Most Ethereum valuation models indicate ETH is undervalued: Analyst

Dogecoin large holders, which refer to whales, have gone silent, sparking speculation as to what might be behind the seeming disappearance.

According to Ali, a crypto analyst, whale activity on the Dogecoin network has dropped to the lowest level in the past two months.

The drop in whale activity follows a relatively quiet period in the crypto market, with the dramatic price swings that once drew in retail risk-takers softening.

Dogecoin has been trading in a range between $0.133 and $0.20 since mid-October. The top of the range at $0.20 presents a key resistance, which might halt attempts at a breakout in the event of a Dogecoin price rebound. Immediate resistance lies at $0.156, which halted Dogecoin's five-day rise on Nov. 26.

Dogecoin has fallen nearly 19% in the last 30 days amid a broader crypto slide. Now changing hands just shy of $0.15, Dogecoin is more than 78% off its 2021 all-time high of $0.73.

New ETF launch impact muted

DOGE saw newly approved spot ETFs, as Grayscale’s GDOG began trading at the week's start and Bitwise DOGE product also launched this week under the 20-day 8(a) window, creating a rare bullish catalyst even as a drop in whale activity and weak technicals keep near-term price action fragile.

Grayscale launched its DOGE ETF (GDOG) on the New York Stock Exchange, expanding institutional access to the dog coin. The debut follows ongoing ETF expansion across the crypto industry, including XRP and other altcoins. However, the ETF launch arrives at a crucial period when bullish sentiment in the market appears to be waning.

In this light, Grayscale's Dogecoin Trust ETF (GDOG) saw a debut trading volume of $1.4 million, falling short of expectations. U.S. regulators are still assessing a 21Shares application for a non-leveraged Dogecoin ETF.

The Layer 1 blockchain Monad has grabbed the headlines in the past few days following its successful launch earlier last week. MON, its native token, enjoyed a significant 80% surge on the back of the launch, hitting an all-time high of 0.048 on Wednesday, November 26.

While the Monad protocol has enjoyed significant attention since going live, it appears that not everyone is confident in its potential adoption. Most notably, BitMEX co-founder Arthur Hayes has put forward a pessimistic outlook for the project, saying its token value could fall as much as 99%.

Monad Has No Real Use Case: Hayes

In a YouTube interview with Altcoin Daily, Hayes stated that any other Layer 1 blockchain besides Ethereum and Solana is “zero” and is not going to do very well. Using Monad as an example, the former BitMEX CEO described the protocol’s coin as another “high FDV, low-float” token.

Hayes said that Monad is going to be the new “Berachain” and expects its native token’s value to fall by 99% after the initial jump. Berachain, which launched in February 2025, has its native token BERA trading beneath $1, nearly 94% beneath its all-time high of $14.83.

As of this writing, the Monad token is valued at around $0.0285, reflecting an over 40% decline since hitting its all-time high on Wednesday.

Hayes highlighted that every new project’s token often enjoys an early price spike before facing a deep correction, as there is usually no real use case to back up the initial growth. The crypto founder noted that it is a classic case of FOMO (fear of missing out), especially after the massive success of Ethereum.

Hayes said in the interview:

Moving forward, Hayes went on to pick a “magnificent five” of protocols currently in the cryptocurrency space, including Bitcoin, Ethereum, Solana, ZCash, and Ethena.

If Not Layer 1s, What Next?

It is little surprise that ZCash made it to the BitMEX co-founder’s list of top blockchain protocols. According to Hayes, ZCash and other privacy-focused coins—like Monero—will dominate the crypto narrative even more in the coming year.

Additionally, Hayes mentioned that Zero Knowledge (ZK) proofs and quantum resistance are other crypto narratives to watch out for in 2026. Specifically, the crypto founder noted that the next winner in the crypto market over the next one to two years would come from the ZK space.

It is relatively quiet in the crypto market as the dramatic price swings that once drew in retail risk-takers have softened, with several crypto assets now trading near yearly lows. The relative calm comes as macro forces remain central to the narrative, with wavering expectations for a Federal Reserve rate cut.

October's sell-off erased more than $1 trillion in digital-asset market value and unleashed a wave of forced liquidations, with Bitcoin seeing its worst monthly performance since the meltdown of 2022.

Shiba Inu fell to a low of $0.00000754 on Nov. 21; so far, Shiba Inu is down 14.87% in November and on track to mark its fourth consecutive red month since July 2025.

The year 2025 has marked lackluster action for SHIB's price as it steadily declined upon reaching a high of $0.00003324 in December 2024. Shiba Inu only closed in the green in just two months this year, in April and July, when it recorded gains of 6.87% and 9.02%, respectively.

