Crypto This Week: Get Ready! After PEPE, DOGE is Gearing up for a Spectacular Rise!
What Happened in the Crypto Industry & NOBI During the Past Week?
Hai, NOBI’s! After PEPE’s phenomenal price surge, it appears that DOGE is readying itself to be the next show-stopper. As the economic crisis looms, more and more employees globally are choosing to be paid in cryptocurrencies. Not to forget, MicroStrategy’s ongoing crypto spending spree continues with an added investment of 12,333 BTC or about IDR 5.2 trillion. What other hot news is there? Let’s check out our specially curated roundup of the past week’s crypto news just for you!
1. Get Ready! After PEPE, DOGE is Gearing up for a Spectacular Rise!
Even after a slight dip, Dogecoin (DOGE) has the potential to emerge as the star performer among meme coins this week, thanks to the steadfastness of its long-term investors. Despite failing to breach the $0.07 resistance, on-chain data suggests DOGE still has the potential to climb. The Mean Coin Age, an indicator reflecting long-term investor trading sentiment, continues to rise.
Investors remain eager to buy DOGE despite its price slipping. With demand outstripping supply and high bullish spirit, DOGE has the potential to trigger a price surge this week. Although there are resistance levels to be confronted, DOGE has the potential to peak on the top gainers list of meme coins if it can breach the $0.073 resistance and maintain support at the $0.06 level. So, let’s keep a close eye on DOGE’s price action this week!
2. Amid Economic Crisis, Employees in Various Countries Prefer to Get Paid in Cryptocurrency
As the global political and economic climate continues to shift, more and more people are finding refuge in the stability of crypto assets. Workers are beginning to explore options for receiving salaries in Bitcoin or stablecoins like USDC. HR executives from various companies have also reported a surge in the number of employees opting to take all or part of their salaries in crypto.
Not only high-profile athletes or politicians riding this wave, now the general public’s also getting a taste of this fresh breeze. According to goLance CEO Michael Brooks, this increase can’t be detached from the public’s deeper understanding of crypto assets as a legitimate payment method. Similarly, Deel COO Dan Westgarth states that employees are turning to crypto salaries due to uncertain political and economic situations. In the Caribbean, crypto have even become the preferred choice for workers, outshining the old banking system that often leads to payment delays and additional fees. According to the latest data, Latin America leads the way in using crypto for wage payments, followed by Europe, the Middle East, Africa, and Asia Pacific.
3. MicroStrategy Buys Another Massive Purchase of 12,333 Bitcoins for $5.2 Billion
American tech company MicroStrategy surprised the market by once again making a massive purchase of Bitcoin on Wednesday (28/6). From reports to the SEC, it was revealed that the company had acquired an additional 12,333 Bitcoins, with an average price per coin of $28,136. This transaction brought MicroStrategy’s total Bitcoin holdings to 152,333, with an average price of $29,668 per Bitcoin. With the current market price sitting around $30,300 per Bitcoin, MicroStrategy’s total Bitcoin assets now amount to approximately $4.6 billion, or about IDR 68.96 trillion.
MicroStrategy’s Bitcoin hunt is inseparable from the vision of the company’s founder, Michael Saylor, who is known as a staunch supporter of Bitcoin. Saylor has been willing to make big and controversial decisions to maximize his company in the digital economy, including securing a loan of $205 million from Silvergate Capital and facilitating integration with the Bitcoin Lightning Network. With this series of major moves, MicroStrategy now shines as the largest Bitcoin owner among public companies in the world, reflecting their strong belief and bold strategy towards this crypto asset.
4. BTC Dominance Surpasses 50%, Strong Signal for Altcoin Season?
Bitcoin (BTC) Dominance, has recently exceeded 50%, triggered by the surge in Bitcoin’s price surpassing $31,000. While this is good news for Bitcoin, the impact might be more significant for altcoins in the crypto market. The increase in Bitcoin dominance indicates that the majority of market gains are focused on Bitcoin, although altcoins have also shown some increases.
However, this event not only signifies a positive trend for Bitcoin but also the potential for gains in altcoins. Historically, when Bitcoin dominance sharply increases, it often signals the start of an “altcoin season,” where investors begin shifting their profits from Bitcoin to altcoins, ultimately driving up the demand and prices of altcoins. If this historical trend continues, we might witness a significant surge in the market capitalization of Ethereum and other altcoins in the near future.
5. Analyst Suggests BTC Could Reach New ATH in October, What’s the Reason?
A well-known crypto analyst believes that Bitcoin (BTC) is preparing for significant parabolic growth. The analyst, known as Credible Crypto and with 341,900 followers on Twitter, revealed that the bullish trend in Bitcoin is likely underway after BTC successfully retested the support level of $25,000.
Credible Crypto compared the current situation to the BTC bull market in 2020. Indicating the potential for exponential bullish momentum in the coming months. If this trend continues, Bitcoin could reach new all-time highs that have never been seen before.
Furthermore, Credible Crypto predicts that BTC has the potential to achieve a new record as early as October. According to the analyst, Bitcoin could experience a surge up to $120,000 by the end of this year. Currently, Bitcoin is trading at a price of $30,315.
That wraps up for Crypto This Week. We’ll see you at the next one!