Solana reclaimed the $160 level over the weekend, helping SOL bulls reach its highest level since August 9.
As whales double down on SOL, what are the prospects for Bitcoin Dogs?
Bitcoin recovered from a small drop on August 25 to trade above $64,000 as the market reacted to news of the arrest of Telegram founder Pavel Durov.
Despite a double-digit drop in Tkcoin, Bitcoin remained hovering near the $64,000 mark and Solana retested the $160 price level as traders continued to show bullishness towards Bitcoin Dogs.
Whales invest $4.5 million into Solana (SOL)
News of Telegram founder Pavel Durov's arrest in France sparked negative reactions across the crypto world, with major coins dropping, along with Toncoin (TON), the cryptocurrency that runs an open network blockchain that is increasingly being integrated with the encrypted messaging platform.
Edward Snowden's comments are as follows:
@Durov's arrest is a violation of the fundamental human rights of freedom of speech and association. We are shocked and deeply saddened that Macron has descended to the level of taking hostages to gain access to private communications. This is a degradation not only for France but for the world.
— Edward Snowden (@Snowden) August 25, 2024
Despite the downward pressure, Bitcoin remained near $64,000 and Ethereum traded near $2,700, while Solana hit a high of $160 for the first time since early August.
One whale took advantage of the early dip to increase his SOL holdings. According to details on Lookonchain, one whale purchased over 28,000 Solana (SOL) tokens worth over $4.5 million and continues to stake them.
A whale bought and staked 28,717 $SOL ($4.56 million) from #Binance today. https://t.co/X26MdvAuKh pic.twitter.com/iavZfNs9mb
— Lookonchain (@lookonchain) August 25, 2024
The whale movement comes despite the Solana network facing stiff competition from TRON in the meme coin space. Over the past week, the SunPump platform has made significant inroads into Pump.fun’s dominance, including in terms of revenue.
Is Bitcoin Dogs worth buying in the current market?
As analysts across the market have suggested in recent weeks, various cryptocurrencies could offer noteworthy opportunities as long-term investments.
BTC stands out for its potential breakout to all-time highs, while traders searching for the next gem may find potential opportunities in tokens such as Bitcoin Dogs.
Bitcoin Dogs token is the first BRC-20 token to complete a presale on Bitcoin. After debuting on Gate.io, MEXC and Unisat, 0DOG token was quickly listed on Uniswap and DEXTools. OKX Web3 wallet also supports 0DOG token.
Top analysts say Bitcoin Dogs to list on MEXC and Gate.io Suggested This could be a good buying opportunity for those keeping their eye on 0DOG.
Conclusion
While Solana’s value has recovered after several weeks of hurdles, investors are bullish on SOL. Toncoin and Notcoin, which plummeted following Durov’s arrest, could still recover as the broader market looks forward to a recovery.
On the other hand, Bitcoin Dogs could be a good opportunity in the long term, especially as a project that combines play-to-earn, NFTs and DeFi on Bitcoin. After the token is listed on Gate.io, MEXC and Uniswap, 0DOG could be worth keeping an eye on if other major exchanges follow suit and it gains further visibility.
If you want to know more about Bitcoin Dogs, check out their official website
