Author: The Daily Hodl

An unknown entity has printed incredible gains with a recently launched memecoin on the TRON network. Blockchain “de-anonymizing” platform Arkham says that one of the earliest investors of dog-themed altcoin SUNDOG made roughly 1,183,331% in just six days on a $1,690 investment. “This trader turned $1.69K of SUNDOG into $20 MILLION in 6 days TT4S5 was one of the earliest SUNDOG buyers & purchased 104.33 million tokens for $1.69K. They currently hold $19.52 million of SUNDOG across 7 addresses, and also sent $1.08 million SUNDOG to exchanges – for a total profit of $20.60 million.” SUNDOG, launched earlier this month,…

The native token of a cross-chain bridge project is in the green after top US crypto exchange Coinbase suddenly announced its trading support. In a new Coinbase announcement, the platform says it is listing cross-chain bridge Across Protocol (ACX) for trading over the Ethereum (ETH) network. “Trading will begin on August 21st, 2024 at or around 12 pm ET if liquidity conditions are met. Once sufficient supply of this asset is established trading on our ACX-USD trading pair will launch in phases. Support for ACX may be restricted in some supported jurisdictions.” Across Protocol jumped from a low of $0.371…

Stablecoin issuer Tether (USDT) is announcing new plans to launch a new digital asset pegged to the Dirham (AED), the currency of the United Arab Emirates (UAE). In a new press release, the firm behind USDT says that it will be working closely with the nation’s central bank as well as blue-chip tech companies to add a Dirham-pegged crypto asset to its suite of products. “Tether’s Dirham-pegged stablecoin will provide users with a seamless and cost-effective means of accessing the benefits of the AED while leveraging the transparency and efficiency of blockchain technology. This digital asset will streamline international trade…

Crypto market data analytics firm Kaiko Research is warning that one real-world asset (RWA) project could remain bearish for two main reasons. In a new report, Kaiko Research says that Ondo Finance (ONDO) is losing momentum after the hype around RWA projects has died down. The firm also warns that expected Fed interest rate cuts in September could further dry up investment inflows into Ondo Finance. CME’s FedWatch Tool indicates that 67.5% of traders and investors are expecting the Fed to cut interest rates by 25 basis points next month. “Most of these funds invest in short-term US debt instruments.…

Long-term Bitcoin (BTC) holders seem to be doubling down on their bullish sentiment for the crypto king, according to blockchain analytics platform Glassnode. In a new analysis, Glassnode reports that Long-Term Holders (LTH), or addresses that hold coins for at least 155 days, do not appear phased by the recent market volatility and are adding more Bitcoin to their wallets. “Despite challenging and choppy market conditions, Long-term Bitcoin holders remain remarkably steadfast in their conviction, with evidence they are ramping up accumulation behavior.” Glassnode says that the unwillingness of long-term holders to sell their coins despite Bitcoin’s recent drop to…

Financial giant VanEck is buying Bitcoin (BTC), according to Matthew Sigel, the firm’s head of digital assets research. In a new interview with CNBC, Sigel notes there have been four sellers in the BTC market driving the price of the top crypto asset down. “The German government has sold all of its Bitcoin, $2 billion worth. The US government is selling Silk Road-related coins. There are two major bankruptcies where creditors have just been paid out – that’s Mt. Gox and Genesis. So with all this selling behind us… this is a typical seasonal pattern where Bitcoin tends to struggle…

A widely followed crypto strategist is predicting a massive breakout for one decentralized finance (DeFi) low-cap altcoin. Pseudonymous analyst The Crypto Dog tells his 810,200 followers on the social media platform X that Synapse (SYN), a protocol that aims to enable secure cross-chain communication, could soar more than 75% from the current value. “Think it can see $1… 10% dip back to breakout level. I rebought SYN.“ Synapse is trading for $0.566 at time of writing, down 12.82% in the last 24 hours. The cross-chain network project was launched in August 2021 and is compatible with most other layer-1s and…

Blockchain data shows that stablecoin issuer Tether has minted over $33 billion in USDT over the last year. According to blockchain tracking firm Lookonchain, $33 billion in USDT has been minted on the Tron (TRX) and Ethereum (ETH) blockchains. “Tether Treasury minted 1B USDT on Tron Network again 25 minutes ago! TetherTreasury has minted 33B USDT in the past year, of which 19B USDT was minted on Tron Network and 14B USDT was minted on Ethereum.” According to closely followed crypto analyst Ali Martinez, there has been a strong correlation between the price of Bitcoin (BTC) and Tether’s minting of…

Real Vision analyst Jamie Coutts says that altcoins may be close to repeating the explosive mania of 2020 and 2021. Coutts says on the social media platform X that the crypto market cycle is currently at a point “where selective high-quality assets are bottoming and will outperform when the bull resumes.” The analyst shares a chart that compares the performance of the top 200 crypto assets versus the total market cap of crypto, which he uses to gauge altcoin strength. He notes the metric is similar to late 2020 when Bitcoin (BTC) outran the rest of the market for months…

State Street is announcing a new collaboration with Swiss cryptocurrency firm Taurus to introduce digital asset services to institutional investors. According to Reuters, the partnership will enable State Street to offer custody services for cryptocurrency holdings and assist in creating tokenized versions of traditional assets, such as funds and securities. The service targets asset management clients looking for support in tokenizing their funds, though no specific launch date has been announced. In its recent proof-of-concept run, Taurus used oracle service Chainlink’s (LINK) cross-chain interoperability protocol (CCIP) to move stablecoins over different chains. State Street aims to become a custodian for…