This is what happened in crypto today.
In crypto today, analysts predict that Dogecoin will reach $1 in 2025, the oldest memecoin has jumped 21% in the past week, Elon Musk has faced backlash for announcing a change to X's social media algorithm, and at least 15 blockchain wallets are suspected of insider trading. . They turned their $14,600 investment into over $20 million.
Dogecoin jumps 21% as whales accumulate, Galaxy predicts $1 DOGE
Dogecoin jumped 21% last week, outperforming major memecoins like Shiba Inu, Pepe and Bonk.
At the time of publication, DOGE traded at $0.38. Shiba Inu (SHIB), Pepe (PEPE) and Bonk (BONK) rose 7%, 10% and 14% respectively.
Dogecoin's price has increased by 21% in the past week, peaking at $0.39. Source: CoinGecko
The rally follows renewed interest from whalers. On January 3, more than 1.08 billion DOGE, worth $413 million, were bought by whalers.
On the same day, a transfer of 399.9 million DOGE – approximately 144.9 million dollars – was transferred from Binance to an unknown wallet, according to the blockchain analysis platform. This type of trading is often considered bullish, indicating a reduction in selling pressure as coins are transferred to private wallets.
Alex Thorne, head of research at Galaxy Digital, predicts that DOGE can rise by 170%, reach $1 for the first time and push the market capitalization to $100 billion.
“Dogecoin will finally reach $1, the world's largest and oldest memecoin, touching a $100 billion market cap,” he wrote on Jan. 2 as part of Galaxy's 2025 crypto forecast.
Musk has held back on announcing a change to the X algorithm.
Elon Musk is facing backlash after announcing that X would be changing the social media algorithm on the site to promote certain types of content over others.
“Our goal is to maximize unrepentant user-seconds. So much negativity is being pushed that it technically increases user time, but not unrepentant user time,” the entrepreneur wrote in a Jan. 3 post.
Source: Elon Musk
Users on the forum described the algorithm change as a form of censorship, arguing that the term ‘negativity' is too subjective and asked Musk who decides what content is negative.
The announced social media algorithm change follows online conflict between Musk and his supporters over immigrant visas.
Suspected insider pockets of Solana's Focai memecoin startup have earned $20 million
At least 15 insider wallets have made more than $20 million in profits on Focai.fun (FOCAI), a memecoin recently launched on Solana's (SOL) memecoin launchpad Pump.fun.
The suspects made more than 136,000 times their initial investment of $14,600, which bought them more than 60.5% of the total token supply, according to onchain analytics firm Lookonchain. “They then sold all Fokai for $94,175 SOL($20.5M), netting $94,108 SOL($20.48M).”
FOCAI inner bags. Source: Lookonchain
The concentration of such a large share of tokens in small wallets has led to criticism by blockchain analysts. The situation highlights the potential dangers of decentralization, a key principle in cryptocurrency.
The FOCAI token rose to over $46 million in market capitalization at 4:45 am UTC. The token's market capitalization fell 14 percent to $39.6 million as of 11:55 UTC, according to Pump.fun data.
