Tag: CRYPTOS FoxBusiness.

Toncoin’s explosive rally in early May has largely given way to consolidation, leaving the market focused on whether buyers can regain momentum. After surging from roughly $1.40 to a peak near $2.91, the token entered a broad corrective phase as profit-taking steadily absorbed momentum.

Yet the decline never developed into a full structural breakdown. Instead, sellers repeatedly stalled near the $1.69–$1.80 demand zone, allowing buyers to establish a series of higher lows into late May.

That shift gradually pushed $TON back above $2.00 and toward the $2.40 supply region. The current pullback from that area suggests sellers remain active, though they have yet to reclaim control fully.

If buyers convert $2.20–$2.40 into support, $TON could reopen a path toward the $2.91 high.

Can $TON reclaim $2.28?

$TON’s corrective phase appears to be approaching a resolution point as the price continues trading between the $1.69 support zone and the $2.28 resistance region.

Since rebounding from support, buyers have repeatedly attempted to rebuild momentum, yet each advance has stalled before reclaiming overhead supply.

That behavior suggests demand remains strong enough to prevent a breakdown, though not yet strong enough to restart the broader uptrend. This implies that the market has entered a period of compression where both buyers and sellers continue defending their respective levels.

Such structures rarely persist indefinitely. If buyers absorb the remaining supply around $2.28, $TON could accelerate toward $2.50 and eventually retest the $2.91 high. However, another rejection would likely extend consolidation as traders await a stronger catalyst to drive the next directional move.

The bullish case above $2.28

While $TON remains confined below the $2.28 resistance zone, the repeated recovery attempts carry an important implication. Despite several rejections, sellers have failed to force the price back toward the critical $1.69 support area, suggesting buying pressure continues rebuilding beneath the surface.

This gradual shift matters because prolonged consolidation often serves as a battleground where supply is absorbed before the next directional move emerges.

If buyers eventually reclaim $2.28, the market would move beyond merely defending support and begin challenging overhead supply. In that scenario, $TON could advance toward the $2.50–$2.60 region, where prior distribution activity occurred during the May correction.

A successful reclaim there would place the $2.91 high back within reach and strengthen the case for a broader trend continuation.

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Final Summary

• Toncoin [$TON] continues defending its higher-low structure, keeping the broader recovery scenario intact despite prolonged consolidation.
• $TON could regain bullish momentum if buyers reclaim $2.28 and convert resistance into support.

The infrastructure supporting global computing is undergoing a massive shift. True computing power no longer belongs to isolated corporate data centers, but to open, global networks.

Speaking at the Proof of Talk summit in Paris, Bittensor co-founder and Crucible Labs partner Ala Shaabana highlighted the staggering math behind decentralized networks. To show the audience what distributed computing can do, he stacked the Bitcoin network up against traditional enterprise setups.

“We all know that Bitcoin really dwarfs the top 100 supercomputers,” Shaabana said. “Does anybody know, in comparison, what the hash rate is? It’s over 600,000 times the power of really what these supercomputers can do. And that’s just, really, it’s Bitcoin.”

To understand Shaabana’s comment, it helps to know what Bittensor actually is.

It is a Layer 1 protocol built on the same codebase philosophy as Bitcoin: a hard cap of 21 million tokens, halvings hardcoded into predetermined blocks, with no pre-mine, and no venture capital. Bittensor is a decentralized network that replaces Bitcoin’s hash-puzzle mining with running and validating artificial intelligence.

The same incentive architecture that turned Bitcoin into a computing force 600,000 times more powerful than the world’s top supercomputers is redirected by Bittensor toward AI, organized across 128 specialized problem-solving networks called subnets. Each subnet defines its own goal, and miners compete for TAO token rewards by meeting it, meaning the network’s intelligence is shaped entirely by what it chooses to reward. That design principle, borrowed directly from Bitcoin’s playbook, is the foundation of everything Shaabana argues below.

Shift in long-term bull case

Shaabana’s core logic is simple: if coordination and code could create the world’s most powerful financial computing engine, the exact same blueprint can be applied to AI. By breaking a network down into 128 individual problem-solving neighborhoods or subnets, developers can source global hardware and intelligence without a central tech monopoly.

