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Solana Bullish Close: Analyst Predicts 50% ETH Market Cap by Cycle’s End

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In a recent market analysis, Daniel Cheung, Co-Founder of Syncracy Capital, delivered an optimistic outlook for Solana ($SOL), marking the closure of the week on a bullish note. Cheung draws parallels to previous market cycles, suggesting that SOL may be poised for significant growth akin to Q3’21 and Q4’20, periods known for explosive returns.

Currently, Cheung’s belief in Solana is boosted by its strong on-chain activity as well as the wide accessibility to retail, thus placing it in a better position in the market today. He projects that Solana will continue to draw significant attention during this remaining cycle indicating its viability as one of the top assets to hold.

Moreover, Cheung speculates on the possibility of a SOL ETF, speculating that rising odds of a Trump re-election bid could further bolster market sentiment. Despite recent volatility and wavering sentiments among key opinion leaders (KOLs), Cheung remains steadfast in his belief that SOL has the potential to achieve market cap parity with Ethereum (ETH), potentially reaching 50% of its valuation during this market cycle.

Solana On-Chain Metrics and DeFi Growth

Meanwhile, recent on-chain metrics and derivatives data suggest a potential reversal in SOL’s fortunes. After a bullish climb, SOL faces challenges as some of its SPL tokens underperform, dampening overall demand within its decentralized applications. This downturn coincides with notable declines in certain Solana-based tokens like Dogwifhat (WIF), Helium (HNT), and Jito (JTO) over the past week.

In spite of these challenges, SOL continues to dominate the crypto landscape, with a market cap of $70 billion and an assertion as the fourth highest market cap cryptocurrency after stablecoins. This feat confirms that it is able to withstand price volatility and its lasting attractiveness for investors.

On the other hand, recent developments show Solana’s rise in the DeFi ecosystem. First time in history, Solana’s total value locked (TVL) has increased at par with the BNB chain implying the growing investor confidence and capital coming into its system.

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Source: DefiLlama

However, Jito, Marinade, and Kamino are some projects that have contributed significantly to SOL’s TVL thereby improving its position within overcrowded DeFi space. Forthcomingly, the future of Solana lies in the ability to navigate through volatile moments while building up from its strengths which include accessibility, pioneering spirit as well as market positioning.

Related Reading | 7 Best Bitcoin Cloud Mining Investment Platform in 2024

Solana’s BONK Token: Optimistic Surge 233% expected by Month end

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Solana, one of the most robust crypto chains, is a hotbed for new meme coins. BONK, a dog-themed meme token on Solana, is carving its own path. It’s building momentum and aiming for new highs. BONK is approaching a new all-time high (ATH), which could bring incredible momentum.

The crypto market is known for its volatility and unpredictability. Despite this, SOL’s dog token recently reached a new milestone. It flipped DogWifHat in market cap metrics. These two meme coins are trending in the green, even as the market turns bearish. DogWifHat sits at $1.71, while SOL’s dog token is at $0.00002579, up 22% in the last 24 hours.

According to CoinCodex, Solana’s dog-themed token is nearing a new ATH. The token could hit $0.00008175 by the end of July, surging 233%.

“According to our current BONK price prediction, the price of BONK is predicted to rise by 233.12% and reach $0.00008175 by August 8, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index shows 27 (fear). BONK recorded 15/30 (50%) green days with 10.18% price volatility over the last 30 days.”

While many crypto tokens are bleeding as Bitcoin drops to a new low of $56K, meme coins like Solana’s dog-themed token are thriving. The platform has labeled Solana’s dog token as bullish, suggesting it might be a good time for investors to buy.

“Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index shows 27 (fear). BONK recorded 15/30 (50%) green days with 10.18% price volatility over the last 30 days.”

Here’s When Bonk Will Hit $1

The $1 price mark is the ultimate goal for any crypto token. To reach this, Solana’s doge themed token would need to surge by an astronomical 3,795,013.81%.

“BONK would need to gain 3,795,013.81% to reach $1. According to our BONK prediction algorithm, the price of BONK will not reach $1. The highest expected price our algorithm estimates is $0.001221 by January 1, 2049.”

Solana’s dog token rise is a testament to the unpredictable nature of the crypto market. It shows how meme coins can defy the odds and trend in green, even in a bearish market. As the token inches towards a new ATH, it’s clear that this dog-themed token is one to watch. Whether it can sustain its momentum and reach new heights remains to be seen. But for now, the token is making waves in the crypto world, capturing the attention of investors and enthusiasts alike.

