PEPE Price Spikes 10% Following Community Address On Rumored Rug Pull

The value of PEPE, one of the most promising assets in the second quarter of 2023, has been faltering in recent weeks. According to CoinGecko data, the meme coin has been in a 33.6% price decline in the last 14 days. The PEPE price took a significant hit in the past week, tumbling by more than 20% in a matter of hours. This negative price action was triggered by the rumors of a rug pull orchestrated by the project deployers.  On Thursday, August 24, about $16 million worth of Pepe tokens were moved from the developers’ multi-sig wallet to various crypto exchanges, spreading FUD (fear, uncertainty, and doubt) across the community. The team behind the meme coin has now published an announcement, addressing the community on what happened in the past few days. ‘Three Rouge Ex-Team Members Responsible For $16 Million Withdrawal’ On Saturday, August 26, one of the anonymous developers behind the Pepe project shed more light on the mysterious $16 million withdrawal from the project’s multi-sig wallet via a post on the official X (formerly Twitter) account. Related Reading: XRP Epic Price Setup: Accumulation Surge Paves The Way For Imminent Price Blast According to the team member, three ex-team members initiated a series of unexpected withdrawal transactions and transferred the “stolen” Pepe tokens to various crypto exchanges. A part of the community address explained: The multi-sig (wallet) was set up to require 3/4 signers present for an approval. Yesterday these 3 ex-team members came back behind my back, logged onto the multi-sig, stole 16 Trillion/ 60% of the 26 trillion multi-sig tokens, and sent them to exchanges to sale. They then removed themselves from the multi sig in an attempt to absolve any association to $PEPE, deleting all of their social accounts and leaving me behind nothing but a message stating “the multi-sig (wallet) has been updated, you are now in full control.” The anonymous developer established that these former members have been difficult to work with since the inception of the Pepe project. “There has often been conflict, and the majority of the team involved in $PEPE creation started to distance themselves after the first week of project inception”, they said. While apologizing for the inconvenience and losses caused by the “bad actors,” the project member claims that the remaining 10 trillion Pepe tokens in the multi-sig are “safe” and out of the reach of “nefarious” ex-team members. Unsurprisingly, the online crypto community had mixed reactions to the project developer’s address. While some individuals seemed convinced by the team member’s account, others raised questions about the sincerity of the claims. PEPE Jumps By Nearly 10% – Is A Recovery On? The value of PEPE reacted positively to this address, surging by about 9.6% to reach $0.000000956641. Although it has experienced some correction, the meme coin’s price is still well (roughly 9%) above its seven-day low of $0.000000824545 reached in the early hours of Friday, August 25. As inferred earlier, panic-induced selling was primarily responsible for the recent PEPE price crash. With confidence seemingly restored, investors will likely be banking on a price recovery. Related Reading: Economic Reset Alert: Bloomberg Analyst Predicts Bitcoin Crash Below $10,000 Fortunately, the daily Relative Strength Index (RSI), an indicator that tracks the balance between the buying and selling pressure of a token, is in the oversold zone for the first time ever. When in the oversold region, the RSI often signals that a trend reversal is on the horizon. According to CoinGecko data, PEPE currently trades at $0.000000898317, registering a 1.4% price jump in the last 24 hours. With a market cap of roughly $375.9, the meme coin is the 97th-largest cryptocurrency on the market. PEPEUSDT at $0.00000088951 | Source: daily PEPEUSDT chart on TradingView   Featured image from Unsplash, chart from TradingView
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August 26, 2023 No Comments

