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Analyst Says Dogecoin Poised for Parabolic Run to $3.5 Based on This Historical Pattern

Mark Brennan
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Analyst Says Dogecoin Poised for Parabolic Run to $3.5 Based on This Historical Pattern

Dogecoin could begin a parabolic rally as soon as April if history is anything to go by, according to one analyst.

The largest meme-based cryptocurrency by market capitalization may be lining up for a parabolic run, prominent crypto analyst Ali Martinez recently shared. The predicted run-up will see Dogecoin surpass its previous all-time high and soar as high as $3.5.

The analyst bases his bullish prediction on a review of Dogecoin’s price action in previous bull markets. Specifically, an accompanying chart shows a weekly DOGE chart, portraying price action in the buildup to a bull market.

According to the data, Dogecoin typically records a 97-week period after its bottom, where the cryptocurrency either consolidates or slowly grinds to new highs. During the 2017 market cycle, the consolidation was followed by a parabolic run that saw DOGE gain over 8,700% when it hit a high of $0.018.

A similar situation unfolded in 2021, albeit with an even more rewarding outcome for Dogecoin investors. The cryptocurrency gained over 23,000 percent, hitting a new high of around $0.735. Worth mentioning is that Dogecoin’s most recent bull market was further aided by the involvement of billionaire investor Elon Musk and generally novel market conditions created by the COVID-19 pandemic.

Nonetheless, Ali Martinez predicts that Dogecoin will have another run in the coming months if history repeats itself. Based on the analysis, the meme-based cryptocurrency is on the verge of completing its historical 97-week period. Once completed, the analyst anticipates a fresh Dogecoin parabolic rally that could take it well beyond the $3.5 mark.

Dogecoin Struggles to Break Above $0.1

While many analysts continue to tip Dogecoin for a rally, the cryptocurrency has struggled to find a foothold above $0.1. Since hitting that price level in the second week of December, DOGE has dropped as low as $0.073 in recent weeks.

Any surge toward new highs will have to begin with a solid break above $0.1 and a stint above that price level. However, the upcoming Bitcoin halving and the historical bullish trend that typically follows puts Dogecoin on track to reach the predicted price levels.

BitForex Blocks Users from Withdrawal as $56.5M Vanishes

Abdulkarim Abdulwahab
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BitForex Blocks Users from Withdrawal as $56.5M Vanishes

Hong Kong-based crypto trading platform BitForex has recently become the center of attention in the crypto community as it went offline following suspicious trading activities.

Renowned blockchain investigator ZachXBT called attention to the development surrounding the exchange in a recent post on X. ZachXBT noted that he observed some questionable activities with BitForex.

BitForex Ghosts Users

The investigator highlighted that BitForex’s hot wallets experienced outflows of about $56.5 million three days ago. According to him, shortly after this incident, customer withdrawals stopped processing.

Now, users seeking to access BitForex via its official website encounter a page displaying the message: “Sorry, you have been blocked.” They lament that the BitForex team is no longer responsive to queries.

Questionable $3B Trading Volume on BitForex

Moreover, data from market tracking portals such as CoinGecko confirms that trading activities on BitForex were last available for tracking three days ago.

According to CoinGecko statistics, as of February 22, BitForex’s trading volume was approximately $3 billion. However, since then, all trading activity has flattened out.

BitForex trading volume
BitForex Trading Volume | CoinGecko

Meanwhile, data for normalized exchange trading volume from CoinGecko suggests BitForex may have inflated its trading volumes by up to 85 folds.

The normalized data considers web traffic statistics when evaluating trading volume. This metric reported $34.7 million on February 22, compared to the $3 billion volume the same day.

Per ZachXBT’s disclosure, users had expressed concerns about the suspicious nature of the trading volumes on BitForex. However, BitForex’s Telegram administrators reportedly claimed that it was just maintenance.

Amid users seeking answers to the whereabouts of BitForex, the timing of its CEO’s departure has added to the mistrust. Just four weeks ago, Jason Luo announced his resignation from the CEO position at BitForex.

The sudden change in leadership, coupled with recent events, now raises serious doubts about the firm’s financial stability.

Since February 21, BitForex’s X account has shown no activity. Although Certified’s security rating labeled it as ‘CCC’ and indicated the exchange had an insurance policy.

