TL;DR

• DOGE is up

• SHIB is up

• Memecoins Redefining Digital Value: DWF Labs Report

• Shiba Inu Burn Rate Drops 90% Amid Whale Activity

• Kekius Maximus falls as Elon Musk swaps X avi

• Solana Surges Above $200 Amid $55M Transfer and ETF Anticipation

• PENGU’s Rally: Whale Activity, Market Sentiment & Key Resistance Levels

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Dogecoin Price

Crypto is up this week, with DOGE being up 13.68% and SHIB up 7.12%:

Dogecoin (DOGE) Weekly Analysis

Market Trends

Dogecoin continues to attract attention with a steady upward price trajectory. The coin is trading at $0.3612, marking a 3.55% increase in the past 24 hours, and boasts a market cap of $53,203,071,946.41. DOGE's circulating supply stands at 147,314,376,384 DOGE with a maximum supply of 147,470,006,384 DOGE. Over the last 24 hours, the token witnessed a trading volume of approximately $4 billion. A recent update also allows users to view Dogecoin prices in INR, expanding accessibility in the Indian market.

Whale Activity Signals Optimism

Whale activity has surged, with large holders accumulating over 1 billion DOGE tokens, collectively reaching 46.36 billion DOGE. This accumulation reflects growing optimism about Dogecoin’s future. The bullish sentiment is further bolstered by a Supertrend signal and historical trends of strong rallies following similar technical setups. Analysts suggest these factors could signal robust price potential for DOGE heading into 2025.

Market Outlook

Dogecoin’s price momentum and whale activity highlight increasing market confidence. The interplay between technical indicators and growing adoption will likely shape DOGE’s performance as it navigates market fluctuations. Traders and investors will closely monitor developments for potential long-term gains.

Financial News

Solana Surges Above $200 Amid $55M Transfer and ETF Anticipation

Solana's price rebounded by 10% to exceed $200 following Pump.fun’s two substantial SOL transfers to Kraken, totaling $55 million. The recovery began at 6:00 PM UTC after a dip to $189 earlier that day. Pump.fun, a memecoin platform, has contributed over $303 million worth of sell pressure in 2024 but retains significant influence on market movements. Additionally, anticipation for a U.S. spot Solana ETF is growing, with 76% probability according to Polymarket. Major firms like VanEck and Grayscale are in contention for approval. With precedents like Brazil’s ETF and Bitwise’s $750 price target, SOL remains a key market focus.

Pump.fun Revenue Surpasses $400M Despite Memecoin Slowdown

Despite a slowdown in the memecoin market, Pump.fun has earned nearly $400 million, with 2,016,391 SOL tokens reported as revenue. The Solana-based memecoin generator saw a record-breaking month in November, earning $106 million in decentralized app revenue. In December, while the memecoin market cap declined by over $40 billion, Pump.fun's revenue remained strong, with continued user activity. However, the platform faced challenges, including backlash from harmful content on its livestream feature and scrutiny from the UK's Financial Conduct Authority. Despite these setbacks, Pump.fun continues to thrive, highlighting its resilience in the evolving memecoin market.

Floki DAO Approves ETP Funding for Memecoin Legitimacy

Floki DAO has unanimously voted to allocate a portion of its 16.3 billion tokens from the community buyback wallet as liquidity for the upcoming Floki exchange-traded product (ETP). Set to launch in early 2025, the ETP will provide European traditional finance investors exposure to Floki, a memecoin ranked 66th by market cap. The listing on the SIX Swiss Exchange aims to enhance Floki’s legitimacy. While memecoins have been the second-best-performing crypto narrative in 2024, debates persist on their speculative nature, with calls for more utility-focused blockchain applications.

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