Dogwifhat Drops Out of Top 50 Cryptocurrencies, Game Over for Our Beloved Meme Coin?

The Shiba Inu cryptocurrency has fallen below the $0.000017 support level. This presents a potential opportunity for investors. They usually call it 'buy the dip'. Crypto analyst SHIB Knight has identified a new buy zone for Shiba Inu. He shared this analysis on X, formerly Twitter. The analyst highlighted several key price levels in a chart. Important levels include $0.00002392, $0.00002105, and $0.00001837. The most significant level lies below $0.000018. This decline has created new investment opportunities. SHIB Knight's analysis uses the weekly chart. He identifies critical support levels around $0.00001760 and $0.00001766. The analyst states, "$SHIB is on buy zone at weekly chart. Bulls should defend this zone for uptrend." This analysis comes amid speculation of an impending uptrend for Shiba Inu. The AI at CoinCodex predicts a bullish wave in the coming days. Those forecasts mention 2x growth, with SHIB potentially reaching $0.00003825 within five days. This would represent a 121% increase from current levels. However, the AI is less optimistic about July. It predicts a notable price crash next month, with a potential low of $0.00001638. Currently, Shiba Inu faces bearish pressure. The price has dropped 1.9% in the past day. And in general, it has fallen 7.54% over the past week. Impressive, huh? At the time of writing, Shiba Inu trades at $0.00001715.

A long-inactive Bitcoin wallet has suddenly resurfaced. The wallet moved a significant amount of Bitcoin to Coinbase on Friday. This occurs as the cryptocurrency's price struggles to maintain recent gains. Data from Lookonchain and Arkham Intelligence reveal the details. The wallet, identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3, deposited 1,000 BTC to Coinbase Pro. This amount is valued at over $61 million. The coins were originally acquired six years ago for $6.68 million. This event is part of a larger trend. This quarter has seen an increase in dormant Bitcoin wallets becoming active. These wallets are moving coins to exchanges. On Thursday, a 14-year-old wallet linked to a Bitcoin miner sent 50 BTC to Binance. Analysts are speculating on the motives. Some suggest these dormant holders may be cashing out near record highs. Others believe they might be engaging in derivatives market activities. This activity is contributing to downward price pressure. Long-term holders are selling. Miners are liquidating faster. The German government is divesting its coin holdings. As a result, Bitcoin prices have fallen nearly 9% this month. At the time of writing, Bitcoin was trading at $61,550. It has failed to maintain gains above $62,000 at least four times since Tuesday, according to CoinDesk data. Price volatility may increase later Friday. The Federal Reserve's preferred inflation gauge, the core Personal Consumption Expenditures (PCE) price index for May, is set to be released. Economists have made predictions about the PCE. They expect no change in the PCE price index. They anticipate a 0.1% increase in the core PCE. This would lead to 2.6% annual advances in both headline and core figures. A favorable inflation report could support the case for Fed rate cuts this year. This might provide support for Bitcoin prices. However, some observers believe Bitcoin is poised for a deeper decline. They suggest it could fall towards $50,000.

Crypto market maker GSR Markets predicts a potential 9x increase in SOL price following approval of spot Solana exchange-traded funds (ETFs) in the US. The forecast was released on June 27. GSR identified Solana as part of "crypto's big three". The report coincided with VanEck's unexpected filing for a spot Solana ETF. The 9x estimate assumes spot Solana ETFs would capture 14% of spot Bitcoin ETF flows since January. This factors in relative market capitalization. Under this scenario, Solana's price could rise from $149 to over $1,320. This would result in a $614 billion market cap based on current supply. GSR also presented more conservative projections. "Bear" and "baseline" scenarios predict 1.4x and 3.4x price increases respectively. These assume 2% and 5% capture of Bitcoin ETF flows. The firm noted estimates could be higher if ETFs incorporate staking rewards. However, staking was not permitted in approved spot Ether ETFs. Bloomberg ETF analyst Eric Balchunas believes significant political changes are needed for serious consideration of a spot Solana ETF. This includes changes in US presidency and SEC leadership. The SEC has classified SOL as a security in recent lawsuits. This complicates the approval process compared to Bitcoin and Ether ETFs. VanEck's application follows 3iQ's filing for a spot Solana ETF in Canada. This marks a first in North America. Franklin Templeton, a $1.5 trillion asset manager, has praised the Solana ecosystem. However, they have not confirmed plans for a spot Solana ETF. Over $1 billion in Solana exchange-traded products already exist globally. This indicates growing demand for SOL exposure. James Seyffart, another Bloomberg ETF analyst, suggests political factors influenced spot Ethereum ETF approval. He believes significant regulatory changes are needed for approval of other crypto ETFs, including Solana. Seyffart emphasized the need for a regulated market to monitor these assets for fraud and manipulation.

