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Crypto Price Analysis Mar-15: ETH, XRP, ADA, SHIB, and DOGE

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This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.

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Ethereum (ETH)

Ethereum reached $4,000 this week, and the price managed to increase by 5%. However, sellers appear keen to return and push this cryptocurrency into a pullback.

If the $4,000 resistance does not break soon, the price may fall to the key support at $3,345. A pullback should not be a surprise, considering ETH has not had a correction in over a month.

Looking ahead, ETH remains in an uptrend even if the price falls to the key support, and a healthy pullback may be needed before it can make new highs to challenge the all-time high at $4,868.

ETHUSD_2024-03-14_15-28-25
Chart by TradingView

Ripple (XRP)

XRP managed to rally to 74 cents this past week and booked a respectable 9% price increase. Since then, the price has entered a pullback.

Bulls and bears are currently fighting at the 68 cents level. The winner will decide if this level turns into resistance or support.

Looking ahead, XRP can go to 93 cents next if buyers win this fight. If they fail, then sellers may take the price back to the support at 53 cents.

XRPUSDT_2024-03-14_15-30-19
Chart by TradingView

Cardano (ADA)

Cardano had a good week and managed to increase by 7%. The current resistance and target for this rally is found at 85 cents.

Support remains at 61 cents, and it is unlikely to be tested if buyers continue to maintain this momentum. The bias is bullish on this price action.

Looking ahead, ADA is slowly approaching $1, which is a key psychological level. Once there, sellers may return looking to book profits after this rally.

ADAUSDT_2024-03-14_15-29-58
Chart by TradingView

Shiba Inu (SHIB)

Shiba Inu has been consolidating under the key resistance at $0.000037 but still managed to register an 8% price increase this week.

The price action appears to form a pennant on lower timeframes, which could signal continuation. If so, the key resistance may soon be put under pressure.

Looking ahead, SHIB is well-positioned to make higher highs after this pause. If sellers return, this cryptocurrency has good support at $0.000025.

SHIBUSDT_2024-03-14_15-30-34
Chart by TradingView

Dogecoin (DOGE)

DOGE had a fantastic week with a 23% price increase, making it the best performer on our list. Its momentum is similar to SHIB and could soon try to break the resistance at 21 cents.

The price found good support around 16 cents, and buyers appear determined to take it to a new high this year.

Looking ahead, this meme coin is likely to keep the market’s attention, considering that its all-time high is at 74 cents, which is still a long way from current price levels.

DOGEUSDT_2024-03-14_15-31-09
Chart by TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

Top 10 Solana (SOL) Ecosystem Projects by Development Activity

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TL;DR

  • Due to recent growth, Solana and its projects have gained popularity.
  • Ecosystem meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have seen significant declines after a substantial surge earlier this year.

The Unsurprising Leader

Solana and numerous projects built on it have brimming in popularity in 2024. Some factors that could have contributed to this might be SOL’s bull run at the end of 2023 and the beginning of 2024, the growing community, and innovations in the ecosystem.

The crypto analytics platform Santiment recently outlined the top 10 Solana-based projects in terms of development activity in the past 30 days. 

Somewhat expected, the first spot belongs to Solana itself, which collected a score of 186.33. It is worth noting that the protocol’s native token – SOL – has been experiencing a downfall since the end of July, plunging by approximately 30% and currently trading at around $127 (per Coingecko’s data).

Wormhole holds the second position with a ratio of 90.5. It acts as a bridge connecting various blockchain networks, such as Solana, Ethereum, BNB Smart Chain, and others. It enables users to transfer digital assets and data across these blockchains without a centralized intermediary.

Pyth Network is third, with a score of 68. It operates as a decentralized oracle network where multiple providers contribute to a collective data feed.

JITO and Neon round up the top 5 list. The other Solana-based projects down the line include Drift, Orca, Helium IOT, Helium Mobile, and Metaplex.

The Missing Ones

It is interesting to note that meme coins, which are part of Solana’s ecosystem, did not make the list. Such tokens, including dogwifhat (WIF), Bonk Inu (BONK), and many more, were among the top-trending topics in the crypto space at the start of the year due to their skyrocketing prices.

