Dogecoin: Why DOGE’s current rally stands at the mercy of short-term holders

Avalanche’s daily activity was impacted by native projects. The NFT market underperformed. According to a report provided by Messari, projects on Avalanche observed significant improvements in Q4 of the previous year. These improvements had a significant impact on the daily activity of Avalanche, leading to a rise in overall...

Dogecoin recently saw an increase in whale transactions. The dog-themed token has also recently seen a spike in its daily active addresses. Whale activity has increased for Dogecoin [DOGE], which is also the ninth-largest cryptocurrency by market capitalization, according to CoinMarketCap. Whales’ action boosted the token price and impacted some other indicators as well.

‘Overvalued’ Solana’s indicators seemed to indicate the arrival of market bears. On the contrary, SOL’s demand across the derivatives market increased. TK Ventures and CoinWire’s data revealed that Solana [SOL] is now the most overvalued blockchain. This was determined using the market capitalization/TVL metric. When a network’s market cap to TVL ratio is above 1.0, it means that the network is overvalued, which can result in a price correction. As Solana’s MKC/TVL value was 17.5, the probability of increased selling pressure can be considered to be high.

MUX protocol saw promising growth in trading volume and fees. The protocol’s native token MCB shot up by 6% at press time. MUX Protocol, a decentralized perpetuals exchange, made players in the DeFi arena sit up and take notice. Built on layer-2 scaling solution Arbitrum, MUX has seen considerable growth in key performance indicators (KPIs) over the past few weeks, as highlighted by a crypto analyst on 31 January.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. LINK dropped to a key demand zone. LINK monthly holders’ profits tanked. Chainlink [LINK] saw a short-term devaluation on 30 January, but a recovery could be likely....

Litecoin announced partnership with Mastercard to provide Litecoin Mastercard in the UK and Europe. Sharks have increased their holdings by over 4% as price rallies. Litecoin [LTC] and Mastercard have announced a partnership, which would introduce the Litecoin Mastercard in the UK and Europe. A post on 30 January, while making the announcement, demonstrated that it would build a payment bridge between cryptocurrencies and traditional finance (TradFi). Investors reacted well to the news.

BTC saw a huge number of short trader liquidations in the last month, hence the price rally. With waning buying pressure, BTC’s price might soon suffer a correction. In January 2023, Bitcoin [BTC] markets experienced their strongest monthly performance since October 2021, with a year-to-date (YTD) increase of over 43%. Glassnode, in a new report, found that this unexpected spike in value put BTC’s price at its highest level since August 2022, with a weekly increase of 6.6% from its low of $22,400.

Due to the fall in prices of some native coins, Lido’s TVL declined in the last week. The buying pressure for LDO has declined significantly, and a price drawback might be on the horizon. Lido Finance [LDO], a prominent liquid staking protocol, experienced a drop in its Total Value...

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Binance Coin surged above resistance; retracement could be a buying opportunity. The market structure remained bullish. Binance Coin [BNB] beat the 12-hour bearish order block near $316 after...

CME Open Interest in Bitcoin grew, implying a decline in volatility. Miner revenue fell while selling pressure increased. According to a 31 January tweet by Arcane Research, Bitcoin’s [BTC] rally was slowing down. Despite this, institutional interest in Bitcoin continued to grow. One indicator of high institutional interest in...

Bitcoin mining difficulty recently reached close to 40.0T. The rise in network difficulty comes as price and hashrate saw a rise. The remarkable ascent of Bitcoin [BTC] has been a topic of critical importance in the broader cryptocurrency community. Not surprisingly, the price increase seen by other coins and tokens followed the king coin’s price increase.

Both NFTZ and the Rally sidechain announced plans to close the projects. Ethereum and Solana NFTs increased sales in the last 30 days. Despite some resurgence in NFT prices and transactions, the ecosystem might still be plagued with some downsides. Bloomberg, in its 31 January update, reported that the DeFiance Digital Revolution EFT, also known as ticketNFTZ, was shutting down.

Despite the market decline in 2022, NEAR saw an uptick in user activity. NEAR token might be due for a price reversal. In its assessment of NEAR Protocol’s [NEAR] performance in Q4 2022, cryptocurrency research firm Messari found that the network experienced a surge in user activity in the last three months of the tumultuous trading year.

The FOMC meeting on 1 February was perhaps the most anticipated event in the investment landscape. This includes the cryptocurrency market, hence the heavy expectations, especially among Bitcoin investors and enthusiasts. Is your portfolio green? Check out the Bitcoin Profit Calculator. The biggest question of the day was whether the...

Polygon zkEVM registered growth during the last seven days. New partnerships for Polygon, but price action remained negative. Polygon [MATIC] published Polygon zkEVM’s latest statistics on 31 January. As per the data, zkEVM’s growth over the last week looked promising for the Polygon network. Is your portfolio green?...

Ripple’s Q4 report revealed a drop in important KPIs. XRP contracted by 5% at press time after making decent gains in January. Ahead of a possible resolution in the SEC lawsuit, Ripple Labs [XRP] appeared confident about its chances in the two-year-long case over the status of XRP in its fourth-quarter earnings report. The report stated:

TRON confirmed that it sided with the idea of taxing cryptos if it supported healthy growth. The latest FOMC meeting could result in TRX’s upside. The harsh events of the crypto market in 2022 have certainly called for a deeper focus on regulation. As a result, this will allow governments to implement taxes for the crypto market. Similarly, the TRON [TRX] network confirmed that it was open-minded to the idea of taxing cryptocurrencies if it would help the industry grow in the right direction.

Ripple’s ODL product reaches new heights but sees a decline in sales. XRP’s price and weighted sentiment metric surge, but growing short positions raise concerns. Ripple‘s On Demand Liquidity (ODL) product has been making headlines as the firm reported sales of over $200 million in Q4 of 2022.

AlephZero was added to Polkadot as the 38th parachain. Despite declining activity, staker interest and development activity increased. AlephZero, a zkSnark based cryptocurrency, was added to Polkadot [DOT] as the 38th parachain on the network. This addition to Polkadot could likely improve the state of its ecosystem. However, despite the growing ecosystem, there were areas where Polkadot did not show any improvement.

UNI token may be overvalued based on the fee-to-market cap ratio. Bot activity on the protocol along with order flow toxicity increased. Based on token terminal data, it was observed that UNI, the native token of Uniswap, was trading at a 16.20x multiple to the annualized fees it generated. Uniswap...