TronWeekly

Crypto World News

You are here: Home / Search for "dogwifhat"

Search Results for: dogwifhat

Meme Coin Frenzy Takes Solana and Ethereum by Storm

by

Meme coins, often dismissed as frivolous, are gaining credibility in the crypto sphere. BitMEX co-founder Arthur Hayes challenges the notion of labeling them as “stupid and valueless.” In a recent interview, he highlighted their potential to attract attention and talent to blockchain networks. Hayes emphasizes their role in fostering community engagement and expanding the user base. This sentiment is echoed by Real Vision CEO Raoul Pal, who sees memecoins as a gateway for younger investors, tapping into the gaming mentality prevalent among Gen Z and millennials.

Despite skepticism from industry experts like Ethereum co-founder Vitalik Buterin, meme coins are proving their worth as a vibrant sector within crypto. Solana-based meme coin, WIF, recently surpassed Ethereum’s ARB in market capitalization, demonstrating their growing influence. However, caution is warranted, as Franklin Templeton warns of the risks associated with investing in assets lacking fundamental value.

Meme Coin Mania Grips Cryptocurrency Market

The meteoric ascent of meme coins, exemplified by tokens like Shiba Inu (SHIB), Dogwifhat (WIF), and BOME, ignites both enthusiasm and trepidation in the cryptocurrency realm. While some hail these coins as a lighthearted introduction to digital assets, others, including CryptoQuant CEO Ki Young Ju, raise red flags about their potential harm to the industry.

Ju voices concern over meme coins’ viral promotion and speculative essence, which he believes could undermine the credibility and evolution of cryptocurrencies. He warns against the overshadowing of genuine projects by billion-dollar meme coins, emphasizing the risks of these tokens to investors’ portfolios.

Comparing the trend to the speculative fervor of the initial coin offering (ICO) era, Ju underscores the allure of quick gains through meme coins, cautioning against potential losses akin to those experienced during the ICO boom of 2018. Despite arguments advocating for memecoins as an on-ramp for new entrants, Ju urges vigilance, drawing from the cautionary tales of past industry bubbles, as reported by TWJ.

Nevertheless, memecoins continue to outperform other crypto assets, indicating their resilience and potential for further growth. As the crypto landscape evolves, memecoins may play an integral role in shaping the future of decentralized finance and blockchain technology.

Floki’s Binance Pay Integration Fires Up 12M Users

by

Amidst a resurgence in the meme coins’ ecosystem, Floki stepped into the limelight as over 12 million users gained access to utilize it for transactions at premier merchants via Binance Pay. The integration by the renowned crypto payments platform has not only boosted its utility but also bolstered its competitive stance against fellow meme coins such as Dogecoin [DOGE], Dogwifhat [WIF], and PepeCoin [PEPE].

This means over 12 million active users can use the token to pay merchants for goods and services across the world and within the Binance app’s Marketplace. Emerging as the key payment option, it has also opened up new horizons and possibilities.

Buy luxury cars and properties. Book flights or hotels at Travala or Despegar. Shop at global e-comm retailer Farfetch or Printemps, a leading French department store. Make payments at up to 5,000 POS terminals in Bahrain – Pay for items in supermarkets (Pick N Pay Africa): Pay at pharmacies (ANC Pharmacy Ukraine) Binance Pay enables anyone to make instant, borderless, secure payments directly from within the Binance App. Finally, besides merchant payments, you can also pay friends and family via Binance Pay!

The meme coin ecosystem burned a total of 214 billion FLOKI tokens in March, representing strong utility demand as part of its commitment to improving tokenomics and generating long-term value. This amount exceeds $55 million and surpasses the combined burns of other top meme coins such as DOGE, SHIB, PEPE, WIF, and BONK.

Floki’s Token Burn Strategy

According to the official blog, these burns are primarily driven by Floki’s utility products and a DAO-approved burn mechanism. Firstly, the Floki Staking Program imposes a penalty fee of 5-20% whenever a staker decides to unstake their tokens earlier than the scheduled date. These burnt tokens are effectively removed from circulation, reducing the overall supply of Floki tokens. Secondly, the FlokiFi Locker DeFi protocol further contributes to the burning program by purchasing and burning the token whenever it is used on the Ethereum and Binance Smart Chain [BNB] networks.

Floki
Floki's Binance Pay Integration Fires Up 12M Users 2

Looking ahead, the team anticipates these burns to accelerate with the introduction of more Floki products later in the year.

