Blockchain

In an exclusive interview with CNBC’s ‘Squawk Box’, Mike Novogratz, CEO of Galaxy Digital, provided an in-depth analysis of the current state and future trajectory of Bitcoin amidst a rapidly evolving financial landscape. The conversation spanned a variety of topics, including the recent surge in Bitcoin prices following the approval of spot Bitcoin ETFs and the impact of the Federal Reserve’s monetary policy on cryptocurrency markets.

Bitcoin Amid Market Consolidation And Institutional Adoption

Opening the discussion, Novogratz touched on the remarkable rally Bitcoin has experienced, while also suggesting a potential consolidation phase. “We’ve come a long way fast, both in US stocks and in crypto… It wouldn’t surprise me if there’s some consolidation,” he stated.

Despite this, he emphasized the significant milestone achieved with the opening of the institutional and Retail Investment Advisor (RIA) channels to Bitcoin, particularly through ETFs. “We’ve got baby boomers who own most of the wealth in America, and they’re getting their first easy access to Bitcoin… And I don’t think that’s going to stop,” Novogratz elaborated, underlining the transformative impact of ETFs on Bitcoin accessibility.

When probed about the pace at which financial advisors could start recommending Bitcoin, Novogratz offered an optimistic forecast: “I would tell you at least double in six months.” He attributed this to both demand from clients and the inevitable adaptation of large platforms. “Their customers are calling and bitching at them and saying, we want to buy Bitcoin with you,” he quoted, highlighting the grassroots demand driving institutional platforms towards crypto adoption.

Addressing potential short-term price movements, Novogratz candidly acknowledged the possibility of a downturn. “It could be some regulatory kerfuffle, it could just be the market got a little long and you get people scared,” he speculated, pinpointing a price range of “$45,000… $42,000” as the potential downside. This acknowledgment of volatility underscores his realistic view of the crypto market’s susceptibility to external pressures and internal dynamics.

BTC Price Targets

Looking ahead, Novogratz responded to Tom Lee’s prediction of Bitcoin reaching $150,000 by year’s end with cautious optimism. While hesitant to commit to a specific number, he concurred that Bitcoin is likely to retest its all-time highs, emphasizing the market’s momentum when it attracts new buyers.

“You know, when markets get new buyers and start breaking out, it’s hard to have a price prediction,” he remarked, suggesting that surpassing the $69,000 mark could open the door to unprecedented price levels like $125,000 to $150,000, contingent on broader economic conditions such as the Federal Reserve’s interest rate policies.

Delving into Bitcoin’s correlation with the macroeconomic environment, Novogratz presented a nuanced perspective. He acknowledged Bitcoin’s dual identity as both a macro asset and a nascent technology in an adoption cycle.

On the topic of Bitcoin’s correlation with broader economic indicators, Novogratz highlighted the dual narrative that has come to define Bitcoin’s market behavior. “It’s a macro asset…And the second, we’re early on in the life cycle, so there’s an adoption cycle,” he pointed out.

Thus, he emphasized the unique position of Bitcoin at the intersection of a burgeoning asset class and a macroeconomic hedge. He added, “Right now, this is all adoption. This is new buyers coming in and being told the big-picture story that you need to have this in your portfolio.”

Ethereum has once again broken above the $3,000 level after previous attempts ended in failure as FOMO took over the investors.

Ethereum Has Rallied 3% In Past Day To Break Back Above $3,000

Earlier, Ethereum had made two attempts at the $3,000 level, but both of them had turned out to be brief as the asset quickly retraced back to lower levels. In the past day, ETH has once again made a push towards the mark, as the chart below shows.

In this latest surge, ETH has seen a sharp recovery of more than 3% from around the $2,900 mark to the current levels. The coin is now up 8% in the past week, making it the second-best performer among the top 10 cryptocurrencies, just behind BNB’s 10% profits.

From the graph, it’s visible that Ethereum is now within touching distance of setting a new high for the year. But ETH investors would be wondering if this rally would sustain or if it would end up losing steam, just like the previous ones. If data is anything to go by, market sentiment may have been the reason behind the demise of the last surges.