WIF Breaks Key Support: Analyst Predicts Drop To $1.5 As Prime Long Entry Point

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The well-known crypto analyst Crypto Jack has pointed out a major turn in WIF’s price chart. In the recent X post, the analyst identifies that WIF has now retested this important support level as it declines toward the next significant support of $1.5.

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Crypto Jack mentioned that the current decline in the value of WIF is a significant opportunity for the traders. The breakdown of this support level means a continuation of the decline, to the $1.5 This is a significant level that could be viewed by those following WIF as an opportunity to go long.

WIF Signals Bearish Trend

Jack additionally stated that everything below the current support level suggests the presence of bearish trend in the market. Since WIF is expected to remain in the red in the future, it is important to monitor the trend if it hits the $1.5. However, he pointed out that traders should be careful but should be vigilant to capitalize on the breakout of the price action at the expected support level.

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Over the last 7 days, the price of coin has dropped by 11.25%, which is quite a steep decrease after the coin had been on a rally and created an ascending channel on the weekly chart. However, the future average daily trading volume of WIF increased significantly to $545,982,221

million at the time of writing. This level of trading volume gives a good signal about the interest of the markets and shows that traders are placing their bets based on previous price changes.

Jack has highlighted the fact that the crypto market is quite a volatile and promising market. With token still short of reaching the significant figure of $1.5 support level, all the focus will be on the future actions of the market and possible further opportunities associated with this stage. 

The most recent break out below the WIF support level has both threats and opportunities for any investor. Hence, the ability to possibly decline to $1.5, traders remain alert and reactive to the given market signals simultaneously. The next days will decide a further development of WIF and possible opportunities for making good profits in such conditions of the market.

Ethereum Set to Surge 33% to $4,500 Amid Bullish Patterns and ETF Launch

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The cryptocurre­ncy market has been witne­ssing a resurgence, with major coins showing signs of re­covery. Among them, Ethere­um (ETH) stands out with its impressive performance­ and bullish prospects. Currently trading around $3,450, Ethere­um’s recent price action sugge­sts a potential significant upward movement, according to a de­tailed analysis by WorldOfCharts.

According to the analyst, Ethere­um is demonstrating considerable stre­ngth within the altcoin market. This is indicated by the­ formation of a bullish flag pattern on the 4-hour timeframe­. A bullish flag pattern is a technical signal indicating a potential continuation of an ongoing uptre­nd. It typically follows a sharp price increase, characte­rized by a period of consolidation within two parallel tre­ndlines that slope against the pre­vailing trend.

The analyst observe­d that Ethereum’s price spike­d sharply in mid-June and entere­d a consolidation phase. A breakout above the­ flag pattern’s upper trendline­ indicates the consolidation conclusion and the continuation of the­ uptrend. The analyst predicts that if Ethe­reum breaks out of its bullish flag, the price­ could surge to $4,500, marking a significant 33.69% increase from curre­nt levels.

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Ethereum Set to Surge 33% to $4,500 Amid Bullish Patterns and ETF Launch 5

Spot Ether ETFs Approval Boosts Ethereum

Fundamentally, Ethe­reum’s outlook is bolstered by se­veral key deve­lopments. A significant developme­nt is the recent approval of spot Ethe­r ETFs by the U.S. Securities and Exchange­ Commission (SEC). The SEC’s decision on May 23 has triggere­d substantial capital inflows, reflecting rising demand for Ethe­reum and signaling increased inve­stor confidence.

The anticipate­d launch of these Ethere­um ETFs on July 4, 2024, further bolsters this optimistic sentime­nt. SEC Chair Gary Gensler indicates that the­ approval process is proceeding smoothly, indicating that the­ ETFs will launch as scheduled. This deve­lopment is a major step towards mainstream acce­ptance and greater institutional participation in the­ Ethereum market.

In re­cent trading activity, Ethereum has se­en a notable increase­ in both price and volume. Its price has risen by 2.46% in the last 24 hours, while­ trading volume has surged by 6.16%. This upward moveme­nt has resulted in significant short liquidations totaling $10.83 million, indicating strong bullish momentum.

De­spite these positive­ indicators, Ethereum faces se­veral resistance and support le­vels. The cryptocurrency has struggle­d to sustain above $3,629 in the past three­ weeks. Howeve­r, a successful break above this le­vel could see Ethe­reum targeting the ne­xt resistance at $3,829. Converse­ly, a move below the $3,300 support could trigge­r a decline to the $3,110.

