Crypto Crafters

TL;DR

• Large investors recently bought billions of DOGE tokens, signaling potential bullish momentum.
• Analysts foresee a possible rally, with some setting a $1 target for the meme coin.

DOGE Whales on the Move

Dogecoin (DOGE) was one of the many meme coins whose prices increased substantially at the end of September. Since then, though, it has lost momentum and currently trades at around $0.10 (per Coingecko’s data).

One factor signaling that a renewed surge could be on the horizon is the increased whale activity. Crypto intelligence platform IntoTheBlock revealed that large investors purchased 2.07 billion DOGE tokens (worth over $220 million at current rates) last week. The last time the whales’ accumulation reached that level was in January this year. 

If investors buy DOGE and hold onto their stash without selling, the circulating supply in the market will be reduced. Basic economic principles suggest that prices rise if combined with a stable or increasing demand.

The actions of whales are closely monitored by smaller players. Such accumulations can signal confidence in the asset, triggering a wave of buy-ins from retail trader (hence an additional flow of capital into the ecosystem).

Another element suggesting that DOGE’s price might be poised for a move to the upside is the increase of Large Transactions. The metric, gauging transactions greater than $100,000, is up 1% on a daily scale, flashing the bullish sign. 

DOGE Predictions

Several analysts on crypto X believe the leading meme coin could be indeed gearing up for a rally in the following months. Ali Martinez, for instance, claimed the price chart had formed a similar pattern to the one witnessed years ago. He believes this could be a precursor of a 200% surge, 60% retracement, and then a bull run.

Mikybull Crypto was optimistic, too, setting $1 as a “minimum target” for this cycle. “It’s currently in preparation for the next explosive wave of rallies,” they added.

Those willing to check additional bullish Dogecoin price predictions can take a look at our dedicated article here.

The cryptocurrency market has managed to regain its footing at the beginning of this week. Its total capitalization is above $2.3 trillion on the back of gains from the majority of coins.

Bitcoin managed to push above $63K and even test $64,000, while meme coins are exploding left and right. Let’s take a look.

Bitcoin’s Price Soars to $64,000

In what seems to be a very bullish Monday, the BTC price was able to recover almost all of the losses it incurred at the beginning of the month.

At the time of this writing, the cryptocurrency is trading at $63,500, having charted a local high at slightly below $64,000 earlier.

As you can see on the chart, this marks the completion of a recovery from the drop on October 1st, so perhaps there is a chance for ‘Uptober’ after all.

That said, liquidations in the derivatives market increased by almost 150% over the past 24 hours, clocking in at around $130 million for the day. Almost $100 million of these were short positions. Bitcoin leads the way with almost $30M in liquidations.

The market sentiment has also improved. It’s currently neutral, which is better than last week’s fearful conditions.

Meme Coins Skyrocket Across the Board

The market is predominantly painted in red today, and most of the altcoins are charting notable gains.

For instance, ETH, BNB, SOL, AVAX, DOT, BCH, XRP, and LINK have all increased by around 2-3%.

Meme coins, on the other hand, took center stage. The entire category is up by around 10%, but some individual performances are even more impressive.

For example, Dogwifhat (WIF) is up by 20% at the time of this writing, more or less the same as POPCAT and MOG.

However, Neiro, a relatively new meme coin that has already skyrocketed to being the 125th largest cryptocurrency, soared by a whopping 50% on the day.

In the debate over illicit finance, cryptocurrencies often bear the brunt of criticism despite cash being the preferred tool for criminals.

A new report published by Homeland Security Investigations (HSI) Supervisory Special Agent Robert Whitaker and the Crypto ISAC states that regulated crypto platforms offer valuable support to law enforcement, utilizing blockchain’s transparency to combat crime and boost national security, despite lingering misconceptions about their role in illicit finance.

Cash, Not Crypto, Remains the Criminals’ Preferred Tool

The share of illicit activity within the total cryptocurrency transaction volume is remarkably small. According to the report, Merkle Science’s analysis shows that only 0.61% of USDT transactions between July 2021 and June 2024 were flagged as potentially illicit, while USDC fared even better, with just 0.22% flagged and less than 0.005% linked to sanctioned entities.