ETH’s Previous Surges Topped Out As FOMO Took Over Traders

According to data from the analytics firm Santiment, the latest top above $3,000 occurred as the crowd euphoria spiked. The indicator of interest here is the “Social Volume,” which keeps track of the total amount of discussion that social media users are participating in around a given term or topic.

The metric calculates this value by counting up the number of posts/threads/messages across the major social media platforms that are making at least one mention of the topic.

The below chart shows the data of the Social Volume related to two Ethereum topics:

The first Social Volume here has been filtered for $3,000. As is visible in the graph, this metric spiked as ETH broke above $3,000 for the first time since April 2022 a couple of days back.

This would suggest that discussions around the topic had spiked high as traders had celebrated the break. As it had turned out, though, the surge was pretty short-lived.

In the second attempt, the Social Volume related to terms like “buy Ethereum” had registered a large spike, implying that FOMO had developed among the traders.

Historically, FOMO has been something that has made tops likely, as ETH’s price has tended to go contrary to the expectations of the crowd. This is likely the reason why the top coincided with this spike.

A similar phenomenon occurred with the small recovery surge observed yesterday, as Santiment has highlighted in the chart. It would seem that greed had once again led to the coin topping out.

It now remains to be seen how the market reacts to the latest rally above $3,000. If FOMO around Ethereum once again spikes on social media, then it may very well be a sign that this surge, too, may only be temporary.

Tim Draper, founder of Draper Associates and Billionaire venture capitalist, recently shared his thoughts on Bitcoin and the flagship crypto token’s potential to revolutionize the global economy. Specifically, Draper highlighted how BTC could replace the Dollar and other fiat currencies soon enough.

BTC To Replace The US Dollar

Draper mentioned during an interview on Bloomberg that the time is coming when people “won’t want the Dollars” anymore. He believes this would happen as a result of everyone having a preference for the flagship crypto token. When that happens, the billionaire says that he will be able to his “food, clothing, and shelter all in Bitcoin.”

Draper suggested that this revolution was going to occur from a massive bank run, similar to what occurred with the Confederate dollar after the US Civil War ended in 1864. He also likened Bitcoin potentially replacing the Dollar to what happened with the Greek Drachma and the run on the French Franc after France adopted the Euro. 

Meanwhile, the billionaire alluded to how BTC already has an edge over some fiat currencies. He gave an example of how Argentines and Nigerians don’t trust the Peso and Naira, respectively and would rather prefer to do business in Bitcoin. 

Bitcoinist previously reported how Bitcoin hit an all-time high in Argentina and Nigeria. The inflationary pressure that those countries are experiencing has caused their currencies to devalue, with locals seeing Bitcoin as the go-to alternative to hedge against this inflation. With the US also facing its economic crisis, Draper’s prediction of Bitcoin replacing the Dollar may not be far from happening. 

Why Bitcoin Didn’t Rise To $250,000 In 2022

During the interview, Tim Draper also explained why his Bitcoin prediction of $250,000 didn’t happen. The billionaire had in 2018 predicted that the crypto token was going to rise to that price level by 2022. Draper looked to have blamed the US government for this not happening, stating that he didn’t expect them to have been “paranoid” about Bitcoin. 

This paranoia is probably why the government has its reservations about the flagship crypto token rather than accepting it and taxing profits made on it, just like Draper expected. However, this paranoia looks to be in the past as the billionaire claims that the US has realized that “Bitcoin is actually better for everyone.”

Interestingly, Draper is not backing down on his $250,000 prediction, stating now that Bitcoin will hit this price level in 2025. His confidence might come from the fact that BTC looks to be more accepted by the US authorities, especially following the approval of the Spot Bitcoin ETFs, which are recoding huge demand. 

Apecoin (APE) is experiencing a rollercoaster ride in 2024. After plummeting to an all-time low of $1.01 in October 2023, the Bored Ape Yacht Club governance token has experienced a dramatic turnaround, buoyed by strategic whale buying and a recent partnership with the Arbitrum network.

However, with a 13% pullback in the past two days and lingering profit-taking concerns, questions remain about whether the bulls can defend key support levels and push the price back towards its former glory.

