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The weekend was a rollercoaster ride for the cryptocurrency market. Bitcoins fourth halving event took place, reducing miner rewards and causing a slight increase in its price. Meanwhile, former Goldman Sachs executive Raoul Pal revealed a significant shift in his crypto portfolio, favoring Solana over Ethereum. Shiba Inu, the self-proclaimed Dogecoin Killer, saw a significant increase in its token burn rate, hinting at a possible turnaround. Despite Elon Musks tweet about Dogecoin, the meme coin failed to rally from its 20% weekly correction. Lastly, crypto analyst Michal van de Poppe predicted a potential price bounce for Bitcoin amid fading hype.
Bitcoins Fourth Halving Event
Bitcoin BTC/USD experienced a 1.5% increase over the last 24 hours following the successful completion of its fourth halving event. This event, which occurs every 210,000 blocks, has seen the reward for mining a block drop from 6.25 BTC to 3.125 BTC. The halving is a programmed process in the Bitcoin protocol designed to manage scarcity and regulate the inflationary supply of Bitcoin. Read the full article here.
Raoul Pals Crypto Portfolio Shift
Former Goldman Sachs executive Raoul Pal revealed that 80% of his crypto investments are now in Solana SOL/USD , replacing his Ethereum holdings with high-end art NFTs. Pal also invested in Exponential Age Asset Management, a digital assets-focused fund. Read the full article here.
See Also: Jim Cramer Explains What Could Trigger Further Market Decline: If You Want To Get Out, Go Ahead
Shiba Inus Token Burn Rate IncreaseLoading… Loading…
Shiba Inu SHIB/USD saw a significant increase in its token burn rate, with the number of SHIB tokens burned over 24 hours shooting up 25.9% to 24.36 million. Over a longer 7-day horizon, the burn rate has shot up 269.9% with 798.3 million tokens burned. Read the full article here.
Elon Musks Dogecoin Tweet
Elon Musks tweet about Dogecoin DOGE/USD failed to generate any significant traction, prompting cautionary moves in the meme coin. Data from Whale Alert showed that 300 million DOGE was transferred from Robinhood to an unknown wallet over the past 24 hours. Read the full article here.
Bitcoin Price Bounce Prediction
Crypto analyst Michal van de Poppe suggested that Bitcoins price may soon experience a significant rebound, despite the waning hype surrounding the upcoming halving event. Read the full article here.
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