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Dogecoin Goes Wild, Bitcoin Predicted to Reach $200K, and SAND Soars 90%


Image of a $50 bill with a Dogecoin symbol replacing the face of President Grant.
  • Dogecoin Hounds Stick With Their Pup: Optimism High with Elon's Twitter Payment Move

  • Market Braces for Fed Rate Hikes, Cryptos Take a Tumble

  • Trader Tardigrade Predicts $200K for Bitcoin Before Bear Market at $70K

  • SAND Token Soars 90% in Early 2023 Ahead of Unlocking from Sandbox


Dogecoin rises on Twitter announcement


As Twitter announces their latest feature, "Coins", Dogecoin supporters are rising again. The new feature, powered by Stripe, allows users to buy virtual coins with real money to reward content creators. Although the feature will start off supporting only fiat currency payments, CEO Elon Musk has hinted at the possibility of cryptocurrency support in the future, sending Dogecoin up by a whopping 10%. Twitter's already a payments pro, with a history of supporting cryptocurrency, including NFT verification and tip options for Bitcoin and Ethereum for eligible users. But when asked for comment, Twitter's Director of Product Management, Esther Crawford, confirmed the company doesn't have a Communications team and politely declined further comment on payment plans.

 

Feds are back to raise rates

Image of Jerome Powell, the Federal Reserve Chair, discussing the upcoming meeting on interest rates

It looks like the market is in for a rough ride as the Federal Reserve announces its latest interest rate decision. Traders are ditching "risky" assets, including Bitcoin and tech stocks, causing crypto prices to dip. Even the mighty Solana has taken a 10% hit, with the S&P500 and Nasdaq following suit. The US dollar, on the other hand, is soaring. Some market analysts predict a smaller increase in interest rates this time, but others believe Bitcoin's recent 37% surge could be a false signal.

 

Bitcoin to $200K


A popular Twitter commentator and analyst, Trader Tardigrade, is making waves with his latest prediction for Bitcoin's next all-time high. Based on analysis of the crypto's stochastic oscillator, he forecasts a sky-high $200,000. But it's not all sunshine and rainbows, as he also predicts the next bear market bottom will be at $70,000. Another analyst, PlanB, is a little more reserved, with a short-term target of $32,000 based on realized price data. Of course, these are just predictions and should be taken with a pinch of salt.


 

SAND Token Soars 90%


The virtual world of The Sandbox is experiencing a price surge in its SAND token ahead of its Feb. 14th token unlock. The project will release 12% of the token's supply, worth around $273 million, to investors and seed investors. The SAND token, which serves as the basis for transactions and interactions in The Sandbox's ecosystem, has increased 90% this year but is still 90% down from its all-time high. Token unlocks can often result in a surplus of the asset in the market and a bearish event, but some tokens have recently rallied before their unlocks. According to a report from Kaiko Research, this token allocation is similar to a previous one, so there may be similar underperformance for SAND due to sell pressure.

 

The crypto world is a wild and woolly place, full of twists, turns, and surprises. Whether it's Dogecoin hounds sticking with their pup, the market bracing for Fed rate hikes, or tokens soaring ahead of their unlocks, there's always something new and exciting happening. So buckle up, hold tight, and enjoy the ride in 2023!

 
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