At the time of writing, APE was flashing green, trading at $1.73, which is a 0.6% and 7.5% increase in the 24-hour and weekly timeframes, data from Coingecko shows.

Riding The Arbitrum Wave

The turning point came on February 16th, when the Apecoin DAO voted to launch ApeChain, a dedicated blockchain, on the Arbitrum network. This partnership, aimed at tackling scalability issues and fostering ecosystem growth, sparked a 21% surge in APE price, pushing it to a six-month high of $1.90.

Whales Hold Firm, Retail Cashes Out

On-chain data paints a fascinating picture of contrasting investor behavior. While retail investors and swing traders were quick to lock in profits after the rally, “whales” – those holding at least 10 million APE tokens – have displayed unwavering confidence.

Since January 1st, these large investors have acquired an additional 22 million APE tokens, representing a staggering $40 million investment and bringing their total holdings to 61 million APE. This unwavering conviction suggests long-term optimism in the project’s potential.

Can The Bulls Hold The Line?

Despite the bullish whale activity, a recent pullback has cast a shadow on the optimistic outlook. The price dipped 13% in the past two days, testing the crucial $1.50 support level. A breach of this support could trigger further decline towards $1. However, a large buying cluster at $1.50, representing 9,630 investors who purchased APE at that price, could act as a significant barrier to a deeper fall.

Eyes On $2, But Hurdles Remain

Technical analysis and market sentiment suggest a potential early rebound towards $2 in the coming weeks. However, this hinges on two key factors: defending the $1.50 support and overcoming further profit-taking waves. Additionally, broader positive developments in the NFT sector could provide tailwinds for APE price.

Looking Beyond The Immediate

Congratulations to @apecoin DAO on its decision to develop ApeChain utilizing the Arbitrum tech stack!

With $APE serving as both the gas and governance token for ApeChain, Arbitrum Orbit’s customizability empowers @ApeCoin DAO with true ownership and control over this…

— Offchain Labs (@OffchainLabs) February 15, 2024

While the Arbitrum partnership and whale support are encouraging, several hurdles remain. The broader macroeconomic climate, still grappling with inflation and interest rate concerns, could impact investor sentiment across the cryptocurrency market. Moreover, the success of ApeChain itself remains to be seen, and any unforeseen challenges could dampen enthusiasm.

With a potential $2 mark tantalizingly close, Apecoin faces a critical juncture. Whether the bulls can overcome the immediate hurdles and propel the token to new heights, or if profit-taking and broader market headwinds prevail, remains to be seen.

Featured image from Pexels, chart from TradingView

As the Ethereum ecosystem braces for the much-anticipated Dencun upgrade, renowned crypto analyst Miles Deutscher provides an in-depth look at the altcoins poised for significant growth.

Scheduled for March 13, the Dencun upgrade is a critical hard fork aimed at enhancing Ethereum’s scalability, security, and usability. Deutscher’s insights reveal how specific Layer 2 (L2) solutions are uniquely positioned to benefit from the upgrade’s introduction of Proto-Danksharding and other key enhancements.

Deutscher explains, “The Dencun upgrade, especially with EIP-4844, represents a paradigm shift in how Ethereum will handle transactions. By drastically lowering gas fees and increasing throughput, we’re looking at a more accessible, efficient blockchain.” This upgrade is part of Ethereum’s broader roadmap, known as “The Surge,” focusing on scalability improvements.

Top-6 Altcoins To Watch Prior To Dencun

#1 Polygon (MATIC/POL): With its impending rebrand and investment in zk-technology, Polygon is at a pivotal juncture. Deutscher notes, “Polygon’s deep dive into zk-rollups could redefine its position in the L2 landscape, making MATIC an attractive asset for forward-looking investors.”

#2 Arbitrum (ARB): As the leading L2 by TVL and transaction volume, Arbitrum’s robustness is undisputed. “Arbitrum has cemented its position as a powerhouse in the L2 space, and the Dencun upgrade will only amplify its strengths,” Deutscher remarks.

#3 Optimism (OP): Positioned as a strong contender in the L2 space, Optimism’s ecosystem is set to expand. “The announcement of Optimism’s fourth airdrop is not just a reward for its community but a strategic move to bolster its ecosystem’s vibrancy,” says Deutscher.

