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PEPE Leads the Pack: Outpacing Other MEME Coins In Market Surge
PEPE price is up over 10% and outpacing other meme coins. The price could continue to rise toward the .0000125 level in the near term.
- PEPE started a fresh increase above the .0000105 level.
- The price is now trading above .0000110 and the 100-hourly Simple Moving Average.
- There is a breakout pattern forming with resistance at .0000115 on the hourly chart of the PEPE/USD pair (data source from Kraken).
- The pair could rally further if there is a close above the .0000115 resistance.
PEPE Price Surges Over 10%
In the past few sessions, PEPE saw a steady increase above the .000010 resistance. It outpaced Bitcoin ,Ethereum, and MEME coins. There was a 10% increase, and the bulls were able to push the price above the .0000110 level.
It traded as high as .00001148 and is currently consolidating gains. The price is holding gains above the 23.6% Fib retracement level of the upward move from the .00000959 swing low to the .00001148 high. It is also well above the .000011 and the 100-hourly Simple Moving Average.
Immediate resistance is near the .0000115 level. There is also a breakout pattern forming with resistance at .0000115 on the hourly chart of the PEPE/USD pair.
The first key resistance is near .00001155. A close above the .00001155 resistance zone could send the price higher. The next key resistance is near .000012. If the bulls remain in action above the .000012 resistance level, there could be a rally toward the .0000125 resistance. Any more gains might send the price toward the .0000132 resistance.
Are Dips Limited?
If PEPE fails to clear the .0000115 resistance zone, it could start a downside correction. Initial support on the downside is near the .0000110 level. The next major support is at .0000105 or the 50% Fib retracement level of the upward move from the .00000959 swing low to the .00001148 high.
If there is a downside break and a close below the .0000105 level, the price might accelerate lower. In the stated case, the price could even drop below the .000010 support zone.
Technical Indicators
Hourly MACD – The MACD for PEPE/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for PEPE/USD is now above the 60 level.
Major Support Levels – .0000110 and .0000105.
Major Resistance Levels – .0000115 and .0000120.
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TRUMP and BODEN Coins Soar Following Trump’s Crypto Endorsement and Critique of Biden
Following the recent crypto endorsement by former U.S. President Donald Trump, and his criticism of current President Joe Biden, the value of the two meme coins linked to these political figures — TRUMP and BODEN — have significantly increased over the past day. TRUMP Coin Jumps 35%, BODEN Up 16% After Trump’s Crypto Advocacy At […]
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Cardano Offering Better Buying Window Than Other Top Coins, Santiment Reveals
The analytics firm Santiment has revealed that Cardano (ADA) currently shows a slightly better buying opportunity than the other top coins.
Cardano May Be Showing A Good Buying Opportunity According To RSI
In a new post on X, Santiment discussed how the top assets in the cryptocurrency sector have been performing regarding the Relative Strength Index (RSI).
The RSI here refers to a technical analysis (TA) indicator that tracks the velocity and magnitude of recent changes in any given commodity’s price.
This momentum oscillator is generally used to judge whether an asset is overvalued or undervalued right now. The indicator displays its value on a scale that runs from zero to one hundred.
When the RSI is above 70, the corresponding asset may be considered overbought and due for correction. On the other hand, the metric being below 30 implies potential oversold status, with a probable price rebound.
Now, here is the chart shared by the analytics firm that shows the trend in the 1-day RSI for some of the top cryptocurrencies by market cap:
As the above graph shows, Cardano currently has the lowest 1-day RSI value out of these top cryptocurrencies at around 32.4. Although the asset isn’t yet inside the actual underpriced zone, this value that’s close enough could still suggest that ADA is providing a good entry point right now.
As Santiment points out, most of the top assets appear to provide a slight buying opportunity. Shiba Inu (SHIB) is currently the lowest one next to ADA, with an RSI value of 38.4.
Both Bitcoin (BTC) and Ethereum (ETH) have prices slightly undervalued to a similar degree, as their RSI values are around the 41 mark. Dogecoin (DOGE) is more or less neutral at the moment, as the metric is just under 50 for the memecoin.
