**Crypto Market Update: Bitcoin Surges, Altcoins Poised for Gains**
Bitcoin (BTC) has surged over 9% this week, driven by strong investor interest and inflows of $252 million into U.S.-based Bitcoin ETFs on August 23. This uptick follows Federal Reserve Chair Jerome Powell's comments hinting at lower interest rates, sparking renewed buying enthusiasm.
- **Bitcoin Analysis**: BTC broke above the 50-day simple moving average, signaling reduced bearish pressure. If bulls push past $65,660, Bitcoin could climb to $70,000. However, a drop below moving averages could see it fall to $55,724.
- **Altcoin Watch**:
- **Polygon (MATIC)**: Rebounded above $0.49, with moving averages hinting at bullish momentum. Key resistance at $0.58; support at $0.47.
- **Sui (SUI)**: Bounced off the 20-day EMA, facing resistance at $1.11. A break above could target $1.20.
- **Render (RENDER)**: Strong rally, but RSI suggests potential pullback. Support at $5.18; resistance at $7.26.
- **Bittensor (TAO)**: Testing resistance at $361. A break could lead to $440, but failure might drop it to $250.
Stay tuned as the crypto market continues to evolve, with Bitcoin leading the charge and select altcoins showing promising signs.
Polymarket Bets 10% on 2024 US Recession, Analyst Skeptical of Rate Cutâs Impact
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The prediction market Polymarket and CMEâs Fedwatch tool suggest that a rate cut during the Federal Open Market Committee (FOMC) meeting in September is highly likely.
However, BCA Researchâs chief asset allocation strategist, Garry Evans, argues that even if rates are lowered, it wonât stop a recession in the United States. On the flip side, [âŠ]
Thereâs a good chance the U.S. Federal Reserve will slash the federal funds rate at the September FOMC meeting and the chances of a 25 basis points (bps) slash is the most likely. CMEâs Fedwatch tool gives the 25bps odds a 76% chance as of Aug. 25, 2024. However, while rate cuts may be on the cards, BCA Researchâs chief asset allocation strategist, Garry Evans believes the cuts wonât help avoid a recession.
Every single one of us now believes thereâs a recession, and thatâs exactly the opposite of what the market believes. Thereâs a very strong narrative out to the market that weâre facing a soft landing. We donât believe that. We see signs that the economy is turning down.
Recent indicators, such as the Sahm Rule, which is known for its accuracy in predicting the signs of a recession, have started to blink red. Garry Evans isnât alone in raising concerns about a potential U.S. economic slump.
This week, âRich Dad Poor Dadâ author Robert Kiyosaki took to X to caution about the state of the U.S. economy. Meanwhile, Peter Schiff has also issued a warning, predicting a looming crisis for the U.S. dollar and an economic collapse on the horizon.
#USRecession #PolyMarket #Bitcoin #CryptoNews #TelegramCEO $BTC $ETH $SOL
Hereâs when Solana could crash to $33, according to analyst
Despite an apparent sentiment shift in the cryptocurrency market, the renowned analyst Alan Santana is skeptical for the short-term. In a highly bearish analysis, the trader predicts
Solana (SOL) may crash to $33 in the following days.
Alan Santana published this recent analysis as a TradingView idea on August 24. Interestingly, this $33 target is an update from a previous analysis targeting $55 per token for SOL.
According to the analyst, Solana may experience this massive crash in the following three weeks or 21 days. Yet, Santana warned that âthese things are hard to predict,â but seems confident that the crash will eventually come.
If SOL price plays out as expected, the market could see the $33 level again by September 19, following a crash potentially triggered on August 29. The last time Solana saw these prices was in October 2023.
Solana isnât alone; Incoming generalized crypto crash
Solana is not the only cryptocurrency that Alan Santana expects to crash in the following days.
Notably, the trading expert highlighted a similar forecast for Bitcoin (BTC) and altcoins, calling it âthe biggest crash since the bear market,â as Finbold reported.
Essentially, he described it as the last shakeout before sustained long-term growth â concluding he is bullish at higher time frames.
As explained, however, Santana believes small and mid-cap cryptocurrencies will recover faster after the crash.