The first presidential debate between Joe Biden and Donald Trump excluded any mention of cryptocurrency. This occurred despite substantial lobbying efforts from the crypto industry. And it kinda hurts. The 90-minute CNN-hosted debate took place on June 27 and focused on economic plans, abortion rights, immigration, and foreign policy, of course, Ukraine was often in the focus of discussion. The candidates' mental capabilities were also briefly discussed. And that part of the show was priceless, to say the least, but let's get back to crypto. Crypto lobbyists have raised significant funds for this election cycle. Three crypto-backed super PACs have amassed $202.8 million. They've spent $93.6 million to influence the 2024 elections. Fairshake PAC leads the pack. It has raised $177.8 million and spent $70.8 million. Most of this went to attack ads for congressional candidates. Two other super PACs, Protect Progress and Defend American Jobs, have spent $22.8 million. They raised $25 million combined. These super PACs can accept unlimited donations. However, they cannot coordinate directly with campaigns. Together, they've raised the third-highest amount of any PAC. Trump has promised to end Biden's "war on crypto" if elected. He recently met with Bitcoin miners, expressing support for American-made cryptocurrency. Some industry figures see Biden softening his stance on crypto. However, others criticize the SEC's enforcement actions under his administration. Gallup polls from May suggest crypto isn't a top priority for American voters. The economy, inflation, governance, and immigration rank higher. Current polls show Trump leading Biden by a narrow margin. Kennedy is polling at 9.1%, according to FiveThirtyEight.

The US government has moved 3,940 Bitcoin to a Coinbase Prime wallet. Analysts say this might be one of the reasons BTC is not surging yet again. The Bitcoin came from Banmeet Singh, a convicted drug dealer. It was seized during his trial in January 2024. Singh was arrested in London in 2019 on drug charges. He was extradited to the US in 2023. The US Department of Justice alleged Singh ran a drug network from 2012 to 2017. It spanned several states. Singh surrendered over 8,100 Bitcoin to US authorities. This was valued at about $150 million at the time. The DEA called it their largest ever cryptocurrency seizure. He received a five-year prison sentence in April 2024. However, he was given credit for time served. Reports suggest he has been released. The Columbus Dispatch stated Singh planned to return to India after release. Recent government Bitcoin sales have worried market participants. The German government has been selling Bitcoin worth approximately $2.76 billion. On June 26, at 9:27 am UTC, 345 Bitcoin was sent to a "Flow Traders" wallet. This was part of the German sales. The US government holds large amounts of seized Bitcoin. Arkham data shows they own about 214,000 Bitcoin. This is valued at around $13 billion. It makes the US government the largest state holder in Arkham's database. The Mt. Gox bankruptcy estate is also selling Bitcoin. They are unloading 140,000 Bitcoin to repay victims of the 2014 collapse. This has added to investor concerns. However, exchange balances are at six-year lows. This may help stabilize prices against these selling pressures.

