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Over the weekend, the cryptocurrency market experienced significant fluctuations. Bitcoin underwent its fourth halving event, leading to a reduction in miner rewards and a slight price increase. Meanwhile, Raoul Pal, a former executive at Goldman Sachs, made a notable adjustment to his crypto portfolio by favoring Solana over Ethereum. Shiba Inu, known as the ‘Dogecoin Killer,’ observed a substantial rise in its token burn rate, indicating a potential reversal in its fortunes. Despite Elon Musk’s mention of Dogecoin on Twitter, the meme coin failed to recover from a 20% weekly decline. Additionally, crypto analyst Michaël van de Poppe forecasted a potential price rebound for Bitcoin as the excitement around it diminishes.

Bitcoin’s Fourth Halving Event

Bitcoin (BTC/USD) saw a 1.5% uptick in the last 24 hours following the successful completion of its fourth halving event. This event, occurring every 210,000 blocks, resulted in a reduction of block rewards from 6.25 BTC to 3.125 BTC. The halving, a fundamental aspect of the Bitcoin protocol, aims to control scarcity and regulate the coin’s inflationary supply.

Raoul Pal’s Crypto Portfolio Adjustment

Raoul Pal disclosed a significant reallocation in his crypto investments, with 80% now allocated to Solana (SOL/USD) instead of Ethereum. Pal diversified his holdings by investing in high-end art NFTs and Exponential Age Asset Management, a fund focusing on digital assets.

Shiba Inu’s Increased Token Burn Rate

Shiba Inu (SHIB/USD) experienced a notable surge in its token burn rate, with 24.36 million SHIB tokens burned in a 24-hour period, marking a 25.9% increase. Over a 7-day span, the burn rate skyrocketed by 269.9%, resulting in the incineration of 798.3 million tokens.

Elon Musk’s Dogecoin Tweet Impact

Elon Musk’s tweet regarding Dogecoin (DOGE/USD) did not elicit a substantial response, leading to cautious trading in the meme coin. Data revealed a transfer of 300 million DOGE from Robinhood to an undisclosed wallet within the past 24 hours.

Prediction on Bitcoin’s Price Rebound

Crypto analyst Michaël van de Poppe suggested a potential significant price recovery for Bitcoin despite the diminishing buzz surrounding the impending halving event.

For more details on these developments, please refer to the full articles linked above.

Image Source: Eivind Pedersen from Pixabay

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