Solana Ecosystem Soars As $WIF and $JUP Lead Gains, $SOL Nears $200 Milestone

by

The Solana ecosystem has been on an extraordinary upsurge the entire week, as many assets within it have recorded significant gains. Data from Santiment, an on-chain analytics platform, indicates that dogwifhat (WIF) and Jupiter (JUP) tokens have been at the forefront, with WIF going up by 8.9% and JUP by 7.9% on Saturday only.

Nevertheless, its native token has stood out among all others that are there in the marketplace. SOL has shown a sign of a comeback after a long period of consolidation and almost hitting the $200 threshold for the first time since 2021.

According to CoinMarketcap, WIF is now trading at $4.59 which represents a significant increase of 65.27% over the last seven days alone. The coin moved up to #29 place in terms of overall market cap with market capitalization equal to $4 billion and a circulating supply of nearly 999 million WIF coins.

WIF 1D graph coinmarketcap 1
Source: CoinMarketcap

Analyst Asad believes WIF’s current market share of 0.65% of the total cryptocurrency market cap could be just the beginning, but it could also probably not be the first step. If, for instance, the total market cap reaches $2.5 trillion and WIF keeps its current market share, Asad estimates that the token can reach $16 in price.

However, if WIF’s market share increases, the possible upside could be even higher with targets of $25 at 1% market share, $50 at 2% market share, and a whopping $95 if it matches Shiba Inu’s highest-ever proportion of 3.8% during last year’s bull run.

Asad is confident that WIF is paving the road toward $100, citing factors such as Bitcoin’s recent breakout above its historical high record, Solana’s potential to soar four times from here on out, coin meme snowballing effect, crypto capital inflows and favorable macroeconomic conditions and politics.

Another standout performer in the Solana ecosystem has been the Jupiter Exchange’s native token. JUP has surged almost 20% in the last 24 hours and 40% over the past week, coinciding with a broader rally in the ecosystem. This spike can be attributed to Jupiter’s unveiling of its Core Working Group (CWG) budget proposal voting, signaling significant developments within the Solana landscape.

Solana (SOL) Shows Bull Flag Formation

As for SOL, it is currently trading at $197.09, with a 24-hour trading volume of $2 billion. The cryptocurrency has gained 3.32% in the last 24 hours and 11% over the past week. 

SOL 1D graph coinmarketcap 13
Source: CoinMarketcap

According to the analyst Rekt Capital, Solana is showing initial signs of developing a Bull Flag formation at these highs, following the successful retest of the Range Low as new support. This technical pattern could potentially signal further upside for the token in the near future.

Solana The Hype Real? Data Shows It Dominates 2024, Capturing Nearly 50% Of Investor Interest

by

The Solana blockchain ecosystem has captured an outsized share of global crypto investor attention so far in 2024, according to a new research report from crypto data provider CoinGecko. The report, titled “What Are the Most Popular Blockchain Ecosystems?” found that a staggering 49.3% of interest in specific blockchain narratives has centered around the Solana ecosystem year-to-date.

Solana’s soaring popularity has been driven by the continued rally in the price of its native SOL token back toward all-time highs set in 2021. Enthusiasm has also been fueled by the strong performance of major Solana-based projects like the Pyth data oracle and popular meme coins such as dogwifhat.

To measure blockchain ecosystem popularity, CoinGecko analyzed its global web traffic data from January 1 to March 18, 2024, excluding bot traffic. The research examined interest across over 50 different blockchain ecosystems and layer 2 scaling solutions.

The Landscape Beyond Solana: Ethereum and Others

After Solana’s commanding lead, the second most popular ecosystem is the well-established Ethereum blockchain at 12.7% mindshare. However, the report notes Ethereum’s relatively lower ranking likely stems from it being a familiar, legacy chain. Attention is increasingly shifting to layer 2 networks building atop Ethereum’s base layer.

Binance’s BNB Chain ecosystem ranks third at 5.4% after BNB’s token price rallied towards new highs. In fourth place is Cosmos, with 4.5%, followed by Avalanche, which had a strong growth of its gaming and meme coin ecosystem.

Arbitrum tops the list with mindshare of 3.3% among L2s scaling Ethereum followed by Coinbase-related Base at 3.2%. Metis, zkSync, and Polygon complete the top five most popular layer 2 ecosystems. Taken together, Ethereum layer twos amount to approximately 11.9% of overall interest and so almost matches Ethereum itself at nearly 12.7%.

