Blockchain

XRP, the fifth-largest cryptocurrency in the market, has entered a phase of macro consolidation following a significant decline that began on July 20. This consolidation has maintained the token’s price within a range of $0.4858 and $0.5505, before Ripple Labs’ legal victory against the US Securities and Exchange Commission on July 13. 

XRP Consolidation Continues Despite Strong Trading Activity

According to insights from crypto market data provider Kaiko, XRP demonstrated extreme trade volume during the summer. XRP’s average trade volume in the previous month reached $462 million, four times higher than the following most prominent altcoins by trade volume.

The question arises as to why XRP failed to sustain its price gains despite its impressive trade volume. 

Analyzing the average share of sell volume for XRP provides some insights. Notably, the largest Korean exchange, Upbit, and OKX experienced significant selling pressure, while buying activity was more prominent on US-based Coinbase throughout the previous month.

Another interesting observation is the rise in average trade size for XRP on Coinbase, surpassing all other top ten altcoins. 

This suggests that buying demand may have been driven by large traders in the United States, as investors regained access to the token following the July court ruling. 

However, it is essential to note that even though XRP tops the list on offshore markets, its share of trading volume in the United States remains lower, ranking it as the sixth most traded altcoin by cumulative trade volume.

Currently, XRP is trading at $0.5063, displaying a stable price within 24 hours. Moreover, the token has maintained a consistent consolidation phase, experiencing a slight decrease of 2.7% and 1.4% over the past seven and fourteen days, respectively. 

This raises whether XRP’s uptrend will prevail or if further downside movements are looming.

Is A Bullish Resurgence Or Downtrend Imminent?

Crypto analyst Egrag Crypto recently took to the social media platform X (formerly known as Twitter) to present two contrasting scenarios for XRP’s price movement. 

The first scenario suggested a potential dip to $0.43 or even $0.35, which could be seen as a shakeout before a rebound. The second scenario proposed a more optimistic outlook, with XRP potentially aiming for heights of $0.60 and $0.67 before skyrocketing to new levels.

To gain further insights into the likelihood of these scenarios, it is crucial to examine XRP’s resistance and support lines on the daily chart above.

The chart reveals that while surpassing the next resistance level of $0.5401 and regaining bullish momentum, XRP could potentially experience a substantial 27% uptrend toward $0.6700, as predicted by Egrag Crypto. However, the token currently faces two significant hurdles in achieving this.

XRP’s 200-day and 50-day Moving Averages (MAs) can act as solid resistance levels if the token’s trading volume is not accompanied by sufficient buying pressure. Presently, XRP is trading below these two lines, which adds to the challenge of surpassing the resistance.

If XRP fails to overcome these resistances and sustain its consolidation phase, another correction may soon be on the horizon for the token.

On the other hand, bullish investors will need to defend the nearest support floor for XRP at $0.4524. If this level is breached, the token could decline further to the $0.3495 zone or even the $0.2854 line, representing XRP’s one-year support.

Considering the various scenarios and the resistance and support lines depicted in the chart, the absence of catalysts that could propel XRP to higher price territories, coupled with a failed attempt to maintain its macro consolidation zone, may lead XRP towards continuing its downtrend and potentially reaching a new yearly low.

Featured image from iStock, chart from TradingView.com

The speedy new meme coin Sonik Coin (SONIK) has exploded past $1.35 million in its presale after launching less than three weeks ago. 

Now, investors are poised with just 20 hours remaining to buy $SONIK at its presale price or face buying it on the open market after its initial exchange offering (IEO).

With little time remaining, investors have begun piling into the presale at sonikcoin.com, opening the door to a possible sell-out due to its $2,098,547 hard cap.

The project will be listed on Uniswap, with rumors circulating it could go live as early as next week. 

One of the main reasons for Sonik Coin’s successful presale is its unique Stake-to-Earn mechanism offering holders passive rewards with a generous annual percentage yield (APY) on their $SONIK tokens.

What Is Sonik Coin?

