Author: The Daily Hodl

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…

A closely followed crypto analyst says it’s time for altcoins to rally and predicts that one blue-chip memecoin will be a major beneficiary. Pseudonymous analyst Rekt Capital tells his 461,000 followers on the social media platform X that the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the 10 largest digital assets, is potentially gearing up for a bounce off the $250 billion level. Based on his chart, the analyst appears to be initially targeting the $315 billion level before an eventual run to the old highs near $425 billion. “Altcoin Market Cap is still holding the…

Economist Henrik Zeberg says that a loss of strength for the dollar could be the catalyst that breathes new life into crypto assets. Zeberg tells his 136,000 followers on the social media platform X that lower bond yields and a weakening dollar index (DXY), which pits the dollar against a basket of other major foreign currencies, will create an “amazing environment” for risk assets like crypto. To ride the crypto rally, Zeberg says he has his eye on JasmyCoin (JASMY), a blockchain-based personal data storage project. “I think a push lower in DXY and yields will create an amazing environment for…

A crypto analyst who caught the 2022 Bitcoin bottom thinks BTC is close to witnessing a best-case scenario following mostly bearish price action last month. In a new strategy session, pseudonymous analyst DonAlt tells his 59,200 YouTube subscribers that Bitcoin looks strong after losing $60,000 earlier this month only to recover the key level a few days later. According to the analyst, the false downside move is a catalyst that could trigger a burst to the upside for BTC. “That’s just a chad setup. I love those. Almost all the time when I get them where the daily time frame…

An analyst who continues to build a following with timely crypto calls says he has his radar locked on three altcoins. Pseudonymous trader The Crypto Dog tells his 776,300 followers on the social media platform X that he’s bullish on an Ethereum (ETH) challenger and a pair of memecoins as the digital asset market bounces. “Seems NEAR, WIF and PEPE are my golden tickets right now.” On Near (NEAR), the crypto analyst says that he unloaded some of his Bitcoin (BTC) and Ethereum holdings to accumulate the ETH rival. “You might have seen me try NEAR long last month. Didn’t…

The chief executive of blockchain intelligence platform CryptoQuant says that Bitcoin (BTC) whales have snapped up nearly $3 billion worth of the crypto king in just 24 hours. CryptoQuant CEO Ki Young Ju tells his 345,000 followers on the social media platform X that the deep-pocketed investors have gobbled up tens of thousands of BTC in just one day, signaling the approach of a new era. “Bitcoin whales accumulated 47,000 BTC in the past 24 hours. We’re entering a new era.” To get these results, Ju used CryptoQuant search filters to find whales of the top crypto asset by market…