Crypto analyst Ali Martinez recently shared data from IntoTheBlock, suggesting that Dogecoin might experience a positive price movement in the near future. Martinez’s analysis focuses on the correlation between Dogecoin and Shiba Inu (SHIB), another meme-based cryptocurrency. According to Martinez, there is a “strong” positive correlation of 0.74 between the two coins over the past two months. This implies that when SHIB’s price shifts, Dogecoin tends to move in a similar direction. However, it’s worth noting that in recent days, Dogecoin has not shown significant price action, while SHIB has seen a notable surge of 22% in the past week. Despite this temporary divergence, Martinez emphasizes that due to the high correlation coefficient, a bullish price movement could still be on the horizon for DOGE. Investors are advised to monitor the token’s performance in the coming days closely. Dogecoin’s price has struggled to maintain the momentum it gained from the support of Tesla CEO Elon Musk a few weeks ago. Since then, the meme coin has been trading within a range, with a modest 3.1% gain recorded in the past week. After reaching a 7-day high of $0.07658 on August 5, DOGE retraced slightly and is currently hovering around its weekly high. As Dogecoin continues to capture the interest of both the crypto community and mainstream media, investors remain eager to see if the positive correlation with SHIB will translate into a significant price rally, potentially leading to a 20% surge in the value of DOGE. With the unpredictable nature of the cryptocurrency market, only time will tell if Dogecoin can break free from its current range and embark on another upward trajectory. Source: NEWSBTC

The price of Bitcoin is currently stable around the $29,000 mark, and there are several factors influencing its trajectory. Renowned investor Cathie Wood’s positive remarks have boosted sentiment around BTC. Just in- Cathie Wood on Bloomberg: SEC may approve multiple Bitcoin ETFs at once.#Bitcoin #BTC #ETF #BitcoinETF #Crypto pic.twitter.com/nt7Ja02ahz — Top Altcoins (@TopAltcoins_io) August 7, 2023 Additionally, a report by CoinShares reveals a decrease in the shorting of Bitcoin by institutional investors. These developments make the future price of Bitcoin intriguing, and it’s important to monitor critical levels in the coming days.  The upcoming decision by the US Securities and Exchange Commission (SEC) on ARK Invest’s Bitcoin ETF application is also impacting BTC prices. Cathie Wood predicts that the SEC may extend the decision deadline and potentially approve multiple Bitcoin ETFs simultaneously. The regulatory decisions made regarding ETF approvals from firms like ARK Invest and BlackRock will significantly affect the short-term direction of the cryptocurrency market. The CoinShares report indicates that institutional investors have shifted their approach towards Bitcoin, with no outflows from short Bitcoin products for the first time in fourteen weeks.  Despite recent regulatory scrutiny, lawsuits, and changing market dynamics, some altcoins like Solana, Ripple (XRP), and Litecoin (LTC) are gaining institutional interest. Bitcoin is currently facing resistance levels around $29,100, $29,400, and $29,500, with a bearish trend line at $29,100. If the support at $28,800 is not maintained, negative consequences may follow. However, if Bitcoin surpasses $29,750, it could indicate an upward movement, while a failure to do so may result in a drop towards $29,000, $28,800, or even $28,400. Source: cryptonews

Ethereum has burned over 50% of all ETH issued since merging its proof-of-work layer with the proof-of-stake Beacon Chain, a process known as “The Merge.” According to data from Ultra Sound Money on August 7, the network has burned more than 3.5 million ETH out of the total 6.5 million ETH issued. This burning has resulted in a decrease in the supply of ETH by approximately 0.98% annually. In other words, the circulating supply of ETH is shrinking over time as the network actively burns coins. This trend indicates that Ethereum is gradually becoming slightly deflationary. The ultimate goal for Ethereum is to have the coin burning rate exceed the issuance rate, effectively transforming ETH into a deflationary asset. This concept, often referred to as “ultrasound money,” is favored by many Ethereum enthusiasts. While Ethereum hasn’t fully achieved this ideal yet, it has made progress since the merge and the integration of a proof-of-stake consensus system on September 14, 2021. The merge coincided with a bullish cycle in the cryptocurrency market, driving the prices of ETH and other altcoins to historic highs. At its peak in 2021, ETH reached an all-time high price of around $4,900. However, the subsequent cooling of prices in 2022 had a negative impact on decentralized finance (DeFi) and non-fungible token (NFT) trading activities, as indicated by on-chain data. The burning of ETH primarily stems from ETH transfers, but significant burns also occur due to activities on platforms such as OpenSea, the popular NFT marketplace, and Uniswap, a decentralized exchange on Ethereum. Additionally, transfers of ERC-20 USDT, a stablecoin running on the Ethereum network, contribute to the burning of ETH. Source: BITCOINST

