Traders focus on Bitcoin Dogs
Toncoin prices fell for the second day in a row after authorities arrested Telegram founder, CEO and majority owner Pavel Durov. He is caught in France and will probably stay for a while.
The founder of Telegram was arrested
Pavel, who was recently interviewed by Tucker Carlson, could be charged with several crimes, including fraud, money laundering and conspiracy. Telegram could be accused of evading Russian sanctions because it does so much business in the country.
It is still too early to determine the outcome of the lawsuit and what to expect. However, according to X-Post, the Ton Foundation continues to support Pavel. Elon Musk chimed in and sent an X post with the hashtag #FreePavel.
Today more than ever, we see the importance of freedom of speech and decentralization – two reasons championed by @durov and core principles of Ton's ethos.
We are confident that the Ton and TG communities will come out even stronger. #FEEDUROV
– Ton Venture
— TON_Ventures (@TON_Ventures) August 25, 2024
Tucker Carlson expressed his support for Pavel. In a lengthy X-post, Pavel revealed that he left Russia when the government tried to censor Telegram. He added that the arrest was made by a Western country and a member of NATO.
Pavel Durov has left Russia as the government tries to take control of the social media company Telegram. But in the end, it was not Putin who was arrested for allowing the people to exercise their freedom of speech. It was a Western country, an ally of the Biden administration and a staunch member of NATO,…
— Tucker Carlson (@TuckerCarlson) August 24, 2024
The news of his arrest sent Toncoin down sharply, reaching a low of $5.37, the lowest point since August 6 this year. It is now down more than 35% from its peak this year.
On the downside, the token also moved below the 50-day and 200-day exponential moving averages (EMA), which means the bears are in control.
Attention turns to Bitcoin dogs.
Now, with the ton token falling, analysts and traders are focusing on Bitcoin dogs A price that is starting to stir among crypto traders.
As most analysts expected, the price performed. Most of the time, cryptocurrencies fall sharply after they start trading when many of the pre-sale buyers start selling. This is the case with Bitcoin Dogs, which raised over $13.5 million in a token sale.
The token has several potential catalysts that will push its price higher in the coming weeks. First, it has become much cheaper this week when it was trading at $0.02456 from a high of $0.12. This makes it more attractive to contrarian investors who believe in returns.
Second, Bitcoin Dogs will benefit when interest rates begin to fall in September. Jerome Powell, head of the Fed, confirmed that a rate cut is coming soon. If that happens, analysts expect the Fed to deliver three cuts this year and continue the trend into 2025.
In the year Fed tapering is good for risky assets, as we saw in 2020 when the Fed cut rates due to the Covid-19 pandemic. During that time, many cryptocurrencies such as Dogecoin and Shiba Inu went mainstream and Bitcoin reached a high of $69,000.
Thirdly, Bitcoin Dog developers have more storage lists, more exchange lists and development of the ecosystem with new product launches. For example, they plan more on key areas like NFTs and staking.
Historically, we've seen many meme coins crash and bounce back. For example, Pepe fell hard in 2023 and has now recovered more than 1,600% from its record low. Learn more about Bitcoin Dogs over here.
