Welcome, Crypto enthusiasts!

Dogecoin Whales have resumed accumulation signaling a potential upswing before the years end.

In Today’s Blockstreet Journal:

• Doge Whales Are Accumulating

• Tether Minting Boosts Bitcoin

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

ALT COINS
🐕️ Doge Whales Are Accumulating 

Word On The Street: Dogecoin's recent price gains also align with an increase in the DOGE supply held by its largest investors, known as whales.

The details:

• Data from Santiment shows that the DOGE supply held by entities with at least 1 billion coins increased by nearly 1.5% since August 5.

• Similarly, entities holding between 1 million and 100 million DOGE have also increased their holdings during this period.

• Dogecoin's daily relative strength index (RSI) dipped below 30, an "oversold" area, on August 5, signaling that sellers were exhausted.

Why it matters: This accumulation among top whale cohorts coincides with a 35% rise in DOGE's price, suggesting that large investors are confident in a future price increase.

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MARKET NEWS
🖨️ Tether Minting Boosts Bitcoin 

Word On The Street: Since the market bottomed on August 5, Tether's Treasury has printed more than $1.3 billion in Tether USDt (USDT).

The details:

• These newly minted tokens have been transferred to several prominent centralized cryptocurrency exchanges.

• Large inflows of stablecoins to crypto exchanges often signal upcoming buying activity, as they are a bridge from fiat.

• Investors began minting $1.3 billion USDT starting on August 5, coinciding with Bitcoin's (BTC) price dropping to a five-month low.

Why it matters: Bitcoin may still face downside risks unless it can reclaim the critical $64,000 to $65,000 range.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.11T, a 3.04% increase over the last day.

The total crypto market volume over the last 24 hours is $90.2B, which makes a 4.80% decrease. The total volume in DeFi is currently $4.04B, 4.48% of the total crypto market 24-hour volume. The volume of all stable coins is now $82.42B, which is 91.38% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 56.51%, an increase of 0.33% over the day.

Global Market Metrics

As of the latest update, the current state of the cryptocurrency market is as follows:

- Total Market Capitalization: $2.11 trillion

- Total Trading Volume: $90.2 billion

- Bitcoin Dominance: 56.51%

- Ethereum Dominance: 14.8%

- DeFi Market Capitalization: $57.7 billion

- DeFi Trading Volume: $4.04 billion

- Stablecoin Market Capitalization: $159.5 billion

- Stablecoin Trading Volume: $82.42 billion

Top Gainers & Losers

🚀 Top Gainers

 💩 Top Losers

Airdrops & More News

DAILY AIRDROP
📦️ Shardeum Airdrop

Shardeum has raised a total of $23.6M in funding from various investors and has confirmed that it will launch its own token, “SHM,” and airdrop 3,296,500 SHM to the incentivized campaign participants. Season 2 of the incentivised campaign is now live. Join the quest and complete simple tasks to earn XPs. Also, get up to 50 XP from each referral. Users who collect XPs will get an airdrop after the token goes live.

Step-by-Step Guide:

1. Visit the Shardeum testnet campaign page.

2. Connect your wallet and change the network to Shardeum Atomium testnet.

3. Now complete the simple Stage 2 quests to earn XPs.

4. Stage 2 includes a total of 4 levels of quests. Complete more quests to earn more XPs.

5. Click on “Validator Quest” and complete validator task to earn more XPs.

6. You will need testnet SHM to do onchain quests. You can get testnet SHM from their Discord channel.

7. Also, get up to 50 XP from each referral.

8. They’ve confirmed that they’ll airdrop 3,296,500 SHM to the incentivized campaign participants. For more information, read this article.

9. Users who collect XPs will get SHM airdrop after the token goes live.

10. For more info regarding the campaign, read this article.

Other News

Hong Kong virtual banks eye Web3 growth despite regulatory hurdles. Despite capturing just 0.3% of retail bank assets, Hong Kong's virtual banks are exploring opportunities in the Web3 space.

XRP Whales May Prefer U.S. Exchanges Over Offshore Venues. Order books on U.S. exchanges offer more liquidity than their offshore counterparts, according to CCData.

Thailand launches regulatory sandbox to test crypto services. Thailand has been moving toward a more crypto-friendly stance throughout 2024, approving a Bitcoin ETF, initiating tax breaks for crypto and more.

Bitcoin Bulls Revisit $100K Year-End Target as BTC Spikes Over $62K. “Regardless of the next 60 days, the bull market will continue along traditional four-year cycle lines with solid gains in October and November,” one trader said.

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