future Projections

Initially introduced as a reward token for SHIB holders, BONE’s role within the Shiba Inu ecosystem has expanded significantly. It now also functions to burn SHIB tokens on Shibarium, Shiba Inu’s layer-2 scaling solution. This evolution has enhanced BONE’s utility and adoption within the ecosystem.

Speculation about BONE’s future is also fueled by reports from Coinpedia Markets, suggesting that Coinbase might list BONE this year. If this occurs, it will significantly boost BONE’s visibility and liquidity. Coinpedia highlights BONE’s governance and staking roles, and its integration with D3 Global, as key factors supporting its potential listing on major exchanges.

Top Exchange Launches Flash Sale for Shiba Inu Partner Token 

Lele Jima
-
0
Top Exchange Launches Flash Sale for Shiba Inu Partner Token 

Popular crypto exchange BitMart announces a limited-time flash sale for Shiba Inu’s artificial intelligence partner token Bad Idea AI (BAD).

According to an announcement yesterday, the move is part of an effort to celebrate the listing of Bad Idea on the BitMart Fixed Savings product.

“To celebrate @badideaai $BAD listed [listing] on BitMart, BitMart Earn is offering a limited-time flash sale for Fixed Savings product on BAD,” an excerpt from the announcement read.

BitMart Lists BAD on Its Fixed Savings Product

For context, BitMart rolled out support for BAD on its Fixed Savings program yesterday at 08:00 PM (UTC). The exchange offered an estimated return of up to 75% for BAD, with a lock-up period of 30 days.

To put it into perspective, a BitMart user who subscribes with 5,000 BAD with a 30-day lock-up period will earn an interest of 308.21 BAD.

The interest is calculated by multiplying the user’s principal by the annualized interest rate of 75%. Afterward, the total is then multiplied by 30/365. Users cannot redeem their funds until the scheduled redemption date. The funds, including the principal and interests, will be paid to the users’ spot wallet at zero fees on the redemption date. 

Notably, the fixed savings product for BAD has a total subscription volume of 56,760,000,000 (56.76 billion) BAD. Consequently, subscription to the product is based on a first-come-first-serve basis. Interestingly, the fixed savings product for BAD has already sold out in the hours leading up to press time.

BAD sold out on BitMart
BAD sold out on BitMart

BitMart’s Support for BAD

Meanwhile, BitMart’s support for Shiba Inu’s partner token dates back to July 2023. At the time, the exchange listed BAD for spot trading under the BAD/USDT pair.

Furthermore, the exchange expanded its support for BAD by rolling out a fixed savings product for the token on September 6, 2023, featuring a 90% APY and a 30-day lock-up period. The previous savings program had a subscription volume of 1.59 trillion BAD tokens.

On November 29, BitMart offered a 24-hour flash sale for its users, allowing them to purchase BAD at a discount of 50% below the asset’s 7-day average price.

Wall Street Expert Says Wisdom is Buying XRP Now Before Big Money Gets In

Abdulkarim Abdulwahab
-
0
Wall Street Expert Says Wisdom is Buying XRP Now Before Big Money Gets In

Wall Street financial expert Linda Jones has endorsed the idea that buying XRP now before the anticipated arrival of “big money” institutions is wise.

Jones conveyed this sentiment recently on X while reacting to a podcast where James Jay attempted to give XRP holders reasons to be less frustrated about XRP’s movement. 

Big Money Will Enter XRP at Opportune Moment 

Jay provided reassurance using the supposed impending arrival of institutional investors to XRP, suggesting it would be at a strategic moment. He supported his perspective by comparing it to the situation previously seen with Bitcoin.

Jay highlighted that the big money investors in Bitcoin were not involved during its early years, from 2009 to 2015. He pointed out that significant players, like Michael Saylor, began investing in Bitcoin when its value surpassed $20K. 

Saylor’s company, MicroStrategy, observed Bitcoin when it was under $10 but chose to invest at higher levels. According to Jay, institutional players view the above $20K threshold as confirmation that the asset has come to stay.

In his words, “It’s not like they didn’t see Bitcoin at $0.51, but they weren’t willing to get in and wait. What they did is what most people couldn’t do: they jumped in with a level of understanding.” 

In parallel, Jay contemplated a future where institutions might mirror their Bitcoin strategy with XRP, waiting for it to stabilize at a high value like $100 before recognizing its viability. He suggested that at such a point, institutions would acknowledge the need to hold XRP to sustain its price above $100.

As a result, the commentator argued that after XRP’s price soared due to institutional buying, many would regret not purchasing it at the current lower price of approximately $0.5. 

Essentially, the community pundit believes that similar to Bitcoin’s price surge following institutional investment, XRP is likely to experience a comparable trajectory. He noted that those who exit the XRP market prematurely might rue their decision even after significant gains from selling at $10. 

