Dogecoin Breakdown Or Bottom? On-Chain Risk Hits Extreme Value Zone

Binance founder Changpeng Zhao, known as 'CZ', faced a surprising inquiry about the potential refund of a $4.3 billion settlement by the US government following his presidential pardon. His response has sparked significant interest within the cryptocurrency community, adding complexity to ongoing discussions about regulatory actions and their implications for crypto exchanges.

Dogecoin price is currently defending the $0.15 level as a double bottom pattern begins to emerge. If this pattern is confirmed, it may indicate a potential rally towards $0.20 and beyond.

The recent downturn in cryptocurrency markets has resulted in a significant pullback, with October witnessing $2 billion in liquidations. Despite this, only Binance has encountered serious issues. Cecilia Hsueh from MEXC asserts that this crash does not resemble the catastrophic collapses of Luna and FTX in 2022.

Ethereum's price is currently at a critical juncture, trading at $3,079 with signs of instability as market activity declines. Despite a slight daily gain of 1%, the cryptocurrency faces pressure as traders withdraw and the support level around $3,000 is at risk amid record high leverage and inflows on Binance.

Revolut has integrated Polygon to facilitate USDC and USDT payments and remittances. This partnership aims to enhance the efficiency and speed of transactions for users, leveraging Polygon's blockchain technology.

Binance has reported an increase in short-term Bitcoin trading activity, driven by traders and automated bots employing volatility-focused strategies rather than long-term holding patterns. This shift indicates a growing interest in short-term gains amid fluctuating market conditions.

Binance has announced that it will accept BlackRock's tokenized fund, BUIDL, as collateral on its platform. This development marks a significant expansion for the tokenized fund as it integrates with the BNB chain. The move has been positively received by Binance's former CEO, Changpeng Zhao, indicating a strengthening relationship between the cryptocurrency exchange and the asset management giant.

Grayscale is poised to launch the first U.S. spot Dogecoin ETF on November 24, as reported by Bloomberg's Senior ETF analyst Eric Balchunas. This development signifies Dogecoin's formal entry into the mainstream U.S. ETF market, potentially enhancing its legitimacy and adoption among institutional investors. The anticipated ETF launch follows Grayscale's recent SEC filing, which has generated optimism within the cryptocurrency community.