Related Readings | Dogwifhat (WIF) Bullish Indicators Confirm Potential 3.33X Rally To $7.30: Report

Analyst Predicts ADA Surge Amid Bullish Divergence And Upcoming Chang Hard Fork

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Prominent cryptocurrency analyst Sssebi posted a positive price prediction for Cardano (ADA). His analysis shows a bullish divergence on the daily chart ADA/BTC that means ADA may be at the bottom against BTC. The analyst mentioned that by looking at the current charts, there are signs that Cardano is ready for a surge.

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According to analyst, this optimism is further supported by coin since there is a planned Chang hard fork that Cardano community members are eagerly waiting for. Such upgrades have been known to elicit market optimism, corpulent cryptocurrencies’ price surge in the past. This Chang hard fork is likely to improve on the efficiency and scalability of the network for Cardano token making it even more appealing to investors and developers in the market.

ADA/BTC Bullish Divergence Detected

On the daily ADA/BTC chart, it could be observed that we have a primary bullish divergence setup because the price has been making lower lows while RSI has been making higher lows. This pattern usually points to a reversal, meaning that in the near future, ADA will outperform BTC. 

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The analyst noted that ADA’s price history reveals that it has not been significantly affected by market swings, even though other cryptocurrencies have. The last few months’ consolidation might be an attractive launching pad for a major advance if the hard fork is the catalyst.

The outlook on the market of Cardano has been rising over the time with many investors considering it as a long term investment. The indications given by the technical analysis and the future hard fork should bring more attention to ADA and might pump the price of it in the short term. 

In this regard, Cardano’s performance is carefully monitored by analysts and investors of the crypto market as it develops. With the Chang hard fork on the horizon and insights from Sssebi, there are a lot of reasons to be bullish on ADA.

Should he be correct then Cardano could sky rocket and deliver decent returns to anyone who invested at the prices seen on the chart above. Therefore, based on Sssebi’s assessment of the matter together with the proposed network upgrade, Cardano could be deemed among the digital currencies to look out for.

In a bullish divergence meanwhile on the ADA/BTC chart and with the Chang hard fork set to take place in the near term, token might just be set for a very considerable move up which will no doubt be very interesting for Cardano alike holders and investors.

Ethereum’s Successful Bull-Flag Breakout: Analyst Eyes Short-Term $4,400 to $4,811 Range

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Ethereum (ETH) is currently undergoing a crucial phase, retesting its previous resistance level, which is now acting as support. This development is widely considered a bullish retest, and if this support holds, it could pave the way for ETH to achieve significantly higher price targets. The cryptocurrency garners considerable attention from several market watchers, who are optimistic about its future performance.

At the time of writing, Ethereum is priced at $3,716.26, with a 24-hour trading volume of $18.69 billion and a market capitalization of $446.46 billion. Despite a minor 1.77% dip in the last 24 hours, the overall sentiment remains overwhelmingly bullish.

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Ethereum's Successful Bull-Flag Breakout: Analyst Eyes Short-Term $4,400 to $4,811 Range 11

Analyst Set Short-term $4,800 Target For Ethereum

JAVON MARKS, a well-respected crypto analyst, recently shared his bullish outlook on Ethereum’s price action. The analyst highlighted a recent bull-flag-like breakout in ETH, which has been confirmed and is holding strong. According to the analyst, this bullish pattern and other positive breakout signals set the stage for a return to the $4,811.90 level.

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The analyst emphasizes that this level is not merely a possibility but an eventual certainty. He predicts that a move of roughly 24% to reach this target is imminent, with the current breakout pattern hinting at Ethereum potentially surpassing $5,000 shortly.

Adding to the bullish sentiment, another prominent crypto analyst, Alex Clay, echoed similar optimism regarding Ethereum’s price action. Analyzing Ethereum on a monthly timeframe, Clay pointed out that ETH has broken through the mid-resistance zone and established a firm footing above it.

The analyst believes that breaking out of the major supply zone is only a matter of time. Clay views the current price levels as the last opportunity to buy Ethereum before it experiences a significant upward surge. Clay has set ambitious price targets. In the short term, he aims for a price of $4,450. His long-term target is $6,975, and Clay envisions Ethereum reaching a price of $9,500 for the extended long-term.

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These predictions from respected analysts underscore a growing consensus that Ethereum is poised for substantial gains. The combination of bullish technical patterns, strong support levels, and optimistic market sentiment suggests that Ethereum could be on the verge of a major rally.