PEPE Whale Exits After Making Over 54,000x Gain And $1.73 Million In Profit

One of PEPE’s early adopters is officially out after making over $1.7 million in profit, translating to a 54,725x gain in less than six months. In a tweet shared by Lookonchain on August 26, the meme coin trader bought 1.69 trillion tokens, spending roughly $36, minutes after the project was launched in late April 2023. However, by the time the trader exited, less than six months later, selling off all his tokens, he had realized a decent gain, raking in 1,001 ETH, or roughly $1.7 million at spot rates. PEPE Whale Exits Trackers reveal that the trader first sold 0.69 trillion before fully exiting and liquidating 1 trillion PEPE on August 26, pocketing $885,000 or 537 ETH, pushing his total haul to 1,001 ETH. Considering the pseudonymous nature of Ethereum from where PEPE started trading through Uniswap v3, the trader’s identity cannot be ascertained. PEPE is one of the more successful meme coin projects in 2023. The token’s meteoritic rise–and crash–over the past couple of months illustrates its volatility. For the project’s early success and popularity, because of traders buying in and aiming to ride the trend mainly because of fear of missing out (FOMO), PEPE ended up being listed on several cryptocurrency exchanges, with support by Binance being the highlight. Related Reading: XRP Price Faces Immense Sell Pressure That Could Trigger 20% Decline Less than a week after being listed on Binance, PEPE soared 800% in early May before gradually falling as sentiment turned negative and holders began exiting, taking profits. The token peaked at $0.0000044839 and have since crashed 81% to $0.0000008674 as of August 26. This price level is an important reaction point marking June 2023 lows and is a primary support level. If bears press on, PEPE may fall to retest $0.0000004984, the opening price when the token began trading when it was listed on Binance on May 1. Meme Coin Trending, Team Transfers Tokens While PEPE is a top-trending token on CoinMarketCap, a tracker owned by Binance, at the time of writing August 26, the whale opted to exit via Uniswap v3. Uniswap is a decentralized exchange (DEX) for trading multiple tokens, primarily those on Ethereum. It is the second last iteration of the DEX and uses concentrated liquidity. PEPE is also available on Uniswap v2, but most trading is concentrated on Binance and KuCoin, two of the world’s leading centralized cryptocurrency exchanges. Related Reading: JPMorgan Shares Prediction On Bitcoin’s Next Move: What You Need To Know On August 25, the team transferred 16.045 trillion tokens (worth $16.85 million) from their multisig address to four exchanges, including Binance, leaving out only 10.697 trillion PEPE. The transfer also coincided with the multisig parameter changes. Only two signatories will be required to effect a transfer, down from five out of eight. Featured image from Canva, chart from TradingView
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August 26, 2023 No Comments
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Shibarium Launch Proves Positive As Shiba Inu-Based BONE Celebrates New Milestone

Following its temporary shutdown, Shibarium has made a comeback and relaunched. This release of the layer 2 blockchain has pushed the BONE price upwards, recording new milestones for the token.  Shibarium Relaunch Ignites Bullish Trend For BONE Bone Shibaswap (BONE) has recorded a massive price increase of about 17% in the last 24 hours after Shibarium made an official relaunch and became open to the public on Thursday, August 24. The number of BONE addresses has also increased to 90,151 while SHIB burn rates are running high. Related Reading: Exodus Of 30,000 BTC To Cold Wallets Spells Good News For Bitcoin Price Currently, the BONE token is valued at $1.40 with a 24-hour trading volume of over $11 million, according to CoinMarketCap. The shift in the price has also proved fortunate for a majority of BONE token holders.  Reports reveal that 68% of BONE holders are in a very profitable position and are likely to reap massive gains. In contrast, 19% are currently in the red, struggling with some losses. The remaining 13% of BONE holders have found themselves at a point of stability, experiencing no profits or losses.  68% of holders sitting in profit | Source: IntoTheBlock Shibarium’s Lead Developer, Shytoshi Kusama had previously described plans of adding new features and tweaks to prevent another suspension. He also stated that the Shiba Inu team plans to integrate a Self-Sovereign Identity (SSI) into Shibarium.  Additionally, he said that the recently launched layer 2 blockchain has finally achieved a state of stability, ensuring users gain all the benefits of the mainnet including more options for BONE staking.  “After two days of testing and tweaking parameters to achieve a ‘ready’ state, Shibarium is now enhanced and optimized. Additional validators will go live, giving even more options for you to stake your BONE,” Kusama said. SHIB Community Embraces Shibarium Relaunch And Modifications The SHIB army has been anticipating Shibarium’s release after the Ethereum layer 2 solution got off to a rocky start. The Shibarium mainnet halted its operations after its first launch and has been undergoing reconfigurations and testing to bolster its network.  According to developers, the reason for the network’s suspension was due to the high traffic and overwhelming increase in adoption, with over 10 million new wallets registered on the platform. However, Kusama had reassured the SHIB community, stating that the mainnet was only going through a few tweaks and would be up and running soon, stronger than it was in its previous release.  Shiba Inu’s price performance also declined slightly following Shibarium’s temporary shutdown. But the cryptocurrency is on a recovery trend presently and growing to be one of the trendiest meme coins in the crypto space.  Related Reading: Shiba Inu Whale Buys 708 Billion SHIB, Sparks Speculation Of Price Recovery The recent relaunch has pushed active addresses in the Shibarium mainnet to over 50,000 and this figure is expected to continue to rise. Lead developer Kusama has also vowed to increase the layer 2 network’s capacity by 1,500%, improving its safety, decentralization, and solidity.  Recently, Shiba Inu has been making new strides in the crypto space, expanding into new geographical regions to facilitate better adoption. The meme coin is now available to Brazilian merchants through Binance Pay, a cryptocurrency payment technology supported by the Binance exchange. Token price ranging at $1.3 following new milestone | Source: BONEUSDT on Tradingview.com Featured image from BSC News, chart from Tradingview.com
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August 26, 2023 No Comments