These findings provide insight that quantitative change in investor focus across various crypto-assets has been dramatic this year, as shown in the report. For instance, in 2024 crypto investors seemed to be shifting their attention to other blockchains such as Solana from only Ethereum as well as a few other L1s alongside an array of L2s solutions.

It remains to be seen if Solana’s wildfire can sustain its scintillating pace through the rest of the year. But for now, all eyes continue burning a gaze toward the ascendant ecosystem consuming the crypto landscape.

Related Reading | VeChain (VET) Soars: Chart Patterns Point to Bullish Momentum Ahead

Meme Coin Surge : 2018 ICO Disaster Repeating Itself?

by

The recent meteoric rise of meme coins, epitomized by tokens like Shiba Inu (SHIB), Dogwifhat (WIF), and BOME, has sparked both excitement and concern within the cryptocurrency community. While some view these coins as a playful entry point into the world of digital assets, others, like Ki Young Ju, CEO of CryptoQuant, are sounding the alarm about their potentially detrimental effects on the industry.

Ju’s apprehensions stem from the viral marketing and speculative nature inherent in meme coins, which he believes pose a significant threat to the legitimacy and progress of the cryptocurrency sector. He warns against the overshadowing effect of billion-dollar meme coins on legitimate projects striving to innovate and advance the industry.

Screenshot 169
Source: X

Drawing parallels to the speculative frenzy of the initial coin offering (ICO) era, Ju highlights the allure of easy money through meme coins, which he fears could lead to widespread losses for investors. Despite arguments that meme coins serve as a gateway for new users to enter the crypto space, Ju cautions against the risks involved, citing past failures of projects from the ICO boom in 2018.

Meme Coin Hype Masks Innovation Shortcomings

In response to counterarguments suggesting that these coins are simply a manifestation of the inherent speculation in the crypto market, Ju expresses concern about the lack of industry leaders advocating for genuine product development. He observes a troubling trend wherein the market gravitates towards gambling rather than fostering innovation and building tangible solutions.

Ju emphasizes the importance of visionary leaders like Changpeng Zhao, the former CEO of Binance, who champion substantive products and innovation within the industry. Zhao’s leadership exemplifies a commitment to driving the industry forward with meaningful contributions.

As the crypto community grapples with the implications of meme coins, it becomes evident that a balance must be struck between fostering innovation and managing speculative fervor. With regulatory scrutiny intensifying and industry leaders like Zhao under legal scrutiny, the future of meme coins and their impact on the broader cryptocurrency landscape remains uncertain. However, Ju’s warnings serve as a timely reminder of the potential pitfalls of chasing quick gains in an evolving market.

Solana Breaks $200: Targets Set for Explosive Growth

by

Continuing its impressive momentum, Solana’s popularity has soared to new heights. According to the latest data from Google Trends, the search popularity of the word Solana has hit 100, signifying the highest level of interest for this specific search term. Not only that, SOL’s ascent to the top of the popularity index has set a new precedent in the blockchain’s 5-year history. So far, the layer-1 network recorded the second-highest search popularity of 84 in early September 2021.

This came as the price broke past the $200 level. In an arena frequently dominated by meme coins, SOL’s entry has boosted the altcoin troupe. Since hitting bottom in Dec. 2022, the token’s value has been soaring and has risen nearly twenty times from its lowest low, per market analyst Negentropic.

Based on Fib levels, a technical indicator that identifies potential areas of support and resistance in a price trend, Negentropic suggests a sustained upward movement in the price action. The Fib levels mentioned here are price targets 268, 427, and 686.

Solana
Solana Breaks $200: Targets Set for Explosive Growth 7

Solana recently flipped BNB to  become the 4th largest cryptocurrency in the world by market value. What makes this revelation even more intriguing is how SOL outpaced its cryptocurrency counterparts. Solana’s activity, specifically non-voting user transactions, surpassed that of Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche collectively.

This remarkable milestone highlights Solana’s growing prominence and widespread adoption in the blockchain space. Recent data from The Block’s dashboard also highlighted the record-high surge in the wallet address.

Solana’s Meme Coin Sensation

Meanwhile, Solana’s newest memecoin star, Dogwifhat [WIF], made a grand appearance on the famous Vegas Sphere after successfully raising $681k in just three days. WIF’s price and market cap have grown at an exponential rate, with more investors and traders betting on the token’s popularity. The price reached an all-time high, making it the largest meme coin on the Solana blockchain.