Bitcoin Outshines ETH and XRP as Crypto Investment Products Record Four Straight Weekly Inflows 

Lele Jima
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Bitcoin Outshines ETH and XRP as Crypto Investment Products Record Four Straight Weekly Inflows 

Bitcoin records weekly inflows of nearly $570 million, outpacing other top crypto assets, including ETH and XRP, which saw minor inflows of $16.8 million and $1.1 million, respectively.  

CoinShares’ latest report shows that digital investment products witnessed a tremendous spike in inflows over the past week. 

According to the report, investment products in these digital assets saw a weekly inflow of $598 million, marking the fourth consecutive week of inflows. 

The report also noted that the cumulative inflows since the beginning of the year have surpassed a whopping $5.7 billion. Notably, the year-to-date figure represents 55% of the inflow recorded in the 2021 fiscal year. 

Following the addition of $598 million worth of inflow, the total assets under management (AUM) across various digital investment products is currently around $67.47 billion.

Bitcoin Dominates Inflows

Out of the $598 million inflows recorded last week, Bitcoin (BTC) attracted approximately $570 million. As a result, Bitcoin’s year-to-date inflows surged to a whopping $5.6 billion, while its AUM hit $49.56 billion. 

It is unsurprising that Bitcoin continues to record the most significant inflows in the past weeks. The approval of multiple Bitcoin spot ETFs in the United States has played a major role in attracting investments from TradFi investors to the top asset. 

Furthermore, Ethereum saw the second-largest inflows in the past week, with its weekly inflow reaching only $16.8 million. In addition, Cardano (ADA) and XRP saw inflows of $400,000 and $1.1 million over the past week, respectively. 

Solana (SOL) witnessed an outflow of $3 million this past week. This could be a result of a shift in investors’ sentiment due to Solana’s recent network outage.  

U.S. Records Most Inflows 

Meanwhile, the United States reported the most inflows at $610 million. The figure was majorly impacted by crypto asset manager Grayscale, whose outflows totaled $436 million in the past week. 

Notably, Brazil, Switzerland, and Australia saw minor weekly inflows of $8.2 million, $2.1 million, and $1.5 million, respectively. 

Blockchain Equities See $81M in Outflows 

Despite the inflows into digital investment products, CoinShares’ data shows that blockchain equities saw $81 million outflows last week. 

Per the report, this implies that equity investors are currently more cautious. Possible reasons behind this reaction include regulatory uncertainties and increased volatility in the market. 

At press time, the global crypto market cap has surpassed $2 trillion, up 0.59% over the past day. 

Hedera (HBAR) Scores Mega Partnership To Advance Payment Innovation

Mark Brennan
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Hedera (HBAR) Scores Mega Partnership To Advance Payment Innovation

Hedera through the HBAR Foundation has inked a partnership with the Digital Euro Association (DEA) to drive innovation in the industry.

The HBAR Foundation is the primary body behind the development of the Hedera protocol. Its alliance with the Digital Euro Association, a think-tank with an interest in driving digital payments evolution, will go a long way toward bolstering its authority in the industry.

As revealed, the partnership was cemented in the duo’s alignment of innovation pursuit as it concerns digital payments, stablecoin, and Central Bank Digital Currencies (CBDCs).

The Perfect Alignment

As an association, the DEA thrives with multiple industry partners contributing to its advancement. The linkup between the Digital Euro Association and HBAR Foundation will bring the best minds together to work towards driving the growth of the blockchain ecosystem.

Hedera already boasts an advanced technology that enables the transfer of assets with fees at “a fraction of a cent.” 

The exact ways the HBAR Foundation will be contributing to the growth of the DEA remains unclear at this time. However, members of the DEA may learn how the HBAR Foundation was able to develop Hedera as a Carbon-neutral protocol while still solving the trilemma of speed, low cost, and decentralization.

“As the lowest carbon footprint decentralized ledger technology […] Hedera is uniquely positioned to contribute to the growth of the digital currency ecosystem,” said Shayne Higdon, CEO of the HBAR Foundation.

Notable Industry Collaborations

It is not uncommon to find two entities in the crypto world joining forces to advance the industry’s evolution. As seen, the emergence of spot Bitcoin ETF came owing to the linkup of many firms.

In the Bitcoin ETF case, many of the issuers had to partner with Coinbase Exchange to offer custodial services for the product. The synergy between Ark Invest and 21Shares as well as Invesco and Galaxy Digital was also proof that partnerships may yield more for the entities involved.