AVAX Dump Continues Despite Puma/Roc Nation Sneaker Launch On Avalanche

AVAX, the native currency of the Avalanche blockchain, is trading at new 2023 lows at the time of writing on August 26. Trading at $10, the coin is down 55% from 2023 highs and roughly 25% alone in August 2023. At this pace, AVAX has not only broken mid-June 2023 lows but could break below the critical June 2021 support. AVAX Is Sinking A look at the daily candlestick arrangement in August shows that sellers have been unwavering and firm despite the general optimism amongst supporters. Of note, it is clear that the selling momentum has been strong. AVAX bear bars have been banding along the lower BB, meaning sellers have been unloading faster. At the same time, the divergence of the middle BB from the upper and lower BB suggests that AVAX prices have been volatile. This can be illustrated by the rapid contraction, especially in the second half of August when AVAX has shaved off over 20% of its value. The sell-off also comes amid a drop in trading activity and general liquidity, as volume indicators show in the daily chart. Comparing the current activity with those of early to mid-July 2023, it is evident that trading volumes have rapidly contracted. This drop may point to general apprehension as traders steer clear, considering the recent decline in valuation.  Related Reading: Shiba Inu Community Burn Sees Another 350 Million Meme Coins Incinerated Typically, trading volumes are an indicator of interest, and in times of expanding prices, like in early July, AVAX trading volumes rose in tandem. The higher the trading volumes, the more liquid the token is since traders are more engaged and confident of the project’s prospects.  Avalanche Vista And New Partnerships AVAX remains under pressure despite Avalanche Foundation partnering with Legitimate Technology, a web3 company, days after the foundation launched the “Avalanche Vista” program. The foundation aims to purchase real-world assets (RWAs) of up to $50 million minted on Avalanche. Following this, Legitimate joined forces with Puma and Roc Nation to bring the worlds of fashion and music on-chain. Related Reading: This Ethereum Metric Has Sparked Centralization Concerns Over ETH Ownership In partnership, Legitimate has now released the “Evolution of the Mixtape” sneaker collection to celebrate what they say is “hip-hop’s 50th anniversary.” The collection will include three unique sneaker models, each embedded with a near-field communication (NFC) chip for “owners to access a digital portal showcasing weekly mixtapes and behind-the-scenes content from Roc Nation artists.” Each NFC chip is linked to an immutable digital object on Avalanche for easy provenance. All these digitized products can be redeemed through Legitimate’s LGT protocol. Featured image from Canva, chart from TradingView
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August 26, 2023 No Comments

Tether Energy Readies To Mine Bitcoin – A Vote Of Confidence For BTC?