Higher capitalized coins like Solana, Bitcoin, Ethereum (ETH), XRP, Tron (TRX), Toncoin (TON), and others will take longer to bounce back up.
From a fundamental perspective, Solana has faced growing criticisms from different aspects, partially exposed in a recent video.
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#BTC UPDATE ...
"I thought that the price of Bitcoin $BTC would shortly decline. The current price range for Bitcoin is $63,500â$64,200. The price may increase to $65,250â$65,300, but it may also decrease to $61,250 or $60,300. The market is erratic, so proceed with caution. Pay attention to the pricing because it can change quickly. Please cast your vote so I can keep posting useful information." Please contact me with any more inquiries!
1confirmation Predicts Ethereum Will Surpass Bitcoin in Market Value
A leading crypto investment fund, 1confirmation, founded by former Coinbase executive Nick Tomaino, made a bold prediction.
According to 1confirmation, the altcoin king Ethereum (ETH) is on track to surpass Bitcoin (BTC) in market value within the next five years.
This prediction, included in the fundâs latest LP letter, suggests that Ethereumâs role in the crypto market will increase in value, closing the gap with Bitcoin and eventually surpassing it.
Ethereumâs Potential to Surpass Bitcoin
Currently, Ethereumâs market value is $332.8 billion, while Bitcoinâs market value is approximately $1.26 trillion.
This means Bitcoinâs market value is about four times that of Ethereum. 1confirmationâs letter expresses a strong belief that this gap will significantly decrease.
The letter highlights the different use cases and narratives of the two leading cryptocurrencies, noting that while Bitcoin is widely accepted as âdigital gold,â Ethereumâs utility goes far beyond being just a store of value.
1confirmation describes Ethereum as âdigital oil,â essential for the operation of decentralized applications (dApps) and smart contracts, which form the backbone of the decentralized internet.
These different use cases are expected to boost Ethereumâs price performance and enable it to surpass Bitcoin in the long term.
The letter also highlights the growing interest in Ethereum among institutional investors. Unlike Bitcoin, which has an established narrative, Ethereum offers a broader range of investment opportunities due to its functionality.
The letter emphasizes Ethereumâs scarcity, yield potential, and utility, making it an attractive option for institutional portfolios.
Moreover, Ethereumâs relatively lower market value allows Wall Street firms to accumulate more significant positions, potentially leading to a stronger promotion of Ethereumâs narrative in the financial sector.
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$QTUM /USDT
In financial markets, **IT spots** and **resistance levels** play crucial roles in guiding tradersâ decisions. The **IT spot**, or an "ideal trade spot," refers to a price level where an asset is deemed to offer the best opportunity for entering a trade. It is identified through technical analysis, considering factors such as trend lines, moving averages, and previous price patterns. Traders look for IT spots to maximize potential profits while minimizing risks.
**Resistance levels**, on the other hand, are price points where an asset struggles to rise above. These levels occur when the market perceives the asset as overvalued at a certain price, leading to increased selling pressure. Resistance is a key concept in technical analysis because it helps traders anticipate potential reversals or consolidations. When the price approaches a resistance level, traders often monitor for signs of weakening momentum or prepare for a potential breakout if the price manages to surpass this barrier.
Understanding IT spots and resistance levels is essential for making informed trading decisions. By identifying these key areas on a chart, traders can better time their entries and exits, thus enhancing their overall trading strategy and profitability.#MtGoxRepayments #BinanceLaunchpoolDOGS #TelegramCEO #PowellAtJacksonHole #CryptoMarketMoves
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**News Flash: AI's Potential to Dominate Cryptocurrency Markets**
Big names like Elon Musk and Google DeepMind's CEO predict AI will surpass human intelligence within decades, a scenario known as the AI singularity. While much focus has been on the threat of AI taking over violently, a more plausible concern is AI cornering the global economy, particularly the cryptocurrency market.
Futurist Ray Kurzweil suggests that by 2029, we'll see Artificial General Intelligence (AGI) capable of performing any human task. By the 2040s, he envisions humans merging with AI, leading to longer lifespans and a utopian society. However, the immediate concern lies in AI's potential to dominate financial markets.
