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Cryptocurrency Chaos: $34.2B Surge Amid South Korea Turmoil

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  • Unprecedented Crypto Surge: South Korean exchanges saw a record $34.2 billion in trading volume within 24 hours.
  • Political Chaos Impact: Emergency martial law caused panic selling, with Bitcoin prices plummeting to $62,182 on Upbit.
  • Aftermath: Political unrest led to treason charges and impeachment efforts against President Yoon and key ministers.

South Korea’s cryptocurrency market recorded an unprecedented 24-hour trading volume of $34.2 billion across major local exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax. Upbit alone accounted for $27.25 billion, marking its dominance in the market. This staggering surge came during a turbulent political event, a six-hour emergency martial law declaration by President Yoon Suk-yeol late Tuesday night.

This trading frenzy nearly doubled the $18 billion volume recorded on December 2, which had already surpassed the daily turnover of the country’s stock market. According to Digital Asset, a South Korean cryptocurrency news outlet, this marked the highest single-day total for cryptocurrency trading this year.

Cryptocurrency Market Chaos During Political Crisis

The declaration of martial law, intended to counter alleged “anti-state” threats, triggered panic among South Korean crypto traders. Bitcoin prices on Upbit briefly plunged to 88 million won ($62,182), reflecting a sharp sell-off. Other major cryptocurrencies also faced significant declines. This panic-induced trading activity caused temporary outages across several platforms.

By early Wednesday, following a unanimous vote by lawmakers against the martial law order, President Yoon rescinded the decree. Crypto markets began to stabilize as the political situation eased.

The opposition party swiftly moved to press charges of treason against President Yoon and key government ministers, while also pushing for their impeachment. The broader political unrest has sent ripples across various sectors, with decentralized prediction markets like Polymarket reflecting the uncertainty. The odds of a half-million-dollar bet on Yoon’s early exit from office soared to 78% before settling at 47%.

Despite the immediate stabilization in the crypto market, South Korea’s political turmoil remains a focal point, with traders and investors closely watching its impact on the broader financial landscape.

TRON Hits New ATH: 81% Surge in TRX Price, Sparks Investor Frenzy

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  • TRON’s TRX token reached a seven-year high of $0.43, rising 81% to a market cap over $35.1 billion.
  • Market shifts direct funds from Bitcoin and Ethereum to established projects like TRON.
  • Meme coins on TRX Network thrive; FoFar token surged 240% in just 24 hours, showcasing heightened interest.

In a breath-taking surge, TRON’s TRX token has reached the illustrious price of $0.43, marking its highest level in seven years. On Tuesday, TRX experienced an astounding 81% price increase, pushing its market capitalization beyond $35.1 billion, according to CoinGecko. This explosive rally signals a notable shift in the cryptocurrency market dynamics, attracting the attention of investors and analysts alike.

As TRX’s ascendance unfolds, it appears to be part of a broader trend. Other cryptocurrencies such as XRP and Hedera (HBAR) are similarly experiencing bullish activity, buoyed by speculation surrounding changing regulatory frameworks in the United States. In stark contrast, market titans like Bitcoin and Ethereum have shown little movement. Funds are flowing away from these leading cryptocurrencies and meme coins towards established projects like TRX, which have seen substantial depreciation from their all-time highs.

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TRON Attracts Capital Amidst Market Confidence Surge

Pat Zhang, head of WOO X Research, notes, “Most older projects are fully circulated and have dropped over 90% from their peaks, allowing small amounts of capital to boost prices and attract market liquidity significantly.” This influx of capital into TRON reflects growing confidence among investors spurred by speculations, notably concerning TRX’s potential inclusion in Grayscale’s investment asset portfolio. Grayscale has already identified TRX among its 35 tokens under review, instilling a sense of institutional credibility.

TRON’s founder, Justin Sun, plays a pivotal role in this narrative. His recent $30 million acquisition of WLFI tokens associated with the Trump family, along with his active engagement in the community—like the conceptual artwork “Comedian”—helps draw attention to TRON and its ecosystem. This engagement has reportedly invigorated related tokens, further enhancing market interest.

