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Dogecoin: Will it still be a joke if it touches $1?

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When Jackson Palmer created Dogecoin and launched the crypto-asset on 6 December 2013, he certainly did not expect a potential colonizer of Mars to be talking about it on a social media platform.

Fast-forward to 2021, and Dogecoin has spiked by more than 800% in a flash, fueling chaos and pushing popular media outlets to finally take note of the cryptocurrency. That has been the story of DOGE this year, the world’s most popular meme-coin.

Dogecoin, at the time of writing, was a top-15 asset with a market cap of $6.77 billion. The fact that it is above the likes of established projects such as DASH, AAVE, and Monero speaks volumes. Still, is it actually built to last or is it heading towards irrelevance again?

Dogecoin, Elon Musk, and his latest concern

Musk has been extremely vocal about Dogecoin. In fact, the Tesla CEO’s impact is such that whenever he has tweeted positively to his 47+ million followers on Twitter, the crypto-asset has picked up pace in the market.

Recently, however, Musk was in the news after he raised a serious and legitimate concern about whale concentration.

Source: Coinmetrics

As was observed by the latest CoinMetrics report, DOGE is heavily concentrated between a few addresses, with the top 1% currently holding 94.2% of the supply. In fact, the top 100 addresses hold 68.1% of the total supply. For context, the top 100 addresses in Bitcoin hold 13.7% of the supply.

Now, the issues with Dogecoin run deeper than just its concentration narrative, and there are multiple reasons why the crypto-asset should not be considered an important digital asset.

What’s the policy?

While initially DOGE’s supply was supposed to $100 billion, it was updated to an unlimited supply later. The upside of such a change is that the price will remain stable for DOGE, but the downside is that the prices ‘should’ remain low. And yet, a low-priced currency registered an 800% hike on the charts. That highlights its 2nd concern.

Any crypto whose price can be manipulated by tweets or a community (all eyes on WSB) might not be considered as dependable. Such volatility has driven people away from crypto before, but Dogecoin gives a whole new meaning to it, and for a change, has also attracted profit-hungry individuals.

Do its security and technology stack up?

Dogecoin’s code shares a lot of similarities with Bitcoin’s script, but it should be noted that it was a fork of the now-obsolete Luckycoin, which itself was a fork of Litecoin. In that regard, while it might not really have a loophole, its inflationary supply does have a lot of factors to account for. First of all, its faster blocks come at the cost of a huge number of orphan blocks that do not contribute to the transaction history.

Secondly, Dogecoin does not have a fixed core development team. Most of its developers are all core developers that have been largely involved with other projects, with most coming together just because of the level of activity recently witnessed by the crypto-asset.

Finally, Dogecoin’s hashrate was roughly 300 terahash, at the time of writing. In comparison, Bitcoin’s was 161 exahash, which is 161,000,000 tera hashes. Ergo, it’s perhaps safe to say that a 51% attack would be a child’s play if the network ever becomes extremely valuable (which it will not).

Dogecoin will survive, but will remain a joke

Community engagement is undeniable in the open ledger industry and the recent WallStreetBets episode gave all investors a fresh outlook on beating or duping the system. While many are currently campaigning for Dogecoin to touch $1, something that can sincerely happen if the stars align, it will never be taken seriously. Then again, it never was supposed to, was it?


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Source: https://ambcrypto.com/dogecoin-will-it-still-be-a-joke-if-it-touches-1/

Amb Crypto

XRP, Klaytn, Crypto.com Coin Price Analysis: 31 March

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XRP was projected to slip below its press time support level and head towards the $0.509-level. Klaytn’s on-chain metrics hinted at a deeper correction, while CRO’s bulls need to defend the $0.205-support over the next few trading sessions to avoid a breakdown.

XRP

Source: XRP/USD, TradingView

Over the last few days, XRP has traded largely within the levels of $0.58 and $0.54, with the market remaining in equilibrium between the buyers and sellers. However, that might change as the indicators pointed to a bearish short-term outcome. The Awesome Oscillator’s red bars moved below the half-line, while the MACD witnessed a bearish crossover. Significant trading volumes of over $4.4 billion suggested that investors were offloading the cryptocurrency, having taken advantage of the most recent price pump.

The next few sessions would add more clarity to the trajectory of XRP. If the press time support level is maintained, a bullish scenario could be possible over the short-term. With regards to the ongoing Ripple-SEC lawsuit, the XRP community welcomed a huge win after the court allowed Attorney John Deaton to file a motion to intervene in the lawsuit on behalf of XRP holders.

Klaytn [KLAY]

Source: KLAY/USDT, TradingView

With gains of nearly 180% in the month of March, Klaytn asserted itself as a dominant force in the crypto-market, even capturing the 14th spot on CoinMarketCap’s cryptocurrency rankings. At the time of writing, KLAY was trading at $3.8 with a market cap of slightly below $10 Billion. However, on the 4-hour timeframe, the price noted exhaustion as it reversed its trajectory from record levels.

The MACD witnessed a bearish crossover, while the Awesome Oscillator registered a series of red bars as momentum remained strong among the sellers. A breakdown from the press time support could lead to additional losses towards the next line of defense at $3.32, but the bulls can be expected to overturn this situation considering an overall bullish trajectory.