Bolivia's central bank has lifted its infamous cryptocurrency ban. Severe restrictions were in place since 2014. But the future is already here, and financial institutions can now conduct digital asset transactions. The central bank aims to modernize Bolivia's payment system. It hopes to boost the struggling economy and align with regional crypto regulations. In 2020, the government banned banks from crypto interactions. The new rules permit approved electronic channels for crypto transactions. Cryptocurrencies are not legal tender in Bolivia. Companies are not required to accept them as payment. However, banks can now trade crypto assets. The central bank plans a public awareness program. It will educate citizens on crypto risks and responsible management. Three government bodies collaborated on the regulatory update. These include the Financial Investigations Unit, Financial System Supervisory Authority, and central bank. The legislation aligns with Latin American Financial Action Task Force suggestions. Bolivia joins other Latin American nations adopting crypto to boost their economies. Many Latin American countries face economic challenges. Rising inflation has forced them to seek alternative solutions. Cryptocurrencies have emerged as a popular new economic model. El Salvador adopted Bitcoin as legal tender in 2021. It remains the only country to do so globally. Mexico allows cryptocurrency for value transfers and payments. It does not recognize crypto as legal tender. The country taxes profits from centralized exchange crypto sales.

Someone has just made a significant Litecoin transaction that might be worth a detailed look at. On-chain data reveals a whale has moved 286,482 LTC, valued at approximately $20.6 million, from Binance to an unknown wallet. Whale Alert, a cryptocurrency transaction tracker, reported the transfer. The scale of the movement suggests a large entity's involvement. Whales, known for their substantial holdings, can influence market dynamics. Their transactions often merit scrutiny due to potential price impacts. The transfer originated from a Binance-linked wallet. Of course, we don't know whose wallet is that. Just as well as we have no idea who was at the other end of transaction. The recipient was an unaffiliated address, likely belonging to an individual investor. This type of movement, from an exchange to a self-custodial wallet, is classified as an exchange outflow. Such outflows can indicate fresh market buying or intentions for long-term holding. These actions typically suggest bullish sentiment. However, the possibility of over-the-counter (OTC) sales cannot be ruled out, which could have bearish implications. The market awaits the ripple effects of this substantial whale movement. Its impact on Litecoin's price remains to be seen. In related news, Litecoin's blockchain activity has surged. For example, the official Litecoin X account reported a significant increase in daily active addresses. And surprisingly Litecoin is now more popular than our beloved BTC and ETH. How can that be? Current data shows 802,470 active addresses on the Litecoin network daily. This metric, indicating transaction participation, surpasses that of Bitcoin and Ethereum. At press time, Litecoin is trading at $71, marking a 4% decline over the past week.

Kevin Svenson, a cryptocurrency analyst and trader, is predicting a new altcoin season ahead. He has identified a Bitcoin metric that could show us a significant altcoin market movement. The one you were probably expecting. The metric in question is Bitcoin dominance. It measures Bitcoin's market capitalization relative to the entire cryptocurrency market. Svenson notes, "Bitcoin dominance beginning to fall below its trend line, which could be a good sign for the altcoins." He observes that the total altcoin market cap is finding support despite Bitcoin's recent drop. This suggests seller exhaustion in the altcoin market. "[This] is a sign that sellers in the altcoin market are exhausted and we may start to see altcoin season kick in," Svenson explains. The analyst points out an unusual market behavior. Typically, when Bitcoin falls, its dominance rises as investors seek refuge in the leading cryptocurrency. However, the current situation is different. Bitcoin dominance is falling alongside Bitcoin's price. Svenson interprets this as a positive sign for altcoins. "That is a sign that altcoins are gaining more confidence, more speculators, more money is flowing into the altcoins," he states. The analyst also highlights a bullish divergence between altcoins and Bitcoin. He believes the altcoin market cap indicates seller exhaustion, in other words, the market is ready for a change, probably a rather substantial one. "The altcoins are actually bullishly diverging against Bitcoin, you could say. What is clear looking at the altcoin market cap is that the sellers are exhausted," Svenson concludes. Altcoin season refers to a period when alternative cryptocurrencies outperform Bitcoin. Many market gamblers like this season immensely, because in muddy waters of altcoins it is oh so much easier to earn quick and significant profits. Historical examples include the 2017 bull run and the DeFi boom of 2020. During these periods, smaller cryptocurrencies often see significant price increases relative to Bitcoin.