Sonik Coin is a newly launched meme coin inspired by the Sonic the Hedgehog franchise. The project has no official affiliation to the franchise but simply pays homage to it, establishing a nostalgic allure.

According to its website, Sonik Coin aims to be the fastest meme coin to reach a $100 million market cap. Considering the giants that stand before it, like Pepe and Shiba Inu, this is no easy task.

However, Sonik Coin’s growing presale success signifies a thriving and engaged community, which will likely carry over following its IEO. Visit the Sonik Coin Telegram channel to stay updated on the project’s latest announcements.

Stake-to-Earn

Sonik Coin’s premier feature is its Stake-to-Earn mechanism, offering holders passive rewards by simply staking tokens in the project’s smart contract. When writing this, the project offers an impressive 56% APY on staked tokens. 

Furthermore, the Sonik Coin staking dashboard shows that over 42,000,000 $SONIK are staked, almost 25% of its current circulating supply.

As the amount of $SONIK tokens staked increases, the APY will drop. However, the project has a four-year vesting schedule to ensure its long-term health. Also, more tokens in the staking pool will add to the token’s scarcity, potentially benefitting its price.

Stake-to-Earn has proved a hot topic lately, with the popular Stake-to-Earn BTC20 doing a 6x following its presale.

Analysts Forecast 100x Gains

As well as catching the eye of meme coin investors, Sonik Coin has been touted by many prominent industry analysts.

According to YouTube analyst and trader Michael Wrubel (300K subscribers), Sonik Coin could do a 100x following its presale. The video highlights that Sonik Coin is well-positioned to pump due to the ongoing broader market conditions.

Another popular analyst, Jacob Bury (21K subscribers), predicts a 10x for Sonik Coin, calling it a Pepe alternative and highlighting its Stake-to-Earn feature as its main draw.

Meanwhile, Crypto Gains (107K subscribers) estimates a 20x for the meme coin. The analysis compared Sonik Coin to HarryPotterObamaSonic10Inu, which recently exploded to a $140 million market cap a couple of months after launching.

Community-Focused Tokenomics

The final piece to the Sonik Coin project is its long-term, community-centric tokenomics. It has a total supply of 299,792,458,000 (incidentally the speed of light), with 50% of tokens available in the presale, 40% allocated to staking, and 10% for liquidity to enable seamless trading.

Sonik Coin’s entire presale has taken place at a single price of $0.000014, providing all investors an equal opportunity to buy $SONIK and encouraging community solidarity.

Finally, 0xGuard conducted a Sonik Coin audit to test the project’s security. Ultimately, the auditor reported that Sonik Coin is safe due to no malicious findings.

With just 21 hours until the presale ends, potential investors must be quick to secure their $SONIK tokens. Alternatively, you can buy them on the open market after its Uniswap exchange launch, but at a potentially higher price.

Visit Sonik Coin Presale

The success of the Shibarium blockchain so far has led to Shiba Inu whale activity rising once more. These whales have been making large transfers carrying trillions of SHIB tokens worth tens of millions of dollars. This heightened activity, while interesting on its own, is also leading to positive sentiment around them due to their destinations.

Shiba Inu Whales Moving Away From Centralized Exchanges

A number of large Shiba Inu transactions were highlighted by the popular whale tracking account on X (formerly Twitter) called Whale Alert. The first transaction took place on Saturday, September 2, a couple of days after the Shibarium blockchain went public and started growing.

The transaction saw a total of 4.36 trillion SHIB tokens moved from the Bitvavo exchange to an unknown wallet. This transaction was worth roughly $37 million at the time and was speculated to be moved to a private wallet for holding.

4,630,530,677,374 #SHIB (36,696,955 USD) transferred from #Bitvavo to unknown wallethttps://t.co/XWDOaPcc0G

— Whale Alert (@whale_alert) September 2, 2023

This is because when crypto users move tokens toward centralized exchanges, it is often to sell due to the deep liquidity. While moving tokens from centralized exchanges to private wallets is often for holding while investors wait for the market to recover.

