68 days ago
TL;DR Dogecoin’s (DOGE) price remains volatile as anticipation builds around potential ETF approvals from firms like Bitwise and Osprey Funds. Bitcoin (BTC) has been hovering between $101,000 and $109,500 in the past few days, with the volatility likely driven by the political changes in the USA. The launch of TRUMP and MELANIA meme coins sparked massive hype, but recent drops and scam risks highlight the dangers involved with the niche. DOGE on the Spotlight The biggest meme coin drew the crypto community’s attention on January 21, when its price experienced a double-digit spike in a matter of minutes. The rally was fueled by the newly established Department of Government Efficiency (D.O.G.E.), which featured the asset’s logo on its official website. Dogecoin’s valuation surged to $0.40, but the rally was short-lived. Currently, it is worth around $0.36 (per CoinGecko’s data), while D.O.G.E.’s website removed the logo from its front page. DOGE Price, Source: CoinGecko It is important to note that further announcements coming from the agency may continue to impact the token. After all, D.O.G.E. is led by Elon Musk, who is an outspoken advocate of the OG meme coin and often endorses it on X. Despite its enhanced volatility, Dogecoin has been the subject of numerous bullish predictions lately . One of the biggest optimists is the popular analyst Ali Martinez, who envisioned the price exploding to $15. He based his prediction on the potential approval of Bitwise’s filing to launch a Dogecoin exchange-traded fund (ETF). The company submitted its application with the SEC on January 22, while prior to that, REX Advisors and Osprey Funds jointly filed to introduce an ETF that includes exposure to DOGE. BTC’s Rollercoaster The primary cryptocurrency also passed through severe turbulence in the past few days. It hit a new all-time high of almost $110,000 on January 20 (hours before Donald Trump’s inauguration) but fell to approximately $101,000 once the Republican officially became America’s 47th President. The plunge was likely caused by Trump’s speech, which did not include any comments about the crypto industry. In the following days, BTC continued to experience substantial volatility. On January 23, it spiked to $106,000 after US Senator Cynthia Lummis hinted that “big things are coming” for the asset. The crypto community speculated that the news could be related to the potential establishment of a strategic BTC reserve in the US. However, President Trump signed an executive order to review the creation of a “National Digital Asset Stockpile,” expanding the scope of the effort to other cryptocurrencies. In the aftermath, BTC’s price tumbled to $103,000 before rising to its current $105,300 (per CoinGecko’s data). BTC Price, Source: CoinGecko TRUMP and MELANIA Lastly, we will touch upon some of the most trending meme coins lately: those issued by the US President and his wife. Official Trump (TRUMP) saw the light of day on January 18, and hours later, its market capitalization reached a whopping $14.5 billion. The surge was fueled by massive hype and support from leading exchanges such as Binance and Coinbase. America’s first lady also dived in , launching a meme coin called Melania Meme (MELANIA). Its market capitalization also soared into the billions, although it did not reach TRUMP’s dimensions. However, both tokens have plunged significantly in the last few days, showcasing the unpredictable and volatile nature of the meme coin niche. In addition, scammers have supposedly created multiple fake websites offering dubious services with TRUMP and MELANIA, with the sole purpose of conning unsuspecting victims. People who are about to enter the ecosystem should first do proper research and invest only as much as they are ready to lose. The post Recent Dogecoin (DOGE) Developments, Bitcoin (BTC) Volatility, and More: Bits Recap Jan 24 appeared first on CryptoPotato .
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Here’s How Much Dogecoin Whales Purchased in March: Is DOGE Poised for a Rally?
TL;DR Despite a 25% monthly price drop, large investors bought over $37M worth of DOGE, which suggests that they could be building their positions for potential upcoming gains. However, hopes for a boost from Elon Musk faded after he clarified that the Department of Government Efficiency (D.O.G.E.) has no plans to adopt the meme coin. Massive Whale Buys Last Month The biggest meme coin in terms of total market capitalization witnessed enhanced volatility throughout March, with its price ranging from $0.14 to almost $0.25. Currently, it trades at around $0.17, representing a 25% decline on a 30-day scale. DOGE Price, Source: CoinGecko Whales seem unfazed by this turbulence, and they increased their holdings during that timeframe. The X user Ali Martinez revealed that these investors ended the month with net purchases of over 220 million DOGE, which equals more than $37 million (calculated at current rates). He pointed out that whales now own approximately 10.52 billion tokens, constituting roughly 7% of Dogecoin’s circulating supply. When such large investors buy substantial amounts of DOGE, they effectively decrease the available number of tokens on the open market. If demand remains constant or increases, this reduction can lead to upward pressure on the price. Such actions can also be interpreted as a signal of confidence in the asset’s future performance, which could encourage additional buying from retail investors, further driving up the valuation. Musk’s Recent Comments Elon Musk’s entry into the US political scene several months ago triggered huge enthusiasm among DOGE proponents. Tesla’s CEO was appointed to lead the newly established Department of Government Efficiency (D.O.G.E.). The division has the same abbreviation as the popular meme coin, while the billionaire is known as a firm supporter of the latter. And while the crypto community expected some kind of endorsement, Musk’s recent comments poured cold water on such hopes. He said the US government has no plans to use DOGE in any form. “They happen to be similar names, but really, we’re literally just trying to make the government 15% more efficient,” he added. That said, bulls will have to wait for other catalysts that could push the price up in the near future . One example is the potential approval of a spot DOGE ETF in America. Grayscale, Bitwise, and Osprey Funds are some of the firms that have submitted applications to launch this type of product. The chances of a green light before the end of the year are currently projected to be just below 70%. The post Here’s How Much Dogecoin Whales Purchased in March: Is DOGE Poised for a Rally? appeared first on CryptoPotato . Crypto Potato
Bitcoin Futures Open Interest Hits $53.86 Billion: CME and Binance Lead the Market
As of April 2nd, recent data from Coinglass reveals that the total open interest in Bitcoin futures contracts has reached a significant 636,540 BTC, equivalent to approximately $53.86 billion. This Crypto Potato
