Ethereum whales go on a buying binge, indicating that the price of ETH will rise significantly despite the high level of uncertainty surrounding macroeconomic issues.
Bullish market views around the second-largest cryptocurrency by market capitalization have been strengthened by Ethereum whales’ recent choice to accumulate heavily during a recent price decline. Crypto researcher Ali Martinez disclosed on Friday that amid the recent volatility of the token’s price, the big investors, referred to as whales, purchased 100,000 ETH. Despite the FOMC’s unchanged interest rates and the impending release of U.S. PCE inflation statistics, market observers expect price increases in the aftermath.
Ethereum whales on buying spree ignite optimism
Ali Martinez said on X on January 31 that with the recent decline in price, Ethereum whales bought more than 100,000 coins. The significant acquisition is indicative of a possible “buy-the-dip” mentality among major investors. As a result of increased buying pressure and growing interest in cryptocurrency, long-term outlooks for its price are still optimistic.
It’s also important to note that the Trump family project recently purchased $250 million worth of Ethereum. Joseph Lubin, a co-creator of Ethereum and the founder of ConsenSys, disclosed on X that the project is looking to establish a DeFi business at the time of the large acquisition.
It’s important to note that the coin currently experiences high volatility amid current broader market movements, even though these occurrences reflect bullishness on future price moves.
Market uncertain amid latest U.S. Economic data
Ahead of the PCE inflation data release later today, the cryptocurrency market is currently reflecting a lackluster level of investor enthusiasm. It stated that Friday saw volatility in Bitcoin and other cryptocurrencies, with investor mood being impacted by yet another major event.
Notably, the most recent FOMC meeting in the United States opted to maintain interest rates at 4.25% to 4.50%. Because investors may wish to reduce losses by increasing their investments in U.S. dollar-backed assets, this data prompted worries about risky assets like cryptocurrency.
Coinbase seeks CFTC nod for Solana and Hedera futures contracts
To offer futures contracts for Solana (SOL) and Hedera (HBAR), Coinbase Derivatives has submitted an application to the US Commodity Futures Trading Commission (CFTC).
Subject to regulatory permission, the Coinbase subsidiary plans to launch these new contracts by February 18, 2025, at the latest.
Coinbase files to launch Solana and Hedera futures
Coinbase Derivatives intends to launch cash-settled futures contracts for Solana and Hedera with monthly settlement periods, per the documents dated January 30.
Futures news: @Coinbase Derivatives has filed to list new futures contracts for #Solana and #Hedera tokens.
The move comes amid a flurry of regulatory filings to list new assets like crypto ETFs and derivatives.
The exchange is looking to list these new contracts, which will be…
— MartyParty (@martypartymusic) January 31, 2025
The second term of Donald Trump and the departure of Gary Gensler from the SEC have resulted in a significant rise of ETF filings. Under the current leadership, issuers are “testing the limits of what the SEC will allow,” according to analysts.
Coinbase is launching two futures contracts for Solana. The contract size for Standard Solana Futures (SLC) will be 100 SOL. As a result, each contract will have a notional value of roughly $25,000.
The Nano Solana Futures (SOL) will have a notional value of about $1,250, or five SOL per unit.
For Solana futures, the maximum stake is 3,500 SLC contracts, or 350,000 SOL. This would represent $84 million in notional value, or around 0.07% of Solana’s current market capitalization, assuming a price of $240 per SOL.
Furthermore, the position limit and contract size for the proposed Hedera Futures contract (HED) are set at 5,000, or 25 million HBAR. Assuming a price of $0.3 per HBAR, the contracts would therefore have a notional value of $7.5 million. This amounts to roughly 0.06% of the market capitalization of Hedera.
In the meantime, SOL and HBAR are still having trouble with prices. Solana was trading at $236.11 at the time of writing. This was a decrease of 0.70% in the last day and 9.09% over the previous week.
Hedera suffered losses as well. After dropping 5.34% during the previous week and 0.67% on the most recent day, the altcoin was trading at $0.31.
It’s interesting to note that Coinbase’s most recent filing comes after CME Group briefly posted information about possible XRP and Solana futures on its beta website. The data was promptly deleted. A spokeswoman further stressed that those futures contracts were still pending an official decision.
Dogecoin price may hit $0.6 as Elon Musk reveals DOGE target
As tech tycoon Elon Musk reveals the DOGE aim for reducing US Federal spending, a leading market analyst predicts that Dogecoin’s price will reach $0.6. What will happen to the meme coin next?
Despite staying close to the flatline today, the price of Dogecoin has recently caught the attention of traders. Notably, the market’s attention has also changed as a result of tech tycoon Elon Musk’s recent disclosure of a bold goal for the Department of Government Efficiency (D.O.G.E.), which sparked intense debate. In the midst of this, a leading market analyst projects that DOGE might rise to $0.6, indicating a robust surge for the meme coin in the future.
Dogecoin price slips but expert remains bullish
Despite trading down today, Dogecoin’s price stayed close to the $0.3281 flatline. At $1.27 billion, its one-day trading volume dropped 35%. Notably, for the past day, the cryptocurrency has hovered between $0.3381 and $0.3258. Additionally, the market’s cautious attitude was reflected in the 1.2% decline in DOGE Futures Open Interest.
A leading market expert, however, continued to be optimistic about Dogecoin in spite of this. Renowned market researcher Rose Premium Signals predicted a large Dogecoin price spike in a recent X post. The essay states that after testing Fibonacci support zones, DOGE is ready for a significant reversal.
A verified recovery from the current level, according to the expert, might push DOGE in the direction of three possible targets: $0.49784, $0.58185, and $0.66228. With the top target suggesting a nearly 100% rise from current prices, this would be a significant rally.
In addition, Rose Premium Signals points out that historical trends imply DOGE might be preparing for yet another strong rally, which is consistent with the cryptocurrency’s notoriously volatile nature. Notably, another market analyst had previously suggested a possible 900% DOGE surge, which has also attracted a lot of attention from investors.
However, Elon Musk, a prominent supporter of the meme coin, recently revealed D.O.G.E. targets, which has stoked market debates even more.
Elon Musk shares DOGE target
Recently, Elon Musk revealed lofty goals for his Department of Government Efficiency, saying that by 2026, he wants to cut the US federal deficit from $2 trillion to $1 trillion. The plan calls for reducing planned spending by an average of $4 billion every day.
Although the plan’s primary goal is to reduce inflation, it has unintentionally encouraged optimism among Dogecoin investors. The explanation is that the department’s abbreviation, “D.O.G.E.”, closely resembles the ticker symbol of the meme coin.
How will Musk’s plan impact Dogecoin price?
Elon Musk’s fondness for Dogecoin is widely known, and the price of the coin has frequently been impacted by his prior social media remarks. Therefore, any departmental changes are likely to affect investor mood and, in turn, Dogecoin’s price.
It’s important to remember, though, that there may not be a clear link between Dogecoin’s price and the department’s goals. However, investors will be intently monitoring any potential influence on the meme coin’s value because of Elon Musk’s involvement. The market is also speculating since Musk just requested the founder of Dogecoin to join the Department of Government Efficiency (D.O.G.E.).
For background, the price of Dogecoin increased after Elon Musk’s X Money recently teamed with Visa, escalating launch rumors. With the rise in popularity of digital assets under Donald Trump, a rush of investors expects a possible integration of Dogecoin, Bitcoin, or other cryptocurrencies to X money.