Three months after announcing their plans to engage in Bitcoin mining in Latin America, Tether, the issuer of the world’s largest stablecoin USDT, is readying to deploy their first rigs. According to chief technology officer Paulo Ardoino, Tether Energy is operationalizing their miners at a disclosed location in Latin America.  Tether Energy All Set To Mine […]
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August 26, 2023 No Comments
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Base Chain TVL Surpasses Cardano As Interest Swells

Ethereum Layer 2 network “Base” has surpassed Cardano in terms of Total Value Locked (TVL) in just two weeks after its official launch, despite Cardano experiencing a multi-year head start in growth and development.  Base TVL And Trading Volume Rises Above Cardano Presently, Cardano is facing criticism from users due to its TVL falling below that of the newly launched project “Base” built by Coinbase. One individual who has publicly criticized the project is Evan Van Ness, a Consensys member and Ethereum advocate. Van Ness took to his X (formerly Twitter) account which boasts over 103,000 followers to call Cardano a “Zombie chain” because it was below Base by TVL despite being years ahead of the latter. Related Reading: This Ethereum Metric Has Sparked Centralization Concerns Over ETH Ownership Base was launched on August 9 and it has experienced impressive growth and momentum since it was introduced to the public. According to Data from DeFillama, the layer 2 network Base recorded a higher trading volume ($26.23 million) than that of the layer 1 network Cardano ($20 million) in less than 24 hours after its official launch.  In terms of TVL, at the time Van Ness’s chart was shared on X, Base had managed to secure $188 million in TVL since it was introduced, surpassing Cardano which sat at the 14th position by TVL with $160 million. However, these figures have since been flipped especially since ADA is seeing a green day on Saturday. DefiLlama data currently shows a TVL of $188.46 million for Cardano versus $185.53 million for Base. Cardano TVL overtakes Base once more | Source: DeFiLlama Nevertheless, data from L2beat points Base’s rise in TVL over the past week puts it ahead of StarkNet and others which made it the fifth largest layer-2 network.  Base TVL is, however, not the only impressive thing about the L2, as the network has outperformed Cardano by completing more transactions in its first week than Cardano’s transactions in a month.  Although Base’s TPS may be lower than that of other layer 2 networks like Optimism (OP), investors and market observers believe that the network will experience more adoption as its ecosystem grows. Rising Average Transactions Per Second Base has recorded over 11 million transactions in less than a month since its official launch. Base’s average transactions per second over the past few days has been reported to be 15.88, surpassing other layer 2 blockchain Abritrum (AB) and Optimism (OP). The network’s 15.88 also shows an increase of almost 160% in daily Transactions Per Second (TPS).  Related Reading: MasterCard Axes Partnership With Binance Amid Regulatory Pressures Base’s TPS rise was no coincidence as more investors engage in Base’s Friend.tech. Friend.tech is a social market that allows users to buy and sell shares in public figures. It has reportedly garnered more than 100,000 users since its release. Other protocols such as Synthenix have also shown interest in the Base network, as the protocol recently concluded a governance vote to deploy on Base. Another development is the on-chain analytics firm Arkham Intelligence announcing on X earlier in the week that it will be adding support for Base. ADA price recovers during the weekend | Source: ADAUSD on Tradingview.com Featured image from Bitcoinist, chart from Tradingview.com
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August 26, 2023 No Comments

Cardano Will Surpass Bitcoin and Ethereum to Become World’s Biggest Crypto – Charles Hoskinson

Charles Hoskinson, the visionary founder of Cardano, boldly predicted that ADA, the native token of the Cardano blockchain, is poised to dethrone the current cryptocurrency giants, Bitcoin and Ethereum. Hoskinson’s proclamation at the highly anticipated Rare Evo conference has sent ripples of excitement and speculation throughout the cryptocurrency community, sparking fervent discussions about the future […]
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August 26, 2023 No Comments

The Milk Sad Vulnerability and What It Means for Bitcoin

In the newest episode of Bitcoin Magazine’s “Bitcoin, Explained,” hosts Aaron van Wirdum and Sjors Provoost discuss the ramifications of a newly discovered exploit dubbed “Milk Sad,” affecting Bitcoin users attempting to run the alternative Bitcoin implementation Libbitcoin when connecting to the …
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August 26, 2023 No Comments

