Whale doubles down on SOL as traders eye Bitcoin Dogs
Solana reclaimed the $160 level over the weekend to see SOL bulls reach the highest level since August 9.
As a whale doubles down on SOL, what’s the outlook for Bitcoin Dogs?
Bitcoin recovered from a slight setback to trade above $64,000 on August 25, with this coming as the market reacted to news of the arrest of Telegram founder Pavel Durov.
Despite the double-digit dips for Toncoin, Bitcoin held near $64k and Solana retested the $160 price level, while traders continued to show bullishness for Bitcoin Dogs.
Whale stakes $4.5 million Solana (SOL)
News of Telegram founder Pavel Durov’s arrest in France attracted negative reaction across crypto. Top coins declined alongside Toncoin (TON), the cryptocurrency powering The Open Network blockchain that’s increasingly being integrated with encrypted messaging platform.
Here’s a comment from Edward Snowden:
The arrest of @Durov is an assault on the basic human rights of speech and association. I am surprised and deeply saddened that Macron has descended to the level of taking hostages as a means for gaining access to private communications. It lowers not only France, but the world.
— Edward Snowden (@Snowden) August 25, 2024
Despite the downside pressure, Bitcoin remained near $64,000 and Ethereum changed hands near $2,700. Meanwhile, Solana reached highs of $160 for the first time since early August.
A whale took advantage of the early slip to add to their SOL holdings. Per details by Lookonchain, a whale bought over 28k Solana (SOL) tokens worth over $4.5 million, which they proceeded to stake.
A whale bought 28,717 $SOL($4.56M) from #Binance today and staked it.https://t.co/X26MdvAuKh pic.twitter.com/iavZfNs9mb
— Lookonchain (@lookonchain) August 25, 2024
The whale’s big move is in spite of the Solana network seeing fierce competition in the meme coin space from TRON. Over the past week, SunPump platform has taken a significant bite into Pump.fun’s dominance, including in terms of revenue.
Is Bitcoin Dogs worth buying in current market?
As analysts across the market have suggested in recent weeks, various cryptocurrencies could offer a notable opportunity for a long-term bet.
BTC stands out for its potential breakout to a new all-time high. Meanwhile, traders hunting for the next gem are likely to find tokens such as Bitcoin Dogs potential opportunities.
The Bitcoin Dogs token is the BRC-20 token that completed the first-ever presale on Bitcoin. After making its debut on Gate.io, MEXC and Unisat, the 0DOG token has quickly listed on Uniswap and DEXTools. OKX Web3 wallet also support the 0DOG token.
In the lead up to Bitcoin Dogs’ listing on MEXC and Gate.io, top analysts suggested that this might a good buying opportunity for those eyeing 0DOG.
Conclusion
While Solana’s value has bounced off a multi-week hurdle, investors are bullish on SOL. Toncoin and Notcoin, which have tanked in the wake of Durov’s arrest, may yet bounce as the broader market eyes recovery.
Meanwhile, Bitcoin Dogs has the potential to be a good long-term opportunity, particularly the project’s blend of play-to-earn, NFTs and DeFi on Bitcoin. After the token’s listing on Gate.io, MEXC and Uniswap, 0DOG may be worth watching should other top exchanges follow suit and provide further visibility.
If interested in learning more about Bitcoin Dogs, visit their official website.
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