While other meme coins span a downward trajectory, those on the TRON blockchain stand out. The FoFar (FOFAR) token, for instance, skyrocketed 240% within 24 hours, revealing the market’s growing appetite for TRON-based assets. The overall sentiment is ripe for continued growth as the crypto landscape evolves.

Dogecoin Surges Past $62 Billion Market Cap: Can the Strong Momentum Last?

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  • Dogecoin’s market cap surged to $62 billion, reflecting strong recovery and investor confidence.
  • Active addresses hit 9.23 million in November, underscoring tangible network adoption.
  • Price targets hinge on $0.50 resistance or $0.40-$0.35 support, influenced by market sentiment.

Dogecoin [DOGE] has achieved a significant milestone, surpassing a $62 billion market capitalization in early December. This impressive rise comes after months of subdued performance earlier in 2024. The cryptocurrency’s recovery has been fueled by surging transaction volumes, heightened on-chain activity, and growing investor enthusiasm. However, as the price climbs, the question remains: Can DOGE maintain this momentum or will a correction loom?

Dogecoin has experienced a remarkable surge, with its price reaching $0.44 after starting October below $0.10. This substantial growth reflects strong market optimism, supported by key technical indicators. The 50-day moving average, positioned at $0.26, has been a pivotal support level, acting as a catalyst for the rally. Meanwhile, the 200-day moving average at $0.15 underscores its long-term stability, providing a solid foundation for sustained bullish momentum.

The Relative Strength Index (RSI) currently sits at 62, signaling that Dogecoin has eased from its overbought conditions earlier in November. This cooling-off period suggests the potential for further gains, as the market still has room to accommodate renewed buying pressure. Together, these metrics underline the strength of DOGE’s recent performance and hint at the possibility of continued upward momentum.

Key price levels to watch include resistance at $0.50 and support at $0.40, with $0.35 as a stronger fallback during corrections. These markers will shape Dogecoin’s movement through December.

The market cap, which peaked above $62 billion, currently hovers at $61.3 billion. This slight dip aligns with moderate profit-taking but doesn’t overshadow the broader bullish trend.

Dogecoin Network Growth Underscores Adoption

Dogecoin’s network activity paints an optimistic picture. November saw a surge in transaction volumes, peaking at $10 billion daily before stabilizing at $2.44 billion in early December. Despite the slowdown, the network remains vibrant, signaling sustained adoption.

Active addresses hit a record 9.23 million in November, demonstrating growing interest from new and existing users. This tangible network growth supports Dogecoin’s market dominance and lessens the risk of purely speculative trading driving its price.

A break above $0.50 could propel Dogecoin to $0.60 or beyond, spurred by its expanding network and rising investor interest. Alternatively, failing to hold $0.40 may lead to a retracement toward $0.35. Broader market trends, particularly Bitcoin’s performance, will be pivotal in shaping Dogecoin’s December trajectory.

Cryptocurrency Crackdown: Cambodia Blocks 16 Exchanges, Usage Surge

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  • Cambodia has blocked 16 major cryptocurrency exchanges, including Binance and Coinbase, to regulate the market.
  • Retail crypto usage remains high, with centralized exchanges handling 70% of transactions.
  • Fraudulent activities, including scams linked to $49 billion in transactions, persist as key concerns.

Cambodia has intensified its efforts to regulate the cryptocurrency sector by blocking 16 major crypto exchange websites, including Coinbase and Binance. This move, part of a broader campaign, comes from the Telecommunication Regulator of Cambodia (TRC), which ordered the block of 102 domains under chairman Srun Kimsann. The crackdown aims to curb unlicensed activities and tighten oversight.

Despite these measures, Cambodia ranks among the top 20 countries for retail crypto usage globally. Reports reveal that centralized exchanges account for 70% of all crypto transactions in the country. However, fraud and criminal misuse of digital currencies remain significant concerns.

