Author: The Daily Hodl
A widely followed cryptocurrency analyst and trader is warning that a Solana (SOL)-based memecoin looks primed for an epic collapse. The analyst pseudonymously known as Bluntz tells his 260,700 followers on the social media platform X that dogwifhat (WIF) could lose around 70% of its value from current levels. The crypto strategist says that WIF is in the midst of a C-wave correction that could send the altcoin to as low as $1. Bluntz practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves.…
President Biden has followed through on a promise to veto SEC-related crypto legislation that recently passed the House and Senate. The bill would have reversed guidance from the SEC that says certain companies should label crypto assets as liabilities on their balance sheet, even if they are simply holding the assets on behalf of customers. In a letter to the House of Representatives, President Biden says the removal of the guidance would hinder the SEC’s ability to implement safeguards and protect investors. “SAB 121 reflects considered technical SEC staff views regarding the accounting obligations of certain firms that safeguard crypto-assets.…
A new altcoin connected to a viral game on the encrypted messaging platform Telegram printed fresh all-time highs this week after surging by nearly 160%. NOT is a community token for the popular Telegram-based tap-to-earn mining game Notcoin that began trading on May 16th when Binance rolled out support for the asset via its Launchpool platform, which lets users stake coins to farm new assets. Notcoin says it already has more than 1.6 million on-chain holders, more than the memecoins Shiba Inu (SHIB), Bonk (BONK) and Pepe (PEPE). The token is issued on The Open Network (TON) blockchain, which was…
New data from market intelligence platform Santiment reveals that one Bitcoin (BTC) indicator that has historically predicted price rallies is flashing a bullish signal. In a new post on the social media platform X, Santiment says that crypto wallets holding at least 10 BTC are accumulating, and the price of BTC tends to go up. However, when they sell, the crypto analytics platform says that elongated bear markets tend to follow. “Historically, one of crypto’s top leading indicators is the collective holdings of wallets with at least 10 Bitcoin (exchanges or otherwise). When they accumulate, cryptocurrencies rise. When they dump,…
A widely followed crypto analyst is suddenly turning bullish on one low-cap Ethereum (ETH)-based altcoin project. Crypto strategist Michaël van de Poppe tells his 719,400 followers on the social media platform X that Skale Network (SKL), an Ethereum sidechain, could soar 150% from its current value. “SKL is looking great. Did reject at the first resistance zone, but is on edge of a significant breakout. This breakout is likely heading to $0.20 in the coming months.” Looking at his chart, the trader is predicting SKL will soon flip the key resistance level of $0.09 into support. He also uses Fibonacci…
Elon Musk is refuting claims that he was in talks with former US president Donald Trump about crypto. Citing a source who purportedly knows about the meetings, Bloomberg recently reported that the two billionaires are discussing cryptocurrency policy. However, in a post on social media platform X, Musk says the report is unfounded. “Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do.” Musk also denies a report from The Wall Street Journal that he is being considered to take on an…
One trader is seeing seven-figure profits on a Solana (SOL)-based memecoin that is up 51x year-to-date, according to on-chain data. Blockchain tracking firm Lookonchain notes that one trader purchased dogwifhat (WIF) in December 2023 and has racked up a 118,967% gain by making a series of strategic sales as the memecoin soared. “Every time WIF goes up, this 1,000x winner sells part of WIF for profit. He spent only $5,879 to buy 6.1 million WIF ($23.7 million currently) on December 8th, 2023 and then sold 4.7 million ($1.57 million) successively. He still has 1.4 million WIF left, worth $5.47 million.…
ARK Invest CEO Cathie Wood believes wirehouses will only have interest in exchange-traded funds (ETFs) for top digital assets. In a new interview with Peter McCormack at the Consensus 2024 crypto conference, Wood says that the large broker-dealers will likely embrace only a spot Bitcoin (BTC) ETF and an Ethereum (ETH) ETF. To date, only Bitcoin ETFs have launched. But it now seems possible ETH ETFs could launch later this year. Crypto insiders believe ETFs for other crypto assets could soon follow. “I don’t think the wirehouses will accept- there could be two, these two [BTC and ETH ETFs]. Maybe…
A widely followed analyst and trader is predicting triple-digit gains for a leading memecoin while updating his outlook on three other crypto assets. The trader pseudonymously known as Altcoin Sherpa tells his 216,400 followers on the social media platform X that Dogecoin (DOGE) potentially surging to $0.40, about 147% above the current level, “is one of the safest trades you can make this cycle in my opinion.” On the reasons informing his bullish thesis for the largest memecoin by market cap, the pseudonymous analyst says, “- Retail is eventually going to buy it up. – All it takes is one…
The co-founders of blockchain analytics firm Glassnode are expressing bullish sentiment on Bitcoin (BTC) as the flagship crypto asset lingers by around 8% below the all-time high. Glassnode co-founders Jan Happel and Yann Allemann who share the handle Negentropic on the social media platform X, say that Bitcoin could hit a new all-time high of $75,000 if BTC overcomes the “formidable” resistance level at $72,000. “Currently, expect BTC to range between $64,000 and $72,000, giving altcoins a chance to shine. The $72,000 – $74,000 range is marked by high supply and selling pressure.” According to the Glassnode co-founders, if Bitcoin…