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#TrendingTopic The Futures Market and Bitcoin According to data from the crypto data platform CoinGlass, $161 million worth of Bitcoin short positions were liquidated in just 24 hours on February 27th. When Bitcoin briefly reached $57,000, short positions were liquidated, resulting in a total loss of $268 million. Since then, Bitcoin’s price has not fallen and has finally risen above the $69,000 level. When short positions are liquidated, investors who bet on Bitcoin’s price drop usually have to buy back the Bitcoin they sold at a higher price to close their positions. This sudden increase in buying pressure can lead to a rapid rise in Bitcoin’s price. Short sales can trigger a gradual effect known as a short squeeze, where those who shorted rush to buy back Bitcoin to close their positions, further driving up Bitcoin’s price. This phenomenon can intensify price movements and lead to significant volatility in the Bitcoin market.

#TrendingTopic #AltcoinRallies #MemeCoinKing While meme cryptocurrencies were often considered symbols of a "just for fun" ethos and decentralization in its purest form in their early days, the status quo has changed in recent months. New data demonstrates that the largest whales might be the core beneficiaries of the meme crypto frenzy. SHIB, MEME, BABYDOGE: Whales concentrated power Five large stablecoins - Dogecoin DOGEUSD, Shiba Inu SHIBUSD, Floki FLOKIUSD Baby Doge Coin (BABYDOGE) and Memecoin (MEME) - are dominated by whales. For each cryptocurrency on the list, the top 10 wallets are responsible for over 50% of the circulating supply. Tis' the season of memecoins. 🐶🐸😺 But only a few people are having fun. The rest of us, aren't. The reason? Most memecoins are held by a few hodlers. For instance: - 99.7% of $BabyDodge is held by top-10 holders - 96% of $MEME is held by top-10 holders - 75% of $SHIB is… pic.twitter.com/OoJ5SzOTDk— PYOR | Power Your Own Research (@pyorxyz) March 5, 2024 Per a report by Power Your Own Research analytics platform, for BABYDOGE this indicator exceeds 99%. Memecoin (MEME) is following closely with 96% stored by whales. The next cohort includes Shiba Inu SHIBUSD and Floki Inu FLOKIUSD, with 75,03% and 69%, respectively, allocated by the top 10 public wallets. For Bone BONEUSDT, Pepe PEPEUSDT and Dogecoin DOGEUSD, the metric is between 42% and 54%. As covered by U.Today previously, in December 2023, for the first time ever, The Blockchain Foundation started buying meme coins. Avalanche Foundation added meme coins to its portfolio as it managed to "carve a niche" in the Web3 scene, per the official statement. Solana's meme coins more "democratized" At the same time, new-gen meme coins on Solana SOLUSD blockchain look far from being controlled by the largest whales. Top 10 wallets only keep 14.3% of Bonk BBONK and 22.6% of Dogwifhat (WIF), per PYOR's report. Today, Bonk BBONK was listed by top-tier centralized exchange Robinhood. The BONK price jumped by 19% in no time, as U.Today reported.

#TrendingTopic #SHIB #technicalanalyst The Shiba Inu price exhibited a clear technical bullish setup. Last December, the price of SHIB surged past a two-year ascending triangle pattern and underwent a successful retest until early February. This development laid the groundwork for the substantial price surge, in conjunction with the previously mentioned factors. SHIB’s breakthrough past the 20-, 50-, and 100-week Exponential Moving Averages (EMAs) affirmed its strong bullish trend. After surpassing the August 2022 peak of $0.00001791, SHIB’s upward momentum became unstoppable.

#TrendingTopic #SHIB/𝗨𝗦𝗗𝗧 #SHIBA✅🚀 As reported yesterday, meme coins like SHIB could be one of the hottest bets in this crypto bull run. Why? Andrew Kang, co-founder and partner at Mechanism Capital, offered an analysis of meme coin psychology. The appeal of meme coins lies in their ability to galvanize a community-driven speculative wave. Meme coins serve as a more accessible and globally available speculative vehicle compared to traditional stocks or more complex cryptocurrency projects. The characterization of meme coins as a “Skill-based Global Lottery Platform” by Kang encapsulates the unique blend of community effort, skill, and luck that defines their market dynamics. This communal aspect, coupled with the thrill of speculation, fosters a highly engaging and participatory market environment. Furthermore, the global accessibility and simplicity of meme coins make them an attractive entry point for new investors in the cryptocurrency market, thereby expanding the market base and increasing the liquidity and volatility of these assets. This broad appeal is crucial during bullish market phases, where the influx of new participants can significantly amplify price movements.

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