Cryptocurrency Heavyweights Make Sizable Purchases: Highlights from Bits for September 19 (Regarding Ethereum, Dogecoin, and Ripple)
In the dynamic world of cryptocurrencies, several significant events have taken place recently.
REX-Osprey's product DOJE, the first Dogecoin (DOGE) ETF in the United States, made a successful debut with trading volume of approximately $17 million. Meanwhile, REX-Osprey also launched a spot XRP ETF, trading volume for which reached nearly $38 million in the past 24 hours. However, it's worth noting that the asset's price for both DOGE and XRP has seen mixed results.
Dogecoin is currently worth around $0.27, representing a 28% increase on a monthly scale. On the other hand, XRP, which climbed above $3.15 in the days leading up to the ETF launch, has slipped to around $3.03, showing a 2% decline on a 24-hour scale.
Large Ethereum (ETH) investors have been active, accumulating 820,000 ETH (worth approximately $3.8 billion) over the past 72 hours. The collective holdings of these investors now amount to 31 million coins, or a quarter of the asset's circulating supply. The unrealized profits of these large ETH investors have reached almost $45 billion.
The collaboration between Ripple and Franklin Templeton, along with DBS Bank, is a notable headline. In the last 72 hours, they jointly listed a tokenized money market fund (Franklin Templeton's Franklin Onchain U.S. Dollar Short-Term Money Market Fund, token sgBENJI) alongside Ripple's stablecoin RLUSD on the DBS Digital Exchange (DDEx). This partnership enables institutional trading, lending, and portfolio rebalancing using these digital assets on the XRP Ledger blockchain.
Eligible DBS clients can trade RLUSD for sgBENJI tokens, enabling them to rebalance their portfolios into a relatively stable asset 24/7 and within minutes, while earning yield during periods of volatility.
It's important to note that no new facts about the prices of Ethereum or Dogecoin were mentioned in this paragraph.
In other news, the Fed's decision to lower interest rates in the United States may have contributed to the recent spike in ETH's price. After the central bank slashed the benchmark, ETH soared above $4,600 and eventually consolidated at the current $4,500.
Predictions about Dogecoin's future price movement suggest that breaking $0.29 could send the price "flying" to $0.36 and even $0.45, according to analyst Ali Martinez.
As always, it's crucial to stay informed and make informed decisions when investing in the crypto market.
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