Out of numerous exchanges, only two firms have acquired operating licenses under the Securities and Exchange Regulator of Cambodia’s (SERC) “FinTech Regulatory Sandbox” program, launched in 2022. The gap between SERC’s progressive stance and the National Bank of Cambodia’s (NBC) conservative approach to digital assets further complicates the regulatory environment.

Binance, one of the affected platforms, has partnered with SERC to help shape a regulatory framework. A spokesperson stated, “We are closely monitoring the evolving situation.” Despite the crackdown, its mobile apps remain functional, hinting at the limitations of the restrictions.

Cryptocurrency Fraudulent Activities Cast a Shadow

Cryptocurrency-related fraud has drawn intense scrutiny in Cambodia. A prominent case involved the Huione Pay platform, which allegedly processed over $49 billion in transactions linked to scams across Southeast Asia. Criminal groups reportedly use digital currencies for dark-web payments, exacerbating the problem.

The UN Office of Drugs and Crime (UNODC) has highlighted these concerns, urging more robust measures. Yet, Cambodia’s enthusiasm for crypto among retail users shows no signs of waning, signaling a disconnect between regulatory ambitions and market realities.

XRP Holds Massive 38.9B Tokens, Sparks Escrow Manipulation Debate

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  • XRP Supply Dynamics: Ripple controls 38.9 billion tokens in escrow, fueling debates on market manipulation.
  • Historical Volatility: Past surges, like in 2018 and 2021, ended in steep collapses of up to 92%.
  • South Korean Influence: XRP/KRW trading volume hit $6 billion, contributing to the recent rally.

XRP has reclaimed the spotlight, capturing both euphoria and skepticism in the crypto world. Pseudonymous X user IncomeSharks, a trader with over 500,000 followers, has raised concerns about the token’s sustainability. According to him, the token might be headed for a sharp correction, potentially slipping below $0.60.

IncomeSharks pointed out that nearly half of the token’s supply isn’t in circulation. Ripple holds 38.9 billion tokens in on-ledger escrow accounts, a reserve often criticized for enabling price volatility. “There’s a reason this space dislikes XRP,” the trader remarked, citing its history of sharp pumps followed by deep crashes.

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The token’s rollercoaster ride is not new. On Monday, it surged to $2.81, nearing its all-time high of $3.40, fueled by speculation around Ripple’s RLUSD stablecoin and whispers of an XRP ETF. South Korea’s traders also played a pivotal role, with XRP/KRW trading volume on Upbit exceeding $6 billion.

Yet, this enthusiasm has a dark side. Historical trends show the token’s propensity for dramatic reversals. After hitting $2 in April 2021, the token lost 75% of its value in two months. Its previous peak in 2018 was followed by a 92% collapse.

XRP’s $100 Dream or a Familiar Fall: Details

Despite the excitement, analysts caution against irrational exuberance. The Ripple community is buzzing about the possibility of the token reaching $100. However, short interest in the token has risen, indicating that many investors are betting against such an outcome.

The question remains whether the token breaks free from its boom-and-bust cycle, or is history poised to repeat itself. The answer could redefine the token’s trajectory as the market waits for regulatory clarity and potential ETF approval.

Ripple Case End: Signs SEC May Surrender Soon

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  • Giancarlo predicts SEC will likely drop the Ripple case, citing a potential shift in regulatory priorities under a new SEC chair.
  • XRP shows resilience, trading at $0.57 with over $850 million in daily volumes, despite a 23% drop from yearly highs.
  • Paul Atkins emerges as a 60% favorite to replace Gensler, signaling potential relief for the crypto industry.

Ripple’s ongoing legal battle may soon see a breakthrough, as former Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo predicts the SEC will likely drop its case. During an appearance on Fox Business, Giancarlo confidently told Charles Gasparino, “I would bet they would.” His remarks have fueled optimism about the firm’s future in the case that began in December 2020, when the SEC alleged the firm sold unregistered securities via XRP.

