This week saw a flurry of activity in the crypto space with predictions, launches, and significant transfers. From Dogecoin’s potential breakout to PayPal’s new USD-denominated stablecoin, the cryptocurrency landscape continues to evolve rapidly. Here’s a look at the top stories that shaped the week.
Dogecoin’s Potential Breakout
A pseudonymous crypto analyst, Kaleo, has predicted that Dogecoin (CRYPTO: DOGE) could surge over 200% to reach around $0.24, a significant jump from its current trading price of approximately $0.075. Despite skepticism, Kaleo believes that this prediction could come to fruition.
Dogecoin and Shiba Inu’s Correlation
Cryptocurrency analyst Ali Martinez highlighted a positive correlation between meme cryptocurrencies Dogecoin and Shiba Inu (CRYPTO: SHIB). Data suggests that when Shiba Inu’s price moves, Dogecoin often follows. Despite Shiba Inu’s recent 20% surge, Dogecoin has yet to show a similar pattern.
PayPal’s New Stablecoin
PayPal Holdings Inc. (NASDAQ:PYPL) unveiled a new U.S. dollar-denominated stablecoin, PayPal USD (PYUSD). Issued by Paxos Trust Co., this digital currency aims to revolutionize the digital payments landscape. With its value anchored 1:1 to the dollar, a phased rollout for U.S. users is anticipated.
Peter Brandt’s Altcoin Prediction
Veteran trader Peter Brandt opined that 99.8% of altcoins will eventually meet a fate similar to the HEX coin. This statement comes in the wake of the Securities and Exchange Commission (SEC) suing HEX’s associated projects and its internet marketer, Richard Schueler.
Mysterious Dogecoin Transfer
An unidentified wallet transferred 67.81 million Dogecoin to Coinbase, a Bitcoin (CRYPTO: BTC) Ethereum (CRYPTO: ETH) and other cryptocurrency exchange platform. Valued at over $5 million, the intentions behind this significant transfer remain a mystery, sparking speculations of a potential whale dump.
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