Author: Defx Intern

In a surprising move, Pudgy Penguins, a popular NFT project, burned over $150 million worth of unclaimed Solana airdrop tokens earlier than initially planned. Following this event, the price of PENGU, the project’s native token, experienced a notable dip in value.

The decision to burn the tokens ahead of schedule has raised questions about the project’s transparency and communication with its community. The sudden reduction in the token supply could have significant implications for PENGU’s market dynamics and investor sentiment.

While token burns are often seen as a means to create scarcity and potentially drive up the value of the remaining tokens, the immediate market reaction to Pudgy Penguins’ move suggests that investors may have concerns about the project’s long-term strategy and the reasoning behind the early burn.

As the NFT and blockchain gaming space continues to evolve, projects like Pudgy Penguins will need to strike a delicate balance between managing their token economies, engaging with their communities, and delivering on their promised roadmaps. The impact of this token burn on PENGU’s price and the project’s overall success will be closely watched by industry observers and investors alike.

Tags: Pudgy Penguins, Solana, token burn, PENGU price, NFT gaming

Source: https://decrypt.co/304610/pengu-falls-pudgy-penguins-burn-150-million-solana-tokens

Solana (SOL) is currently trading above the critical $200 support level, despite recent market volatility and heavy selling pressure. As one of the strongest assets in the crypto market, Solana has sustained its bullish momentum from 2023, with investors and analysts closely monitoring its price action.

According to top analyst Jelle, Solana is holding the key support level around $200, and a bounce from this region is necessary for SOL to remain short-term bullish. If bulls successfully defend this level, Jelle expects a surge above $220 in the near future, potentially paving the way for a broader recovery and a rally back toward all-time highs.

However, if Solana fails to hold above $200, it could face further downside pressure and a more extended consolidation period. The next major demand zone lies around $180, and a drop to this level could signal a longer consolidation phase, delaying the anticipated bullish continuation.

The coming days will be crucial in determining Solana’s short-term trajectory. If SOL reclaims $220, a rally back toward $250-$260 becomes increasingly likely. On the other hand, losing $200 would shift sentiment bearish, putting downward pressure on price action.

Despite the uncertainty surrounding the crypto market, Solana’s strong fundamentals and bullish long-term momentum keep investors optimistic about its future prospects. The next few trading sessions will be crucial in determining whether SOL can resume its uptrend or face further downside pressure.

Tags: Solana, SOL, Solana price, crypto market, technical analysis

Source: https://www.newsbtc.com/news/solana/solana-could-target-220-if-it-holds-current-levels-analyst-expects-short-term-bullish-momentum/

Economist Nouriel Roubini has cautioned that China’s national pride may prevent it from succumbing to pressure from the U.S. in the ongoing tariff standoff. Roubini, a professor at NYU, believes that despite the Trump administration imposing a 10% tariff hike, China is unlikely to yield to their demands.

This assessment highlights the complex geopolitical dynamics at play between the world’s two largest economies. The trade tensions have already roiled global markets, and a prolonged impasse could further dampen economic sentiment. Investors will be keen to monitor how the situation unfolds, as it could have significant implications for various asset classes.

While the crypto markets have shown resilience amid the trade disputes, a potential escalation could lead to a flight to safe-haven assets. Bitcoin, often touted as a digital gold, could benefit from such a scenario. However, the nascent nature of the crypto markets also makes them susceptible to heightened volatility in times of global economic uncertainty.

As the U.S.-China trade war continues to dominate headlines, market participants will need to stay attuned to the evolving dynamics and adjust their strategies accordingly. The outcome of this economic tussle could have far-reaching consequences, making it crucial for investors to remain vigilant and adaptable in the face of shifting global tides.

Tags: US-China trade war, tariffs, global markets, geopolitics, Bitcoin

Source: https://news.bitcoin.com/economics-professor-roubini-warns-chinas-pride-poses-major-challenge-for-trumps-tariff-strategy/

Crypto analysts are predicting that the Dogecoin (DOGE) price is gearing up for a significant rally that could propel it above the $0.4 level. Analyst Crypto Paradise has highlighted a bullish descending channel pattern forming on the DOGE chart, suggesting that a parabolic move could be on the horizon.

The analyst points to several key indicators that support this bullish outlook, including a bullish engulfing candle, bullish divergence, and a strong support zone. These technical factors suggest that DOGE could be poised for a significant upside move in the near future.

If the Dogecoin price does rally above $0.4, it would represent a significant psychological milestone for the meme coin. Such a move could potentially trigger a surge of buying pressure as more investors become interested in the cryptocurrency.

However, it’s important to note that this bullish scenario could be invalidated if DOGE closes a candle below the strong support zone. In that case, it may be wise for traders to step back and wait for better price action to develop before entering any positions.

