- Global crypto markets record a third consecutive week in the green.
- Cynical crypto whale shares a discouraging prediction for this Monday.
- Several on-chain factors point to a slight market correction for top cryptos.
After three weeks of impressive performance in the crypto markets, many crypto enthusiasts regained their optimism. Even though many traders believe that the longest-ever bear cycle for crypto has come to a close, some well-known crypto whales beg to differ.
SlumDOGE Millionaire, a popular crypto whale with 288,000 followers on X, recently posted a rather gloomy prediction of the so-called ‘bull trap’. “The crash is coming”, bleakly declares SlumDOGE Millionaire, finally uttering “Tomorrow will be a Bloody Monday”.
Further on, SlumDOGE Millionaire listed the 7 cryptocurrencies to be targeted by this dystopian scenario. These include the king crypto Bitcoin (BTC), the leading altcoin Ether (ETH), top dog meme coin DogeCoin (DOGE), and other altcoin heavyweights like Cardano (ADA), Solana (SOL) and XRP (XRP), and Chainlink (LINK).
How Tough Is the Crypto Price Correction?
The pessimistic prediction by the Dogecoin whale wasn’t left unnoticed by the crypto community on X, previously known as Twitter. “You must be fun at parties”, – uttered NFT trader Durlan. As if that wasn’t enough, crypto trader Johnny CrypTilt implored the author to “Stop talking about things you don’t understand”.
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Fortunately, SlumDOGE Millionaire’s despondent diagnosis of the crypto markets is yet to materialize. In the first half of Monday, Bitcoin remained slightly below the $37,000 resistance levels, while top altcoins like XRP, SOL & ADA were facing around 5% market correction.
On the technical side, Dogecoin’s real-time on-chain signals remain neutral in concentration & network growth. According to these on-chain signals provided by the blockchain analytics enterprise IntoTheBlock, Dogecoin whales & sharks transferred a whopping $1.74 billion in the last 7 days.
On the Flipside
- Some crypto traders are worried about the upcoming Bitcoin ETF decision, a key milestone that will be approved or denied by the U.S. Securities and Exchange Commission.
- For instance, popular crypto YouTuber Lark Davis remarked: “Our fate is in Gary’s hands”, referring to the SEC’s Chair Gary Gensler.
Why This Matters
Crypto whale watching gives an intrinsic look into the sentiment shared by experienced traders.
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