The Digital Euro Association bonding marks the latest partnership the HBAR Foundation has inked in recent times and expectations are high as to what this alliance will bring forth.

Ripple Partner Reveals 10% of Korean Population Owns XRP

Mark Brennan
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Ripple Partner Reveals 10% of Korean Population Owns XRP

XRP, one of the largest cryptocurrencies by market capitalization, is also a top option for South Korean investors, a Ripple partner recently revealed.

The crypto community is already aware that a big fraction of XRP investors come from South Korea. XRP is the second most held asset on one of the country’s most popular exchanges, Bithumb, and is easily one of the largest cryptocurrencies by trading volume in South Korea.

However, in a soon-to-be-released interview with Crypto Eri, Josh Kim, a Ripple partner leading the adoption of the XRP Ledger in South Korea, shared additional insights into XRP adoption in the country.

Precisely, he noted that about five million South Koreans, or roughly 10% of the South Korean population, hold XRP far more than they do any other cryptocurrency. 

He further cited recently published government agency research as showing that the South Korean community accounts for at least 15% of the XRP circulating supply. Despite certain regulatory issues, Josh Kim expects the country to maintain its lead in the adoption of XRP and XRP Ledger.

Driving XRP Ledger in South Korea Through DeFi and Gaming

Continuing in the interview, the Ripple partner underlined his unwavering commitment to accelerate XRPL and XRP adoption in South Korea.

Josh Kim added that such an outcome is realized by identifying XRPL use cases and encouraging developers to launch services that improve people’s lives. 

Speaking about key areas of focus for the team, he spotlighted DeFi and gaming. He listed one DeFi project that has already launched on XRPL and generating significant on-chain metrics.

Next, he also mentioned that South Korea is the fourth largest gaming nation in the world, hence the need to focus on onboarding game developers to the XRPL ecosystem.

Meanwhile, Josh Kim alluded to the fact that XRPL already offers scalability through sidechains such as The Root Network. Without revealing specifics, he claimed the Root Network will onboard leading gaming IPs in the South Korean gaming industry by mid-year.

MicroStrategy Sells Shares to Buy 3,000 More Bitcoin For $155M+, Now Holds 193,000 BTC

Sam Wisdom Raphael
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MicroStrategy Sells Shares to Buy 3,000 More Bitcoin For $155M+, Now Holds 193,000 BTC

MicroStrategy has continued to augment its Bitcoin (BTC) holdings, recently disclosing the purchase of 3,000 more BTC for over $155 million recovered from sales of its shares.

Michael Saylor, prominent Bitcoin bull and executive chairman at MicroStrategy, recently called attention to the development in a post on X. Saylor shared a Form 8-K filed by MicroStrategy with the U.S. SEC today, detailing the circumstances surrounding the purchase.

Information from the filing confirms that MicroStrategy acquired the Bitcoin tokens between Feb. 15 and Feb. 25 at an average price of $51,813 per BTC. This brings the total purchase amount for the 3,000 tokens at $155,439,000 ($155.44 million).

According to MicroStrategy, the funds leveraged for the purchase were sourced from sales of its shares and excess cash it recovered from last year’s operations.

Given Bitcoin’s current price of $51,427, the recently-acquired tokens are now worth $154.2 million, indicating a short-term unrealized loss of $1.157 million.

Overall, MicroStrategy’s Bitcoin stash has now appreciated to 193,000 BTC tokens. The firm noted in the filing that it procured these tokens at an average cost of $31,544 per BTC. This brings the total aggregate cost price of its Bitcoin holdings to $6.09 billion.

Impressively, these tokens are now valued at $9,925,424,510 ($9.925 billion) against prevailing rates, suggesting that MicroStrategy is now witnessing a massive $3.83 billion profit on its Bitcoin bet. 

MicroStrategy to Sustain Its Bitcoin Purchase Campaign

The latest purchase disclosure comes less than a week after Michael Saylor confirmed that MicroStrategy will continue buying Bitcoin forever.

While speaking with Bloomberg last week, the dedicated Bitcoin proponent emphasized that he will continue purchasing the top, as BTC is the “exit strategy.”

While some raised concerns of the emergence of the spot Bitcoin ETFs making it more difficult for MicroStrategy to keep procuring more BTC, Saylor dismissed these concerns, expressing bullishness toward the products. In April 2022, amid the bear market, Saylor also stressed that he would not stop buying BTC.

