In today’s cryptocurrency news, Dogecoin experienced a notable 21% increase in its value over the past week, surpassing other major memecoins such as Shiba Inu, Pepe, and Bonk. At the time of reporting, Dogecoin was trading at $0.38, with Shiba Inu, Pepe, and Bonk seeing respective increases of 7%, 10%, and 14%. The surge has been attributed to substantial purchases by major investors, known as ‘whales’, with over 1.08 billion DOGE, valued at $413 million, acquired on January 3. This activity, often viewed as a bullish sign, suggests decreased selling pressure as coins move into private wallets. Alex Thorn from Galaxy Digital predicts Dogecoin could rise by 170%, reaching $1, and achieving a market cap of $100 billion.
Meanwhile, Elon Musk is under criticism after disclosing changes to the social media algorithm of the platform X, which aims to prioritize certain content over others to improve user experience. Critics labeled this adjustment as censorship, questioning the subjective judgment of ‘negative’ content.
Furthermore, suspected insider trading activities were reported in connection with Solana’s recent Focai.memecoin launch. At least 15 wallets linked to insiders allegedly profited $20 million from an initial $14,600 investment, securing 60.5% of the total token supply. This raised concerns regarding decentralization, fundamental to cryptocurrency principles. Despite peaking at over $46 million in market capitalization, the token saw a decline to $39.6 million, according to Pump.fun data.