The SEC recently filed a notice of appeal against Judge Torres’ landmark ruling favoring Ripple. Ripple countered with its cross-appeal, reflecting a chess match between the two parties. However, the tides may shift as Wall Street anticipates a more crypto-friendly SEC leader. Current SEC Chair Gary Gensler, criticized for his hardline stance, will leave office in January.

Ripple’s chief legal officer Stuart Alderoty has suggested that the incoming SEC chair should drop all non-fraud crypto cases on their first day. His statement aligns with Giancarlo’s optimistic outlook. Markets are buzzing with speculation, fueled by prediction platform Kalshi. Paul Atkins, a former SEC Commissioner, leads the race for the SEC’s top spot with a 60% chance. Former Binance US CEO Brian Brooks trails at 20%, while Robinhood’s Dan Gallagher, once a strong contender, has ruled himself out.

Ripple’s clash with the SEC is emblematic of the agency’s broader crackdown on crypto. Binance and Coinbase have also faced legal scrutiny, showcasing the SEC’s far-reaching influence on the industry. With Gensler’s departure imminent, analysts anticipate a lighter regulatory touch under new leadership.

Market Impact and Ripple’s Resilience

XRP’s market performance has mirrored developments in the case. The token currently trades at $0.57, marking a 23% drop from its yearly high of $0.74. However, daily trading volumes remain robust, exceeding $850 million, a testament to XRP’s resilience amid uncertainty.

Broader crypto markets have also reacted positively to leadership speculation. Bitcoin remains steady at $37,200, while Ethereum hovers at $2,050. Industry experts believe a resolution of Ripple’s case could set a significant precedent, reshaping how crypto assets are regulated in the U.S.

Giancarlo’s comments suggest that Ripple’s legal saga may end soon. If the SEC withdraws its case, it could catalyze a bullish phase for XRP and other cryptocurrencies, reaffirming the industry’s commitment to innovation despite regulatory challenges.

Shiba Inu Tokens Set to Build a Powerful 20-Year Legacy of Sustainability

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  • Shiba Inu’s ecosystem tokens are positioned for long-term sustainability, with unique roles like governance, rewards, and gas fees.
  • Kaal Dhairya envisions handing over SHIB, LEASH, BONE, and TREAT to future generations as a lasting legacy.
  • Shibarium and other ecosystem utilities solidify Shiba Inu’s relevance in gaming, metaverse, and decentralized finance.

Shiba Inu’s lead developer, Kaal Dhairya, has outlined the team’s ambitious long-term vision for its ecosystem tokens. Responding to a thought-provoking question posed by Rand Hindi, CEO of Zama, Dhairya highlighted the sustainability of Shiba Inu’s tokens — SHIB, LEASH, BONE, and TREAT. His response shed light on the project’s enduring objectives and commitment to longevity.

Hindi had asked his Twitter followers which cryptocurrency assets would remain relevant over the next 20 years. A strong advocate for Ethereum, Hindi shared his intention to pass Bitcoin to his children on their 18th birthdays, emphasizing his belief in BTC’s long-term utility. Dhairya, however, presented a different perspective, likening the interconnected roles of Shiba Inu’s ecosystem tokens to a “Super BLT sandwich” to illustrate their lasting significance in the future.

Shiba Inu Ecosystem Tokens: A Recipe for Longevity

The Shiba Inu ecosystem is structured to ensure sustainability and utility, with each token playing a distinct role:

  • SHIB: Serves as both a medium of exchange and a store of value. It is widely used for payments and burn initiatives aimed at reducing its overall supply.
  • BONE: Functions as the governance token for the ecosystem and powers Shibarium, Shiba Inu’s Layer-2 blockchain, as the gas fee token.
  • LEASH: Provides exclusivity, offering liquidity rewards and opportunities for NFT minting.
  • TREAT: A forthcoming reward token, designed to fund community-driven projects and encourage active participation within the ecosystem.