The trick to making a distributed system work relies entirely on the incentive design. “Show me the subnet, and I’ll tell you what the miners are optimizing for,” Shaabens said, adapting a famous market quote. If you reward participants for raw compute speed, they optimize for speed. If you reward them for data storage, they optimize for storage.

By setting these programmatic goals, open networks naturally attract talent and computing power far more efficiently than standard corporations.

“The long-term bull case is no longer primarily technological,” Shaabana concluded. “It is driven by debt, liquidity, and declining trust in traditional sovereign systems. Subnets really create markets. Intelligence really is no longer locked behind issues of organization; signals will define the truth, and performance is really rewarded.”

Ripple locked 700 million $XRP into escrow through three separate transactions: 500 million, 100 million, and another 100 million tokens.

The combined value exceeded $907 million based on prevailing market prices. This move continued Ripple’s long-established supply management framework and reduced the amount of $XRP immediately available for circulation.

However, the market reaction remained muted because investors had already become familiar with these recurring escrow operations. Instead, traders focused on whether tightening available supply could eventually support valuation.

Even so, $XRP continued trading lower, suggesting that broader market sentiment carried greater influence than the escrow activity itself during this period.

ETF demand keeps building quietly

Institutional interest remained one of the strongest developments surrounding $XRP.

$XRP ETFs attracted an additional $4.13 million in inflows, pushing total assets under management to $1.11 billion. This increase indicated that professional investors continued accumulating exposure despite ongoing weakness across the chart.

Unlike short-term traders, ETF participants generally target longer investment horizons, making their activity an important sentiment gauge. However, the pace of inflows remained relatively modest compared to $XRP’s overall market capitalization.

As a result, the demand signal stayed constructive without generating immediate upside pressure. Nevertheless, the steady rise in ETF holdings suggested that institutional conviction had not disappeared despite recent declines.

Can $XRP defend its final support?

$XRP remained trapped inside a descending channel that had guided price lower since mid-May. At press time, the asset traded near $1.26 after losing the critical $1.30 support level.

Meanwhile, resistance remained positioned around $1.365, while a broader recovery would require a move toward $1.50. The channel structure continued producing lower highs and lower lows, reinforcing bearish control throughout the period.

Selling pressure remained evident through the Relative Strength Index, which fell to 32.33. The indicator approached oversold territory and reflected persistent weakness across recent sessions.

However, price had also approached the lower boundary of the channel, an area where reactions often emerge.

If buyers regain control and reclaim $1.30, $XRP could challenge higher resistance zones. Otherwise, continued weakness would leave the structure vulnerable to another leg lower.

$XRP derivatives data reveals a market divide

Derivatives traders delivered mixed signals. At the time of writing, Open Interest (OI) increased 2.12% and reached $985.63 million, indicating that fresh positions entered the market despite declining prices. This pattern suggested that participants continued actively positioning for future volatility.

However, Funding Rates collapsed 78.08% to 0.002696, revealing a sharp decline in bullish conviction. The combination created an unusual setup: rising Open Interest signaled growing participation, while a decline in Funding Rates showed that traders were no longer paying steep premiums to maintain long positions.

As a result, the derivatives market reflected uncertainty rather than strong directional confidence. This divergence suggested that traders expected movement ahead but remained divided on $XRP’s next major move.

Is institutional demand enough?

ETF inflows continued supporting the long-term investment narrative, while Ripple’s escrow actions reinforced supply discipline.

However, $XRP remained below key support and stayed trapped inside a declining channel. RSI reflected persistent weakness, and derivatives traders showed increasing caution despite rising participation.

If institutional demand continues to grow, it could help stabilize sentiment and support a recovery. Otherwise, the current technical structure would likely keep pressure on $XRP until buyers reclaimed lost support levels.

Final Summary

• ETF holdings kept growing even as $XRP remained trapped below key resistance.

• Rising Open Interest contrasted with falling Funding Rates and weaker sentiment.