$6.5 Million Lost In Latest Base-Native DeFi Protocol Rug Pull

Magnate Finance, a DeFi lending protocol on the Ethereum layer-2 network Base, is reported to have conducted a rug pull, robbing its users of $6.4 million worth of assets. This event represents the latest troubling incident on the Base network in merely a month of its official mainnet launch. Related Reading: BALD Deployer Moves Proceeds Of The Rug From Base To Ethereum 3 Rug Pulls, $16.7 Million Lost – Who’s Responsible?  On Friday, August 25, blockchain security intelligence Peckshield confirmed Magnate Finance’s rug pull, stating that the project developers manipulated the provider of the price oracle, allowing them to withdraw all assets of the platform. Peckshield also provided more information on the scammers’ movement, stating that they had transferred $1.34 worth of DAI to a new address while also bridging $1 million of the loot to the BNB chain.  The majority of the stolen funds have been transferred to other Ethereum layer 2 solutions such as Optimism and Arbitrum. Meanwhile, the $1.3 million DAI and an additional 295 ETH, valued at around $486,000, remain on the Base Network.  Interestingly, a few hours before the Magnate Finance rug pull occurred, an X user and on-chain investigator, ZachXBT, posted a community alert stating the possibility of such an event.  ZachXBT’s suspicion was based on the fact that the deployer address of Magnate Finance received some funds from the Solifire’s $4.8 million rug pull that occurred in January 2022.  In addition, the deployer address of Magnate Finance is also linked to the Kokomo Finance $5.5 million exit scam in March 2023. In total, the developers of the Base DeFi lending protocol have been involved in three rug pulls that have resulted in the loss of $16.7 million of user funds. At the time of writing, Magnate Finance has deleted its Telegram group, as well as disabled its official website. In addition, the project’s X account has also been deactivated, wiping all of its online and social media presence in what has been a “classic rug pull.” Related Reading: Base TVL Surges 900% In 2 Weeks, What’s Driving The Growth? Another Setback For Base? The early days of the Base Network in the crypto space have been anything but smooth sailing. Prior to the network’s public launch on August 9, BALD, a memecoin project on the Coinbase native network, was exposed as a rug pull after developers withdrew $25.6 million of the project’s liquidity.  Since then, there have been more negative occurrences within the Base ecosystem, with the Rocketswap DEX losing over $450,000 via “brute force hack,” while 342 ETH, valued at $626,000, has also been stolen from LeetSwap, another Base-native DEX. However, it is worth stating that the Base Network has also recorded some positives in its short time of operation. According to data from L2Beat data, Base ranks as the fourth most active layer two solution with a daily transaction per second value of 7.73. In addition, where the general total DeFi ecosystem has taken a dive below the $40 billion mark, Base has shown much resilience. Using data from DefiiLama, the project’s TVL gained by 11.02%  in the last week and is now valued at $185.81 million.  Total crypto market valued at $1.029 trillion on the weekly chart | Source: TOTAL chart on Tradingview.com Featured image from Swyftx Learn, chart from Tradingview.
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August 26, 2023 No Comments

Gemini Centers XRP In Its Card Rewards Offer | Bitcoinist.com

Gemini has unveiled an innovative feature allowing users to accrue XRP cryptocurrency rewards while conducting routine credit card purchases. The disclosure of this program, disseminated through a tweet, extends a remarkable prospect to Gemini Credit Card holders, granting them the ability to amass up to 3% in XRP rewards on expenditures on dining, groceries (2%), […]
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August 26, 2023 No Comments

Is PEPE A Rug Pull? Here’s What We Know | Bitcoinist.com

The Pepe token was the foremost token that enjoyed immense success during the meme coin frenzy in May this year. However, the token experienced a significant drop as the frenzy faded out. And now, a recent development seems to suggest that the team behind it may have abandoned the project. $15.6 Million Worth of PEPE […]
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August 26, 2023 No Comments