Bitcoin whales, a small group of addresses holding significant amounts of the cryptocurrency, have accumulated 59.2% of Bitcoin’s circulating supply, according to an analysis by Santiment. These 15,870 addresses, each holding over 100 BTC, collectively control 11.5 million coins, with an additional 27,755 BTC acquired in the past quarter. Whale accumulation is a potential indicator of market trends and price fluctuations. Despite over one billion addresses created on the Bitcoin blockchain, only around 45 million have a balance. Bullish predictions for Bitcoin’s price include reaching $100,000 by 2025, a leap to $180,000 before the 2024 halving, and surges to $50,000 this year and potentially $120,000 by 2024’s end. As the accumulation of Bitcoin by whales continues to capture attention, investors and analysts will closely monitor their activities and the potential impact on the market. The increasing concentration of Bitcoin among a limited number of addresses raises questions about market dynamics, influence, and the potential implications for price movements. With the combination of whale accumulation and optimistic price predictions, the future of Bitcoin remains an intriguing subject that cryptocurrency enthusiasts and market participants alike will closely follow. Source: CRYPTOGLOBE

A Network Contagion Research Institute study found that Twitter bot activity played a crucial role in amplifying the value of various FTX-listed cryptocurrencies, including the Sandbox, Gala, Gods Unchained, and LooksRare. The study analyzed over 3 million tweets posted between Jan. 1, 2019, to Jan. 27, 2023, surrounding 18 altcoins. It found that half of the coins showed signs of price influence as a result of tweet bot activity. In addition, the study found that these inauthentic tweets would increase after FTX posted about the token on social media, which raises questions about whether FTX or Alameda Research could have played a role in coordinating the bot activity. The study also looked into the impact of bot activity and Elon Musk’s crypto-adjacent tweets on two recent meme-coins, suggesting that these factors have influenced the prices of Pepe and PSYOP. The study detected a surge of newly created bot accounts before the launch of Pepe, which all went on to tweet about one of the two coins. The study said that Pepe Coin and PSYOP leveraged memes and were also boosted by two of Musk’s tweets that seemingly gave a nod to each of the tokens. Musk’s May 13 tweet of a Pepe meme caused the token’s price to jump over 50% within 24 hours. The researchers behind the study said that this phenomenon could also affect stocks and other securities. They pointed to the social media frenzy in 2022 surrounding so-called “meme stocks” such as Gamestop and AMC. The study raises questions about the role of social media and Twitter bot activity in influencing cryptocurrency prices and whether companies like FTX and Alameda Research are involved in coordinating such activity for their own gain. Source: Cointelegraph

A famous cryptocurrency analyst, CoinsKid, has recently made a price prediction for XRP, the native token of the XRP Ledger. According to CoinsKid, the cryptocurrency could see a significant surge in price based on an ascending triangle forming on XRP’s six-month chart. Technical analysts use this chart pattern to predict price movements and consist of a horizontal line connecting the high points of the price and a rising line connecting the low points of the price. The two lines form a triangle shape used to look for price breakouts, either up or down. In this case, the ascending triangle is seen as a continuation pattern, suggesting that the price will continue in the same direction as the trend before the triangle was formed. CoinsKid interpreted the triangle as meaning that XRP could continue surging, capitalizing on a recent ruling that deemed XRP not secure. The analyst also highlighted the presence of a potential double bottom on the six-month chart, further strengthening the bullish case. According to the analysis, the price of XRP could initially jump to $0.827 and then see a significant increase to $3.74 by 2025. However, the prediction has seen mixed reactions from the XRP community. Institutional investors have been investing in altcoins like XRP, Cardano ($ADA), and Solana ($SOL), with these cryptocurrencies’ investment products attracting significant inflows. XRP-focused funds saw $500,000 in inflows last week, while Cardano and Solana-focused funds saw $640,000 and $600,000 in inflows, respectively. In contrast, Ethereum-focused funds saw $1.9 million in outflows, while Avalanche ($AVAX) investment funds saw $400,000 in outflows. Overall, XRP’s potential price surge and the increasing institutional interest in altcoins suggest that the cryptocurrency market is still evolving and that significant investment opportunities may exist in the coming years. Source: CRYPTO GLOBE