Coinbase CEO Sees “DOGE” as a Path to Economic Freedom in the US

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Table of Content

In today edition we talk about

• Coinbase CEO Sees “DOGE” as a Path to Economic Freedom in the US

• Weekly NFT Sales Soar 94% Amid Crypto Market Rally

• Bitcoin Price Ceiling Forecasted at $135K Amid Bull Market Momentum

Coinbase CEO Sees “DOGE” as a Path to Economic Freedom in the US

Dogecoin Surges After Government Acronym Announcement
Elon Musk’s announcement of the United States Department of Government Efficiency (DOGE) coincided with a spike in Dogecoin’s price to a yearly high of $0.39. The new federal agency, focused on reducing government spending and regulations, will be co-led by Musk and entrepreneur Vivek Ramaswamy.

A Push for Economic Freedom
Coinbase CEO Brian Armstrong praised the initiative, calling it an opportunity to “increase economic freedom” and restore government efficiency. In a Nov. 17 post on X, Armstrong proposed constitutional amendments to cap government spending at 10% of GDP, aiming to curb excessive growth in government size and ensure better fiscal discipline.

He also suggested creating a U.S. sovereign wealth fund that would distribute dividends to citizens from budget surpluses, giving every American a financial stake in the nation’s success.

Dogecoin Price Spike
Although unrelated to Dogecoin, the agency’s acronym sparked investor excitement, driving the memecoin’s value to $0.39 before a minor correction. Musk, often linked to Dogecoin price swings, previously defended himself against allegations of market manipulation.

This combination of fiscal reform and economic discussions has ignited debates about government efficiency and cryptocurrency’s role in shaping the future.

Weekly NFT Sales Soar 94% Amid Crypto Market Rally

NFT Market Sees Explosive Growth
Weekly NFT sales surged 94%, hitting $181 million, as the crypto market experienced bullish momentum. Ethereum led the charge with $67 million in sales, a 111% increase from the previous week, followed by Bitcoin NFTs at $60 million, reflecting a 115% week-over-week jump. Other blockchains, including Solana, Mythos Chain, and Polygon, collectively contributed $45.5 million.

Transaction Values Spike
The average value of an NFT transaction rose sharply to $133.08, marking an 87% increase from the previous week's $71.11. This growth indicates heightened interest and larger investments in digital collectibles.

Breaking a Downtrend
NFTs rebounded from a seven-month sales slump, with October recording $356 million in sales, up 18% from September. Total transactions also climbed to 7.2 million in October, a 42% monthly increase.

Crypto Market Fuels NFT Momentum
The NFT boom coincided with a broader crypto market rally. Bitcoin, leading the charge, hit an all-time high of $93,477 on Nov. 13. At present, Bitcoin trades around $91,000 with a market cap of $1.8 trillion, reflecting the strong market sentiment driving NFT adoption.

Bitcoin Price Ceiling Forecasted at $135K Amid Bull Market Momentum

Revised Bitcoin Price Projections
CryptoQuant CEO Ki Young Ju has updated his Bitcoin price ceiling forecast to $135,000, with a 2024 target of $112,000. These projections are based on capital inflows into Bitcoin, including exchange-traded funds, but Ju emphasized that these are dynamic estimates subject to change. He cautioned traders to stay bullish long-term but remain wary of leverage risks in the overleveraged futures perpetual market.

Market Challenges and Risks
Ju highlighted that the BTC-USDt perpetual market is overleveraged by approximately 2.7 times compared to early 2024. He warned that cascading liquidations of leveraged long positions could temporarily pressure Bitcoin’s price downward.

Price Action and Profit-Taking
Analysts remain divided on Bitcoin’s next moves during this bull run. Some long-term holders have begun taking profits around the $90,000 level, but data suggests many are holding out for even higher price points. Analysts predict Bitcoin must surpass current levels to meet profit expectations exceeding 10x.

Potential Corrections and Support Levels
CryptoQuant contributors offer varying outlooks, with BaroVirtual forecasting a potential correction to $70,000 before resuming the path to $100,000. Others argue that maintaining Bitcoin’s price above $85,000 could avoid a deeper correction, sustaining the bullish momentum.

As Bitcoin continues its ascent, traders and investors are advised to remain cautious while positioning for long-term gains.

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Disclaimer: Wealth Wave is just a free newsletter that aims to share information regarding the world of finance, business, investment... We are not financial advisors, which means we don't give financial advice, don't buy stocks, crypto, nfts... just because we talked about it.

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