Exodus Of 30,000 BTC To Cold Wallets Spells Good News For Bitcoin Price

A massive 30,000 BTC was transferred into unknown wallets over the past week, leading many investors to wonder about the current outlook concerning Bitcoin. When big money moves into cold storage, it reduces selling pressure because it often indicates that whales and institutional investors are expecting the price to go up and opting for self-custody. Massive Exodus Of BTC To Cold Storage Data from CoinGlass shows that almost 30,000 BTC have been moved off exchanges in the past week. With Bitcoin currently trading around $26,000, this equates to over $780 million moved into cold storage.  Related Reading: Cathie Wood’s ARK Invest Joins Ethereum Futures ETF Race After Spot Bitcoin ETF Delay Most of this movement has come from Binance, with an 11,457 BTC net change in its reserves. Coinbase, Bitfinex, and Gemini also witnessed a net exodus of 4,455 BTC, 2,808 BTC, and 6,004 BTC, respectively. In contrast to this, the crypto exchange OKX had 2,149 BTC moved into its exchange. On-chain whale movement alerts from Whale Alerts this week have also shown various instances of BTC movement off crypto exchanges into unknown wallets: 🚨 🚨 🚨 🚨 🚨 🚨 5,140 #BTC (134,268,844 USD) transferred from #Bybit to unknown wallethttps://t.co/LWXJsbooVX — Whale Alert (@whale_alert) August 25, 2023 🚨 🚨 🚨 🚨 2,910 #BTC (76,010,381 USD) transferred from unknown wallet to #Coinbasehttps://t.co/5bD9vpvMAE — Whale Alert (@whale_alert) August 24, 2023 🚨 🚨 🚨 🚨 🚨 4,000 #BTC (106,039,171 USD) transferred from #Bitfinex to unknown wallethttps://t.co/982bCEb4SO — Whale Alert (@whale_alert) August 24, 2023 Unknown wallets typically mean movement into cold storage, which refers to any method of storing crypto offline. Investors use cold wallets to hold Bitcoin long-term as a way to accumulate their assets.  For many long-term holders, this is a safer option than keeping large amounts of crypto on an exchange which could be at higher risk of hacks or scams. BTC price sitting above $26,000 | Source: BTCUSD on Tradingview.com  How Is This Bullish For The Price Of Bitcoin? Bitcoin into cold storage points to a bullish outlook from serious investors. It reduces selling pressure since the amount of BTC available for sale on exchanges has become smaller. According to the economic principles of supply and demand, the lower supply is poised to lead to higher prices.  Related Reading: Here’s Why Arthur Hayes Is Not In Support Of A BlackRock Spot Bitcoin ETF While it’s not entirely clear what is causing this transition, the timing of this movement to cold storage is also notable. The SEC’s decision on spot Bitcoin ETF applications is imminent, and many believe that approval would lead to a spike in the price of Bitcoin. However, the regulator can still delay the applications for up to 240 days.  The price of Bitcoin has gone through a considerable dip in the past month as the market reacted to various news. At the time of writing, the cryptocurrency is trading at $26,000 and is down by 11.83% in the past month but up by 0.42% in a 7-day timeframe. This would suggest that the movement into cold storage has not had a significant effect, as the price of Bitcoin is still struggling to recover. Featured image from iStock, chart from Tradingview.com
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August 26, 2023 No Comments
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Solana Price Analysis: Imminent $16 Correction on the Horizon?

Solana (SOL) has captured the attention of investors and analysts as its price charts form a distinctive falling wedge pattern. This technical formation, often seen as a potential trend reversal indicator, has stirred discussions about the future trajectory of SOL’s value. A falling wedge pattern is a common chart pattern in technical analysis, characterized by a contracting range between two trendlines that slope in the same direction. The upper trendline, representing the declining highs, converges with the lower trendline, formed by the decreasing lows.  This pattern suggests a potential bullish reversal, as the price reaches a point of consolidation, leading to an eventual breakout to the upside. Image: Bybit Learn Related Reading: Tron Reverses August Slump As TRX Open Interest Climbs Solana Vies For Bullish Upswing As SOL’s price continues to exhibit this falling wedge pattern, analysts are eyeing a potential bullish upswing in the near future. The recent retest of the lower trendline has intensified demand pressures, potentially setting the stage for a breakout. Price analysis projections point towards a potential recovery that could take SOL’s value towards the overhead trendline or even the $21.55 mark. However, the validity of this pattern relies on the integrity of the two trendlines. While the falling wedge pattern suggests a bullish outlook, a failure to maintain these trendlines could lead to further downward movement. Investors and traders remain cautious, recognizing that as long as the pattern holds, there is a risk of SOL’s value prolonging its descent and potentially reaching the $16 mark. Recent market data from CoinGecko paints a mixed picture, with SOL’s price at $20.32, reflecting a 2.8% decline over the last 24 hours and a 5.2% slump over the past seven days. These fluctuations highlight the inherent volatility in the cryptocurrency market and the impact of various factors on asset prices. Solana (SOL) is currently trading at $20.27. Chart: TradingView.com Solana’s NFT Surge Offers Glimmer Of Positivity Amidst the price struggles, the Solana ecosystem is experiencing a surge in the NFT space, offering a glimmer of positivity for the community. Recent data shared by Step Data Insights reveals that Solana has emerged as a frontrunner in NFT sales volume over the last 24 hours. NEW: Solana leads the growth of NFT Sales Volume, with nearly a 20% rise in the last 24 hours. pic.twitter.com/t1PYxHXawb — Step Data Insights (@StepDataInsight) August 24, 2023 The post highlights a remarkable 20% surge in sales volume for Solana, outperforming major competitor Ethereum (ETH), which only managed a 3.4% increase during the same period. Related Reading: PEPE Token Tumbles 20% Amid Suspicious Activity – Details While technical patterns provide insights, the volatile nature of the crypto market requires cautious optimism. Additionally, Solana’s robust performance in the NFT sector underscores its ability to diversify and adapt in the blockchain landscape. As traders and investors await confirmation of the falling wedge’s influence, the market remains poised for shifts that could shape SOL’s path in the coming days. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from CoinMarketCap
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August 26, 2023 No Comments