At the time of writing, Shiba Inu was trading at $0.000008523, up 8% weekly. Bone Shibaswap (BONE), Shibarium's gas token, has even performed worse in the year, marking only one month in green, in March, when it rose 18.50%.

Some months back, a hidden rebase flaw was discovered in the LEASH token that allowed supply changes, undermining its fixed-supply claim. The new LEASH v2 aims to permanently fix the issue, with a migration anticipated soon.

Darkest periods eventually turn

Shiba Inu team member Lucie breaks silence on the relative calm in the Shiba Inu ecosystem, reminding that "even the darkest periods eventually turn."

"When misfortune reaches its limit, good fortune begins," Lucie said, revealing optimism.

Technical and historical trends suggest that Shiba Inu saw a sharp sudden rally after a prolonged period of decline, in March 2024 for instance, when SHIB rallied 144%.

Expectations remain on a relief rally for SHIB's price; in the short term, the broader crypto market sentiment will be watched to determine a potential reversal in SHIB and BONE prices.

The broader cryptocurrency market is attempting to recover after days of bearish price action. Bitcoin has climbed slightly back above the $90,000 level, while Ethereum is trading over $3,000 again, giving some relief after a sharp downturn.

Amid this slow recovery, Pi Network’s native token, Pi, remains stuck below its important price range. Pi is currently trading at $0.2461, supported by a market cap of around $2.05 billion. The token’s price is showing mild upward movement, but the strength behind the move appears limited.

Weak Volume Raises Concerns

Despite the slight rise, PI’s 24-hour trading volume has fallen sharply by more than 35% dropping to $23 million. The decline in volume shows that buyers are present but not confident enough to push the price higher with conviction.

For now, analysts say Pi needs to hold support between $0.243 and $0.244 to maintain any short-term bullish structure. If that range holds, Pi could continue nudging upward toward $0.250, and possibly $0.255 if fresh liquidity enters the market.

The token could attempt a larger recovery toward $0.30–$0.35. However, losing support around $0.27 could send Pi back toward the $0.20 zone, erasing recent gains.

Could Pi Be the Start of the Next Altcoin Season?

One crypto commentator on X (formerly Twitter) pointed to a bigger possibility: the idea that Pi Network might have the potential to kickstart the next major altcoin season.

The commentator argued that new altseasons are usually triggered by strong new narratives — and Pi Network represents one of the largest “new chain narratives” the market has seen in years. With millions of KYC-verified users waiting on the sidelines, the upcoming Pi DEX launch is viewed as a significant catalyst.

Why Pi Network’s DEX Could Be a Major Catalyst

According to them, Pi’s decentralized exchange could become a massive liquidity hub the moment it goes live, thanks to its large built-in user base. When existing major blockchains like Bitcoin and Ethereum appear congested or temporarily stagnant, capital often rotates into fresh ecosystems with strong momentum or new technology.

Right now, the market fits that profile. Bitcoin and Ethereum are stabilizing rather than rallying, ETF approvals are facing delays, and Ethereum’s next upgrade still carries uncertainty — all conditions that could push traders to explore new opportunities.

A Perfect Storm for a New Narrative

The argument is that if Pi launches its DEX at this exact moment, when market sentiment is seeking a new spark, it could become the trigger that sets off the next altcoin bull cycle.

Whether this scenario actually plays out depends on execution, market timing, and buying momentum. 

XRP showed a really rare print today as the one-hour liquidation snapshot by CoinGlass came in at $128,430, and every cent of it hit the long side, while the short column stayed at a clean $0, sitting there like the market simply forgot to include it. The heat map around XRP is full of normal losses, yet it stands in the middle with a one-sided hit that immediately tells you how the market was positioned during that hour.

As always, it is all about the price action as XRP barely moved, stuck in that tight $2.19-$2.20 range, but the small pushes it did make were just enough to knock out overexposed longs who were trying to front-run a drop.CoinGlass">

Shorts did not get touched because the chart never gave them a candle that could force a margin call. It was a slow sideways drift, the kind where the market trims only one side — the one where the most categorical investment decisions are being made because of boredom.

Perfect zero for XRP

Bitcoin and Ethereum had liquidations on both sides across the day, even minor assets on the map printed at least something in their short column. XRP alone sits with a perfect imbalance: $128,430 versus $0, a clear sign that shorts stayed light and nobody wanted to press the downside in a zone that has been stubborn for almost two days.

A split like this usually leads to a straight move, not a soft one. With longs already cleared out, a push above $2.23-$2.25 can accelerate fast and send XRP into the $2.30-$2.34 zone in a single leg, while a drop under $2.17 would open the path to $2.12-$2.14 almost immediately.