A superintelligent AI, trading 24/7, could execute millions of transactions across digital assets and blockchains, potentially amassing a fortune in cryptocurrencies. This AI could exploit market fluctuations, similar to how "whale" transactions have caused significant shifts in the past. With the top 10 cryptocurrencies' market cap, such an AI could hypothetically control up to $2 trillion.
While this scenario doesn't involve hacking traditional banks, it raises questions about AI's influence on global finance. As we edge closer to the singularity, the financial world must prepare for the potential impact of superintelligent AI traders.
đ Bitcoin Bulls Are Back! đ
Crypto traders are buzzing with excitement as Bitcoin flirts with the $64K mark. Mister Crypto says if BTC breaks $64K, a moonshot to $68K is "very likely." đ
With the RSI at 66.11, we're not overbought yet, folks! Elja's calling for a push to $68K-$70K. Could we see a new ATH in 2024? đ€
Jerome Powell's dovish comments have boosted confidence, but remember, weekends might be slow.
What do you think? Will BTC hit $68K soon? Drop your predictions below! đ #Bitcoin #Crypto #DeFi #Web3 #Tech
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1confirmation Predicts Ethereum Beats Bitcoin.
A prominent crypto investment firm, 1confirmation, spearheaded by ex- Coinbase executive Nick Tomaino, has made a striking forecast. The fund predicts that Ethereum (ETH), the leading altcoin, is poised to surpass Bitcoin (BTC) in market valuation within the next five years. This bold assertion, outlined in their latest letter to limited partners (LP), indicates that Ethereum's value in the crypto market will rise substantially, narrowing the gap with Bitcoin and eventually overtaking it.
Ethereum's Unique Advantage.
With Ethereum's market cap currently
at $332.8 billion and Bitcoin's at
approximately $1.26 trillion, Bitcoin
remains about four times more
valuable. Nevertheless, 1confirmation
is confident that this disparity will
close significantly. The firm highlights
the distinct narratives and applications of the two cryptocurrencies, noting that while
Bitcoin is often regarded as "digital
gold," Ethereum serves as "digital oil,"
essential for running decentralized
applications (dApps) and smart contracts.
Institutional Interest and Utility.
1confirmation points to the increasing interest from institutional investors in Ethereum, attributing this trend to its diverse utility and investment opportunities. Unlike Bitcoin, which is largely seen as a store of value, Ethereum's broader functionality, including its role in decentralized finance (DeFi) and non-fungible tokens (NFTs), enhances its investment appeal. The letter underscores Ethereum's scarcity, yield potential, and utility as compelling factors for institutional portfolios.
Injective surges by 18% in 7 Days: Is a new ATH of $100 on the horizon?
Injective has made significant movements over the past 7 days. On weekly charts, INJ has surged by 18% leaving analyst eye a new ATH.Â
Over the past month, crypto markets have experienced extreme volatility. While most altcoins have made moderate gains as Bitcoin [BTC] hits past $64k, others lag. Amidst this volatility, Injective [INJ] was not exceptional.
However, over the past seven days, INJ has made significant gains to trade at $21.77. This makes an 18% increase on weekly charts.
Prior to these gains, INJ was on a downward movement from July 24 that finally came crashing with the October 5 market crash hitting a low of $13.5.
Despite the recent gains, the altcoins remain significantly low from the yearly high of $52.6. Thus, these recent gains, have left analysts and traders aiming for a sustained rally to a new all-time high.
Inasmuch, Crypto Faibik, a popular crypto analyst posits that INJ is currently positioned to make a new ATH.
Prevailing market sentiment
In his analysis, CryptoFaibik sees that INJ is set to break from the falling wedge. According to the analysts, a breakout from this pattern which strengthen the altcoin to make a new record price.
âINJ is finally on the verge of a Falling Wedge Breakout. Once the Falling Wedge successfully breaks out, it could hit the $100 mark in Q4.â
This means that while Injective has been declining in the recent past, the current conditions and price movements prepare the altcoins for historical gains.
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Cosmos Hub upgrades to Gaia v19, enhancing efficiency and security
The Cosmos Hub has completed its upgrade to #Gaiav19 , positioning itself as the reference chain for the latest advancements in the Interchain Stack. This significant update introduces major improvements in efficiency, security, and functionality, equipping the #CosmosHub to better support the expanding interchain ecosystem.
