Crypto News
Unfazed by Dogecoin Drop: Most DOGE HODLers Still in Profit Despite Price Decline
Following the removal of the iconic Doge meme from Elon Musk’s Twitter in place of the classic blue bird, a price correction was in store for the original meme coin. Yet, the recent Dogecoin decline is not a hindrance, as most DOGE holders are still in profit. According to data compiled by IntoTheBlock, a total of 58% of DOGE investors are still in a position to see profits. Moreover, the development arrives following a decline of 10% over the last two days. Subsequently bringing the meme coins price back to the $0.08 level.
The prevalence of Dogecoin grew in recent weeks, when self-proclaimed ‘Dogefather,’ Elon Musk, integrated the iconic meme into his social media platform. Although it wasn’t in the way many had hoped, Musk replaced the iconic blue bird with the Doge meme. Thus, setting off a meme coin rally, headed by DOGE.
Yet, as many expected, a price correction ensued with the removal of the DOGE meme. However, it doesn’t appear it had a large impact on long-term investors. Specifically, data shows that the recent Dogecoin decline is not a hindrance as most DOGE holders are still in profit.
IntoTheBlock data shows that only 36% of investors are losing money at the current price. Comparatively, 6% of investors are neutral, meaning they purchased the coin at the same price it is currently trading. Additionally, it is interesting to note that the number of long-term DOGE investors is still rising. Specifically, the coin sports 73% of investors who have held their tokens for more than a year. However, the more investors hold, the less likely they are to sell, which disseminates sell pressure from the market.
Bitcoinist notes that the meme coin’s current decline has placed it in lockstep with the crypto market as a whole. Moreover, the coin has slowed in its movement, lining up with the momentum of digital assets like Bitcoin and Ethereum.
Dogecoin holders have been largely unaffected by the price correction, with most investors still in profit. The number of long-term investors is still rising, which has helped to dissipate sell pressure from the market. The coin is now in lockstep with the crypto market, showing similar movements as Bitcoin and Ethereum.
#Dogecoin #Crypto #ElonMusk #DogeFather
You can read more about this topic here: Watcher Guru: Dogecoin Decline Not a Hindrance as Most DOGE Holders Are Still in Profit
The post Unfazed by Dogecoin Drop: Most DOGE HODLers Still in Profit Despite Price Decline first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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