By: PDOGE, Editor's team
Whales Suddenly Move Over 776,000,000 Dogecoin Following DOGE Bounce β Hereβs Where the Crypto Is Headed
Deep-pocketed crypto investors have initiated significant transfers of Dogecoin (DOGE) as the popular memecoin rebounds from a recent monthly low. The Whale Alert blockchain monitoring platform observed these large DOGE transactions, totaling 776,351,068 DOGE worth $48.47 million. One notable transfer involves a crypto whale moving 308,390,532 DOGE worth $19.22 million from Binance to an unknown wallet. Interestingly, this transaction incurred minimal fees.
In a separate instance, another crypto whale moved 253,419,377 DOGE valued at $16.05 million from Robinhood to an unidentified wallet, with a transaction fee of about $0.28. Another substantial holder shifted 129,673,539 DOGE worth $7.90 million from Robinhood to an unknown wallet, paying $0.57 for the transfer. Moreover, an additional transfer of 84,867,620 DOGE worth $5.30 million was observed, moving from an unknown wallet to Robinhood for less than $0.10 in fees. As the DOGE was moved to an exchange, it might be intended for sale on the open market.
These large Dogecoin transfers coincide with the ongoing recovery efforts of the leading memecoin following a market downturn. After hitting a monthly low of $0.059 on August 18th during the broader crypto sell-off, Dogecoin has rebounded and is currently trading at $0.064 at the time of writing.
Is it the time for the DOGE whale to change its mind to PDOGE? :-)
By: PDOGE, Editor's team
Source from dailyhodl.com : Link
By: PDOGE, Editor's team
Bitcoin has been on a rollercoaster ride in terms of its value, and it has been surging again recently. According to a CNN Business article, the price of Bitcoin has more than doubled in value this year as investors grow excited about the prospect of being able to buy Bitcoin funds that trade on good old-fashioned stock exchanges rather than having to deal with less-regulated and sometimes sketchy crypto platforms. The latest round of excitement came as the BlackRock exchange-traded fund for Bitcoin appeared on a list controlled by the Depository Trust and Clearing Corp., a Nasdaq-operated clearing house for stocks and ETFs. BlackRock applied in June to register a Bitcoin spot ETF, which is pending approval. The company is the largest provider of ETFs in the world, managing trillions of dollars of assets. A BlackRock Bitcoin ETF would give the cryptocurrency a new sense of legitimacy.
In addition, according to Coinpedia, Bitcoin and crypto market trading volumes are surging, driving up prices. Long-term investors are holding on to their coins, boosting market growth. Bitcoin is regaining dominance, which could lead to increased interest in altcoins.
Finally, according to Cointelegraph, although Bitcoin price could struggle to hold the $30,000 level, a certain degree of the bullish momentum is likely driven by institutional investorsβ recent amendments to multiple spot Bitcoin exchange-traded fund (ETF) applications and retail investorsβ hope in the upcoming Bitcoin supply halving.
Itβs important to note that while these factors may be contributing to the recent surge in Bitcoinβs value, there are still regulatory and legislative concerns that could cloud this market. As always, itβs important for investors to do their own research before making any investment decisions.
The BlackRock iShares Bitcoin ETF (IBIT) is the first spot bitcoin product to reach $2 billion in assets under management (AUM). The fund added about $170 million and 4,300 bitcoin on Thursday, bringing its total holdings to 49,952 bitcoin. The fund ranks third among all the ETFs that launched in the past year and could soon become the leader. The next closest competitor is Fidelityβs Wise Origin Bitcoin Fund (FBTC), which has 44,000 bitcoin as of Jan. 25. The article cites ETF Store president Nate Geraci as a source of information1
The article also explains why IBIT is different from other bitcoin products, such as Grayscaleβs GBTC, which had nearly $30 billion in AUM at the time of its conversion from a closed-end fund to a spot ETF. IBIT is a spot bitcoin ETF, which means it directly holds bitcoin and tracks its price. GBTC, on the other hand, was a trust that traded at a premium or discount to the underlying asset. IBIT also has a lower expense ratio of 0.12% compared to GBTCβs 2%1
The article also discusses the potential impact of IBIT on the bitcoin market and the ETF industry. IBIT could attract more institutional and retail investors to bitcoin, as it offers a convenient and regulated way to access the cryptocurrency. IBIT could also challenge the dominance of GBTC, which has been the largest and most popular bitcoin product for years. IBIT could also inspire more innovation and competition in the ETF space, as more issuers and regulators look to launch their own bitcoin ETFs1
by the PDOGE team
#PDOGE #BlackRock