Altcoins
Dogecoin Price Rockets 30% on the Back of Twitter’s Logo Change and Continued Whale Accumulation
Dogecoin pricehttps://globalcoinreport.com/tag/dogecoin/ has been hovering around its highest level since February for the past few days as whale accumulation rises. The largest meme coin in the crypto ecosystem has jumped more than 31% in the past week, gaining 38.14% in the year to date. The altcoin currently ranks as the 8th largest cryptocurrency by market cap after Cardano.
Fundamentals
Dogecoin price jumped 21.47% earlier on Monday, hitting its highest level since December 5, 2022, on the back of Twitter’s latest update. Elon Musk, the CEO of SpaceX, and Tesla, has always been responsible for pumping DOGE prices on several occasions by sharing various memes or references related to the altcoin.
Earlier on Monday, Elon Musk shared a screenshot of an earlier exchange with a Twitter user who urged him to buy Twitter and change the bird logo to a doge. On Tuesday, Twitter users noticed that the Twitter logo had been changed to a cartoon of Shiba Inu on the web browsers which is the face of Dogecoin. According to analysts, the change in Twitter’s logo suggests that DOGE could become an integral part of Twitter.
The Dogecoin price has also been rallying on the back of the continued accumulation of the meme coin by large wallet investors. The altcoin has recently shown mild signs of decoupling from the broader crypto market over the weekend. The continued whale accumulation of the digital asset has fueled bullish sentiment among holders and investors.
Whales have added 10 million DOGE worth $123.1 million in the past three months, pumping DOGE price. Even so, the meme coin’s rival Shiba Inu has also recorded a rise in accumulation by large wallet investors. As such, if the Dogecoin price sustains its current uptrend post whale accumulation, it could potentially prompt a bullish breakout.
Dogecoin Price Analysis
Dogecoin price has staged a strong comeback in the past few days, rising more than 50% from its lowest level in March. On the daily chart, the meme coin has managed to move above the 25-day and 50-day moving averages, as well as the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) is in the overbought zone, while the Moving Average Convergence Divergence (MACD) indicator shows a bullish divergence.
Therefore, the Dogecoin price is likely to extend its bullish uptrend, but buyers would need to gather momentum to sustain the bullish momentum. A move past this week’s high at $0.10500 might push the DOGE price higher to $0.12015. However, a move below the crucial support at $0.08200 will invalidate the bullish thesis.
DOGE Price Chart
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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