Crypto.com Coin [CRO]

Source: CRO/USD, TradingView

At press time, Crypto.com Coin just about held on to the $0.205-support after the price dropped by 5.5% in the last 24 hours. The RSI stabilized at 44 and suggested that the bulls could defend the present line of defense, but a bearish crossover in the MACD favored an opposite outcome. In the case of extended losses, the support levels could be found at $0.193 and $0.177.

For a recovery towards record highs, the market bulls need to reclaim the zone above the $0.229-resistance.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/xrp-klaytn-crypto-com-coin-price-analysis-31-march/

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Tron, Ontology, Dogecoin Price Analysis: 30 March

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Tron can be projected to break above its $0.067-resistance on the back of strong trading volumes and a bullish MACD. Ontology could retrace towards $1.47, but its uptrend was expected to remain intact. Finally, the technicals for Dogecoin reflected a balanced market since the price was trading between $0.056 and $0.052 on the charts.

Tron [TRX]

Source: TRX/USD, TradingView

Since a breakout above the $0.053-level, Tron has seen high volatility in the market. Huge swings carried the price towards its upper ceiling at $0.067, while the $0.053-support cushioned losses in the event of a southbound move.

At the time of writing, Tron had settled within a tight channel as volatility escaped the market, according to the Bollinger Bands. Nevertheless, trading volumes were just shy of the $2 billion-mark and a northbound breakout seemed possible over the next few sessions.  The MACD closed in on a bullish crossover and backed a favorable short-term outcome.

Ontology [ONT]

Source: ONT/USD, TradingView

The altcoin’s gains over the last 30 days amounted to over 90.2% as Ontology registered a strong uptrend since a comeback from late-February levels. However, the market did show some signs of exhaustion. The 24-hour trading volumes had dropped by 13%, while the indicators pointed towards a reversal.

The MACD witnessed a bearish crossover and the RSI continued its southbound trajectory from the upper zone. While a dip below $1.59 seemed unlikely, additional support levels could be found at $1.47 and $1.39 in a bearish scenario.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

The ADX on Dogecoin noted a reading of 13 as the price moved between $0.056 and $0.052. This underlined a weak trend in the market and sharp price movements were unlikely going forward. If the price does dip towards $0.05, then some buying opportunities can be presented. A hike above $0.06 would likely be matched by selling pressure, but stabilization at the aforementioned level would lead to bullish movement over the long run.

The Awesome Oscillator was bullish-neutral, with weak momentum in the market. A pickup in the same could signal a breakout, but the price was still dependent on cues from the broader market.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/tron-ontology-dogecoin-price-analysis-30-march/

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Chainalysis raises $100 million in latest funding round; company’s valuation crosses $2 billion

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Crypto and on-chain analysis company Chainalysis announced today that it raised $100 million in a Series D funding round with increased the company’s valuation to more than $2 billion.

Crypto investment company Paradigm led the latest funding round along with TIME Ventures, the investment fund of Marc Benioff. Other participants included Addition and Ribbit Capital, the companies that participated in Chainalysis’ earlier Series C and B rounds. 

According to data from CrunchBase, Chainalysis has so far raised a total of $266.6 million across eight funding rounds. A previous one took place on 23 November last year where the company raised $100 million in a Series C round. The company is funded by roughly 14 investors which also includes 9Yards Capital and Accel.

The analysis firm planned to use the new funds to “accelerate” its business growth, and “expand” its product portfolio. According to the company, the funds will allow them to continue their “mission to build trust in blockchains.”

The company described its future plans and stated that it intends to empower the regulatory infrastructure of the crypto industry. Chainalysis team is also building crypto-focused solutions for financial services providers and companies that offer crypto-related services. Asset managers and financial institutions, as well as government agencies, are on their agenda to help them “connect on-chain activity to other data sets.” 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/chainalysis-raises-100-million-in-latest-funding-round-companys-valuation-crosses-2-billion/

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Head of Fidelity says wealth managers are in Bitcoin ‘education mode’

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As Bitcoin grows in popularity among mainstream adopters, Head of Fidelity Investments’ Mike Durbin offered a new counter-argument to the trend. According to him, a vast majority of companies are still in the “education mode,” when it came to cryptocurrencies. In an interview with Reuters Digital Assets Week, he said:

They know what they are doing, and more importantly, their end investor base also knows what they are doing – but the vast majority are still in the education mode

In addition, Durbin stated that the growth rate of Bitcoin or digital assets “will follow in that wake of broader alternative investments” and said: 

There’s still work to be done there to help advisors understand portfolio construction with these kinds of expressions. 

Late October last year, Fidelity Digital Asset Services (FDAS), the crypto subsidiary of Fidelity Investments partnered with the regulated Singapore-based investment manager, Stack Funds, to facilitate the increasing demand in cryptocurrencies among Asian investors with Stack Funds providing its clients with access to custody services at FDAS. 

In the same year, president and director of digital funds at Fidelity, Peter Jubber filed paperwork with the US Securities and Exchange Commission to plan to launch a new Bitcoin-focused fund. 

The group is often known as one of the earliest mainstream institutional adopters of Bitcoin, with its support for the crypto going all the way back to 2017. A year later, CEO of Fidelity, Abigail Johnson officially admitted that she had been mining the crypto asset, following which, the company began to prepare the launch of its Digital Assets wing.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://eng.ambcrypto.com/head-of-fidelity-says-wealth-managers-are-in-bitcoin-education-mode/

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