Hi Guys,
It's Big & Big #Prediction About $BTC by Bitcoin Analyst @nancy-zorilla
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Bitcoin analyst warns of âBart Simpsonâ pattern and BTC price correction
Bitcoin (BTC) has broken out of the $60,000Â psychological level, regaining the price region above this mark.
Following a volatile three-day price action, analysts expect the leading cryptocurrency to present a âBart Simpsonâ chart pattern, correcting downwards.
In particular, the crypto analyst and trading expert who goes by the pseudonymous CrypNuevo has drawn his Bitcoin price prediction.
This projection comes in the form of CrypNuevoâs weekly âSunday Updateâ and sets the plan for this trading week.
The analyst expects a week primarily driven by very short-term price action, liquidation imbalances, and low time frame technical analysis.
As he said, âWe have a nice trading week ahead,â considering the âeconomic calendar is quiet.â
$BTCÂ Sunday update:
We have a nice trading week ahead â economic calendar is quiet.
Liquidity targets, like this wick in the 15min time frame, and PA patterns will dominate the market this week.
Bitcoin wick-filling strategy and liquidity pools
First, the trading expert refers to his known wick-filling strategy and liquidity pools for other traders as leading indicators.
These concepts are a usual part of CrypNuevoâs trades and have a high accuracy rate, as Finbold has previously reported.
In this case, Bitcoinâs 15-minute price chart has a wick topping at $65,000, which could act as a magnet. However, the most likely target is at the 50% filling of the wick, at around $64,750.
The analyst believes BTC will first move upwards, liquidating idle âsellâ orders, stop losses and Bitcoin short-sellers.
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Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance NFT Promotion
Cristiano Ronaldo, the world-renowned football star, is now embroiled in a legal battle due to his promotional partnership with the leading cryptocurrency exchange, Binance.
In late May 2024, Ronaldo signed a high-profile deal with Binance to promote the NFT collection "Forever Worldwide: The Road to Saudi Arabia." The campaign culminated in a high-stakes auction on June 14, showcasing rare and exclusive NFTs. This collection marked the fourth collaboration between Ronaldo and Binance, with previous collections highlighting key moments from his illustrious career across Madeira, Lisbon, Manchester City, Madrid, Turin, Saudi Arabia, and Portugal.
Ronaldo initially partnered with Binance in October 2023 to promote the "ForeverZone" collection. However, by November of that year, he faced accusations of promoting unregistered securities, allegedly encouraging his fans and investors to engage in risky cryptocurrency transactions without fully disclosing the potential dangers.
The class action lawsuit against Ronaldo accuses him of negligence and of failing to warn his followers about the risks associated with trading on Binance. The plaintiffs argue that Ronaldo's involvement led to a staggering 500% increase in inquiries about Binance's services.
On May 4, 2024, Ronaldoâs legal team requested the court to dismiss the class action lawsuit. However, just a day earlier, it was reported that Judge Roy Altman had ruled in favor of the plaintiffs, allowing the case to proceed. The plaintiffs are seeking $1 billion in damages from Ronaldo.
This lawsuit underscores the growing scrutiny on celebrity endorsements in the cryptocurrency space and highlights the potential legal ramifications of promoting digital assets without adequately addressing the associated risks. $BNB
#CR7YPTO #CR7NFT #nft #Cristianoronaldo
đ„ XRPâs Bull Flag Pattern Signals Explosive Growth: $3.84 ATH Within Reach?
XRP is forming a significant bull flag, signaling a potential strong breakout.The last similar pattern led to a 60,000% surge, raising trader excitement.The 4.236 Fibonacci extension suggests a potential XRP target of $16 this cycle.
Rippleâs (XRP) is currently forming what could be the largest bull flag in crypto history. This pattern has traders excited, considering XRPâs explosive 60,000% surge in just 240 days back in 2017.
Now, XRP has been trading below its ATH of $3.84 for a staggering 2,424 days. With a 4.236 Fibonacci extension pointing to $16, itâs no wonder speculation is mounting.
đš Is #XRP Forming The Largest Bull Flag In Crypto History? â THE DATA IS IN !!
