Author: The Daily Hodl
A popular crypto trader says he’s long-term bullish on an artificial intelligence (AI)-related altcoin even though its chart is flashing some potential warning signs. The pseudonymous crypto analyst known as Altcoin Sherpa tells his 215,900 followers on the social media platform X that Render (RNDR) is his top AI pick for this market cycle. “Going to have this as one of my AI bets for this cycle and throw it into a cold wallet and hold most of it.” Render aims to provide close to real-time rendering by leveraging its network of decentralized Graphics Processing Units (GPUs). Explains the project’s…
A crypto whale is being noticed for suddenly moving tens of millions of dollars in Bitcoin (BTC) from a long-dormant wallet. According to blockchain tracking firm Lookonchain, the deep-pocketed crypto investor completely emptied their wallet that had contained 687.33 Bitcoin for more than a decade. “A wallet that has been dormant for 10.3 years transferred all 687.33 BTC ($43.94 million) out [on May 6th]. The whale received 687.33 BTC ($630,000 at that time) on January 12th, 2014, when the price was $917. Address: 15WZNLACuvcDrrBL2btDErJggnaMQtHh5G.” Meanwhile, CryptoQuant CEO Ki Young Ju said last month that newer crypto whales are accumulating nearly…
David Hunter, the chief macro strategist at Contrarian Macro Advisors, thinks the stock market could be on the verge of a “historic” rally. In a new interview with journalist David Lin, Hunter outlines the catalysts he thinks will drive a jump in equities prices. “Part of the melt-up will be lower rates. I think we will get back to recognizing that inflation is trending down and moving towards that 2% target, so that will be received bullishly. I think you will see earnings look like they’re turning up, so you’re going to see increased earning expectations over the course of…
A popular crypto trader thinks that the most recent correction allowed Bitcoin (BTC) to solidify the final base of its multi-month parabolic ascent. Analyst Kevin Svenson tells his 144,300 followers on the social media platform X that Bitcoin may have just completed base four of its parabolic curve pattern. The crypto strategist shares a chart indicating that Bitcoin is now poised to rally to the pattern’s price target of $90,000. “BITCOIN | Parabolic Trend Now entering the stage where the parabola becomes obvious. I’ve been screaming from the rooftops about this potential for the past year. Here we are. It’s…
A widely followed crypto strategist says one Dogecoin (DOGE) challenger is way ahead of its fellow altcoins. Pseudonymous analyst Cred tells his 624,100 followers on the social media platform X that he’s bullish on the frog-themed memecoin Pepe (PEPE). According to the crypto strategist, PEPE is leading the altcoin pack in terms of market structure as the memecoin moves close to its all-time high even after last month’s marketwide correction. “PEPE: one of the strongest alts, ahead of several of the others by virtue of breaking its range high (vs. Bonk and Doge, which are still technically testing their respective…
Whales reportedly had a field day over the weekend, gobbling up millions of dollars worth of digital assets from crypto exchange Binance. Blockchain tracking firm Lookonchain says that on Saturday, crypto whales withdrew stacks of the decentralized oracle project Chainlink (LINK), meme token Pepe (PEPE), decentralized exchange Uniswap (UNI), stablecoin governance token Maker (MKR) and domain naming system Ethereum Name Service (ENS) out of the world’s largest crypto exchange by volume. “Whales accumulated PEPE, LINK, UNI, MKR and ENS… 0x1A2E withdrew 322.48 billion PEPE ($2.78 million) from Binance [on May 4th]. aavebank.eth withdrew 500,000 UNI ($3.75 million), 183,799 LINK ($2.62 million),…
A widely followed crypto analyst believes one Ethereum (ETH)-based decentralized finance (DeFi) token is being set up for a large rally. According to pseudonymous trader The Flow Horse, the governance token of Ethena (ENA) is one of many new altcoins presenting opportunities, but requires patience for payoff. “There are a couple pairs that I am eyeing that are relatively new and have been going through their first longer-rounded pullbacks similar to ENA below. Almost all new alts offer a very basic and reliable diagonal breakout setup if you are patient enough. I think this is setting up to move much higher. Unlocks are still a year out.”…
BitMEX co-founder Arthur Hayes just added about $500,000 to his seven-figure position in one decentralized finance (DeFi) altcoin project, according to on-chain data. According to the Ethereum (ETH) block explorer Etherscan, Hayes has purchased more than 98,560 Pendle (PENDLE) tokens, a project that allows users to tokenize and sell future yields. He made the transaction using Wintermute, a leading digital assets trading firm. Hayes, who is also an advisor for the Pendle project, currently holds more than 1,555,697 PENDLE tokens with a value of more than $7.7 million, according to Etherscan. Hayes previously announced during the broader crypto market correction…
Stablecoin issuer Tether is working with blockchain analysis firm Chainalysis to develop a solution for monitoring transactions involving entities beyond those that directly buy and sell USDT. In a statement, Tether says the customizable solution for monitoring secondary market activities will offer an enhanced understanding and oversight of the USDT market. The company says compliance professionals and investigators can use the platform as a source of intelligence for identifying wallets that pose risks or may be associated with illicit and sanctioned addresses. Tether adds that the platform’s suite of tools includes “Sanctions Monitoring,” which lists addresses and transactions involving sanctioned…
Sui Network is addressing “misleading” posts about its token supply being unfavorable to retail investors. In a post on the social media platform X, Sui Network says that third-party custodians safeguard locked SUI tokens, and they cannot be moved until they are unlocked according to the project’s token emission schedule. Sui Network also clarifies that Mysten Labs, the developer behind the project, is not involved with the Sui Foundation’s treasury, community reserve, stake subsidies or any other tokens allocated to investors. “Sui Foundation is the largest holder of locked tokens, which will be unlocked in accordance with the public emissions…