A crypto analyst has presented a new bull case for Dogecoin ($DOGE), sharing a long-term chart setup that he says mirrors the same pattern that led to the meme coin’s explosive rally in 2021. He also pointed to repeating sentiment shifts across market stages, where traders often doubt early moves before chasing prices at higher levels.

Dogecoin Forecasted To Hit $2 Soon

Market analyst Crypto Patel shared a new Dogecoin chart setup on X, projecting a potential rally toward $2 in this cycle. He based his bullish view on historical market patterns, with emphasis on the strong structure seen during Dogecoin’s 2021 bull run.

In that earlier cycle, Dogecoin climbed from a low of about $0.002 in 2020 to a peak above $0.72 in 2021. This move represented a gain of over 26,800%, marking one of the most aggressive rallies in meme coin history. Before reaching that ATH, the chart structure showed two major breakouts followed by successive upward legs marked as stages 3, 4, and 5.

Based on this structure, Crypto Patel argued that Dogecoin’s current setup is closely mirroring the 2021 bull pattern. He noted that the meme coin has already gone through two breakout phases between 2023 and 2024, followed by a retest of key support levels within a broader accumulation zone. After that retest, Dogecoin recorded its next strong upward leg in 2025, labeled stage 3 on the chart.

Since then, the meme coin’s price has been trading within a narrow range inside a descending channel. The chart also shows another retest to the previous accumulation area around the $0.11 level, which the analyst views as a second confirmation of support.

Because of this structure, Crypto Patel believes that the next major move for Dogecoin could be a sharp rally toward $2. From current levels near $0.10, this would represent a potential gain of more than 2,700%.

How Market Psychology Plays Into $DOGE’s Run to $2

During his analysis, Crypto Patel also pointed to market sentiment and psychology that could influence price movements and trends ahead of Dogecoin’s potential run to $2. The analyst noted that at lower levels, such as $0.05, many traders would still dismiss Dogecoin as a dead coin.

As the meme coin moves higher toward $0.25, Crypto Patel said some market watchers will still expect a price drop while they wait on the sidelines. Once Dogecoin reaches around $1, the analyst stated that Fear Of Missing Out (FOMO) will automatically return to the market, as investors try to catch gains. Finally, at his projected peak target worker $2, he noted that there will be the same pattern of regret from those who did not enter earlier, just like in past bull cycles.

The crypto market crash erased over $170 billion within a day as hefty outflows occurred on Tuesday. Moreover, it led to more than $1.5 billion in liquidations of leveraged crypto assets. The slump comes in response to rising oil prices and geopolitical tensions stemming from the current U.S.-Iran conflict.

Crypto-backed political groups have expanded their election spending as several US primaries test the industry’s influence in Congress.

According to filings with the US Federal Election Commission, Fairshake-linked groups backed by Coinbase, Ripple, and other crypto supporters have directed millions of dollars into House and Senate races as voters cast ballots in California, Iowa, Montana, New Jersey, New Mexico, and South Dakota.

Crypto PACs target key primary races

The FEC filings showed that Protect Progress, an affiliate of the Fairshake political action committee, spent about $3 million supporting Democratic candidates in House races across California and New Jersey. Another Fairshake affiliate, Defend American Jobs, spent more than $411,000 to support Republican Senator Mike Rounds in South Dakota.

Although several states are voting this week, the crypto industry has also turned attention to Maryland’s June 23 primaries. FEC filings showed Protect Progress spent more than $3.1 million on media backing Adrian Boafo, a Democratic candidate in Maryland’s 5th Congressional District.

In New York, the same filings showed about $320,000 in spending to support Representative Ritchie Torres, whose district will also hold a primary on June 23. Torres has been one of the more visible Democratic voices involved in digital asset policy debates in Congress.

Fairshake builds on Texas wins

The latest spending comes after Fairshake and allied PACs supported candidates who won primary contests in Texas last week. Those races gave the crypto industry another chance to show whether campaign spending can affect congressional contests where digital asset policy has become a dividing issue.

Fairshake reported more than $193 million in available funds as of January, according to campaign finance records cited in the filings. Other crypto-aligned groups have also entered the cycle, including Fellowship, which received $11 million from Cantor Fitzgerald and Anchorage Digital, and the Blockchain Leadership Fund, funded with $175,000 from Chainlink and Anchorage.