Meanwhile, Chainalysis reported that illicit activities accounted for only 0.34% of total on-chain transactions in 2023, down from 0.42% in 2022. These figures are much lower than the estimated illicit activity in traditional finance, as highlighted by the Treasury’s 2024 National Money Laundering Risk Assessment.

Both cryptocurrency and traditional finance (TradFi) systems face increasing regulatory scrutiny to combat illicit finance. However, they differ in their transparency. TradFi lacks the public blockchain technology that makes crypto transactions traceable.

In traditional finance, law enforcement must obtain financial records from institutions, often requiring a grand jury subpoena. This process involves a panel of people and gathering substantial evidence before tracing funds can begin.

Additionally, many illicit activities still rely on cash, which is untraceable. The 2024 DEA report confirms that cash remains the primary method for transactions in the drug trade due to its anonymity and lack of a paper trail.

KYC or KYT?

In the report, Agent Whitaker said that the traceability of transactions on a blockchain is a game-changer for law enforcement and regulatory bodies in their fight against cash-based illicit crimes such as money laundering, terrorist financing, and other forms of financial crime since it offers the capacity to “follow the money” in real time and across borders. This is done through something called “Know Your Transaction” or “KYT” tools to track down criminals.

While traditional finance relies on Know-Your-Customer (KYC) processes, KYT uses blockchain’s transparency to provide real-time insights into transactions. This enables crypto companies and agencies to assess risks continuously and adds a layer of security unmatched by traditional systems, ensuring a safer platform for users.

The report highlighted that integrating KYT with traditional compliance tools could potentially help create a more robust risk assessment framework, continuously updating based on new blockchain data to stay ahead of emerging threats. KYT is also said to improve sanctions compliance by enabling exchanges to screen and block transactions linked to high-risk addresses identified by bodies like the Office of Foreign Assets Control (OFAC) and member-led organizations like Crypto ISAC.

The cryptocurrency market went through a relatively volatile 24 hours, where Bitcoin took center stage and managed to increase above $62,000.

The uptick has also given leeway to smaller-cap altcoins to recover, with one viral meme coin exploding by as much as 25% on the day. Let’s dig in.

Bitcoin Bulls Reappear, Push Price Above $62K

Yesterday, Bitcoin’s price was trading around $61,000 for quite a while, and the bears even managed to push it to a local low of around $60,800.

However, buyers stepped up and conquered $61K. Today, the positive sentiment seems to continue, as BTC is currently trading at around $62,250.

The price action during the past couple of days is important, and the way BTC performs in this range will be indicative of its upcoming direction.

That said, the volatility took its toll on the derivatives market. During the past 24 hours, more than $110 million worth of leveraged positions were wiped off, the majority of which ($64M) were short.

The sentiment remains neutral, which is an improvement compared to yesterday when the market was in a state of fear.

POPCAT Explodes 25%, Leads Meme Coin Gains

The overwhelming majority of altcoins are trading in the green, albeit most of them charting modest gains. Large caps, such as XRP, ADA, AVAX, SOL, BNB, ETH, and others, are up in the range between 0.5% and 1.5%.

The meme coin category has been performing very well in the past 24 hours. Memes are up 9% on average, but it seems that cat-based coins are performing better.

POPCAT, for example, is up 25%, while larger meme coins like DOGE and SHIB are up by about 1%.

The crypto market tumbled significantly as geopolitical tensions escalated after Iran launched missile strikes on Israel. Bitcoin, for one, dropped below $60,500 before staging a modest recovery.

Despite this, demand from United States-based investors remains high, according to recent findings. Such a trend could provide Bitcoin with a respite from the bears.

US Investor Demand Remains Strong

In an October 3 post, CryptoQuant noted the chance of a short-term Bitcoin price increase.

The Coinbase Premium Index signals a potential short-term increase in Bitcoin’s price. By tracking the 1-hour time frame and comparing the 24-hour and 168-hour moving averages, CryptoQuant analyst Yonsei_dent found that a bullish indicator has emerged when the daily moving average forms a golden cross over the weekly.

At present, the daily average has temporarily surpassed the weekly average, with the gap between the two narrowing, suggesting upward momentum. Historically, this pattern has led to short-term price increases, as seen on October 1st, when strong US investor demand pushed Bitcoin higher despite a correction.

