Author: The Daily Hodl

A whale wallet has sold off nearly $100 million worth of Solana (SOL) this year, according to the crypto tracker Lookonchain. Lookonchain speculates that the unknown wallet could belong to an institution. The crypto tracker notes it has hawked an average of 19,306 SOL worth $2.76 million every week since the beginning of 2024. That totals 695,000 SOL worth $99.5 million for the year. The whale still has 1.88 million SOL worth $237.68 million staked, according to the Solana blockchain tracker Solscan.io. SOL is trading at $126.28 at time of writing. The fifth-ranked crypto asset by market cap is down…

BitMEX co-founder Arthur Hayes says he may have identified a reason why Bitcoin (BTC) is not rallying despite a looming Fed rate cut. Late last month, Fed Chair Jerome Powell hinted at upcoming rate cuts in a speech at the Jackson Hole economic symposium. The speech ignited rallies in crypto and equities, sending Bitcoin to as high as $65,000 before losing momentum. When the Fed slashes rates, yields on Treasuries decline which often triggers the movement of capital to risk assets such as stocks and crypto that could potentially offer greater returns. But with Bitcoin currently trading below $60,000, Hayes…

A closely followed trader is offering his two cents on why he thinks memecoins have exploded in popularity among crypto traders. Pseudonymous analyst Jack Sparrow tells his 251,000 followers on the social media platform X that traders are not sinking capital on memecoins because they believe in their fundamentals or whether meme communities will serve as the cornerstone of the future of finance. The trader says memecoins offer something that most crypto assets don’t: a degree of freedom from the hostile hands of the U.S. Securities and Exchange Commission (SEC). “Memecoins are one of the final frontiers that are somewhat…

Research from crypto exchange Bitfinex warns that reactions to recent rate cut news could bring down crypto prices in September. In its latest research, Bitfinex speculates that Bitcoin (BTC) could fall as low as $40,000 over the coming weeks. “If we were to speculate, we would caution to expect a 15-20% decline when rates are cut this month, with a bottom of $40-50,000 for BTC. This is not an arbitrary number but is based on the fact that the cycle peak in terms of percentage return reduces by around 60-70% each cycle and the average bull market correction has reduced…

A closely followed crypto analyst is warning that on-chain metrics suggest investors are losing interest in Bitcoin (BTC) amid the extended correction. In a new strategy session, crypto trader Ali Martinez tells his 70,000 followers on the social media platform X that the warm supply realized price metric is signaling bearishness for Bitcoin. Bitcoin’s warm supply realized price metric tracks the average buying price of all the coins that have not moved for a week to six months. Says Martinez, “Bitcoin above the warm supply realized price is a positive sign, while dropping below it may indicate the start of…

A widely followed crypto analyst believes that Ethereum (ETH) and one of its competitors are setting up for big recovery rallies. Pseudonymous crypto trader Kaleo tells his 645,400 followers on the social media platform X that Ethereum could soon soar by double digits after testing the $2,100 level and then breaking out of a descending trendline. “High $2,100s / low $2,200s then bounce.” Looking at his chart, the trader suggests ETH could soar past $4,000 within months, a more than 64% gain from the current value. Ethereum is trading for $2,440 at time of writing, down nearly 3% in the…

The Cardano (ADA) blockchain officially rolled out its long-awaited Chang hard fork, ushering in a new era of decentralized governance for the project. The upgrade enables decentralized voting and unlocks a 1.5 billion ADA “sovereign wealth fund” for the community, according to Cardano creator Charles Hoskinson. With ADA trading at around $0.332 at time of writing, that wealth fund is worth almost $500 million. Explains Hoskinson, “This is a truly extraordinary thing to be used by and for every single one of the millions of members in the Cardano ecosystem. It’s amazing that so many people who don’t know each…

A widely followed cryptocurrency analyst and trader is turning bearish on Ethereum (ETH) competitor Solana (SOL). The analyst pseudonymously known as Bluntz tells his 273,500 followers on social media platform X that SOL against Bitcoin (SOL/BTC) may soon plummet in value. “SOL/BTC on weekly looks horrid, legit looks proper topped out to me with the complacency shoulder and everything. Still hard to call tops on the market here though. I could see a world where SOL/BTC has topped because money starts finally rotating into ETH albeit taking that view has been a legit mental illness all cycle. Tough to have…

Circle chief executive Jeremy Allaire thinks digital currencies will enable the same ballooning transformation for money velocity as the internet did for information publishing and software development. In a new interview with Empire, Allaire says that the “physics of the internet,” which he defines as the capacity of interconnected computer networks to synchronize states, is allowing people to move value across borders at costs closer to zero. He mentions Solana (SOL) co-founder Anatoly Yakovenko who said that the goal of the Ethereum (ETH) rival is to enable blockchains to transact at the speed of light. “The marginal cost of storing…

A popular crypto analyst thinks Bitcoin (BTC) is currently mirroring the Japanese stock market’s giant rally about four decades ago. The pseudonymous analyst TechDev shares charts with his 467,400 followers on the social media platform X that compare BTC’s performance since 2010 with the performance of the Nikkei 225, a price-weighted index that tracks 225 blue-chip companies trading on the Tokyo Stock Exchange, between the years 1950 and 2000. TechDev’s charts suggest Bitcoin could crack $760,000 sometime between 2028 and 2029 before witnessing a multi-year bear market. The top-ranked crypto asset by market cap is trading at $59,621 at time…