Fairshake has said it plans to oppose lawmakers it views as hostile to crypto policy. Representative Al Green became one of its clearest targets after he voted against the GENIUS Act, a stablecoin bill, and the CLARITY Act, a digital asset market structure bill.

Protect Progress spent $5 million supporting Christian Menefee, Green’s Democratic primary opponent in Texas’s 18th Congressional District. Green later lost that primary, according to the election results referenced in the report.

Maryland becomes the next focus

Maryland now gives crypto PACs another major test before the end of June. Protect Progress’s spending for Boafo places the race among the industry’s more expensive primary efforts this cycle, based on the FEC figures cited in the report.

The spending also shows how crypto groups are working across party lines. Protect Progress backs Democrats, while Defend American Jobs backs Republicans, according to FEC filings.

The campaign activity comes as Congress weighs major digital asset legislation. After approval by the Senate Agriculture Committee in January and the Senate Banking Committee in May, the Digital Asset Market Clarity Act was added to the Senate calendar for possible consideration.

Coinbase Ventures, the investment arm of crypto exchange Coinbase (COIN), said it had backed Ethena ($ENA), buying the protocol’s token on the open market as the two firms prepare to launch a new onchain savings product for the exchange’s more than 100 million users.

Ethena announced Tuesday that it partnered with Coinbase to expand onchain finance and savings offerings, with the first initiative scheduled to launch next week.

“Excited to partner with Coinbase for the first time to support their dollar savings products,” Ethena founder Guy Young said in a post on X. “The upcoming integration next week will be the first time Ethena products are available for their 100m+ user base.”

As part of the deal, Coinbase said it is already Ethena’s primary custodian, wallet provider and perpetuals venue, while the protocol’s $USDe yield token will be distributed on the Base network and the “wider [Coinbase] ecosystem.”

$ENA, Ethena’s governance token, surged 20% following the news before paring gains. The token was up 3% over the past 24 hours despite the broader crypto market pullback.

The investment marks a notable endorsement from Coinbase as Ethena seeks to expand beyond crypto-native users. Ethena emerged as one of crypto’s fastest-growing protocols, combining stablecoin demand with derivatives-based funding strategies to provide yield to investors in a token form. Assets on the protocol swelled to $15 billion by the October market peak, but since then declined to $5.3 billion as demand and yields vaned amid the crypto downturn.

The announcement comes as lawmakers continue to debate the CLARITY Act, a market structure bill that could provide a clearer regulatory framework for crypto products in the U.S. Young said the legislation could create additional tailwinds for onchain-native assets such as $USDe, Ethena’s synthetic dollar token.

Tapping into Coinbase’s user base

While neither company disclosed details of the upcoming product, investors speculated the partnership could significantly expand Ethena’s distribution.

Access to Coinbase’s user base could provide a new source of capital as the protocol seeks to expand beyond decentralized finance into mainstream crypto brokerage platforms.

Yan Liberman, managing partner at Delphi Ventures, an investor in Ethena, said the deal could potentially connect Coinbase’s roughly $19 billion $USDC stablecoin ecosystem with Ethena’s yield-generating infrastructure.

“If sUSDe yields clear baseline $USDC rates, Coinbase can offer better $USDC lending yields,” Liberman wrote on X. “Ethena gets deeper and cheaper funding than native DeFi alone.”

Expansion to institutional credit market with Anchorage

Ethena is also pushing deeper into institutional markets.

On Tuesday, the protocol and crypto bank Anchorage Digital said it had broadened its partnership with Ethena to support institutional lending.

Under the arrangement, Anchorage will manage collateral for Ethena’s loan investments through its Atlas platform, allowing borrowers to keep assets in custody rather than moving them onchain.

The setup aims to make crypto-native lending more accessible to institutions that require regulated custody and compliance controls.

“Institutions want access to crypto-native capital, but not at the cost of custody, controls, or operational rigor,” Anchorage CEO Nathan McCauley said in a statement.

The announcement builds on an existing relationship between the firms. Anchorage Digital Bank already serves as the U.S. issuer of Ethena’s USDtb stablecoin.