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Biggest Movers: DOGE Hits 3-Week High On Saturday

26 Nov 2022

This year, the number of tokenized bitcoins hosted on alternative blockchains like Ethereum, has dropped a great deal. Last January the number of wrapped bitcoin (WBTC) issued on the Ethereum blockchain was around 266,880 WBTC and since then, the number has dropped by more than 15% down to 225,962 WBTC. Similarly, the quantity of tokenized bitcoins minted on the Binance Smart Chain (BSC) dropped quite a bit over the last 11 months as well.

At the time of writing, the two largest tokenized bitcoin (BTC) projects are wrapped bitcoin (WBTC) and the BSC-issued Bitcoin BEP2 otherwise known as BTCB. However, the number of tokenized bitcoins stemming from both projects has dropped a great deal since January.

For instance, the number of BTCB in circulation on Jan. 6, 2022, was around 105,121 BTCB, according to archived coinmarketcap.com stats. Furthermore, BTC was trading for $42,738 per unit on that day, which means BTCB’s market capitalization was around $4.49 billion.

Since then, BTC’s price has shuddered and it’s a long way away from the $42K zone. The number of BTCB in circulation has dropped 49.1% to 53,444 BTCB, according to coinmarketcap.com data recorded on Nov. 25.

At an exchange rate of around $16,504 on Nov. 25, the market cap of BTCB is roughly $882 million. During the last 24 hours, BTCB has seen $3.25 million in global trade volume on a slew of decentralized exchange (dex) platforms. The dex applications with the most active BTCB trading include Pancakeswap V2, Biswap, Dodo, and Apeswap.

The largest tokenized bitcoin project WBTC has a lot more tokens than the BTCB in circulation. On Nov. 25, 2022, data shows the number of WBTC in circulation is around 225,962 WBTC and on Jan. 14, 2022, it was 266,880 WBTC.

That means during the course of 2022, the WBTC supply has been reduced by more than 15%, as 40,918 tokens were removed from circulation. Furthermore, in the last 30 days, Dune Analytics data, published by 21shares Research, shows that WBTC’s supply has dropped by 8.72%.

Of course, WBTC’s value was a lot higher on Jan. 14, as WBTC’s market valuation was around $11.35 billion. Removing over 40,000 WBTC from the supply and coupling it with BTC’s price sinking to $16K, makes WBTC’s overall market capitalization on Nov. 25, a lot less than it was at the beginning of the year.

Today, WBTC’s market valuation is roughly 3.66 billion nominal U.S. dollars and during the past 24 hours it’s seen $346.90 million in trade volume. The most active exchanges trading WBTC include Binance, Okx, Digifinex, and Hitbtc.

Tokenized bitcoin supplies have followed the same path as stablecoin supplies this year, which have shrunk a great deal in 2022. The data suggests that during the crypto winter traders are swapping their tokenized stablecoins for real U.S. dollars. With tokenized bitcoin projects like BTCB and WBTC, users swapping these tokens are looking to get their real bitcoin back.

What do you think about the reduction of tokenized bitcoin supplies during the last 11 months? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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This year, the number of tokenized bitcoins hosted on alternative blockchains like Ethereum, has dropped a great deal. Last January the number of wrapped bitcoin (WBTC) issued on the Ethereum blockchain was around 266,880 WBTC and since then, the number has dropped by more than 15% down to 225,962 WBTC. Similarly, the quantity of tokenized bitcoins minted on the Binance Smart Chain (BSC) dropped quite a bit over the last 11 months as well.

At the time of writing, the two largest tokenized bitcoin (BTC) projects are wrapped bitcoin (WBTC) and the BSC-issued Bitcoin BEP2 otherwise known as BTCB. However, the number of tokenized bitcoins stemming from both projects has dropped a great deal since January.

For instance, the number of BTCB in circulation on Jan. 6, 2022, was around 105,121 BTCB, according to archived coinmarketcap.com stats. Furthermore, BTC was trading for $42,738 per unit on that day, which means BTCB’s market capitalization was around $4.49 billion.

Since then, BTC’s price has shuddered and it’s a long way away from the $42K zone. The number of BTCB in circulation has dropped 49.1% to 53,444 BTCB, according to coinmarketcap.com data recorded on Nov. 25.

At an exchange rate of around $16,504 on Nov. 25, the market cap of BTCB is roughly $882 million. During the last 24 hours, BTCB has seen $3.25 million in global trade volume on a slew of decentralized exchange (dex) platforms. The dex applications with the most active BTCB trading include Pancakeswap V2, Biswap, Dodo, and Apeswap.

The largest tokenized bitcoin project WBTC has a lot more tokens than the BTCB in circulation. On Nov. 25, 2022, data shows the number of WBTC in circulation is around 225,962 WBTC and on Jan. 14, 2022, it was 266,880 WBTC.

That means during the course of 2022, the WBTC supply has been reduced by more than 15%, as 40,918 tokens were removed from circulation. Furthermore, in the last 30 days, Dune Analytics data, published by 21shares Research, shows that WBTC’s supply has dropped by 8.72%.

Of course, WBTC’s value was a lot higher on Jan. 14, as WBTC’s market valuation was around $11.35 billion. Removing over 40,000 WBTC from the supply and coupling it with BTC’s price sinking to $16K, makes WBTC’s overall market capitalization on Nov. 25, a lot less than it was at the beginning of the year.

Today, WBTC’s market valuation is roughly 3.66 billion nominal U.S. dollars and during the past 24 hours it’s seen $346.90 million in trade volume. The most active exchanges trading WBTC include Binance, Okx, Digifinex, and Hitbtc.

Tokenized bitcoin supplies have followed the same path as stablecoin supplies this year, which have shrunk a great deal in 2022. The data suggests that during the crypto winter traders are swapping their tokenized stablecoins for real U.S. dollars. With tokenized bitcoin projects like BTCB and WBTC, users swapping these tokens are looking to get their real bitcoin back.

What do you think about the reduction of tokenized bitcoin supplies during the last 11 months? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.

Dogecoin surged to a three-week high to start the week, as the token rallied for a second consecutive session. Overall, the meme coin has now traded higher for four of the last five days. Quant was another notable gainer in today’s session, moving to an eight-day peak.

Dogecoin (DOGE) raced to a three-week high to start the weekend, as the meme coin moved to extend recent gains.

Following a low of $0.08695 on Friday, DOGE/USD rallied to an intraday high of $0.09474 on Saturday.

This gain in price has pushed the token to its strongest point since November 8, when it was trading at a high of $0.1125.

Looking at the chart, bullish sentiment has climbed higher following a breakout from the 52.00 mark on the relative strength index (RSI).

In addition to this, the 10-day (red) moving average is now upward facing, which is typically a sign of pending surges in price.

Currently, the RSI is tracking at the 54.66 point, with the next visible resistance point at the 60.00 mark.

Quant (QNT) was also in the green on Saturday, with the token rose for a fifth straight day.

QNT/USD rose to a peak of $122.06, less than a day after prices were trading at a bottom of $111.56

As a result of this mini-bull run, quant is now trading at its highest point since Nov. 18.

Honing in on the chart, it appears that bulls are attempting to move the token to a resistance level of $125.00.

In order to achieve this, the RSI, which is currently tracking at 46.56, will need to collide with a ceiling of its own at 52.00.

The 10-day (red) moving average is now also closing in on its 25-day (blue) counterpart, which could lead to an eventual upward cross.

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Tags in this story
Analysis, Doge, dogecoin, memecoin, QNT, quant

What is behind this weekend’s bullish sentiment in cryptocurrency markets? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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