The recent development marks MicroStrategy’s second disclosure of a BTC purchase this year. The company started buying Bitcoin in August 2020 with an initial purchase of 21,454 BTC for $250 million. Since then it has continued to increase its stash, making it one of the largest BTC holders.

Cardano Prints Massive Uptick in New Wallet Count Amid Adoption Boom

Mark Brennan
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Cardano Prints Massive Uptick in New Wallet Count Amid Adoption Boom

Cardano (ADA) has seen a major uptick in its adoption as showcased by the surge in new wallets created on the network.

Data from Cardano Blockchain Insights shows that new Cardano wallets jumped from 1,706 on February 22 to 3,227 on February 23, indicating a massive 89% increase.

While the Cardano wallet growth has slowed since the February 23 timeline, it has not negated the positive uptick in its overall address count.

The Cardano Blockchain Insights platform showcased multiple Cardano metrics that prove adoption is growing across the board.

Cardano Wallet Overview

As far as the Cardano protocol is concerned, total wallets registered on the network have continued to chart an upward trend since January 27, per on-chain data.

In the space of 1 month, the total wallets on Cardano rose from 4,533,847 to 4,593,350 as of February 25. The chart presented by Cardano Blockchain Insights showed consistent growth within the 1 month.

When zoomed further, the new address count has shown unpredictable growth over the past month. From the 1,353 recorded on January 27, the figure climbed as high as 5414 on February 2.

While the Cardano blockchain kept seeing the emergence of new wallets, this February 2 peak has not been recorded in the past 4 weeks. 

To showcase how robust the Cardano protocol is, Delegated Wallets in the ecosystem also recorded an uptick in total count. This metric jumped from 1,333,754 as of January 27 and now sits at 1,338,757.

Cardano Address Distribution

Cardano’s wallet uptick comes at a time when ADA is in need of a major redemption, seeing its price and market cap have dropped by 1.17% in 24 hours to $0.5809 and $20,608,745,752.

This downturn might seem like a much-needed change riding on the influence of Cardano’s long-term HODLers that might continue to drive ADA scarcity.

Data from IntoTheBlock pegs wallets with a holding time of more than 1 year at 3 million. Those holding from 1 month to 12 months are 1.23 million, while those that have held their tokens for less than a month come in at 231,550.

With the long-term holders in the majority, it shows most investors have continued to keep custody of their ADA tokens for much longer than expected. This might have a positive influence on the price over time.

Here’s Why Ripple Escrow Unlocked 400,000,000 XRP Outside the Monthly Schedule

Abdulkarim Abdulwahab
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Here’s Why Ripple Escrow Unlocked 400,000,000 XRP Outside the Monthly Schedule

The freshly unlocked 400 million XRP from the Ripple escrow fulfills an earlier failed transaction, completing the scheduled one billion release as intended.

The crypto community was caught off guard when Ripple unexpectedly released a significant amount of XRP from its escrow service, deviating from the usual monthly schedule set for the first of each month.

Whale Alert called attention to development from Ripple in a recent post on X. According to the update, Ripple’s escrow released 400,000,000 XRP valued at $217,409,122 on Sunday, February 25, at 03:26:31 UTC. 

This development sparked intrigue in the community as Ripple’s monthly unlock is scheduled to automatically unlock on the first day of each month. 

“Aren’t they a week early for this,” a crypto enthusiast curiously asked. Some even contested the authenticity of the unlock due to the odd timing. “False! This is not an escrow unlock,” another X user remarked.

However, data from XRP blockchain explorers affirmed the escrow execution indeed took place. 

Why Ripple Unlocked 400M XRP Now

As previously reported by The Crypto Basic, Ripple had only unlocked 600 million XRP on February 1. The release occurred in two transactions: one for 100 million XRP and the other for 500 million XRP.

Meanwhile, the third transaction, intended to complete the February escrow release to one billion XRP as expected, failed. 

Ripple February Escrow unlock
Ripple February Escrow unlock | Bithomp

The failure error indicated that the transaction referenced a PayChannel ledger object that does not exist. Additionally, it mentioned that another EscrowFinish transaction might have already executed the held payment. 

Another possibility is that the destination account has a setting disallowing XRP transactions, preventing it from being the destination for the particular transaction.

Essentially, the recently-released 400 million XRP from escrow serves to fulfill the earlier failed transaction, completing the scheduled one billion release as intended.