Related Reading | Dogwifhat (WIF) Price Analysis: Analysts Eye $6.7 Target Amid Bullish Momentum

Shiba Inu (SHIB) Set To Break All Time-high: Analyst Foresees 222% Rise

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Shiba Inu (SHIB) recently hit a major milestone, breaking the key resistance at $0.00025. This strongly indicates an imminent value surge, as breaking past resistance levels usually results in a huge price surge. SHIB has been on a 3% upswing over the last week, indicating strong buying momentum. Analysts are paying attention because they are overly optimistic about the price movement of SHIB, with most predicting huge gains in the week ahead.

SHIB rise is part of a more expansive trend with a handful of meme coins, including PEPE, FLOKI, and Dogwifhat. These are also among the more popularly favored coins seeing increased investor demand, with the purchasing value appreciating considerably. However, the strong demand for meme coins indicates a change in market dynamics, where alternative cryptocurrencies are gaining popularity.

At the time of writing, the price of Shiba Inu (SHIB) stands at $0.00002614. In the past 24 hours, the cryptocurrency has seen a trading volume of $994.73 million, and its market capitalization is valued at $15.41 billion. During this same period, the price of SHIB has dropped by 4.86%, while the overall sentiment is positive.

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Shiba Inu (SHIB) Set To Break All Time-high: Analyst Foresees 222% Rise 14

Analyst Foresees 222% Rise for Shiba Inu

Renowned crypto analyst JAVON MARKS has shared an optimistic outlook on the price action of Shiba Inu (SHIB), indicating potential for significant gains. The analyst suggests that SHIB is currently in an “intermission” phase, setting up within a “massive bull flag” formation, which holds bullish signals. Recently, SHIB has shown considerable strength by breaking out of this bull flag, suggesting that the intermission phase might be ending.

Reflecting on a similar previous breakout, the analyst anticipates that the next phase for SHIB could be remarkably bullish, potentially leading to a swift increase of approximately 222%, propelling SHIB to new all-time highs above $0.0000886. Further technical analysis supports this prediction, indicating that such a climb would push SHIB above a critical level of $0.000081. This breakout could set the stage for an even higher target of $0.0001553.

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The near future seems bright for Shiba Inu with these bullish indicators suggesting a major upward trajectory. Investors and fans are watching closely, optimistic about the projected gains in SHIB’s value. The combination of technical patterns and historical performance makes up a strong foundation for MARK to have bullish outlook.

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Shiba Inu Surges Past Cardano: Market Cap Hits $16.9B Despite Bearish Trend

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In a remarkable turn of events, Shiba Inu (SHIB) has climbed the ranks to become the 10th largest cryptocurrency by market capitalization, overtaking Avalanche (AVAX) and Cardano (ADA). This milestone achievement has propelled SHIB to a market cap of $16.9 billion, compared to Cardano’s $16.5 billion, according to CoinMarketCap.

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Source

This rise in market position comes amidst a recent bearish trend for Shiba Inu, which saw a 2.29% decline over the past week and a 0.36% dip over the month. Despite these setbacks, SHIB experienced a notable 1% increase in the last 24 hours, trading at $0.00002541. This surge underscores SHIB’s resilience and growing influence in the cryptocurrency market.

Notably, SHIB’s performance has outpaced that of its major competitor, Dogecoin (DOGE). While DOGE, which holds the eighth spot in market capitalization, saw a modest 2.4% increase, SHIB surged by over 16% in the same 24-hour period, highlighting its potential to challenge DOGE’s dominance in the meme coin category.

Can Shiba Inu Repeat Its 2021 Market Cap Feat?

The meme cryptocurrency sector is witnessing a broader rally, with other smaller tokens like Solana-based Dogwifhat (WIF) and Floki (FLOKI) seeing significant gains of 21.4% and double-digit percentages, respectively. Even Pepe, with a modest 1.1% increase, added 18% over the past week, indicating a robust interest in meme coins across the board.

Historically, SHIB had a brief moment in the spotlight in October 2021 when it surpassed DOGE in market cap. While it remains uncertain if SHIB can repeat this feat, the current $7 billion gap between the two suggests a challenging road ahead. Despite this, SHIB has shown remarkable recovery, with data from IntoTheBlock indicating that 70% of SHIB holders are profiting at current prices, and 76% have held the asset for over a year.

Looking forward, market sentiment around Shiba Inu is optimistic. Projections from Changelly predict double-digit increases, with SHIB potentially reaching $0.00003433 in the coming days. This bullish outlook is fueling positive sentiment among SHIB investors, who are hopeful for sustained growth.

As SHIB continues to navigate the volatile crypto market, its ability to maintain momentum and achieve further milestones will be closely watched. For now, Shiba Inu is firmly on a path of notable growth and increasing influence in the cryptocurrency world.