Another analyst, Master Kenobi, has outlined two potential scenarios for the Dogecoin price going forward. In the first scenario, DOGE could repeat last year’s pattern and reach a peak by the end of February. Alternatively, the meme coin could mirror the August phase, where a pump followed an extended consolidation, with a peak reached in April or May.

If the latter scenario plays out and DOGE records a 6x price increase from its current local bottom, the cryptocurrency could potentially rally as high as $1.25 before peaking in mid-April or May. However, the analyst dismisses the possibility of a premature bear market, noting that it’s too early to entertain such a scenario in 2025.

As of this writing, the Dogecoin price is trading around $0.26, up over 1% in the last 24 hours. While the road ahead remains uncertain, the technical analysis and expert opinions suggest that DOGE could be on the verge of a significant upside move.

Tags: Dogecoin price prediction, DOGE technical analysis, crypto market outlook, altcoin rally, meme coin investing

Source: https://bitcoinist.com/dogecoin-preparing-for-upsurge/

Bitcoin’s hashrate, a measure of the network’s computational power, currently stands at 825.85 exahash per second (EH/s), slightly lower than the all-time high of 844 EH/s recorded on February 4, 2025. Despite the minor dip, the network continues to exhibit strong fundamentals, with minimal activity in the transaction queue (mempool) and block production occurring faster than the targeted 10-minute interval.

The steady hashrate near record highs indicates a healthy and growing mining ecosystem, even as the network prepares for an upcoming difficulty adjustment. This adjustment, which occurs every 2,016 blocks, ensures that the block production time remains consistent by adapting to changes in the network’s total computational power.

Foundry, a prominent mining pool, currently leads the race among mining entities, underscoring the competitive nature of the Bitcoin mining landscape. As the network continues to attract investment and innovation, it is likely that the hashrate will continue to climb, further solidifying Bitcoin’s position as the world’s most secure and decentralized cryptocurrency.

The market implications of a stable and high hashrate are significant, as it demonstrates the resilience and growing maturity of the Bitcoin network. This, in turn, may attract more institutional investors and mainstream adoption, as confidence in the network’s security and reliability grows. Furthermore, the consistent block production and minimal mempool activity suggest that the network is efficiently processing transactions, which bodes well for Bitcoin’s scalability and long-term viability.

Tags: Bitcoin hashrate, mining, network difficulty, Foundry, market implications

Source: https://news.bitcoin.com/bitcoins-hashrate-holds-steady-near-record-highs-as-network-prepares-for-difficulty-adjustment/

The XRP price has entered a key Fibonacci retracement level known as the Golden Pocket, which often acts as strong support. According to a TradingView analyst, this presents an attractive buying opportunity for XRP investors, especially as the market consolidates.

The analyst, ColdBloodedCharter, reveals that XRP is currently inside the Golden Pocket, with the 50-day Moving Average providing additional support just below. Despite the recent 500 million XRP escrow unlocks by Ripple Labs potentially fueling selling pressure, the analyst expects XRP to hold its ground.

Looking at the bigger picture, XRP formed a Bullish Pennant pattern that led to a breakout in 2024 before entering a consolidation phase. Based on this, the analyst predicts another 2-3 weeks of choppy price action for XRP before it makes its next major move. If XRP can maintain its Golden Pocket support, the chart points to a strong rebound towards $3.43.

For investors looking to buy the dip, key support levels to watch include $2.50, offering a 6-7% discount, and the $2.25 to $2.30 range, which the analyst considers a safer entry point. If Bitcoin experiences a sharp pullback to around $91,000, XRP could even dip to the $1.90 to $2.00 support zone, presenting a significant buying opportunity.

While XRP’s Relative Strength Index (RSI) is cooling off, suggesting weakening momentum, the analyst remains optimistic about an impending strong reversal. As the crypto market continues to consolidate, XRP’s Golden Pocket support could be the launching pad for its next major rally.

Tags: XRP, Golden Pocket, Fibonacci, Moving Average, Bullish Pennant, RSI

Source: https://www.newsbtc.com/analysis/xrp/xrp-enters-golden-pocket/

The price of XRP, the cryptocurrency linked to Ripple, has taken a significant hit following technical issues with the XRP Ledger. As of Wednesday, XRP stands as the biggest loser among the top 10 coins by market capitalization. The downtime experienced by the XRP Ledger has coincided with a notable decrease in open interest for XRP, which has reached a monthly low.

This recent development highlights the vulnerability of cryptocurrencies to technical disruptions and the direct impact such events can have on market sentiment and price action. The XRP Ledger, being a critical infrastructure for XRP transactions, plays a vital role in the ecosystem’s stability and functionality. Any interruptions or issues with the ledger can lead to reduced confidence among investors and traders, resulting in selling pressure and price declines.