Another similar transaction was then flagged on Monday, September 4, carrying almost the same number of SHIB. The 4.615 trillion SHIB worth $35.69 million was also moved from the Bitvavo exchange to an unknown wallet, presumably for safekeeping.

4,615,530,677,374 #SHIB (35,694,206 USD) transferred from #Bitvavo to unknown wallethttps://t.co/ZtTK0oWWWn

— Whale Alert (@whale_alert) September 4, 2023

These transactions could signal that the whales are expecting the Shibarium network to grow and positively affect the price of SHIB. The meme token is already showing signs of this recovery its trading volume rose 14% in the last day.

Shibarium Continues To Grow

Shibarium was launched in late August but despite an initial rocky start, the network seems to have taken it in stride and bounced back stronger. The activity on the network saw its Total Value Locked (TVL) quickly surpass $1 million.

This was brought about by high activity in decentralized finance (DeFi) protocols such as DogSwap and MARSWAP. The former currently boasts over 50% of Shibarium’s TVL with the latter not too far behind at 26%.

The network has also crossed the 1 million wallet market in addition to transactions on the blockchain reaching the same figure. However, the TVL has taken a hit to fall from the $1.42 million figure recorded on August 30 to be sitting at $1.05 million at the time of this writing.

While the figures may be slowing for Shibarium, it may not mean a total lack of interest. Shibarium was launched in a deep bear market climate, which is one factor that could now be limiting its growth as prices fall.

On-chain data shows exchanges have seen net Bitcoin withdrawals during the past three months, the longest streak in the asset’s history.

Exchanges See Bitcoin Withdrawals Exceed Deposits For Three Consecutive Months

An analyst on X explained that the total number of Bitcoin exchange withdrawals has been more than the deposits recently. The number of deposits and withdrawals and the number of such transactions are referred to here.

All transfers on the network that go from a self-custodial wallet to a central exchange entity would count as deposit transactions, while those that go the opposite way would be withdrawals.

Now, here is a chart that shows the trend in the Bitcoin exchange withdrawals and deposits over the last few years:

As displayed in the above graph, the Bitcoin exchange withdrawal transactions have been higher than the deposit transactions for around three months. This streak is a record for the cryptocurrency, as deposits have usually surged back above withdrawals before long whenever this pattern forms.

There could be multiple interpretations of what this unusual run of withdrawals might say about the market. The analyst has listed a few hypotheses that may explain this trend.

First and perhaps the most obvious one could be that the holders choose to hold their Bitcoin for extended periods instead of participating in trading or selling (which they generally use exchanges for).

The second explanation may be that the investors have become more cautious of central entities, so they opt for the security that self-custodial wallets provide. This would make sense in light of several bankruptcies the sector has seen during the past year, where known names like FTX have gone down.

Another hypothesis is just the reverse of the first one: the withdrawals are normal, but the deposits are muted, a result of holders not wanting to sell their coins through these platforms, so they aren’t making that many deposits anymore.

Finally, the analyst notes, “given the recent regulatory changes in the US, investors prefer to keep their assets off exchanges to avoid potential complications.” Binance, the largest exchange in the world in terms of trading volume, has particularly been under fire lately.

Another analyst has looked at the individual exchange reserves (the total amount of Bitcoin sitting in a platform’s wallets) of Binance and Coinbase in a CryptoQuant Quicktake post, to see how they have shifted over the years.

Binance had been seeing growing Bitcoin reserves for a good chunk of the past year (despite factors like the bear market), but the exchange has been seeing net withdrawals recently.

Coinbase, on the other hand, has been seeing withdrawals for quite a while now, implying that the platform has constantly been bleeding coins.

BTC Price

Bitcoin has remained stagnant recently as the asset is still priced around the $25,900 level.

Following the FTX crash back in November 2022, there was still a good chunk of crypto running into the billions left in the exchange’s wallets after the new team’s recovery efforts. These tokens have sat idle for a long time in the wallet as the legal battle between the exchange and its creditors waged on.

The time of idleness for these assets may now be over though as recent activities show that a large chunk of tokens from the FTX wallets are now on the move.

