Author: The Daily Hodl
Whales have been gobbling up Ethereum (ETH), the native token for the decentralized exchange (DEX) Uniswap (UNI) and a handful of other decentralized finance (DeFi) tokens, according to the crypto tracker Lookonchain. Lookonchain notes one unknown whale wallet withdrew 299,133 UNI worth $2.39 million from the crypto exchange Gate.io over the weekend. The same whale has also recently been accumulating other DeFi altcoins, withdrawing 19,373 Aave (AAVE) worth $2.95 million and 596 Maker (MKR) worth $805,000 from Binance between August 13th and Sept 12th. Lookonchain also notes that a whale wallet related to the investment firm Longling Capital bought 5,000…
Market intelligence platform IntoTheBlock says Coinbase’s Ethereum (ETH) scaling solution is on track to become the largest layer-2 (L2) blockchain by the end of the year. In a new report, IntoTheBlock says that key metrics indicate Base is experiencing exceptional growth this year. IntoTheBlock first looks at Base’s total value locked (TVL), the metric representing the amount of assets staked or locked in a platform. “Base, the L2 blockchain from Coinbase that has been live for just over a year, is close to surpassing Arbitrum as the largest Ethereum L2 by TVL. In September alone, Base saw an influx of…
A closely followed analyst who correctly called Bitcoin’s pullback earlier this year says BTC may soon enter the explosive phase of the market cycle. In a video update, pseudonymous analyst Rekt Capital tells his 91,000 YouTube subscribers that Bitcoin may break through the upper bound of a trading range within weeks and print new all-time highs (ATHs). “We’re retesting this [$60,000 level] for a few weeks in a row and we’re trying to position for a move towards the highs [of around $71,000] here. And of course, we have a series of lower highs to contend with, but once we…
A widely followed crypto strategist and trader believes that steep rallies are in store for one Solana (SOL) challenger. Pseudonymous analyst The Crypto Dog tells his 829,200 followers on the social media platform X that layer-1 chain Sui (SUI) may be poised to witness huge bursts to the upside after printing a new all-time high (ATH). With blue skies ahead for SUI, the trader thinks it is within the realm of possibility for the altcoin to go vertical. “We gonna see a proper parabolic ATH break run?” At time of writing, SUI is worth $2.32 slightly below its new all-time…
The community behind a synthetic dollar protocol on Ethereum (ETH) is proposing adding a top ETH rival to its reserve assets for its stablecoin. According to a new Ethena (ENA) community proposal, the community is considering adding Solana (SOL) as a reserve asset for the US-dollar pegged stablecoin USDe. “This proposal recommends an allocation of USDe’s backing to SOL utilizing substantially the same mechanics as Ethena’s hedging mechanism currently in place with BTC and ETH perpetual futures. The proposed allocation would be scaled into slowly in consultation with the Risk Committee considering SOL perpetual futures’ shorter history of trading, less…
Two Tezos (XTZ) investors are taking the IRS to court once again over the agency’s treatment of their staked XTZ tokens. In a new complaint filed with a Tennessee Federal court, Josh and Jessica Jarrett contend that newly minted tokens from staking should only be treated as taxable if they are sold. “New property is not taxable income; instead, taxable income arises from the proceeds from the sale of that new property. In all other contexts, the IRS recognizes that new property is not taxable income. When a taxpayer creates new property—whether a farmer’s crop, an author’s manuscript, or a…
Bitcoin kicked off a rally early on Monday, triggering hundreds of millions of dollars in liquidations as BTC climbed above the $66,000 mark. According to crypto data aggregator Coinglass, over $238 million in positions have been liquidated in the last 24 hours – mostly traders attempting to short BTC. According to Ki Young Ju, the CEO of blockchain analytics firm CryptoQuant, Bitcoin has just gone through an eight-month long “retail shakeout.” “There is a saying in Korea: ‘The bus only departs when you get off.’ Everyone on board, right?” Pseudonymous crypto trader Dave the Wave says that he’s surprised by…
The head macro strategist at Swissblock is predicting major moves for one Dogecoin (DOGE) rival ahead of a potential blow-off top for risk assets. Henrik Zeberg tells his 155,900 followers on the social media platform X that Solana (SOL)-based memecoin dogwifhat (WIF) may be on the verge of an explosive breakout beyond the $3.10 level. “WIF: wait for the pop!” Looking at his chart, the analyst suggests WIF is printing a series of higher lows and higher highs on the four-hour timeframe. In June, the analyst used Elliott Wave Theory to forecast an explosive run for WIF at the way…
Digital assets manager CoinShares says that institutional crypto investors dropped hundreds of millions in capital into crypto products last week. In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in inflows to the tune of $407 million on net last week. CoinShares further postulates what it sees as a possible reason for the inflow surge: “Digital asset investment products saw inflows of US$407m, as investor decisions have likely been more influenced by the upcoming US elections than by monetary policy outlooks. This trend is evident in the fact that stronger-than-expected economic data…
A new survey from crypto exchange Kraken suggests that the majority of investors in the digital asset space are using the same strategy to gain exposure to the market. Kraken’s survey reports that 59% of market participants are employing a dollar cost average (DCA) strategy to invest in crypto assets. DCA refers to the practice of buying into the market on an ongoing basis regardless of price instead of attempting to time the market. Says Kraken, “Because it offers a ‘set it and forget it’ way to steadily accumulate crypto over time, dollar-cost averaging has also become a popular trading…