This Ethereum Metric Has Sparked Centralization Concerns Over ETH Ownership

Crypto blockchains are designed to be fully decentralized so that no single person or group has control. However, new data has shown that the top 10 Ethereum addresses control over 35% of the total ETH supply. For a network that was designed to be decentralized, this has sparked some serious concerns over how centralized ETH has become.  The 10 Largest Ethereum Addresses Hold Over 35% Of The Available Supply While sharing the metric on social media platform X, crypto market intelligence platform Santiment showed how holdings of the 10 largest Ethereum addresses have now climbed to 35% of the total supply. Related Reading: Shiba Inu Whale Buys 708 Billion SHIB, Sparks Speculation Of Price Recovery This indicates that while small traders have been trying to offload their supply during the recent price crash, many ETH whales are taking the chance to buy the dip.  🐳 The 10 largest addresses on the #Ethereum network are now holding over 35% of the available supply. By no means does this mean the #2 asset in #crypto is suddenly #centralized, but it shows the capitulation of smaller traders showing #FUD from this dip. https://t.co/G3wIeBzelb pic.twitter.com/TXkKjSwwmn — Santiment (@santimentfeed) August 25, 2023 Over the past 5 years, the top 10 largest Ethereum addresses have seen their share of the total ETH supply grow substantially. Data shows that these addresses held only 11.2% of the total supply in August 2018, and then rose to 24% in August 2022. The current level means these 10 largest holders have accumulated 11% more in the past year. 📈 #Ethereum has been seeing its top 10 addresses expand and accumulate more and more of the total available coin supply. In 5 years, the top 10 largest addresses have gone from owning 11.2% to now 34.6% of $ETH. The 27.86M $ETH added is worth $51.6B. 😮 https://t.co/utI8W6DkRX pic.twitter.com/klgb7pus7K — Santiment (@santimentfeed) August 9, 2023 Etherscan, an Ethereum block explorer, shows the top account balances in ETH, with the largest address alone (Beacon Deposit Contract) controlling over 24% of all supply. Next comes in Wrapped Ether at 2.7%.  However, most of the largest ETH holders are cryptocurrency exchanges like Binance and Kraken. One of Binance’s wallets (Binance 7) holds over 1.66%, while the exchange also holds large ETH amounts in other wallets, making it the largest of any single entity.  In comparison, the top 10 addresses of Bitcoin, the largest crypto in the world, own only 5.35% of the total supply. This, of course, does not take into account Satoshi Nakamoto’s Bitcoin cache.   ETH price struggles amid centralization concerns | Source: ETHUSD on Tradingview.com  ETH Centralization Concerns? Whales are known to have considerable control over the price movement of cryptocurrencies in the crypto market and large selloffs by these holders can lead to an increase in selling pressure from smaller investors, causing a dump in the price of ETH.  However, considering the largest holder is the Ethereum is the Beacon Deposit Contract used for staking ETH, an increase in the contract spells positive news. More deposits into the contract signal that more investors are depositing to become validators in ETH 2.0. Related Reading: MasterCard Axes Partnership With Binance Amid Regulatory Pressures Interestingly, the number of wallets holding between 10 and 10,000 ETH has risen to 355,000, and 1,788 more 10-10,000 ETH wallets have been added since the beginning of June. Whale transactions in the past week alone have also crossed 23,073 ETH, the highest since May. As for ETH’s price, the token is currently trading at around $1,600, down 11% in the past month. Featured image from iStock, chart from Tradingview.com
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August 26, 2023 No Comments