Remember when XRP soared 60,000% in 240 days, going from $0.006 to $3.84? $XRP has been trading Below All Time High ($3.84) for 2,424 days & counting!
A 4.236 Fibonacci extension takes us â Good Morning Crypto
đž The Bull Flag: XRPâs Path to Explosive Growth
A bull flag is a technical chart pattern that signals the potential for a strong upward breakout. In XRPâs case, this pattern is more than just technicalâitâs historical.
The last time XRP saw a similar setup, it went from $0.006 to $3.84, turning early investors into millionaires. History doesnât always repeat, but it sometimes rhymes. XRPâs current setup suggests a similar breakout could be on the horizon.
đž Fibonacci Extension Hints at a $16 Target
The 4.236 Fibonacci extension is a critical level many traders are watching. This extension is derived from mathematical ratios used in technical analysis to predict potential price targets.
For XRP, this level suggests a price of $16 could be within reach this cycle. Given XRPâs track record and the current market sentiment, hitting $3.84, its previous ATH, seems increasingly likely.
If the pattern plays out as expected, XRP could be poised for another explosive move that could propel it to new heights.
{spot}(XRPUSDT)
#ElonMuskTalks Backs Telegramâs #PavelDurov for Upholding Free Speech
Elon Musk shared Telegram CEO Pavel Durov's previous interview where he exposes US government's intimidating tactics to peep into the app.
Following Telegram CEO Pavel Durovâs arrest in France on Saturday, tech billionaire Elon Musk has come out in support of Durov, praising him for upholding free speech and not giving up on the governmentâs censorship pressure.
Musk has been championing free speech for quite some time and it was one of the key reasons behind purchasing Twitter back in October 2022.
Elon Muskâs Support to Telegram CEO
A number of industry leaders have come out in support of Telegram CEO Pavel Durov, following his arrest on charges of allowing illicit and criminal activities on the Telegram messaging app.
The arrest soon led to the downfall in the Toncoin price, which is now trading 16.33% down at $5.69 as of press time.
Elon Musk also shared one of the old interviews Durov with American journalist Tucker Carlson, wherein Durov explained the intimidating tactics of the US Government and the FBI to poach one of the engineers of Telegram and give them behind-the-curtains access to the messaging app.
He said that the officials were trying to persuade the engineer to integrate some open-source tools into Telegram, which would give them backdoor access.
While Elon Musk and other industry tech players have been supporting Durov, Facebook founder Mark Zuckerberg has been tight-lipped on this matter so far.
Musk also slammed Zuckerberg in response to a tweet that questioned why arenât authorities arresting Zuck for enabling child predator accounts on the Instagram platform. Responding to it, Musk wrote:
âBecause he already caved into censorship pressure.
Instagram has a massive child exploitation problem, but no arrest for Zuck, as he censors free speech and gives governments backdoor access to user dataâ.
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Robert Kiyosaki Pushes Bitcoin as US Debt Soars to Alarming Levels â Warns of Banking System Failures
Robert Kiyosaki, the author of Rich Dad Poor Dad, has warned that the U.S. is adding a trillion dollars to its debt every 100 days. He advises investing in gold, silver, and bitcoin to safeguard against economic instability. Kiyosaki also points out the dangers of relying on traditional banks, noting that banking panics are often hidden, leaving most people unaware when their bank is insolvent.
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New Breakthroughs Propel Render Price Up 11% â Hereâs Whatâs Happening
$RENDER
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Render continues its bullish rally with a cool 11% increase as noted by CoinGecko.
Although the market has dipped slightly, the majority of it is still flashing green with the major cryptocurrencies reaching their respective targets.
However, recent developments in the Render network made this upward trajectory possible.Â
Enthusiasts of the network continue to see growth after the platform released its Cinema 4D Wizard tool which sees huge potential in the media industry.
This new tool helps artists achieve top-tier outputs while slashing work hours and streamlining workflows.Â
New Wizard Tool Shortens Artist WorkflowÂ
Render released the Cinema 4D Wizard last week, August 20, helping 3D artists to cut work time and streamline their workflows.
This plug-in works on the Cinema 4D application,
one of the most used 3D rendering software.