Together, these tokens will form the governance foundation of the Doggy DAO, empowering the Shiba Inu community to influence the project’s direction and future.

Dhairya’s vision aligns with the team’s efforts to ensure Shiba Inu’s relevance extends decades into the future. This includes expanding the ecosystem through gaming, metaverse integration, and decentralized finance projects. Shibarium, the project’s Layer-2 blockchain, has been a key milestone, adding real-world utility to the ecosystem.

This commitment reflects confidence in the Shiba Inu project’s resilience against market volatility. The data supports this positive outlook: SHIB currently has a market capitalization of $6.3 billion, placing it 15th in global rankings. Since the launch of Shibarium, BONE’s function as a gas token has driven a surge in demand, with over 2.5 million transactions processed. Additionally, SHIB’s burn initiatives have successfully eliminated more than 41% of the original supply, enhancing its deflationary characteristics.

Kaal Dhairya’s comments underscore Shiba Inu’s ambition to become a legacy project in the crypto space. By ensuring utility, governance, and community empowerment, the team is building a future-ready ecosystem designed to endure.

Dogecoin Could Soar 9,000% Despite Recent Setback

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  • Dogecoin has lost ground recently but retains a strong monthly performance.
  • Analysts project near-term targets between $0.55 and $0.85, with potential long-term gains of 9,000% or more.
  • Growing volumes and market patterns suggest DOGE remains poised for another rally.

Dogecoin’s (DOGE) momentum has slowed in recent days, with the meme coin losing 8% in the last 24 hours. Currently trading at $0.3900, this decline has reduced its weekly gain to a modest 2.29%. However, the monthly chart still reflects a stunning 188% rise, keeping optimism alive among analysts.

TradingView analyst MadWhale has set a bullish tone for DOGE’s near-term future. Despite recent consolidation, he predicts a 37% price surge, targeting a breakout to $0.55. His confidence stems from Dogecoin maintaining support above the critical $0.3000 level, derived from Fibonacci retracement analysis.

MadWhale highlights increasing trading volumes and heightened social media activity as additional factors fueling DOGE’s potential rebound. In his view, Dogecoin is primed for a substantial rally once bullish sentiment resurfaces.

Alternative Views on Dogecoin’s Trajectory

Other analysts share an optimistic outlook on Dogecoin’s trajectory. Bluntz views the recent consolidation as part of a Wave 4 correction, setting the stage for a significant parabolic rally, and advises holding off on profit-taking until DOGE hits $1. Similarly, Trader Tardigrade highlights the emergence of a Bull Pennant pattern, projecting a potential rise to $0.85, which would represent a new all-time high for the cryptocurrency.

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Looking further ahead, Ali Martinez forecasts a speculative surge of up to 30,000%, pushing DOGE beyond $10. He tempers enthusiasm with a warning of interim corrections ranging from 40% to 50%, echoing patterns from past cycles.

Dogecoin has experienced an 8% drop in the past 24 hours, though it still holds a modest weekly gain of 2.29%. On a broader scale, the meme coin boasts an impressive 188% increase over the past month, with a key support level established at $0.3000.

As analysts debate short-term corrections and long-term aspirations, Dogecoin’s journey continues to captivate the market. The meme coin king may yet surprise investors with its next big move.

XRP ETF Filing by WisdomTree Signals Massive $113B Opportunity

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  • WisdomTree’s filing: Marks a significant step toward XRP ETF adoption in the U.S.
  • Regulatory shifts: Trump’s presidency and Gensler’s exit could boost crypto-friendly policies.
  • XRP’s resilience: Institutional interest highlights its role in the evolving crypto ecosystem.

New York-based asset manager WisdomTree, overseeing $113 billion in assets, has filed for an XRP Exchange-Traded Fund ( XRP ETF) in Delaware. This move underscores growing confidence in cryptocurrency investments as the market rides a wave of optimism.