FTX Wallets Come Alive

The FTX wallets are still holding large amounts of various tokens worth over $3.5 billion. These tokens include Solana (SOL) which makes up a large portion of the funds. This is because the exchange was one of the biggest backers of the Layer 1 blockchain and received a significant amount of vested SOL tokens in return.

Given the large amount that the wallets currently hold, it is a cause of concern when the entity begins moving tokens. This is what happened when on Sunday, an X (formerly Twitter) user raised awareness of the large amounts being moved out of the wallet.

FTX wallets on the move

Over $1.5B worth of $SOL, SPL tokens, and Wrapped #Bitcoin in FTX’s Solana addresses are shifting

Looks like they’re gearing up for potential sell-offs.

Keep an eye on this, especially the ~$200M in #Solana Wrapped $BTC.#crypto #bitcoin … pic.twitter.com/sRDI6hvTJD

— Pump House (@pumphouz) September 3, 2023

The tokens being transferred out, starting from August 31, include Ethereum’s ETH, FTX’s FTT Token, Sushiswap’s SUSHI, and Uniswap’s UNI, among others. In total, around $14 million have been moved. Amid this, the X users asked community members to keep an eye on the around $200 million in Wrapped Bitcoin (WBTC) on the Solana network that the wallets hold.

The assets were transferred to what looks to be another holding wallet using the Wormhole Bridge. However, while the destination of these tokens was not a crypto exchange, it has not stopped speculations about a potential sell-off from happening. “Looks like they’re gearing up for potential sell-offs,” the X user said.

Where Are The Tokens Headed?

A development that unfolded toward the end of August could tell where the tokens being transferred from the FTX wallet are headed. The exchange had filed a motion with the court on August 24 to allow it to employ the services of asset manager Galaxy Digital to help hedge its remaining assets against volatility.

The Investment Services Agreement would see Galaxy Digital take control of FTX’s assets. This way, FTX plans to protect the value of the remaining assets, as well as profit from the investment decisions made by the Asse management.

Given that the asset transfers started a week after this filing, it is plausible that the exchange is moving assets into the custody of Galaxy Digital. Nevertheless, such a move would still result in a possible sell-off since it would have to “seek and obtain the most favorable terms reasonably available” and would be authorized to sell up to $100 million in tokens a week.

The coin movements are also happening just one month until FTX founder Sam Bankman-Fried is expected to face trial on fraud and mismanagement charges. The courts have said that SBF’s defense could file to postpone the trial date which would be considered. But for now, it seems the former CEO is set to go to trial on October 3.

On-chain data from Santiment suggests that the stablecoin whale supply could be the metric to watch for the likelihood of a Bitcoin bounce.

Whale Supply Of Stablecoins Could Hold Key To Bitcoin Rebound

In a recent post on X, the on-chain analytics firm Santiment discussed the percentage of the total stablecoin supply that the whales in the sector are holding right now.

The “whales” here refer to entities that are carrying at least $5 million worth of stablecoins in their addresses. Naturally, all stablecoins that are in circulation are included in this metric, regardless of their market caps.

“A tried and true method for predicting where crypto heads next is analyzing big wallets to see the ratio of stablecoins they hold,” explains the analytics firm.

Here is a chart that displays the data for the holdings of these humongous investors:

The reason that the stablecoin supply of this cohort may be relevant for the rest of the cryptocurrency sector is that it provides a look into the buying power available to these whales.

Generally, these holders use stables to store their capital away from the volatility of coins like Bitcoin, but once they feel that the time is right to jump back in, they deploy these fiat-tied tokens back into the other coins, providing a bullish boost to their prices.

This can be seen working in action in the chart as well. Back in May-June, these investors had been accumulating, and once their supply had hit a peak and they had started distributing instead, the Bitcoin price had observed a rally.

Given the close timing, it would seem likely that the whales had been shedding their stablecoin holdings in order to buy assets like BTC, thus acting as fuel for the uplift.

As displayed in the graph, the stablecoin holdings of the whales haven’t changed much recently, suggesting that these investors haven’t been taking part in either accumulation or distribution.