From a market perspective, the current scenario underscores the importance of robust and reliable blockchain infrastructure. The XRP Ledger’s downtime serves as a reminder that even well-established cryptocurrencies are not immune to technical challenges. This event may prompt discussions within the XRP community and the broader crypto industry about the need for enhanced resilience and failover mechanisms to mitigate the impact of such incidents.

As the situation unfolds, market participants will closely monitor any updates or resolutions regarding the XRP Ledger’s technical issues. The speed and effectiveness with which the problem is addressed will likely influence the short-term price trajectory of XRP. In the meantime, investors and traders should exercise caution and stay informed about the latest developments surrounding this event.

Tags: XRP price, XRP Ledger, technical issues, market impact, blockchain infrastructure

Source: https://decrypt.co/304596/xrp-falls-ledger-issues-open-interest

Researchers have recently uncovered crypto-stealing malware in apps available on both Google and Apple app stores. The malware, once installed, scans users’ images for wallet recovery phrases. If a match is found, the malware encrypts the image and sends it to a remote server, potentially compromising users’ crypto wallets.

This discovery highlights the ongoing security risks in the crypto space, even when downloading apps from trusted sources like the Google Play Store or Apple App Store. Crypto wallet holders need to remain vigilant and take extra precautions to protect their recovery phrases and private keys.

The presence of such malware could negatively impact user confidence in mobile crypto wallets and may lead to increased scrutiny of apps on these platforms. Google and Apple will likely face pressure to enhance their app vetting processes to prevent similar incidents in the future.

As the crypto industry continues to grow, it is crucial for both users and app store operators to prioritize security measures. This includes educating users on best practices for safeguarding their crypto assets and implementing more stringent app review procedures to identify and block malicious applications.

Tags: crypto malware, wallet security, app store safety, mobile wallets, recovery phrase protection

Source: https://decrypt.co/304595/crypto-stealing-malware-google-apple-apps

Raydium, a leading decentralized trading platform on Solana, has made a strong entrance into the perpetual futures market. Despite being in a public beta phase, Raydium’s perpetual futures offering is already generating $100 million in daily trading volume, securing its position as the third-largest venue for trading perpetual contracts on Solana.

The rapid growth of Raydium’s perpetual futures service is a testament to the platform’s strong brand recognition and its ability to quickly capture market share in the highly competitive DeFi space. By leveraging Orderly Network’s cross-chain trading infrastructure, Raydium is able to offer a wide range of trading pairs and provide a seamless trading experience for users.

As Raydium prepares for the official launch of its perpetual futures platform, it is well-positioned to challenge established players like Jupiter and Drift. With the ability to rapidly list new contracts and tap into the growing demand for Solana-based perpetual futures, Raydium has the potential to become a major player in this lucrative market.

The success of Raydium’s perpetual futures offering also highlights the increasing maturity and depth of the Solana DeFi ecosystem. As more users flock to Solana for its fast and low-cost transactions, platforms like Raydium are poised to benefit from the growing demand for sophisticated trading products.

Tags: Raydium, Solana, DeFi, perpetual futures, trading

Source: https://www.coindesk.com/business/2025/02/05/raydium-is-solana-s-amm-king-can-it-corner-the-perps-market-next

MicroStrategy, a prominent software and analytics company, has rebranded itself as Strategy, reflecting its increasing focus on Bitcoin accumulation. The company announced the name change on Wednesday, along with a new logo featuring the iconic Bitcoin “B” and the adoption of orange as its primary color.

This rebranding comes as a natural evolution for the company, which has been gradually shifting its focus towards Bitcoin over the past five years. Under the leadership of Executive Chairman Michael Saylor, Strategy has become primarily known for its Bitcoin treasury strategy, with its software business now accounting for only a small fraction of the company’s valuation.

The name change to Strategy signifies the company’s commitment to its Bitcoin-centric approach and highlights the broader appeal of its strategy. By aligning itself more closely with Bitcoin, Strategy aims to attract investors and clients who share its vision for the future of digital assets.

The rebranding is expected to have significant implications for the cryptocurrency market. As one of the largest corporate holders of Bitcoin, Strategy’s move may inspire other companies to consider adopting similar Bitcoin treasury strategies. This could lead to increased institutional adoption of Bitcoin and potentially drive up demand for the cryptocurrency.

Strategy’s fourth-quarter earnings results, set to be announced after the close on Wednesday, will provide further insights into the company’s financial performance and the impact of its Bitcoin holdings. Analysts anticipate that the firm will report a net loss, as it continues to hold off on marking its Bitcoin holdings to market.

Tags: MicroStrategy, Strategy, Bitcoin, Rebranding, Corporate Adoption

Source: https://www.coindesk.com/business/2025/02/05/microstrategy-rebrands-to-strategy