we know that the ethereum and dogecoin bridge is just around the corner but many holders aren't aware of the massive impact it's going to have on doge when it comes out some new data suggests that dogecoin is going to explode because of this bridge so let's take a look at it hello guys and welcome back to crypto fire where we talk about dogecoin cryptocurrency and investing before we go any further please keep in mind that we're giving away a hundred dollars to a random subscriber all you have to do is like the video subscribe and leave a comment on your favorite cryptocurrency read our description for more info about it the winner will be announced on 18th august now let's get started with today's video recently because of the new london fork update more than 38k eth was burned that amounts to more than 120 million dollars and it is estimated that it has reduced the net issuance of new ethereum by 35 percent now if we look at its price it has been rising since the london fork update came out we have to keep in mind that this happened because a huge amount of eve was burnt recently of course there were other reasons like the new update about the infrastructure bill but the fact is that eth grew more than bitcoin and perhaps even doge during the same time period and this has huge implications for dogecoin before i tell you about it let's talk about what fundstrat has to say about this basically they said that the deflationary effects on ethereum's circulating supply have resulted in its positive price performance now coming back to doge look at this dogelabs is going to create a dogeburn wallet that is going to set it to the deflationary mode it says here that they hope that this is going to offset the inflationary growth and increase dojoin's price the point is that what dogelabs hoped would happen for doge is already happening for eth after huge quantities were burned and this means that doge is going to see the exact same rise after the new bridge comes out but that's not all as i said it's going to be a game changer for dogewing take a look at this article it talks about how ethereum has finally moved over bitcoin when it comes to trading volume on coinbase now it's a pretty big deal because coinbase is one of the biggest crypto exchanges out there it also says here that bitcoin trading volumes have fallen by 39 since quarter one while ethereum volumes have increased by 23 in the same time period it says that coinbase attributed this rise to the expansion of the d5 and nft ecosystems as well as increased demand for its ethereum two-staking product and because of all this it seems that eath is on its way to take over bitcoin to become the largest crypto in the world and after the new bridge comes out we'll see doge benefit from all these things as well now let's talk about some more interesting news about doge and crypto from today this one's my favorite it says here that you can now buy used tesla cars with dogecoin basically botsync which is a global tech firm specializing in defy applications said that it will allow local car dealerships to accept doge for pre-owned tesla cars while it isn't an official announcement from elon musk i still think that it's a pretty big deal because you can finally pay in doge to buy a tesla now another interesting news about mass adoption was that the u.s government is offering crypto to dark web informants basically this proves that the us government thinks crypto is legitimate enough to be used as a payment method personally i think this huge endorsement from the government is going to bring in a lot of new holders into the market moving forward another interesting news came from argentina its president said that he'll probably accept crypto as a legal tender honestly i wouldn't be surprised if he starts by accepting dogecoin after its new update comes out and if that happens millions of dollars will come into dogecoin from argentina now before we talk about some price predictions i'd like to remind you that i'm not a financial advisor and this isn't financial advice so you should definitely do proper research before investing anything into crypto now moving forward to the predictions many analysts think that bitcoin is going to six figures by the end of this year and as i said in the previous video this is totally in line with the stock to flow model starting with the first analyst bloomberg intelligences mike mcglone said that it's still got plenty of room to get to the old high and guess what if it just follows ethereum it goes to one hundred thousand dollars before i talk about the next analysis it's important to understand that we're talking about bitcoin because doge is closely following its trajectory at the moment so if bitcoin goes to six figures by december it would mean that doge is probably going to hit one dollar in december 2.

Moving forward the second analyst was from funstrat he said that with bitcoin crossing above its 200-day moving average we think it will rally strongly and then there was emily choi the president at coinbase global she said that crypto is going to be a major source of tax revenue to fund infrastructure that is a very positive thing it's no longer a fringe thing it has ultimately entered the mainstream here this seemed like a setback there's no doubt about it but we're playing the long game here now i have to agree with her since crypto is becoming a part of the new tax rules it is basically going to become unstoppable if you think about it the chances of it being banned are nearly zero from here this is because cryptos like doge and bitcoin are directly going to power the infrastructure of the united states moving forward let's look at the other key data points that'll help us predict the next prices for dojoin and bitcoin let's start with the first off-chain data the total supply of bitcoin owned by long-term holders recently reached an all-time high of 82.7 percent at the same time the supply pool of short-term holders has decreased to around 20 percent now interestingly glaston's analysis team says that whenever the short-term holder supply ratio falls below 20 percent a major supply squeeze follows if you don't know a supply squeeze is a supply shortage that mostly helps to drive the value of the given asset higher now moving on to another data point for the first time since september 2020 bitcoin transactions exceeding one million dollars have increased by a factor of more than two and then the next data point comes from sentiment which said that bitcoin wallet addresses holding between 100 and 10 000 btc do not plan to sell anytime soon the total bitcoins held by these addresses is now 9.2 million moving on the next data point comes from the on-chain analytics firm cryptocurrent they said that the bitcoin reserves on derivatives exchanges have continued to fall to level seen in may when bitcoin was at its all-time high and the last one talks about how more people are buying crypto to protect themselves from new monetary policies by central banks so basically all this data suggests that we're going up from here coming back to dogecoin it's currently trading at around 32 cents i think it's pretty great that it has held the 30 cent mark really well in the last 24 hours personally i think we are heading to 35 cents this week since doge broke above the key resistance level of 32 cents in any case let me know what you think will happen in the comments section below and with that we've come to the end of this video thanks for watching till the end if you enjoyed it please consider liking and sharing it with your friends also please subscribe to the channel and turn on post notifications for daily videos on dogecoin and cryptocurrency if you have any questions or suggestions please leave them in the comments section below goodbye take care

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