Benzinga – The cryptocurrency world was abuzz this week with predictions, launches, and significant transfers. From Dogecoin’s potential breakout to PayPal’s new stablecoin, the crypto 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 hinted at a significant breakout for Dogecoin (CRYPTO: DOGE), suggesting potential gains exceeding 200%. Despite skepticism, Kaleo believes DOGE could reach around $0.24, a significant jump from its current trading price of approximately $0.075. Read the full article here.
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. Read the full article here.
PayPal’s New Stablecoin
PayPal Holdings Inc. (NASDAQ:PYPL) has unveiled a new U.S. dollar-denominated stablecoin named 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. Read the full article here.
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. Read the full article here.
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. Read the full article here.
For more in-depth coverage on the cryptocurrency sector, you can read more on Benzinga’s crypto coverage by following this link.
Dogecoin. Photo by Vitalii Stock on Shutterstock
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