Author: Benjamin Lee
A widely followed analyst is leaning bullish on a memecoin in the Solana (SOL) ecosystem amid a rout that has seen the crypto asset lose 72% of its value from the all-time high. The analyst pseudonymously known as Bluntz tells his 314,000 followers on the social media platform X that dogwifhat (WIF) might have bottomed out after completing a correction in a three-wave pattern on the weekly time frame. The analyst who regularly applies the Elliott Wave theory in his technical analysis says that while WIF’s bearish trend lasted longer than he had originally anticipated, there are “some nice signs…
A widely followed crypto analyst says that one rival of smart contract platform Solana (SOL) is waiting in the wings before making its next move to the upside while updating his outlook on Bitcoin (BTC). In a new strategy session, crypto trader Rekt Capital tells his 533,400 followers on the social media platform X that layer-1 blockchain Sui Network (SUI) is consolidating below its all-time high as it gains support from prominent crypto wallet Phantom. “SUI. Still consolidating below all-time highs, biding its time before its next move. As for fundamentals, Phantom is live with SUI to over 15 million…
A top crypto strategist says money invested in Bitcoin (BTC) is unlikely to rotate into the altcoin market at levels seen in previous cycles for one key reason. Pseudonymous analyst The Flow Horse tells his 259,500 followers on the social media platform X that many Bitcoin investors who are now contributing to its strong performance are unlikely to move profits into alts. He says Michael Saylor’s MicroStrategy massive purchases of Bitcoin and those investing in Bitcoin spot exchange-traded funds (ETFs) are major bullish catalysts for the flagship crypto this cycle. However, he believes these entities are not going to rotate…
The newly rebranded layer-1 blockchain Sonic (S) is being called the “golden standard” of layer-2s (L2s) by Andre Cronje, the project’s co-founder. Cronje claims on the social media platform X that Sonic, formerly known as Fantom, is the “only actual decentralized stage 3 L2.” “No fee extraction, all submits 100% to ETH, no ‘centralized value extraction’. Decentralized sequencing. Decentralized bridges. While the rest of the L2s continue to fake pretend to ‘decentralize’ (why would they when they get millions of fees per year?), we already did it. Scaled transactions per second to 16,000+ on the L1. Decreased storage by 98%…
A recent on-chain investigation indicates a hacker plundered $29 million worth of the Solana (SOL) rival Sui (SUI) from a single victim last month. The on-chain sleuth ZachXBT uncovered the hack, which he notes occurred on December 12th. “The stolen funds were bridged from Sui to Ethereum via Bridgers and then deposited to Tornado Cash in batches… The victim transferred their .sui domains to a new uncompromised address shortly after the theft. Current limitations with Sui block explorers and Sui analytics tools make the theft difficult to trace.” Tornado Cash is an Ethereum (ETH)-based coin mixing system that helps users…
A widely followed crypto strategist and trader thinks that rallies are in sight for two altcoins amid upcoming catalysts. Pseudonymous trader Pentoshi tells his 847,800 followers on the social media platform X that he thinks the Ethereum (ETH)-based automated staking service Lido DAO (LDO) is gearing up for a steep move up. The analyst believes that traders will enter long positions on LDO amid speculations that US regulators will approve the staking of ETH held in spot Ethereum exchange-traded funds (ETFs). “LDO Probably violent repricing when the filings come in the next couple of weeks… If you believe ETH staking…
Coinbase CEO Brian Armstrong says that the crypto exchange will need to rethink how it lists new coins for trading given the never-ending stream of new tokens being created. Posting on the social media platform X, Armstrong says there are too many coins do conduct proper evaluation and that applying regulatory clarity to them on an individual basis is now “totally infeasible.” “We need to rethink our listing process at Coinbase given there are ~1 million tokens a week being created now and growing. High-quality problem to have, but evaluating each one by one is no longer feasible. And regulators…
Digital assets-focused investment firms Pantera Capital and Jump Crypto reportedly helped a new palm-scanning blockchain project reach a more than $1 billion valuation. According to a new report by Reuters, the decentralized identity project Humanity Protocol has raised its fully diluted valuation to $1.1 billion after closing a $20 million funding round led by Pantera and Jump. The project aims to develop a network that uses palm scans to verify that online accounts belong to real people. Says Terence Kwok, founder of Humanity Protocol, “The protocol allows people to prove they are human without revealing personal details. This helps solve…
A widely followed crypto analyst says Ethereum (ETH) and altcoins are gearing up for a phase of significant outperformance. Closely followed strategist Credible Crypto tells his 459,600 followers on the social media platform X that ETH is presenting a great entry point for investors even though a dip is still in the cards before the rally. “I don’t think you can go wrong buying spot at these levels – the macro/HTF (higher time frame) charts look absolutely fantastic and, if correct, downside would be limited to 10-20% max with an upside of 100-500%+ in the coming months (depending on how…
A prominent crypto analyst says deep-pocketed investors have been spotted loading up huge amounts of Ethereum (ETH). Trader Ali Martinez tells his 119,200 followers on the social media platform X that crypto whales gobbled up more than $3.80 billion worth of Ethereum in a two-day span. “Whales have bought over 1.14 million Ethereum $ETH in [48 hours!]” Source: Ali Martinez/X At time of writing, Ethereum is trading for $3,340. The trader is also keeping an eye on the interoperable blockchain Polkadot (DOT). According to Martinez, DOT looks primed to ignite a big upside burst as it threatens to break out…