WIF’s rapid ascent has sparked conversations about its evolving beyond the realm of meme-based cryptocurrency and transitioning into a more serious contender in the world of alternative digital assets, or altcoins. The frenzy has reached fever heights particularly with the latest update revealing that the original photo of Dogwifhat, featuring Achi the dog, sold for 1,210 ETH [$4.3 million+].

Ethereum Plummets 7% As Dencun Upgrade Activates: Analysis & Outlook

by

The highly anticipated launch of the Dencun upgrade for Ethereum finally occurred on March 13. This led to a drop in price by 7% from $4,082 to $3,656 as per CoinMarketCap data. However, during these periods of time, Ethereum was not operating under the same network conditions when it had croosed above $4,000 in late 2021.

ETH 1D graph coinmarketcap 2
CoinMarketcap

In particular, network congestion per transaction has been reduced to less than one-sixth of what it used to be. This reduced strain is due in part to better fee dynamics that came with the Ethereum 2.0 transition, causing average gas fees to stand at a relatively low $9.35. In history, Ether’s increased adoption over longer periods and thriving use cases have always been maintained by keeping lower charges and relieving network blockages.

The Ethereum Foundation’s 183rd All Core Devs Execution Layer (ACDE) meeting provided an encouraging post-mortem on the Dencun rollout. “The fork went extremely smoothly. No major issues were observed,” the core devs stated, despite node participation rates temporarily dropping from 99% to 95%, likely due to some node operators failing to perform the necessary upgrades promptly.

Dencun represented “the most complex fork shipped since the Merge” in terms of making sweeping systemic changes. It also matched the Byzantium fork by including the highest total number of approved Ethereum Improvement Proposals (EIPs) enacted in a single upgrade event.

Ethereum’s Latest Upgrade Hits its Stride

Tim Beiko, a key figure in the Ethereum developer community, commented on Dencun’s effect on X (Twitter). He noted that even as anticipated, “blob” transaction data handling did not result in delayed block propagation times—although there was a slight rise from 13-14 chain reorganizations/day pre-fork to 17-18 post-launch.

However, these re-orgs did not exhibit abnormal depth beyond the common single-block variety. Regarding the blob transactions’ fee market dynamics, Beiko observed that activity has yet to outpace the base fee levels, so the true long-term fee equilibrium remains uncertain. Overall, he hailed Dencun as “an extremely smooth conclusion to 2+ years of implementation work” and extended a “huge congrats” to all teams whose efforts made it possible.

Looking ahead, the next steps involve marking the Dencun EIPs as “Final” and initiating the official retirement of the Goerli test network within the next month, although most validators had already stopped utilizing it organically.

Then the discussion turns to prioritize proposals for Pectra hard fork, such as BLS signature precompiles, adjusting CALLDATA gas costs for blob transactions, aliasing ORIGIN as SENDER for security purposes and many others. Nonetheless, no final decisions about Pectra’s scope and timeline have been agreed upon since developers want to spend weeks evaluating the highest-impact additions before they finalize plans.

Related Reading | Raoul Pal, Real Vision Group CEO, Makes Waves With Dogwifhat (WIF) Investment

Solana’s Largest Meme Coin Hits The Vegas Strip

by

Solana’s newest memecoin star, Dogwifhat [WIF], is set to make an appearance on the iconic Vegas Sphere after successfully raising $681k in just three days. WIF’s price and market cap have grown by leaps and bounds, with more investors and traders betting on the token’s popularity. The price reached an all-time high, making it the largest meme coin on the Solana blockchain.

WIF’s rapid ascent has sparked conversations about its evolving beyond the realm of meme-based cryptocurrency and transitioning into a more serious contender in the world of alternative digital assets, or altcoins.

Dogwifhat is leveling up! From meme to might, it now hits a $3 billion cap. With its mascot set to dazzle Las Vegas’ Sphere, is WIF shedding its meme status for altcoin fame?

Solana
Solana's Largest Meme Coin Hits The Vegas Strip 10

Sporting an image of a dog donning a hat as its logo, the project claims to be “the most sophisticated meme coin ever made. In contrast to Dogecoin, which operates on its proprietary blockchain, dogwifhat leverages Solana’s fast and scalable chain, thus facilitating smart contracts and decentralized applications. WIF harnesses SOL functions such as lower charges attached to transactions, large scale, and seamless interoperability with other blockchains, ensuring a smooth trading experience for users.