#4 COTI Network (COTI): With the launch of V2 and its innovative ‘Garbled Circuits,’ COTI introduces a groundbreaking privacy solution. Deutscher observes, “COTI’s approach to privacy on the blockchain through ‘Garbled Circuits’ is a game-changer, potentially setting a new standard for private transactions.”

#5 Mantle (MNT): Highlighting Mantle’s rapid growth, Deutscher points out, “With $1.5 billion in ETH now staked as mETH, Mantle is not just growing; it’s thriving, supported by strategic airdrops that reward its community.”

#6 Metis (METIS): Identified as a potentially undervalued project, Metis’s upcoming initiatives are a beacon for investors. “Metis’s decentralized sequencer and the substantial METIS Ecosystem Fund are laying the groundwork for a robust, decentralized future, making it an intriguing prospect post-Dencun,” Deutscher explains.

Broader Implications For Ethereum

Deutscher also casts a spotlight on Manta Network, Starknet, zkSync, and Linea as projects to watch, emphasizing the widespread impact of the Dencun upgrade. He advises, “The ETH/L2 trade is increasingly compelling as we approach the Dencun upgrade. Shifting a significant portion of one’s portfolio into the Ethereum ecosystem seems prudent, given the transformative potential of the upcoming changes.”

At press time, ETH still traded just below the $3,000 mark.

Ethereum price spiked above the $3,000 resistance before the bears appeared. ETH is correcting gains, but dips might be limited below the $2,865 support.

Ethereum struggled to stay above the $3,000 level and corrected lower.
The price is trading above $2,900 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless the bears push the price below $2,865.

Ethereum Price Corrects Lower

Ethereum price extended its rally above the $3,000 resistance zone. However, the bears were active above the $3,000 resistance. A new multi-week high is formed near $3,032 and the price started a downside correction, like Bitcoin.

There was a move below the $3,000 and $2,950 levels. The bulls are now active above the $2,865 support. A low is formed near $2,865 and the price is now attempting a fresh increase. There was a move above the 50% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low.

Ethereum is now trading above $2,900 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $2,950 level. There is also a connecting bearish trend line forming with resistance at $2,950 on the hourly chart of ETH/USD.

The first major resistance is near the $2,975 level or the 61.8% Fib retracement level of the recent decline from the $3,032 swing high to the $2,865 low.

Source: ETHUSD on TradingView.com

The next major resistance is near $3,000, above which the price might rise and test the $3,065 resistance zone. If there is a move above the $3,065 resistance, Ether could even rally toward the $3,185 resistance. Any more gains might call for a test of $3,220.

More Losses In ETH?

If Ethereum fails to clear the $2,975 resistance, it could start another downside correction. Initial support on the downside is near the $2,900 level and the 100-hourly Simple Moving Average.

The first major support is near the $2,865 level. The next key support could be the $2,820 zone. A clear move below the $2,820 support might send the price toward $2,740. Any more losses might send the price toward the $2,720 level in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 level.

Major Support Level – $2,900

Major Resistance Level – $2,975

XRP price started a downside correction from the $0.580 resistance. The price could start a fresh rally unless there is a close below the $0.535 support.

XRP is struggling to clear the $0.5650 and $0.580 resistance levels.
The price is now trading above $0.535 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $0.5350 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh rally unless there is a close below the $0.535 support.

XRP Price Dips To Key Support

In the past few days, XRP price recovered higher from the $0.520 zone. There was a move above the $0.535 and $0.550 resistance levels. However, the bears remained active near the $0.580 resistance and protected more upsides, like Bitcoin and Ethereum.

The recent high was formed at $0.5792 before there was a downside correction. There was a move below the $0.550 level. The price even tested the $0.535 support. A low is formed near $0.5322 and the price is now consolidating losses.

Ripple’s token price is now trading above $0.535 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $0.5350 on the 4-hour chart of the XRP/USD pair. On the upside, immediate resistance is near the $0.5550 zone. It is close to the 50% Fib retracement level of the downward move from the $0.5793 swing high to the $0.5322 low.