Toncoin (TON) appears to be the riskiest buyout of these top assets if RSI is anything to go by, as the metric stands at 55.1 currently (note that the chart has wrongly marked TON as ETH, as Santiment has admitted in a reply to a user under the post). Nonetheless, this value is still quite close to the neutral level of 50.
It now remains to be seen how the Cardano price develops from here, given that the RSI has flagged it as perhaps the most undervalued of the top coins.
ADA Price
Cardano hasn’t been able to recover from last month’s crash so far. All attempts at a surge have failed, with the coin slumping back to consolidation around the current .44 level.
Is The PEPE Dream Over? Dissecting The Factors Behind The Meme Coin’s Price Tumble
The once-booming meme coin Pepe (PEPE) has hit a rough patch, experiencing a price drop of nearly 10% in the past 24 hours. This sudden downturn comes amidst a flurry of questions surrounding massive token withdrawals from a major exchange and the overall future of the meme-inspired cryptocurrency.
PEPE Price Takes A Tumble
Just a few months ago, PEPE was riding high, capturing the attention of crypto enthusiasts with its rapid price surges. However, the tides seem to have turned. The recent price drop has cast a shadow of uncertainty over the meme coin’s future trajectory.
While some might attribute the dip to a typical correction in the volatile cryptocurrency market, recent on-chain data paints a more intriguing picture.
Whale Movements Spark FUD
According to Etherscan, a blockchain analytics platform, a massive withdrawal of nearly 1 trillion PEPE tokens, valued at almost million, occurred two days ago. The origin of the transfer remains shrouded in mystery, with a high-security Gnosis Safe Proxy wallet facilitating the movement.
This wasn’t an isolated event either. Data reveals another withdrawal of 322.48 billion PEPE tokens, worth around .7 million, from the same shadowy address just a day prior.
The timing of these hefty transactions couldn’t be more perplexing. They coincided with an unexpected 17% surge in PEPE’s price, leading to speculation and fear, or FUD, within the cryptocurrency community.
Theories range from market manipulation tactics to the possibility of unforeseen regulatory crackdowns, causing jitters among investors.
Community Sentiment: Bullish Despite The Wobble
Interestingly, despite the price drop and surrounding uncertainty, CoinGecko data indicates that the PEPE community remains largely bullish. This unwavering optimism is further bolstered by the influx of 703 new PEPE holders in the past day.
Prominent cryptocurrency figures like renowned analyst David Gokhshtein, who thinks PEPE will continue to be Dogecoin’s major rival in the imminent bull market anticipated later this year, are fanning the bullish flames.
I think you’ll see a crazy battle between $PEPE & $DOGE this meme season.
— David Gokhshtein (@davidgokhshtein) May 6, 2024
Investing In PEPE: Proceed With Caution
Meanwhile, as the community sentiment leans towards optimism, and some experts see significant growth potential, the recent price drop and the enigma surrounding the large token withdrawals highlight the inherent volatility of the cryptocurrency market.
Featured image from KnowYourMeme, chart from TradingView
PEPE Whales Move $21 Million Worth Of Coins – Here Are The Destinations
On-chain data shows PEPE whales have moved large amounts of the memecoin during the past day. Here’s where these tokens have been heading.
PEPE Whales Have Been Active On The Network Today
According to data from the cryptocurrency transaction tracker service Whale Alert, two large PEPE transactions have occurred in the space of a few hours during the past day. Both of these moves are of a scale that’s typically associated to the whales, humongous entities that can carry some influence in the market thanks to their ability to make such large transfers.
Because of their position on the network, their moves can be worth watching, as they may end up reflecting on the price of the cryptocurrency. As for how exactly the asset may be impacted by the transfers of these investors can come down to what they intended to achieve with the moves.
It can be hard to say about any exact motive, but the details of the transactions on the blockhain can sometimes provide hints about the context surrounding it.
Below are the details of the first PEPE whale transfer from the past day:
As is visible, the sending address in the case of this PEPE whale transaction was an unknown wallet, meaning that it was unattached to any known centralized platform like an exchange. Such wallets are usually the investors’ personal, self-custodial addresses.