This could indicate that the whales don’t have any extraordinary buying capacity currently. An uplift in this indicator, however, would imply that the purchasing power of this cohort is going up, which could then lead towards a rebound for the rest of the market.

One positive sign forming in the market may be the fact that the market cap of the six largest stablecoins is slowly starting to turn around.

The combined market cap of these large stablecoins has been in a perpetual downtrend since early 2022, suggesting a constant drainage of capital from the sector. In the past couple of weeks, though, these fiat-tied assets have seen a combined growth of $663.2 million, which may be one of the early signs that a rebound could finally be taking place.

Such small rises in the metric have already been seen a few times during this downtrend, though, so this latest one might as well turn out to be a temporary deviation like those previous ones. If, however, this recent increase is indeed a sign that things are finally changing, then it would mean that the cryptocurrency sector is seeing some constructive growth at last.

BTC Price

Bitcoin hasn’t moved an inch in the last few days as the asset continues to move around the $25,900 level.

Stellar (XLM) investors were in for a surprise over the weekend as the cryptocurrency staged a remarkable comeback, defying the prevailing bearish trend across the crypto market. 

The token’s price surged by 7.3% in the past 24 hours and recorded a 2.3% increase over the past week, now resting at $0.122461 according to CoinGecko.

While cryptocurrency enthusiasts are rejoicing over the impressive price performance, the question that lingers on everyone’s mind is: why did Stellar’s price jump during the weekend? Two plausible explanations have emerged.

XLM Surge Potential Triggers

One likely catalyst for the sudden Stellar surge is the tantalizing tease from its developers regarding an important announcement scheduled for next week. This cryptic hint has stirred anticipation and speculation in the crypto community, with investors eagerly awaiting what could be a game-changing revelation for Stellar.

Something cool is dropping in 10 days.

Get ready to gear up for a change that’s got us all excited. Stay curious pic.twitter.com/CgNzfzwqmc

— Stellar (@StellarOrg) September 2, 2023

Another factor that might have contributed to the bullish sentiment around Stellar is the upcoming Meridian event set to be hosted by the blockchain platform later this month in Spain. 

Meridian, known as Stellar’s flagship annual event, is expected to bring together a multitude of influential speakers from the blockchain and cryptocurrency space. Their speeches and insights have the potential to significantly influence market dynamics, possibly explaining the increased demand for XLM.

25 days until #Meridian2023! Get ready to dive into over 70 insightful sessions, connect with industry leaders, and unlock endless possibilities.

Grab your spot today! https://t.co/lRAGVzFLRl

— Stellar (@StellarOrg) September 1, 2023

Technical Analysis Indicates Potential Challenges Ahead

Despite the recent surge, some technical indicators suggest potential challenges for Stellar. XLM has consistently closed daily sessions below the mid-range price of $0.1150, signaling increasing seller leverage. A weekly session closure below this level could confirm the sellers’ advancement, potentially pushing XLM toward the range low of approximately $0.1000.

However, this range low is not without its silver lining. It coincides with a daily bullish Order Book (OB) ranging from $0.0953 to $0.0986, creating a strong support zone for the cryptocurrency. Investors will be closely monitoring whether XLM can maintain its foothold in this zone or if further bearish pressure awaits.

In the past few days, funding rates in the crypto market have been predominantly negative, underscoring the prevailing bearish bias. This bearish sentiment is further supported by the declining Open Interest (OI) rates witnessed in August and early September.

The decrease in OI reflects reduced demand for XLM during this period, suggesting that investors remain cautious in the face of market uncertainties.

As the crypto community eagerly anticipates the forthcoming news from Stellar’s developers and the Meridian event, XLM’s price trajectory remains uncertain.

Traders and investors are advised to exercise caution and closely monitor the evolving market dynamics in the coming days, as these developments could play a pivotal role in determining Stellar’s future price movements.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from MEXC Blog

The crypto community has been kept at the edge of its seat as the SEC decided to postpone a decision on the 7 Spot Bitcoin ETFs filed over the last few months. During such a pensive time, market analysts have predicted the SEC authorizing a Spot Bitcoin ETF while the former SEC Chairman foresees a losing battle for the regulator. 