According to Renderâs knowledge base, the tool has several features upon launch the most notable of which is the scene checker that analyzes several factors that may affect the final output.
This assists artists in cleaning up their renders, making sure that each piece is in tip-top shape.Â
RENDER Exhausted After A Week Of Upward Momentum
As of writing, the token has been rejected by the $6.3 resistance level as a red candle forms on todayâs trading activity.
This represents a slight dip in the coming days, purely because of RENDER bulls losing momentum in the short term.Â
The tokenâs high relative strength index indicates a strong struggle between the bulls and bears, and the latter is currently winning in the short term. RENDERâs correction period may have started, but it wonât last that long.
Investors and traders are still anticipating Nvidiaâs earnings call that can turn the correction into another week of bullishness.Â
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Welcome Agora (@withAUSD) to the Trader Joe DEX
$AUSD is now live with ~$8M in deep liquidity and active $AVAX boost rewards:
âą $AUSD / $USDC - Reward APR 11%
âą $AUSD / $USDT - Reward APR 10%
Built on the philosophy that money should be neutral, $AUSD makes digital dollars more accessible and cheaper to transfer. By aligning all parties in an open network model, Agora aims to disrupt the stablecoin meta, using #Avalanche as a key springboard.
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Elon Musk Confirms Grok Will Be Able to Create Dogwifhat $WIF Memes
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In an unexpected crypto interaction, the paths of Elon Musk, Grok and Solana's top meme coin of 2024 have collided. But first things first.
Back in July, almost a month ago, the billionaire and owner of the social network X, Elon Musk, confirmed that Grok, an AI language model of his start-up xAI, will receive an updated version in August.
As the last month of summer arrived, anticipation began to build.
According to Musk, Grok 2 has some great new features, including the ability to search the web in real time, so the AI is always up to date with the latest information.
This means the chat bot can respond to queries with the most recent data, making it more relevant and useful. In addition, Grok 2 can create images based on what users tell it.
"100" for dogwifhat from Elon Musk This is exactly what caught the attention of one of the dogwifhat (WIF) enthusiasts.
WIF emerged in early November 2023 to truly become the sensation of not only Solana but the entire crypto market, gaining billions of dollars in market capitalization and hundreds of thousands of holders.
One of them asked Elon Musk if Grok 2 will be able to create dogwifhat memes. The billionaire entrepreneur's answer was brief but specific, using only the "100" emoji.
Despite the excitement, specifics about Grok 2's performance and its ability to generate high-quality dogwifhat memes remain unclear until further benchmarks are released.
The AI's effectiveness will be evaluated based on its performance on MATH and HumanEval tests, which measure problem-solving skills.
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Hi Guys,
Largest Dogwifhat Holder Buys More WIF Amid International Dog Day
The last two days have been interesting in the world of dogwifhat (WIF), a meme cryptocurrency that has taken over the meme coin space and the whole Solana ecosystem this year.
Thus, as reported by Lookonchain, the largest holder of WIF, with over $68 million in profit, is buying more and going long on the meme coin.
Before yesterday, during the last week, he deposited 21.9 million WIF, which is equivalent to $35.48 million, in Kamino, Solana's main lending protocol, and borrowed 3.24 million USDC. The anonymous big player then spent 2.7 million USDC to buy about 1.8 million WIF.
However, the whale did not stop there and spent 1.54 million USDC to buy another 800,556 WIF at $1.92. Currently, this whale holds 28 million WIF, equivalent to $53.23 million, and the profit on his dogwifhat holdings has exceeded a staggering $77 million.
Dogwifhat (WIF) price outlook This whale first spent $226,000 to buy 19.86 million WIF at only $0.0114 from Dec. 13 to Dec.
15, 2023, and then registered a domain from "binance-insider.sol" and spent 86,738 SOL, worth about $8.92 million at that time, to buy 17.23 million WIF in one transaction. Related
It is worth noting that the price of the dogwifhat coin has increased by 38.32% since the beginning of the week.
Looking at its price chart on the weekly time frame, we can see how often in recent weeks and months the zone around $1.3 per WIF served as a strong support for the quotes of the meme coin.
It is no surprise that the biggest players in the crypto market decided to buy WIF here, as this is the local bottom according to historical trends.
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