The receiving address, on the other hand, does have a platform affiliated to it: the cryptocurrency exchange Binance. Thus, it would appear that the whale moved 1,238,332,920,144 PEPE (worth over .5 million at the time the transfer went through) from their personal wallet to the custody of the exchange.
Transfers of this type are known as exchange inflows. The investors make exchange inflows whenever they want to make use of one of the services that these platforms provide, which can include selling. As such, exchange inflows can end up being bearish for the price.
If the whale, in the current case, indeed made the deposit to sell, then PEPE could naturally be negatively impacted, given the large scale of the transaction. Fortunately for the investors of the meme coin, though, the second transaction from today is actually the exact opposite of this transfer; it’s an exchange outflow.
As displayed above, this PEPE whale moved coins from Binance to an unknown wallet through this transaction. Investors generally transfer to personal addresses when they plan to hold in the long term, as it’s safer to do so outside the custody of central entities. Thus, it’s possible this whale plans to HODL these coins.
Interestingly, the amount involved in this move, 1,241,850,000,000 PEPE (.5 million), is quite similar to the exchange inflow. Given that the same exchange is also involved in both, it’s possible that the same whale may in fact be responsible for the both of them.
Though, since the addresses don’t quite match, it’s still uncertain. Either way, the fact that an equal-sized exchange outflow has occurred mere hours after should be able to balance out any bearish effects arising out of the inflow, at least in theory.
PEPE Price
At the time of writing, PEPE is floating around the .000008445479 mark, up more than 21% over the past week.
This Week’s Crypto Watchlist: Top Coins Poised For Gains
In a post on X, crypto analyst Miles Deutscher laid out his strategic predictions for high-performing cryptocurrencies in the upcoming week to his 501,700 followers. His analysis delved deep into Bitcoin’s trading patterns, the surging AI-driven altcoin sector, and specific tokens that are displaying considerable potential due to recent developments and broader market dynamics.
Bitcoin And AI Crypto Tokens Are Set To Dominate This Week
At the forefront of Deutscher’s analysis, Bitcoin has recently returned to its previous trading range between ,000 and ,400 after experiencing a sharp drop. This movement was characterized as a significant deviation, suggesting manipulation or a shakeout of weak hands before a potential rally.
“Bitcoin is at the top of my watchlist for this week. Had a big fakeout/deviation to the downside, and now back within the range,” Deutscher stated. He pointed out that the key factor to watch is whether the current range’s lower boundary will hold, which could serve as a strong foundation for an upward trajectory.
Moreover, the AI sector has been particularly resilient and robust recently, bouncing back significantly amidst broader market recoveries. Deutscher highlighted the sector’s potential for outperformance, driven by several upcoming major events.
These include Apple’s Worldwide Developers Conference (WWDC), NVIDIA’s earnings announcement, and the anticipated release of ChatGPT 5. “AI is one of those unique narratives that retains constant mindshare due to its endless real-life news flow/hype,” Deutscher explained.
One specific AI token which Deutscher watches closely due to its alleged partnership with Apple is Render (RNDR), making it a prime candidate for speculation around the upcoming Apple event. Historically, RNDR has also led the AI token sector during market rotations.
Furthermore, Deutsches focuses on Near Protocol (NEAR), Fetch.ai (FET), AIOZ Network (AIOZ). He grouped these tokens together due to their correlation but noted their recent technical performance, where they bounced cleanly off daily support levels and established higher lows.
More Altcoins To Watch
TON: Recently the center of attention, TON experienced a drop after the Token2049 event in what Deutscher described as a “sell-the-news” scenario. However, recent investments by firms like Pantera signal continued interest and potential undercurrents of growth.
Ethena (ENA): With the market sentiment turning bullish again, Deutscher anticipates a return to positive funding rates, which typically benefit tokens like Ethena. Recent activity from the Ethena team, including increased reward boosts and optimistic social media posts from its founders, further bolster the bullish case. “Also hearing rumors of a T1 exchange listing,” Deutscher added, suggesting an impending increase in liquidity and exposure.
