Cryptocurrency
Solana Price Rebounds 9% After Network Outage, While Meme Kombat Presale Nears Conclusion
Solana’s (SOL) price has rebounded over 9% in the past day, recovering from the network outage earlier this week.
The outage, which lasted almost five hours, highlighted concerns about the network’s stability and centralization.
In other news, the Meme Kombat (MK) presale is nearing its conclusion, with early investors having one final chance to acquire tokens before their Uniswap listing.
Solana Outage Causes Brief Turbulence, But SOL Quickly Recovers
Despite the outage on February 6, Solana has shown remarkable resilience in the days after.
Within hours of the network returning online, the SOL token erased all the losses that had been sustained.
This quick recovery highlights the crypto community’s faith in Solana’s long-term viability as a leading layer-1 blockchain.
The outage was linked to complications with the “Berkeley Packet Filter,” a vital component for smooth upgrades and program execution.
This marked Solana’s first major incident of 2024, but it’s the 11th outage overall since the network first launched – with one occurring every two months on average.
While frustrating for developers and network users, the Solana Foundation is conducting a complete post-mortem analysis to uncover the root technical issues and enhance error handling.
However, SOL traders seem undeterred, with spot trading volumes remaining relatively stable in the past 48 hours.
Massive SOL Transfers Suggest Growing Whale Bullishness
In other news, two mammoth SOL token transfers occurred last week that may signal growing institutional interest.
The first, a transfer of 659,283 SOL, worth over $67 million at the time, went from one unknown wallet to another.
However, the second batch has sparked more intrigue, with 150,000 SOL being moved from the cryptocurrency exchange Bybit to an unidentified wallet.
This transfer was valued at around $15.2 million when it was made.
While the recipient’s identity remains unknown, the fact that such a vast amount was transferred off of the exchange has been viewed as a bullish signal.
This is because crypto whales often move their assets off exchanges when they plan to hold them for an extended period rather than engage in short-term trading.
As a result, investor confidence is often buoyed by this type of behavior since it reduces the likelihood of a large SOL sale.
Overall, if these transfers are any indication, high-net-worth players are betting on Solana to be a dominant blockchain for years to come – which could be playing into SOL’s recent price action.
Meme Kombat Enters Final Presale Round Before Much-Anticipated Uniswap Debut
While the spotlight is on Solana once again, some crypto traders are opting to focus on tokens that are outside the blue-chip projects.
Meme Kombat is one of these tokens and has been attracting massive attention during its presale phase.
Capitalizing on the exploding popularity of GameFi, Meme Kombat allows users to bet MK tokens on fights between some of the most iconic meme coin mascots.
Featuring hilarious animated battles, Meme Kombat offers a fun and community-driven experience for new and seasoned investors.
With the presale now in its final stage before MK lists on Uniswap, the token has already amassed a vast online community.
More than $8.3 million in funding has also been raised, which will be used to develop the battle arena and launch viral marketing campaigns for MK.
Several YouTube influencers have also hopped on the bandwagon, touting MK for exponential growth once publicly listed.
For example, analyst Michael Wrubel, who has over 310,000 subscribers on YouTube, stated that it could be the “next 100x gaming meme crypto.”
Whether Wrubel’s bullish forecast proves accurate remains to be seen, but Meme Kombat is undoubtedly ticking all the boxes as a potential hidden gem in the altcoin market.
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Cryptocurrency
Ripple v. SEC Lawsuit: Rumors Suggest Next Potential Chairman of the Regulator Will be Pro-Crypto
TL;DR
- Trump’s pledge to replace SEC Chair Gensler with a pro-crypto leader has sparked excitement across the community.
- Legal experts believe such changes could lead to a faster resolution of the Ripple v. SEC case.
Gensler’s Possible Successor
Donald Trump’s victory in the US presidential elections triggered a massive bull run for the cryptocurrency sector due to his shift from a previously skeptical view to a supportive stance on the asset class. During his campaign, the Republican pledged to make America “the crypto capital of the planet” and proposed creating a strategic BTC reserve.
He also expressed the intention to fire the SEC’s Chairman Gary Gensler on day 1, a promise which triggered huge enthusiasm among the XRP Army. To the uninitiated ones, the Commission and its head have been at war with numerous crypto companies, including Ripple.
Crypto X has been speculating whether the newly-elected president will stick to his promise and wondering who might replace Gensler at the helm of the securities regulator. Eleanor Terrett (a popular journalist at Fox Business) recently claimed she discussed the matter with “a person close to the Trump transition team,” who assured her that the successor “will be someone pro-crypto.”
NEW: I asked a person close to the Trump transition team about some of the names being floated for @SECGov chair and whether views on #crypto would factor into the decision.
The response: “I promise you it will be someone pro-crypto.”
— Eleanor Terrett (@EleanorTerrett) November 8, 2024
A new SEC Chairman who is more open to innovation and less inclined to hamper the crypto industry’s advancement by constant legal battles is considered good news not only for those invested in XRP but the entire digital asset market.
The Potential Effect on the Case
Last week, Fred Rispoli (a US attorney who has been following the updates surrounding the Ripple v. SEC lawsuit) argued that the election of Trump could lead to “extreme changes” at the watchdog.
He claimed that the $125 million penalty, which Federal Judge Torres ordered Ripple to pay for violating certain securities laws, is the biggest win the agency can gain. Rispoli also thinks that the SEC’s new potential leadership will “recognize this whole case was idiotic and settle at that point.”
“This might include a reduction in the fine and an agreement that current sales of XRP by Ripple are sufficiently structured to not be investment contracts,“ he added.
