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Bitcoin Halving, Elon Musk's Dogecoin Tweet, Solana's Rise And More: This Week In Cryptocurrency

Published 21/04/2024, 14:02
© Reuters.  Bitcoin Halving, Elon Musk's Dogecoin Tweet, Solana's Rise And More: This Week In Cryptocurrency
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Benzinga - The weekend was a rollercoaster ride for the cryptocurrency market. Bitcoin’s 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 Musk‘s tweet about Dogecoin, the meme coin failed to rally from its 20% weekly correction. Lastly, crypto analyst Michaël van de Poppe predicted a potential price bounce for Bitcoin amid fading hype.

Bitcoin’s Fourth Halving Event

Bitcoin (CRYPTO: BTC) 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 Pal’s Crypto Portfolio Shift

Former Goldman Sachs executive Raoul Pal revealed that 80% of his crypto investments are now in Solana (CRYPTO: SOL), 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 Inu’s Token Burn Rate Increase

Shiba Inu (CRYPTO: SHIB) 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 Musk’s Dogecoin Tweet

Elon Musk’s tweet about Dogecoin (CRYPTO: DOGE) 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 Michaël van de Poppe suggested that Bitcoin’s price may soon experience a significant rebound, despite the waning hype surrounding the upcoming halving event. Read the full article here.

Read Next: Most S&P 500 Stocks No Longer Trade Above 50-Day Average: Healthy Pullback Or Is The Bull Market Over?

Image: Eivind Pedersen from Pixabay

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