The first key resistance is near $0.5620 or the 61.8% Fib retracement level of the downward move from the $0.5793 swing high to the $0.5322 low, above which the price could rise toward the $0.580 resistance. A close above the $0.580 resistance zone could spark a strong increase.

Source: XRPUSD on TradingView.com

The next key resistance is near $0.600. If the bulls remain in action above the $0.600 resistance level, there could be a rally toward the $0.620 resistance. Any more gains might send the price toward the $0.650 resistance.

Another Decline?

If XRP fails to clear the $0.5550 resistance zone, it could start another decline. Initial support on the downside is near the $0.535 zone and the trend line.

The next major support is at $0.5220. If there is a downside break and a close below the $0.5220 level, the price might accelerate lower. In the stated case, the price could retest the $0.480 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.535, $0.522, and $0.480.

Major Resistance Levels – $0.555, $0.565, and $0.580.

Bitcoin price failed again to clear the $53,000 resistance. BTC is now back below $52,000 and there are chances of a downside break below the $50,500 support.

Bitcoin price is struggling to clear the $52,000 resistance zone.
The price is trading below $52,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bearish momentum if there is a move below the $50,500 support.

Bitcoin Price Dips Again

Bitcoin price failed to start a fresh increase above the $52,200 resistance zone. BTC settled below $52,000 and slowly moved lower. There was a drop below the $51,500 level.

The price even revisited the $50,500 support zone. A low was formed at $50,636 and the price is now attempting a recovery wave. There was a move above the $51,000 level. The price spiked toward the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.

Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $51,550 level. The next key resistance could be $51,800, above which the price could rise toward the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.

Source: BTCUSD on TradingView.com

The main resistance is now near the $53,000 level. A clear move above the $53,000 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $54,200 level.

More Losses In BTC?

If Bitcoin fails to rise above the $52,000 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,100 level.

The first major support is $50,500. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could decline toward the $49,200 support zone, below which the price might turn bearish in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $51,100, followed by $50,500.

Major Resistance Levels – $51,550, $51,800, and $52,500.

Arbitrum, the cryptocurrency network designed as a scalability solution for the Ethereum blockchain, has recently experienced a notable price correction, resulting in a drop in its native token, ARB. Over the past 24 hours, the token’s value dipped to $1.84, marking a retracement of 5%. 

As February draws to a close, attention is now turning to the potential downside price action expected in March as a substantial number of ARB tokens are set to be unlocked.

Major Unlock Event Looms For Arbitrum

According to a recent announcement on X (formerly Twitter), more than 1.11 billion ARB tokens, estimated at $1.24 billion, are scheduled to be released on March 16, 2024. 

This unlocking event signifies the beginning of a four-year phased unlocking process, which will gradually release a certain number of tokens every four weeks until 2027. 

The total number of tokens in circulation for Arbitrum currently stands at 1.275 billion, meaning the unlock will release an equivalent of 87% of the circulating supply, nearly quadrupling it to 2.375 billion tokens.

Token unlocks, especially when they exceed the average daily trading volume, can act as bearish catalysts for token prices as they introduce additional liquidity into the market. This influx of tokens can create inflationary pressures, leading to increased volatility and speculative trading. 

However, to fully understand the potential impact on ARB, it is crucial to examine historical data that sheds light on the token’s price performance following previous unlocks.

According to Token Unlocks data, there has been only one cliff unlock event for ARB tokens in the past. Analyzing the price impact that followed this unlock provides valuable insights.

On the first day after the unlock, the price of ARB experienced a 3% increase, indicating positive market sentiment and initial demand. Subsequently, the token’s price gradually declined, reaching a low of -21% approximately 21 days after the unlock event.

However, at around the 25-day mark, the price began to recover significantly, skyrocketing by 19% above the unlock-day level. 

These historical patterns suggest that while ARB may face initial downward pressure following the upcoming unlock, there is a potential for recovery and positive price movement in the following weeks. Nevertheless, it is important to note that market conditions and investor sentiment can vary, and past performance may not necessarily indicate future outcomes. 