Solana’s Meme Coin Boom

The meme coin craze has escalated to unprecedented levels as one anonymous trader purportedly amassed a fortune. On November 26, 2023, the trader acquired 2.58 million WIF tokens for a mere $310, or 5.288 SOL. As reported by TronWeekly, they sold these tokens for an astounding $1.4 million, marking an incredible return of over 451,000%.

Overall, the Solana meme coin ecosystem is exploding, with a nearly $7 billion valuation, representing around 10% of the total market. Recently, Messari CEO Ryan Selkis lauded Solana’s standout features, such as a seamless trading experience highlighted by tools like Phantom and Backpack, DEXscreener trading integration, minimal fees, and rapid transaction processing. In a market cluttered with speculative tokens, these elements collectively distinguish the blockchain, setting it apart from the rest.

A disclaimer: Investors should exercise caution when dealing with meme coins, as they are subjected to market volatility and inherent risks. It is advisable to conduct thorough research before considering any investment in these assets.

Shiba Inu Resilience: Surge, Slump, And Spectacular Recovery Amid Market Volatility

by

Shiba Inu’s price has decreased 25% from $0.000045 on March 5th to $0.000033, which has left many questions in our minds. As a result, intense selling pressure arose from this sharp fall. However, SHIB is making efforts to regain the price level of $0.00003.

SHIBUSD 2024 03 07 21 58 05
Source: Tradingview

SHIB’s price chart shows a sudden sharp correction following a period of very high gains, which is not unusual for SHIB’s volatile nature. There was an incredible rise in the digital asset that pushed it to some of its highest levels ever and was immediately followed by a rapid drop.

Despite the chaos, there is a glimmer of hope. As per sentiment analysis conducted by Santiment, traders are fairly bullish on SHIB’s chances for recovery. The same sounded for Dogwifhat (WIF), another meme coin that had a stunning run and jumped 640% from $0.3068 on February 23 to an all-time high of $2.27 on March 6th. During the period, SHIB alone had an impressive rally of 378%.

Shiba Inu Resilience Amidst Market Volatility

The meme coin frenzy helped these assets to higher highs, and despite the recent market-wide retracement, Shibarium investors remain bullish on their recovery. Shiba Inu has seen record levels of bullish discussion on social media, with Santiment mentioning buying SHIB for holding purposes, apparently spurred by recent price and market cap increases.

SHIB’s market cap rose to $20.96 billion from 23rd February to 6th March, just like what we saw in December 2021 as it catapulted into the top 10 cryptocurrencies. This amazing move from just $5.22 billion on February 6 added a good sum of $15.74 billion within one month alone.

There has been a 9.39% drop in the last 24 hours, with SHIB trading at $0.00003173; it, however, showed a 170% gain over the past week. This period of high losses was promptly followed by optimism among proponents, who later built up their faith again in SHIB, which might make them a popular token once more.

As the crypto market continues to navigate through uncertain waters, the steadfast spirit of Shiba Inu serves as a testament to the enduring belief in the asset’s recovery and growth. With traders and investors rallying behind SHIB, the future looks promising for this beloved meme coin.

Related Reading | Ripple Boosts Enterprise Solutions With Standard Custody Acquisition

Top 6 Memecoins Surges Rapidly While Bitcoin Experienced Huge Spike & Ethereum Shine

by

Bitcoin (BTC) and Ethereum (ETH) have been commanding significant attention in the dynamic cryptocurrency landscape. BTC is edging closer to its previous all-time high, while ETH has exhibited remarkable resilience by overcoming substantial resistance levels. Despite these notable performances, the overall market sentiment remains bullish, with numerous altcoins demonstrating impressive growth trajectories. Memecoins, in particular, have emerged as focal points, drawing attention with their exceptional gains.

Top 6 Memecoins Rapid Surge

Within the realm of memecoins, Pepe (PEPE) has emerged as a standout performer, experiencing an unprecedented surge of 400% over the past week. At its pinnacle, the memecoin reached an impressive peak of $0.00000766. Presently, PEPE continues to maintain momentum, trading at $0.00000716, marking a substantial 32.80% increase in price and an impressive 80% surge in trading volume within the last 24 hours.

PEPE 7D graph coinmarketcap 1
Source: CoinMarketcap

Dogwifhat (WIF) has captured significant interest, boasting a weekly surge exceeding 338%. The memecoin currently valued at $1.63, WIF showcases stability despite a marginal 6.81% decrease in price, accompanied by a modest 8.56% decline in trading volume within the last 24 hours.