The current rise in Coinbase Premium indicates a similar scenario, with growing demand from US-based investors potentially indicating a recovery in Bitcoin’s price.

Bitcoin Sees Record Outflows from Exchanges

Adding to this bullish thesis, another analysis by CryptoQuant revealed that Bitcoin has experienced its largest outflow from exchanges since November 2022, signaling a shift in market sentiment.

On-chain data shows a marked increase in outflows, with the 30-, 50-, and 100-day moving averages all reflecting this trend. A significant outflow typically indicates that investors are moving their Bitcoin to private wallets, reducing the supply on exchanges, which can create much-needed upward pressure on the price of the asset.

This trend often suggests that investors are confident in Bitcoin’s long-term potential, opting to hold rather than trade, which may be a bullish indicator for future market activity.

[PRESS RELEASE – Mahe, Seychelles, October 4th, 2024]

Tectum, the fastest blockchain network globally with 3.5 million transactions per second, announced the release of the SoftNote Wallet App on iOS, marking a significant step toward mass adoption of its SoftNote technology. Previously accessible only through a web interface, SoftNote now allows users to conduct instant and zero-fee crypto transactions directly from their mobile devices. Android users can look forward to the app’s release later this month.

The SoftNote Wallet App is currently available in the Apple App Stores in the USA, Russia, Turkey, India, and Brazil, with more markets to follow in the coming months, bringing this game-changing technology to a growing global audience. With SoftNote, Tectum eliminates the need for intermediaries, offering a seamless, bankless payment experience for users globally.

“The SoftNote Wallet puts this powerful technology directly into users’ hands, allowing them to transact freely without barriers,” said Alexander Guseff, Founder of Tectum. “This is a major step toward our vision of making crypto transactions free & instant.”

The app enables secure, real-time transactions with major cryptocurrencies such as Bitcoin, Ethereum, USDT, and Tectum Emission Tokens. Users can easily create, manage, and transfer SoftNote Bills through a streamlined, user-friendly interface designed for seamless navigation.

“SoftNote Wallet’s mobile release moves us closer to a world where global transactions no longer rely on traditional systems like SWIFT,” Gusev added. “We’re creating a faster, more secure, and cost-effective way to handle payments worldwide.”

About Tectum

Tectum is a blockchain pioneer redefining global remittance and payment systems with its SoftNote solution, offering a seamless, borderless platform for both fiat and crypto transactions.

For more information, users can visit

This week, we examine Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin in greater detail.

Ethereum (ETH)

Ethereum had a difficult week and closed with a 10% loss. The price briefly fell under $2,400 and is currently trying to reconfirm this level as support. If it fails, then sellers may have an opening to push it lower.

This past weekly candle erased all the gains from September and turned the bias bearish. So far, ETH has not made a lower low, but it is very close to one. Critical days await, which may be decisive for the rest of the month.

Looking ahead, if this cryptocurrency continues to show weakness, its price may fall to $2,200. On the other hand, if buyers return, the price can work its way back to $2,500.

Ripple (XRP)

XRP mirrored Ethereum’s price action and closed the week with an 11% loss. In the process, it also erased all its progress from September and is now found under 54 cents, which used to act as support. This level is now resistance.

If buyers do not reverse this price action in the next few days, XRP could fall much lower, with the next major support at 48 cents. At the time of this post, momentum is bearish.

Looking ahead, XRP’s downtrend may continue and only find relief at the 48 cents support. With the rejection at 66 cents, sellers have pushed this cryptocurrency back in its same range since July.

Cardano (ADA)

ADA made a good attempt at breaking above 40 cents, but sellers had other plans in mind and managed to reverse this price action in full. This is why ADA closed the week with a 12.5% loss and is back at its starting position from early September.

Yesterday, the price found some good support around 33 cents, and a relief rally could follow over the weekend. Nevertheless, it is hard to be optimistic after such a week.

Looking ahead, Cardano will now require more time before it can escape the range between 32 and 40 cents, which has kept its price hostage since August.

Shiba Inu (SHIB)

The recent market turmoil pushed SHIB into a deep correction, which caused it to close the past week with a 12% loss. Even so, the price did not make a lower low, which gives hope that this correction could soon end so that it can return to an uptrend.