ARB Price Analysis

In the event of a potential 20% price decline from the current level of $1.84, ARB may face selling pressure and a lack of demand. To safeguard its current all-time high (ATH) of $2.4, bulls must defend major support walls.

Forecasting a potential dip to around $1.44, the next crucial support level for bulls to monitor is $1.42. This support level would be the last line of defense before a potential further decline to the subsequent support line at $1.25. If both levels fail to hold, the $1 mark would be at risk, with the last support for bulls at the $1.102 level.

It is important to note that the token unlock event’s outcome and ARB’s subsequent price action remain uncertain. 

Additionally, the crypto market is bracing itself for the Bitcoin (BTC) halving event, which could introduce additional volatility to the overall market as the event draws nearer.

Featured image from Shutterstock, chart from TradingView.com

The recent market rally has shown positive signals for many cryptocurrencies and has filled investors with optimistic expectations for the near future.

Ignited by the ongoing Bitcoin Exchange-traded Fund (ETF) frenzy, whale accumulation, and meaningful updates from different projects, the market has shown significant growth during the first two months of 2024.

Memecoins Face Pullback Despite Growing Market

In the last week, Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, have met important milestones that have set the tone for the general market.

BTC surpassed the $50,000 resistance zone 9 days ago and has shown strong support above this level ever since. Similarly, this Tuesday, Ether momentarily surpassed the $3,000 support zone for the first time in almost two years. Both milestones have fueled investor’s excitement for the crypto market.

Nonetheless, the market showed signals of a momentary slowdown this Wednesday after many cryptocurrencies started seeing a red light decelerating their numbers.

According to CoinGecko data, meme coins are not an exception. The sector’s market capitalization has declined 7.0% in the last 24 hours, currently at $21.9 billion and a total daily trading volume of $1.35 billion.

Top Memecoins Among The Biggest Losers

As the chart above illustrates, eight of the top ten memecoins face a price downtrend in the 1-hour, one-day, and seven-day timeframes. Pepe (PEPE), dogwifhat (WIF), and FLOKI were among the biggest losers since yesterday. However, CorgiAI (CORGIAI) and PepeFork (PORK) prices show green numbers simultaneously.

The top 3 memecoins by market capitalization follow the same trend as the memecoin market. At the time of writing, the prices of Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) are displaying negative numbers.

Bonk

BONK is leading the red path as the biggest loser in the memecoin top 10. Recently, the cryptocurrency saw a revival by its meteoric 25% on-day rally that propelled it back to the top 100 cryptocurrencies.

The memecoin sits at the 114th spot of all cryptocurrencies, with a market capitalization of $692.3 million, representing a 5.8% decrease in the last 24 hours.

BONK is trading at $0,00001148, indicating a 9.3% and 17.6% price drop in the last 24-hour and seven-day timeframes, respectively.  However, the token’s daily trading volume shows a 10,9% increase compared to yesterday, signaling a recent rise in market activity.

Dogecoin

As previously reported, DOGE has shown signs of embarking on a bullish recovery after whale activity fueled the rise in trading volume. The ecosystem’s activity increased in the last month, with more than 1 million transactions being processed daily since January 30.

DOGE’s trading activity on the last day revealed a 39.3% decline in market activity for the token, with $597.9 million worth of trading volume.

According to CoinGecko, its market capitalization sits at $11.88 billion. This indicates a 25% one-day decrease in performance that leaves the token out of the top 10 cryptocurrencies by this metric. Likewise, DOGE’s price shows a 3.5% pullback during the last day, currently trading at $0.083.

Shiba Inu

SHIB, like DOGE and BONK, has seen a considerable price reduction since yesterday and is currently trading at $0,09399, a 3.8% decrease in this time frame. While its market capitalization has also reduced in the last day (a 2.71% decrease), the daily trading volume for the 19th largest cryptocurrency has increased 15% in the previous 24 hours, at $300.8 million.

Despite the recent data signaling a momentary loss of momentum for the memecoin market, it’s worth noting that the top 3 memecoins by market capitalization saw positive performance in the 14-day time frame. In the last two weeks, BONK has seen a 12.7% price upsurge, while DOGE and SHIB have increased a notable 5.6% and 5.9%, respectively.