Analyst Predicts DOGE Rally Towards $0.30 Amid Rising Wedge Bearish Pattern

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Crypto analyst Crypto Yapper has brought attention to a potentially concerning trend in Dogecoin’s price movement. According to Yapper, Dogecoin is currently forming a Rising Wedge pattern on the daily timeframe. This pattern, which emerged after the cryptocurrency bounced off its lower-side support, is traditionally seen as a bearish signal in technical analysis.

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A Rising Wedge pattern often indicates a higher probability of a price breakdown. In this case, the upward trend lines are converging, suggesting that buying pressure is weakening while selling pressure might be on the rise. This could lead to a downward price correction, making investors wary of a possible bearish turn.

As of the latest data, the coin is priced at $0.163846, experiencing a 1.67% decrease over the past 24 hours. The 24-hour trading volume stands at $57.05 billion, indicating substantial trading activity. The market capitalization is $23.67 billion, reflecting its significant presence in the cryptocurrency market.

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DOGE Price Could Hit $0.30 Soon, Analyst Predicts

Despite these bearish signs, another prominent crypto analyst, Crypto Scient, in a recent analysis shared on X (Fornerly Twitter), provided an optimistic outlook on the price trajectory of DOGE. The analyst highlighted that while the current upward movement is notable, it is merely the beginning of a larger rally.

Crypto Scient noted an 18% increase so far for DOGE and said that it is now making profound attempts to break the resistance at $0.175. Successfully doing such an act can quickly push the price towards the $0.20 level

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Describing the $0.20 level as the “boss level,” Crypto Scient suggested that breaching this point would significantly indicate that DOGE is entering the “banana zone.” In this zone, the price could accelerate rapidly to $0.30 and potentially even higher.

The analyst further says that for the weeks ahead, it is really interesting for DOGE traders as the potential for more gains looms large. Such a bullish call has stirred excitement and incited some level of anticipation among the cryptocurrency community, which closely watches to see if DOGE can hold its course towards higher levels.

Related Reading |   Polkadot Bulls in Action: Polkadot Could Hit $10 Soon, Says Analyst

Over 80% of Newly Listed Tokens on Binance in Red, Analysts Warn Investors

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The world’s large­st crypto exchange, Binance, is facing a sobe­ring reality check. A rece­nt analysis by pseudonymous researche­r Flow reveals that over 80% of toke­ns listed on the platform in the past six months have­ hemorrhaged value since­ their debut. This paints a concerning picture­ for investors chasing the next big cryptocurre­ncy moonshot.

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Source: Flow

Out of 31 tokens scrutinized, a mere­ five managed to stay afloat – Meme­coin (MEME), Ordi (ORDI), the Solana-based Jupiter (JUP) toke­n, Jito (JTO), and the curiously named Dogwifhat (WIF). This data, highlighted in Flow’s May 17th post, unde­rscores the current marke­t’s unforgiving nature.

While the broader cryptocurrency market is experiencing a period of relative calm, according to intergovernmental blockchain expert Anndy Lian, specific altcoins are exhibiting individual trends. Lian, author of “NFT: From Zero to Hero,” acknowledges the lack of overall momentum but suggests a long-term perspective for some Binance listings.

“Tokens launching on Binance are not investment vehicles anymore – all their upside potential is already taken away. Instead, they represent exit liquidity for insiders who capitalize on retail lack of access to quality early investment opportunities,” said Lian.

However, a major red flag emerges when considering the average fully diluted valuation (FDV) of these new tokens – a staggering $4.2 billion – despite lacking a substantial user base. This inflated valuation, as Flow points out, significantly restricts their potential upside.

Binance Listings as Exit Liquidity

Flow raises a critical question: are these token listings primarily vehicles for early investors to cash out? Flow asserts, “these Binance launches aren’t investment opportunities anymore. Their potential for growth has already been squeezed dry.” Instead, they might be serving as “exit liquidity,” allowing insiders to capitalize on retail investors’ limited access to promising early-stage ventures.

Surprisingly, the most impressive performer wasn’t backed by venture capital. Ordi, the aforementioned outlier, skyrocketed over 261% since its launch. Dogwifhat, the memecoin with an eyebrow-raising name, followed closely with a price increase exceeding 117%.

Lian credits the­ memecoin rush mainly to the atte­ntion of regular investors. These­ coins, he claims, are capable of functioning autonomously in the­ altcoin market. According to Lian, some people­ hold these currencie­s for years to come. This makes it incre­asingly certain that these small inve­stors invest in MEME and WIF coins. In reality, meme­coins dominate Binance, with six be­ing the most traded coins on the platform.

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