After its strong rally at the end of September, the price was rejected at the $0.000020 resistance and has fallen to $0.000015, where buyers showed renewed interest. In the next few days, we will know if the current bounce is a temporary relief or the start of a new attempt to break the key resistance.

Looking ahead, SHIB shows resilience despite the volatility. As long as the price does not make a lower low, market participants have reasons to remain optimistic.

Dogecoin (DOGE)

DOGE also suffered and mirrored the price action of SHIB with a 12% loss this past week. After a strong rally at the end of September, the price made a full reversal in the first few days of October. At the time of this post, the cryptocurrency is at 10 cents and appears to be holding well.

Despite the recent price drop, DOGE remains in an uptrend and could recover in the coming days as long as the support at 10 cents is not lost. This may allow buyers to have another go at the 14 cents resistance, which, so far, has managed to stop any major rally.

Looking ahead, meme coins such as DOGE appear better placed to recover faster once market optimism returns. This is contingent on BTC and ETH not making new lows in the coming days.

The identity of Satoshi Nakamoto has remained a secret ever since the pseudonymous creator of Bitcoin left the scene back in 2010.

Now, “Money Electric: The Bitcoin Mystery” claims to have identified him.

According to a Politico report, Cullen Hoback’s documentary is expected to air next Wednesday at 2 AM CET.

Not much else is known at the time of this writing, while the report says that:

“If its findings are widely accepted, the disclosure could send shockwaves through the financial markets and even the US presidential election, given the way Republican candidate and former President Donald Trump has cultivated the support of Bitcoin enthusiasts.”

Hoback, the documentary’s creator, is also known for his series called “Q: Into the Storm,” which exposed the authors of the QAnon conspiracy theory.

TL;DR:

• History shows that the SEC’s actions against Ripple have had an immediate and drastic impact on XRP’s price movements.
• However, the latest crash could actually be a blessing in disguise for Ripple’s token, as there have been four-digit price surges in the past.

Can XRP Surge by 4 Digits?

It’s safe to say that the lawsuit initiated by the US Securities and Exchange Commission has harmed Ripple’s native token, and the developments from the past 24 hours only solidified this narrative. XRP stood above $0.6 yesterday but lost 15% of its value, and it now struggles at around $0.51.

This all happened after the US watchdog decided to appeal a previous court decision by a US judge claiming that secondary XRP sales did not constitute securities sales.

Although the current landscape seems quite dire, history shows that it could turn out to be the start of a massive rally for XRP. Its price tumbled hard after the SEC’s initial lawsuit in December 2020, and it took just over a week to bottom out.

According to popular industry analyst Crypto Karlos, XRP shot up from $0.17 to almost $2 in the next four months back then. A similar 1,100% rally now would push its price to more than $6.

For anyone in the #XRPCommunity feeling distressed by the SEC’s decision to appeal the ruling. #XRP bottomed just 8 days after the suit was first announced. It then went on to rally nearly 1100% from 17¢ to $1.98 in the following 4 months.

That was with no backing from any court pic.twitter.com/E7BBcQHr69

— Crypto Karlos (@Crypto_Karlos) October 3, 2024

Will XRP ETFs Have an Impact?

Just hours before the SEC’s appeal, another important news regarding Ripple and its native token came out. Bitwise, a large crypto-focused company with already two active ETFs tracking BTC and ETH, said it has filed in Delaware to launch such a product tracking the performance of XRP.

Many analysts claimed that this is highly bullish for the current seventh-largest cryptocurrency. In fact, CrediBull_Crypto told their 423,000 followers that the XRP ETF will be the next approved in the States. Although this seems rather unlikely at the moment since the SEC is the US regulator that approves or rejects ETFs, a potential green light could be the propeller for a massive XRP rally.

Yes, I’m aware of the SEC appeal on the @Ripple case, but at the same time in the last 12 hours (seemingly unbeknownst to a lot of crypto twitter) @BitwiseInvest just filed for an $XRP ETF.

XRP will be the next approved ETF after $BTC and $ETH imo.

As far as narratives go, I…

— CrediBULL Crypto (@CredibleCrypto) October 2, 2024