JP Morgan Analysts Foresee ETFs Approval

The United States Securities and Exchange Commission (SEC) and Grayscale, an American digital currency investing and crypto asset management company have been embroiled in a legal battle since June 2022. 

The SEC had previously rejected Grayscale’s request to convert its GBTC vehicle to an ETF. The digital currency investment company had responded to the rejection with a lawsuit, suing the SEC and filing a petition for a review by the United States Court of Appeal for the District of Columbia Circuit. 

The legal proceedings have not been favorable with the SEC, and analysts led by Nikolaos Panigirtzoglou from JP Morgan, a New York-based universal bank have predicted the eventual acceptance of Bitcoin ETF applications by the SEC. 

The prediction is also largely supported by Grayscale’s victory against the SEC in a recent court ruling that classified the SEC’s denial of Bitcoin ETF applications as unreasonable and without substance, mandating the SEC to reevaluate its decision to deny Grayscale’s Bitcoin ETF application.

While the SEC deliberates on its next move, the regulator has announced that it requires more time to decide on Bitcoin ETF propositions from several companies including WisdomTree and Blackrock. The regulator has also requested a postponement until mid-October. 

The JPMorgan analysts believe that the SEC’s delay is a positive sign that Bitcoin ETFs will be approved soon. The analysts have also stated that the SEC would find it difficult to justify their rejection of Bitcoin ETF approval after accepting a previous proposal for future-based Bitcoin ETFs.

The situation places the SEC in a precarious predicament and consequently, JP Morgan analysts have concluded that the SEC is likely to be compelled to approve the pending Bitcoin ETF applications from Grayscale and various asset management companies. 

Former SEC Chairman Says “Spot Bitcoin ETF Is Inevitable”

A prominent X (formerly Twitter) influencer, Collin Brown released a post on Monday, 4th September revealing that the former Chairman of the US SEC, Jay Clayton sees an undisputed win for Grayscale in the Bitcoin ETF case. 

Brown stated that Clayton foresaw the “inevitable” acceptance of Bitcoin ETF proposals by the SEC and the post highlighted the time the SEC may conclude their decision on Bitcoin ETF applications, ultimately ending the legal feud between the SEC and Grayscale.

“Former SEC Chairman Jay Clayton predicts the approval of a spot Bitcoin ETF is inevitable! The SEC might make the announcement in mid-October, or it could take a bit longer, but progress is on the horizon for crypto enthusiasts,” the post read. 

However, the X account was later suspended following the announcement. 

In contrast, an ex-SEC Attorney, John Reed Stark declared in an X post that the chances of the SEC approving Bitcoin ETFs are implausible and crypto enthusiasts should not expect any other outcome.

While the crypto community is cheering and hoping for Grayscale’s complete victory over the SEC, investors are preparing for a possible Bitcoin price surge that may follow the SEC’s approval of Bitcoin ETFs.

The upcoming biography of Elon Musk, set to be published on September 12, is shedding light on some previously unknown facets of the billionaire’s involvement in the crypto and especially Dogecoin world. According to a report by the Wall Street Journal, the biography discloses that Musk has been discreetly funding the development of Dogecoin.

The tech entrepreneur Musk has been “quietly funding” the development of Dogecoin, the biography unveils, further emphasizing the significant influence Musk has had on the meme coin’s popularity. This revelation comes amidst previous suspicions that Musk’s comments on Dogecoin have been instrumental in swaying its market dynamics.

Earlier this year, a class-action lawsuit accused him of insider trading and artificially inflating the cryptocurrency’s price. Musk, however, defended his stance, asserting that his tweets in support of Dogecoin were not illegal.

The biography, penned by Walter Isaacson, also highlights Musk’s consideration of launching a blockchain-based social media platform with integrated payments. The idea came from his brother Kimbal, who suggested starting a completely new social media platform based on blockchain.