When Is Big Money Coming?

Overall, Jay drew the comparison to encourage XRP holders to view the potential high-value threshold as a form of validation and confirmation.

He emphasized that it took institutional investors roughly a decade to embrace Bitcoin. In parallel, he suggested that XRP investors should remain patient with an asset that has been underperforming for just six years. He urged them to conduct further research to understand XRP’s promising future.

Moreover, Jay posited that the adoption of XRP by ‘big money’ would not require a decade as it did with Bitcoin. He highlighted the likelihood of significant fear of missing out (FOMO) and regret among those who fail to recognize and invest in XRP’s potential before institutional investors drive its value up.

Dogecoin Price Eyes $0.20 as Miners Stack 40 Million DOGE after BTC Halving

Mark Brennan
-
0

Dogecoin price crossed the $0.17 mark on May 23, bringing its monthly timeframe gains to 45%, on-chain data trends unveil key catalysts behind the ongoing DOGE price uptrend. 

DOGE Miners Return to Accumulation Mode After Bitcoin Halving

Dogecoin delivered a positive price performance in May 2024, rising from $0.12 to hit a monthly peak of $0.17 at the time of writing on May 24.

While the likes of PEPE and Floki Inu have raced to triple-digit gains, DOGE’s 45% uptick in May 2024 is certainly nothing to scoff at.

Dogecoin price action (DOGE/USD) | May 1 - May 24, 2024 | TradingView
Dogecoin price action (DOGE/USD) | May 1 – May 24, 2024 | TradingView

Based on media headlines, bullish tailwinds from US macroeconomic indices, as well as the Gamestop saga spreading towards the crypto markets, have been pivotal to the surge in investor demand for memecoins over the last three weeks.

However, a closer look at the underlying on-chain data trends suggest that a shift in Doge miners’ sentiment in the aftermath of the recent Bitcoin halving has also played a vital roll in Dogecoin’s 45% price uptick in May 2024.

IntoTheBlock’s miner reserves chart below tracks real-time changes in the total number of coins held in the custody of recognized Dogecoin mining firms and mining pools, providing real-time insights into changes in miners’ short-term trading sentiment.

An increase in miners’ reserves suggests that the majority of miners are bullish on the native coin’s short-term price prospects. Hence, they opt to accumulate newly mined coins for future profits.

 

Dogecoin Miners Reserves vs. Price | Source: IntoTheBlock
Dogecoin Miners Reserves vs. Price | Source: IntoTheBlock

The trend observed in the chart above shows that Dogecoin miners entered a selling frenzy in the week leading to the April 20 Bitcoin halving. They offloaded 160 million DOGE cutting their balances from 4.25 billion DOGE to a yearly-low of 4.09 billion between April 13 to April 20.

However, since the execution of the Bitcoin halving on April 20, there has been a visible shift in the Dogecoin miners’ trading sentiment. The chart above shows that DOGE miners have flipped into accumulation mode, adding 70 million DOGE to their cummulative reserves, which brings their current balances to 4.16 billion DOGE at the time of writing on May 23.

Valued at the current prices, this implies that Dogecoin miners have rapidly acquired $11.7 million worth of DOGE since the Bitcoin halving on April 20.

This aligns with the widespread speculations that a large number of Bitcoin miners rendered unprofitable when the block reward was slashed from 6.25 BTC to 3.12 BTC may have opted to repurpose their equipment to mine cheaper alternative Proof-of-Work (POW) coins, such as DOGE.

If this narrative plays out in the long-term, with superior mining equipments and advanced technology and relatively higher profitability, the new entrant Dogecoin miners could now be more willing accumulate more coins rather than sell periodically to cover costs.

Consequently, a persistent decline in the number of newly-mined coins flooding the markets could help accelerate DOGE price upswings as the memecoin market rally intensifies, and maintain higher support levels during correction phases.

DOGE Price Forecast: $0.20 Breakout in Focus

Dogecoin price is hovering just above the $0.17 level at the time of writing on May 23. Having delivered 45% gains for the month, Dogecoin price looks now set to make another leg-up towards the $0.20 territory, thanks to DOGE miners $11.7 accumulation frenzy.

 

Dogecoin (DOGE) Price Forecast
Dogecoin (DOGE) Price Forecast

During this consolidation phase in the market, investors are eagerly awaiting the verdict on the Ethereum ETF. The price of Dogecoin is expected to remain above $0.14 due to the substantial support shown by the IntoTheBlock GIOM indicator. On the other hand, in order for the bulls to achieve the target price of $0.20, bulls need to overcome the critical resistance level at $0.18 where 750K addresses are holding 13.3 billion doge coins.

1...1,4441,4451,446...2,669Page 1,445 of 2,669