However, their progress has stalled as of late. WIFthe biggest Solana-based meme coin in terms of market capitalization –  currently trades at around $1.52, representing more than a 70% decline from the ATH registered in April.

BONK (the second-largest) is worth approximately $0.00001666 as of the moment, or 60% less than the peak in May.

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These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)

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Bitcoin’s nosedives continued in the past 24 hours as the asset slumped from an intraday high of $57,000 to under $53,000 within hours.

The altcoins are also in the red, and the total crypto market cap has dumped to $2 trillion for the first time in over a month.

BTC’s Troubles Keep Coming

The primary cryptocurrency lost the coveted $60,000 level last week, and the true downfall followed suit. Aside from a brief attempt to overcome that line on September 3, the bears have been predominantly in control, which culminated yesterday.

Before that, it was rejected a couple of times and marked lower daily highs. A relief rally came on Friday when the US released the job report for August, which showed that there was a slight decline in the unemployment rates.

BTC reacted quickly with a price increase from $55,500 to $57,000. However, that turned out to be a false breakout, and the cryptocurrency headed south immediately after. In a matter of minutes, it plummeted to $54,000 before the bears initiated another leg down that pushed it to a monthly low of $52,700 (on Bitstamp).

Despite recovering to just over $54,000 now, it is still 4% down on the day and more than 8% in the past seven days. Its market cap has plunged to $1.070 trillion, while its dominance over the alts is down to 53.5%.

Bitcoin/Price/Chart 07.09.2024. Source: TradingView
Bitcoin/Price/Chart 07.09.2024. Source: TradingView

Alts in Red Yet Again

The bearish scenario repeated once again, and the altcoins are back in red. Ethereum is among the leaders in this adverse trend, having lost over 4% of value. As a result, it now struggles at $2,250. BNB is down by 3%, XRP by 3%, and SOL by 2.5%.

DOGE has dumped the most from the larger-cap alts. The OG meme coin has seen 5% of its value evaporate over the past day and is below $0.1.

Further losses come from the likes of TON, BCH, SHIB, LTC, OKB, XMR, and many others.

The total crypto market cap has declined by another $50 billion and is down to $2 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Vitalik Buterin Pledges L2 Tokens to Support Public Goods in the Ethereum Ecosystem

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Ethereum co-founder Vitalik Buterin has pledged to donate all Layer 2 (L2) tokens he holds to support public goods within the Ethereum ecosystem or broader charitable causes.

This announcement comes a few days after accusations that he had sold millions in Ether (ETH) for personal gain.

Vitalik Buterin Denies Profit Motive

Buterin was quick to respond to the allegations, emphasizing that he has not sold any ETH for personal profit since 2018. Instead, he clarified that any proceeds from his ETH sales have been directed toward projects that contribute to the Ethereum ecosystem or other charitable initiatives.

In a September 5 update, he expanded on his stance, pledging to donate all L2 tokens he holds, including not-yet-liquid assets, to support similar causes.

He wrote, “All proceeds will be donated, again either to support public goods within the Ethereum ecosystem or broader charity (e.g., biomedical R&D). I also do not intend to invest into L2s or other token projects in the foreseeable future.”

He explained that his aim in funding projects is to support initiatives he believes are important, particularly in situations where other parts of the ecosystem may not fully recognize their value.

The Allegations

On August 30, an X user accused him of selling over $2 million worth of ETH shortly after posting a positive update about Ethereum’s future.

Later on, Lookonchain also revealed that Vitalik had transferred 800 ETH, worth around $2 million, to a multi-signature wallet. Shortly after, the wallet swapped 190 ETH for 477,000 USDC.

Further analysis from Lookonchain indicated that on August 9, he had moved an additional 3,000 ETH, valued at over $8 million, to the same multi-sig wallet.

These transfers fueled speculation that the Ethereum co-founder was liquidating his Ether holdings to realize profits.

Buterin had previously disclosed that his entire Ether holdings came from the Ethereum pre-mining period, which allocated 11.9 million ETH (about 10% of the total supply) to early contributors. As one of them, he received 700,000 ETH for his role in the network’s creation.

According to blockchain tracker Arkham Intelligence, his current holdings amount to approximately 240,000 ETH. This is a reduction of around 460,000 ETH from his initial stash.

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