Musk humorously contemplated using Dogecoin as the platform’s payment system. Remarkably, Musk recently clarified that X, the rebranded version of Twitter which he acquired for $44 billion, would “never” introduce its own token.

Interestingly, the biography also delves into a failed investment attempt by Sam Bankman-Fried (SBF), the former CEO of the insolvent crypto exchange FTX. SBF had reportedly proposed a $5 billion investment to aid Musk’s acquisition of Twitter. However, following the collapse of FTX, Musk clarified that neither he nor Twitter had ever accepted investments from SBF or FTX.

Dogecoin Price Is Unimpressed

Despite the intriguing revelations from Musk’s biography, Dogecoin’s price trajectory seems to remain unaffected. Currently trading at $0.0633, DOGE’s price movement on the 4-hour chart appears to be in a tight range, oscillating between the 23.6% ($0.0626) and 38.2% Fibonacci retracement levels ($0.0667), displaying a sideways trend in the lower time frame (LTF).

However, a look at the higher time frame (HTF), the 1-day chart, paints a different picture. Dogecoin’s price has been ensnared in a persistent downtrend since December of the previous year. This downtrend, characterized by a descending trend channel, has remained intact. In late July, DOGE experienced a bounce off the upper trendline of this channel, only to resume its steady decline.

Concerningly, pivotal support levels, including the 200-day EMA, have been breached, signaling potential bearish momentum. Based on the current chart patterns, there’s a looming possibility that DOGE might retest its annual low at $0.05593. In a more pessimistic scenario, a descent to the lower boundary of the descending channel, pegged roughly at $0.05, seems possible.

Nevertheless, if DOGE manages to staunchly defend its current price level, it might present a lucrative entry point for prospective investors. For a significant price rally to materialize, it’s crucial for DOGE to rebound from this (new potential) low with substantial buying volume, setting its sights on a price target above $0.058.

Toncoin (TON) has taken the crypto market by storm, but its meteoric rise has also cast a spotlight on Telegram-bot tokens, drawing attention to the historical affiliation between TON Network and the instant messaging giant, Telegram. 

Crypto enthusiasts have long regarded Telegram as a pioneer in exploring blockchain technology. Toncoin’s genesis lies in the “Telegram Open Network” (TON) project which, after facing legal hurdles, rebranded as “The Open Network” in 2020.

In recent months, TON has witnessed a surge in investor interest, evident from on-chain data and Santiment’s TON Social Dominance chart, which recorded a significant spike in June 2023. 

This heightened attention has played a pivotal role in propelling TON’s price upwards, with its current value at $1.89, as reported by CoinGecko. Notably, TON has gained 1.8% in the last 24 hours and an impressive 28.9% over the past seven days.

Telegram-Affiliated Tokens Outshine The Crypto Market

While the global crypto market cap has seen a contraction of nearly 10% since August 1, Telegram-affiliated tokens have defied the trend, delivering consistent double-digit gains during the same period. This intriguing correlation hints at the emergence of yet another thriving sector within the crypto market.

What adds to the intrigue is the fact that these bot tokens have yet to find their way onto mainstream exchanges. As a result, the fear of missing out (FOMO) could intensify among strategic investors eager to capitalize on potential gains once these tokens hit the exchange listings.

Toncoin Breakout Signals Market Shift

September 1 marked a significant turning point for Toncoin, as its price broke free from the resistance trendline that had held it in a downtrend for over eight months. This breakout signifies a change in market dynamics, where participants may transition from selling on rallies sentiment to buying on dips.

The road ahead for TON appears promising, with price targets set at $2, $2.37, and $2.64. These milestones represent the evolving landscape of Telegram-affiliated tokens and the growing influence of the TON Network within the crypto ecosystem. 

In the midst of Toncoin’s solid ascent, Telegram-bot tokens have come into focus, rekindling interest in the TON Network’s close ties with Telegram. This newfound attention has triggered a significant surge in TON’s value, while the broader crypto market grapples with fluctuations.

As these tokens await mainstream exchange listings, strategic investors eagerly eye potential gains in this burgeoning sector, fueling the ever-expanding crypto narrative.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from