The American lawyer Jeremy Hogan chipped in, too. He went even further, forecasting that the new leader of the SEC may dismiss all non-fraud crypto lawsuits filed over the years. Similar to Rispoli, Hogan believes the case could be officially settled for the amount of $125 million:
“It would be…awkward to settle for less than what was already awarded by a Court! The Coinbase and other cases in litigation will simply be dismissed. This will take some time. Not January, but perhaps before summer. That’s my call, and I’m sticking to it.”
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Cryptocurrency
After XRP, Dogecoin Overtakes USDC to Become 6th-Largest Crypto by Market Cap
Dogecoin (DOGE) is on a roll. The OG meme coin crossed the $0.25 mark on November 10, 2024, for the first time in three years, then added another 25% in the last 24 hours to reach $0.28. Meanwhile, its market cap surged to a three-year high and is currently hovering near $42 billion.
As a result, Dogecoin flipped XRP and the USDC stablecoin to become the sixth-largest crypto asset by market cap.
Bold Predictions For Dogecoin
Experts suggest that the token may be primed for more accelerated gains. Crypto analyst under the pseudonym ‘Mikybull Crypto’ said that Dogecoin has just experienced a “golden cross” on its weekly chart, a bullish technical signal that last appeared in Q4 2020 before a massive price rally.
With the current golden cross, the analyst suggests that the asset may once again be poised for a significant upward trend. Based on Fibonacci extension levels, price targets between $2 and $4 appear achievable in this cycle, sparking optimism for a repeat of its historic growth trajectory.
Drawing from historical price patterns, another popular crypto analyst, Ali Martinez, said that Dogecoin’s potential peak may align between the Fibonacci retracement levels of 1.618 and 2.272. If this analysis holds, it places the meme coin’s possible top in the range of $3.95 to $23.26 – a massive leap from its current price levels.
#Dogecoin $DOGE is about to go parabolic! Based on historical patterns, a potential top might lie between the 1.618 and 2.272 levels, translating to a price range of $3.95 to $23.26. pic.twitter.com/FqvC3AEF7o
— Ali (@ali_charts) November 10, 2024
Meanwhile, another bold prediction suggests that Dogecoin could hit $30 by March 2025.
What’s Behind The Hype?
This surge can be attributed to Elon Musk, CEO of Tesla and SpaceX, who has been vocal in his support of Donald Trump, now President-elect, and even joined him on the campaign trail. Musk hinted at a possible role as the head of a proposed Department of Government Efficiency (D.O.G.E.). This was enough to stir humorous speculation that Musk might bring Dogecoin into the Treasury.
Following Trump’s victory and his pledges to support the crypto industry, the prices of several dog-themed assets have rallied over the past week. This includes Shiba Inu (SHIB), which moved up in market cap rankings to become one of the largest cryptocurrencies, surpassing Tron (TRX) and Toncoin (TON) along the way.
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Cryptocurrency
Cardano’s (ADA) Price Rally, Bitcoin’s (BTC) Fresh ATH, and More: Bits Recap Nov 11
TL;DR
- Bitcoin (BTC) hit nearly $82,000, now being the 9th-largest global asset in terms of market cap.
- Cardano’s (ADA) price rose 76%, driven by founder Charles Hoskinson’s latest announcements.
- Ethereum (ETH) gained 28% in the last week, with analysts eyeing a breakout past $3,200.
BTC Keeps Pumping
The past several days (ever since Donald Trump’s US presidential win) have been highly successful for the cryptocurrency market. The 47th President of America made numerous BTC-related promises during his campaign, and somewhat expected, Bitcoin has been at the forefront of gains lately.
Earlier today (November 11), its price hit a new peak of almost $82,000, while its market capitalization exceeded the staggering $1.6 trillion. This makes BTC the ninth-biggest asset in the world, surpassing well-known names like Meta (formerly known as Facebook), Tesla, and others.
Crypto X is full of analysts envisioning further gains for the asset. The one using the moniker Checkmate suggested that BTC has entered the so-called “Euphoria zone, convincingly breaking through the previous cycles’ ATH.”
He also noted that the price record coincided with “a relatively cooled down MVRV ratio.” According to CryptoQuant’s data, the Market Value to Realized Value has been hovering around an index of 2.
Readings below that level indicate that the asset is in a neutral or undervalued zone, suggesting more room for price growth. On the other hand, anything above 2 signals a possible pullback in the short term due to potential profit-taking from investors.
ADA in the Spotlight
Cardano (ADA) has charted an even more substantial price increase than BTC in the past week. It currently trades at just south of $0.60, representing a whopping 76% surge for the aforementioned period.
It is worth mentioning that its real bull run started on November 10, shortly after Cardano’s founder Charles Hoskinson published a 40-minute long video on X. He touched upon numerous topics, including the incoming administration of the newly-elected President Trump.
Hoskinson announced plans to dedicate significant time next year to collaborating with US policymakers to help create a more thorough and potentially supportive regulatory framework for the cryptocurrency industry.
“The crypto policy should be written by the American people, by the American crypto industry, and by well-meaning lawmakers who are willing to take the time to listen.”
What About ETH?
The second-largest cryptocurrency in terms of market cap was reluctant to join the bull run shortly after Trump’s victory.
However, in the past several days, it recorded a substantial increase, with its price briefly exceeding $3,200. As of the moment, it trades at around $3,100 (per CoinGecko’s data), which is a 28% spike on a weekly scale but still far away from the all-time high of over $4,800 witnessed in November 2021.
Multiple analysts noted ETH’s revival, predicting a much more impressive rally in the near future. X user Michael van de Poppe expects the valuation to “have some resistance” at around $3,200, envisioning a pump once it surpasses it. He also believes the Ethereum ecosystem will “heavily outperform in the coming period.”
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