WIF 7D graph coinmarketcap
Source: CoinMarketcap

Floki (FLOKI) has also made waves within the cryptocurrency community, exhibiting a remarkable 320% gain over the past week. Presently the memecoin is trading at $0.0001536, FLOKI demonstrates resilience with a slight 4.23% increase in price, juxtaposed with a notable 26% decrease in trading volume within the last 24 hours.

FLOKI 7D graph coinmarketcap
Source: CoinMarketcap

Bonk (BONK) Solana based memecoin has witnessed a surge of over 205% in the past week, currently trading at $0.00003664. Despite experiencing a significant 45% increase in price, BONK also boasts a remarkable 108% surge in trading volume within the last 24 hours, indicating heightened investor interest.

BONK 7D graph coinmarketcap 2
Source: CoinMarketcap

Shiba Inu (SHIB) a well known memecoin has showcased robust growth, boasting a notable 178% increase over the last week and currently trading at $0.00002711. With a commendable 22% rise in price and a modest 2% increase in trading volume within the last 24 hours, SHIB continues to captivate market participants.

SHIB 7D graph coinmarketcap 1
Source: CoinMarketcap

The pioneering memecoin, Dogecoin (DOGE), has recorded impressive gains of 92% over the last week, trading at $0.1674. DOGE has experienced an 18% increase in price and an impressive 80% surge in trading volume within the last 24 hours, underscoring its enduring appeal within the cryptocurrency ecosystem.

DOGE 7D graph coinmarketcap
Source: CoinMarketcap

Moreover, several altcoins, including Bitcoin Cash (BCH), Cardano (ADA), Polkadot (DOT), and Solana (SOL), have reported substantial gains in their weekly charts. BCH surged by an impressive 70%, ADA by 33%, DOT by 31%, and SOL by 28%, as per data sourced from CoinMarketCap, further illustrating the widespread bullish sentiment pervading the cryptocurrency markets.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin (BTC) has recently surged, surpassing the $66,000 mark. As of the latest update, BTC is priced at $66,256, boasting a 24-hour trading volume of $65.53 billion and a market capitalization of $1.30 trillion. Notably, BTC has seen a 6.02% increase in price within the last 24 hours, with an impressive gain of 28% over the past week.

BTC 7D graph coinmarketcap 21
Source: CoinMarketcap

Renowned crypto analyst CryptoCon has conveyed an optimistic outlook for Bitcoin’s future trajectory, hinting at a potential early Christmas for enthusiasts of the digital asset. This optimism follows Bitcoin’s recent breakthrough of a significant resistance level just a fortnight ago. Subsequent to this breakthrough, two new price targets have emerged: Level 3, marked at $85,334, and the Cycle Top Band, positioned at $115,000.

image 13 5

However, it’s crucial to recognize that the indication of $115,000 as the cycle top by the Cycle Top Band isn’t set in stone. Historical data indicates that Bitcoin often surpasses previous all-time highs (ATHs), leading to an upward extension of the bands and the possibility of attaining even loftier prices. Therefore, while $115,000 may appear to be a significant milestone, it might not signify the ultimate peak.

The significance of the Cycle Top Band only materializes when Bitcoin’s price interacts with it, signaling a potential conclusion of the cycle. This methodology has proven effective in the past, with Bitcoin’s price movements aligning with this pattern throughout the last three cycles.

Furthermore, Ethereum (ETH) has broken out from a major resistance level of $3,500. Currently, ETH is priced at $3,560.83, accompanied by a 24-hour trading volume of $23.33 billion and a market capitalization of $427.77 billion. Over the last 24 hours, ETH has observed a 3.63% increase in price and a notable 14% surge over the past week.

ETH 7D graph coinmarketcap 22
Source: CoinMarketcap

Ethereum is currently positioned for significant growth, as underscored by insights from Rekt Capital, a prominent crypto analyst. Rekt Capital points out that Ethereum has recently surpassed its Macro Range, which was previously marked in red, indicating a significant breakthrough in its price movement. This development signals a potential shift in the market dynamics.

image 13 4

However, in order to sustain this upward momentum, Ethereum now faces the crucial task of solidifying the former resistance level represented by the orange zone as a new support level. This transition is essential for Ethereum to consolidate its gains and pave the way for further price appreciation. Successfully establishing this support level would provide a strong foundation for Ethereum to ascend to higher price levels with greater stability and confidence.

Despite the challenges ahead, the current trajectory of Ethereum’s price action is encouraging. The market sentiment is optimistic, reflecting growing confidence in Ethereum’s long-term prospects and its ability to navigate through evolving market conditions.