Donald Trump NFTs See Spike In Trading Activity Following An ‘Eventful’ Week | Bitcoinist.com

The Trump Digital Trading Cards, a non-fungible token (NFT) collection featuring illustrations of Donald Trump, experienced a surge in price and trading volume following a week many would refer to as “eventful” in the US political landscape.  This spike in trading activity has been linked to the release of the former United States president’s mugshot […]
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August 26, 2023 No Comments
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Shiba Inu Burn Sees Another 350 Million Meme Coins Incinerated

The world of digital currency has brought some challenges to the Shiba Inu (SHIB) ecosystem. The ups and downs in this digital money landscape have caused the value of many coins connected to SHIB to drop, making things a bit shaky. But here’s something good: the SHIB token burn is happening faster than before. This means they’re getting rid of more tokens, which is a positive thing. It’s like a bright spot in the midst of all these changes, showing that there’s something strong and good still happening in the SHIB world. Based on the data provided by the Shibburn explorer, it is evident that the SHIB community has been effectively engaging in the process of burning substantial quantities of these meme coins, thereby transferring them to wallets that are rendered unspendable. Related Reading: Tron Reverses August Slump As TRX Open Interest Climbs Shiba Inu: Optimism Amid Market Volatility Even though the SHIB token has had some failures and its price has gone down, its burn rate has gone up by about 80% in the last 24 hours, according to Shibburn. Today, the SHIB army has successfully facilitated the removal of around 350 million Shiba Inu meme coins, which were previously rendered inaccessible and excluded from circulation. Source: Shibburn Last week, over 1.84 billion SHIB tokens were burned in approximately 255 transitions, according to Shibburn. This reduced the weekly SHIB consumption rate by 38.76%. It took 19 transfers for the community to successfully remove 349,012,147 SHIB during the course of the last 24 hours. Burns frequently involved two or three SHIB pieces and occurred virtually hourly. Increasing Scarcity And Value Burning tokens, or reducing the supply of a cryptocurrency, is a common practice in the blockchain and crypto communities. As the number of coins in circulation increases, both their demand and value tend to decrease. This activity is considered a deliberate method to increasing scarcity, which may lead to an increase in the value of the remaining tokens. This strategy is especially significant for Shiba Inu because of their abundant starting supply. SHIB market cap currently at $4.8 billion. Chart: TradingView.com Meanwhile, as the Shibarium relaunch draws near, Lucie, a Shiba Inu team representative, has revealed some exciting news. Related Reading: PEPE Token Tumbles 20% Amid Suspicious Activity – Details Lucie updates her followers on the status of Shibarium in a new tweet, letting them know that Shiba Inu Layer 2 is now operational and functioning well in private mode. 🚀 Exciting news from Shibarium (L2) update! 🎉 It’s officially live and running smoothly in private mode. The team just needs to make it public, and rest assured, all funds are safe! 🔒 Some people have already received their bridged $BONE #ShibariumUpdate #Shibarium pic.twitter.com/yk5L1ELMch — 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 24, 2023 The enormous flood of users forced Shibarium to suspend soon after its launch on August 16. The group got to work right away scaling its operations and starting network deep testing. SHIB price action today. Source: Coingecko At the time of writing, SHIB was trading at $0.00000818, down 1.4% in the last 24 hours and sustaining a 3.8% loss in the last seven days, data from crypto market tracker Coingecko shows. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Gothamist
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August 26, 2023 No Comments

Hashdex Enters Bitcoin Spot ETF Race With Unique Application – Details

Digital asset management firm Hashdex has filed a spot Bitcoin ETF application with the United States Securities and Exchange Commission, according to reports on Friday, August 25.  Hashdex, who claims to be a global pioneer in crypto management, is looking to hold spot Bitcoin in its Bitcoin futures ETF, rebranding its DEFI ETF on the […]
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August 26, 2023 No Comments

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