Jito (JTO): Jito is reportedly developing what Deutscher referred to as the “Eigen Layer of Solana,” aiming to replicate the success and hype surrounding the Eigen project’s layer solutions. Despite the challenges of a recent airdrop, Deutscher sees potential if the team executes well, particularly as the restaking narrative has not yet fully penetrated the market.
PopCat (POPCAT): Despite facing some fear, uncertainty, and doubt (FUD) related to copyright issues over the weekend, POPCAT continues to exhibit strong price action, pushing toward new highs. “POPCAT seems the best contender, for now, not a single cat meme coin has yet to hit a B market cap,” noted Deutscher, highlighting its standout performance.
Ethereum Finance (ETHFI): In the realm of liquidity reward tokens (LRT), ETHFI remains a notable mention despite a broader sector sell-off post-Eigen. Deutscher believes the selling may have been overreactive, and with total value locked (TVL) still on the rise, a reversion to mean on prices could be imminent.
SEI Network (SEI): As anticipation builds for the launch of the new layer one blockchain, Monad, later this year, SEI is seen as a strategic play. Categorized within the parallelized Ethereum Virtual Machine (EVM) narrative, SEI experienced a substantial sell-off but is poised for recovery as the market focus shifts towards upcoming launches.
Friend (FRIEND): After recommending FRIEND at .30, Deutscher continues to see upside potential, particularly as it approaches more significant centralized exchange listings. He advises keeping an eye out for major pullbacks as opportunities to buy.
XRP Holders Stack Coins Despite Price Dip: Bullish Signal Or HODL Of Desperation?
The cryptocurrency market has been battered by recent storms, with many altcoins experiencing significant price drops. XRP, however, seems to be weathering the tempest with a hint of defiance. While its price has dipped, on-chain data reveals intriguing trends that suggest a potential silver lining for XRP investors.
XRP Accumulation On The Rise: Diamond Hands Or Whale Whispers?
Despite the price decline, a surprising trend has emerged. The number of investors holding between a thousand and 1 million XRP tokens has actually grown by 0.20% over the past month, according to data from Santiment. This could signify a growing population of “diamond hands” – investors who hold onto their XRP despite market volatility, believing in its long-term potential.
However, another possibility exists. The decrease in the number of whales holding between 1,000 and 1 million XRP tokens could indicate these larger investors are consolidating their holdings, potentially accumulating even greater amounts of XRP. This consolidation could be a precursor to future market moves by these whales.
Technical Indicators Whisper Of A Price Reversal: Bullish Undercurrents?
Technical analysis paints a cautiously optimistic picture for XRP. The Chaikin Money Flow (CMF), an indicator that tracks the flow of money into and out of an asset, has been trending upwards despite the price decline.
This “bullish divergence” suggests that even as the price falls, there might be a hidden buying force accumulating XRP. Investors might be interpreting the price drop as a buying opportunity, anticipating a future upswing.
A Sea Of Uncertainty: Legal Battles And Market Headwinds
While the on-chain data and technical indicators offer some positive signs, it’s crucial to acknowledge the storm clouds still lingering over XRP. The ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC) continues to cast a shadow. The outcome of this case could significantly impact XRP’s price and overall market perception.
Furthermore, the general health of the cryptocurrency market remains a significant factor. If the broader market continues its downward trend, it could drag XRP down with it, regardless of any positive on-chain developments.
A Coin To Watch?
XRP’s current situation is a curious mix of resilience and vulnerability. The uptick in smaller investors and potential whale consolidation suggest some underlying belief in XRP’s future. The technical indicators hint at a possible price reversal, but the legal battle and broader market uncertainties create a complex landscape.
Featured image from VitalMTB, chart from TradingView
US Coal Miner Uses Excess Power to Mine BTC; Earns 61 Coins in Q1 2024
Alliance Resource Partners (ARLP), a coal mining company in the U.S., recently disclosed its use of underutilized electricity loads for bitcoin mining. Cary Marshall, the company’s CFO, revealed that ARLP concluded the first quarter of 2024 with an approximate total of 425 bitcoins. Marshall also stated that during the first quarter, ARLP mined 61 bitcoins […]
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