WisdomTree joins industry heavyweights such as Bitwise, Canary Capital, 21Shares, and Grayscale in the race to launch an XRP ETF. Yet, the U.S. Securities and Exchange Commission (SEC) has not approved any XRP ETFs to date.

The regulatory hurdles stem from Ripple’s partial legal victory in July 2023, when a federal judge ruled that XRP is not a security in retail sales. However, the SEC’s appeal, filed on October 2, 2024, has delayed definitive outcomes, with decisions expected in 2025.

Analysts are optimistic that a regulatory shift is on the horizon. Donald Trump’s 2024 presidential victory and the planned departure of SEC Chair Gary Gensler in January 2025 could create a more crypto-friendly environment. Trump’s administration has signaled support for blockchain innovation, potentially accelerating XRP ETF approvals.

Wisdom Tree’s XRP ETF Filing

WisdomTree’s filing aims to replicate the success of its European XRP and Ethereum Exchange-Traded Products (ETPs), which offer investors spot price exposure. A U.S.-based XRP ETF would mark a significant milestone for the firm and for the broader crypto market.

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Attorney John Deaton, a vocal XRP advocate, highlighted the asset’s durability. “Hate it or love it, the token is the most resilient crypto asset around,” he said.

XRP’s ability to weather regulatory scrutiny while maintaining its position as a top-ten cryptocurrency by market cap demonstrates its strength. With institutional players like WisdomTree pushing for ETF approvals, the token’s potential for mainstream adoption grows clearer.

XRP stands firm amid challenges, signaling that its journey toward broader adoption is far from over.

Dogecoin Pushes for $1M Goal: 2025 Funding Drive Starts With Optimism

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  • Dogecoin Foundation seeks 2025 sponsorship to fund Dogebox, aiming to onboard one million retailers with decentralized payment solutions.
  • Dogebox allows businesses to self-host stores, integrate Dogecoin payments, and reward node operators, driving adoption.
  • Funding remains undisclosed; scalability issues persist as Dogecoin progresses toward global payment readiness.

The Dogecoin Foundation has announced a funding drive to advance its ambitious Dogebox initiative. Developers are aiming to attract significant sponsors in 2025 to grow the DOGE community and push mass adoption of the cryptocurrency. This effort is part of a broader vision to make DOGE a go-to payment option for grassroots retailers worldwide.

Dogebox is designed to empower small and medium-sized businesses by enabling decentralized transactions. This infrastructure will let retailers self-host online stores and integrate DOGE into existing payment systems. Node operators will also earn rewards for processing payments in DOGE, fostering a sustainable ecosystem.

The Dogecoin Foundation envisions Dogebox as the catalyst for onboarding one million grassroots retailers, helping DOGE evolve from a meme coin to a serious contender in global commerce.

Dogecoin Foundation’s Funding Targets Remain Unclear

The exact amount of funding sought by the foundation is yet to be disclosed. Previous backers, such as Ethereum founder Vitalik Buterin and an anonymous DOGE whale, provided undisclosed sums to support the foundation. It remains uncertain if they will continue their sponsorship in 2025.

DOGE’s price, currently at $0.40, has experienced a slight dip of 3% over the past 24 hours, following a recent high of $0.475, according to CoinGecko. Despite this, DOGE remains the largest meme coin in the market, with an active and growing community.

Dogebox forms a key component of the Dogecoin Foundation’s three-step trail map aimed at advancing the ecosystem. Significant progress has been made, with 90% completion in enhancing development accessibility and community engagement. The initiative has fully achieved its goal of reducing barriers to adoption, making Dogecoin more accessible for commercial use. However, the final step, scaling the network to support global transaction demands, remains an ongoing challenge.

While the first two objectives are nearly achieved, scalability remains a significant hurdle.

The Dogecoin Foundation’s push for funding signals its commitment to making the cryptocurrency a legitimate payment solution. Whether these plans materialize depends on community backing and substantial sponsorship in the year ahead.