Meanwhile, despite the lower-than-expected volume release, Ripple proceeded to return 800 million XRP back into escrow on February 2.

Top Analyst Unveils Conditions for Potential XRP Breakout

Mark Brennan
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Top Analyst Unveils Conditions for Potential XRP Breakout

The potential of XRP to print a major breakout is high, and top analyst Ali Martinez unveiled the key condition that might trigger this rally.

Like other analysts, Ali Martinez remains bullish on XRP. While the market has observed relative stagnancy on the XRP chart, this trend does not negate the coin’s chances for a breakout.

Using one of his favorite technical indicators, the TD Sequential Indicator, Ali Martinez noted that the XRP Weekly Chart is showcasing a buy signal.

The TD Sequential is an important tool that shows trend exhaustion and a likely price reversal. The sustained drawdown of XRP on the weekly chart suggests a potential rebound moving forward.

XRP Price to $0.65

With the price of XRP dropping as low as $0.4903 in the past month, it has printed a major rebound that has helped it form a major support at the $0.5 price mark.

With XRP changing hands for $0.5341 at the time of writing, Martinez projects that a break above the $0.57 for the week might be pivotal in the push for new heights by the coin.

The accompanying weekly XRP chart shows that XRP touched the $0.9650 price mark as of July 13, 2023 amid the pivotal ruling from Judge Analisa Torres. This level marks the highest price the coin has printed since December 2021.

From this height, XRP dropped to a low of $0.4082 in mid-August last year as the uncertainties surrounding the final settlement between Ripple Labs and the US SEC dampened sentiments at the time.

With the rebound now printed earlier this month, XRP has been making moves for a breakout. Per Martinez’s call, should the coin sufficiently close above $0.57, it might catalyze a ride toward $0.63 and in a more bullish scenario, a jump to $0.65.

Dealing With Community Unbelieve

Despite the call from Martinez, many in the XRP community are not convinced the token has what it takes to liberate itself. Martinez’s latest chart on XRP was trailed by bearish comments from community members, a move that proves the low expectations for the asset to grow.

The perception may change with the growing clamor for an XRP ETF. Beyond the payment utility of the coin, gaining more avenues to drive demand might change its fortune in the long term and perhaps.

At press time, XRP’s market cap is down by 1.68% to $29,296,597,286 with the trading volume jumping 14.41% to $807,603,456.

Shiba Inu Takes Bold Step Into the Future

Mark Brennan
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Shiba Inu Takes Bold Step Into the Future

Shiba Inu has taken a bold step into the future by being one of the first mainstream crypto project to adopt the DN404 token standard.

Blockchain project Shiba Inu is carrying on its record of experimenting with new technologies, especially those associated with the cryptocurrency ecosystem. This weekend, the Shiba Inu ecosystem team revealed that it has become one of the first projects to adopt the DN404 token standard.

The popular blockchain project described the move as another bold step towards the future. It also cited the adoption of the DN404 standard as another evidence of Shiba Inu’s commitment to innovation in the crypto space.

What is the DN404 Standard?

The DN404 standard is a new protocol designed by Ethereum developers to power non-fungible tokens (NFTs). Precisely, the standard integrates features of fungible tokens (ERC-20) with the functionalities of NFTs (ERC-721) to create a new hybrid token model.

The benefit of the new model is that it enables the fractionalization of NFTs and lowers transaction fees for trading these assets. The concept of frationalization, especially, enhances liquidity and brings more value to the NFT ecosystem.

In the case of Shiba Inu, the project has adopted the DN404 standard for the Sheboshis collection. As The Crypto Basic recently reported, the Sheboshis collection sold out instantly. Hence, the adoption of the DN404 standard evidently will allow more investors to own a piece of the pie.

Shiba Inu Embraces Innovation

The adoption of trending technologies is not entirely new for the Shiba Inu community. The project has increasingly sought new AI-related partnerships to help onboard users to the Shiba Inu ecosystem.

Additionally, Shiba Inu has leveraged the increased interest in L2s. Shiba Inu’s layer-2 network, Shibarium has already gotten off to a nice start and continues to attract value to the project’s community.

The optimism among investors is that these Shiba Inu-focused initiatives Inu will boost the adoption of the project’s native SHIB token. SHIB is trading at $0.000009645 at the time of writing, having lost 1.6% of its value in the past week.

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