Following a spell of TradFi breakthroughs, all-time highs, and intense optimism in the crypto industry, selling pressure across most major cryptocurrencies are slowly beginning to ease, with trading volumes submitting to more tenable growth levels. Amidst this growth, one category-defying group of tokens has witnessed persistent success regardless of the current market backdrop: memecoins. Known […]
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GMX Soars 20% Amid Crypto Whale Frenzy, Is It Back In ‘Turbo Mode’?
GMX, the native token of decentralized perpetual exchange GMX, has soared over 20% in the past 24 hours. The surge was seemingly fueled by a crypto whale move that ignited the community’s positive sentiment towards the token. Some analysts believe GMX might be preparing for a breakout above the mark.
Whales Send GMX To New Wallets
In the early hours of Thursday, a whale withdrew over 85,000 GMX tokens from crypto exchange Binance. Per the reports, the whale sent the funds to a fresh wallet, boosting the price surge.
The whale withdrew 84,515 GMX, worth around .77 million, in five transactions for an average price of .07. This move propelled the price from to in the following hours. Moreover, the price jump resulted in over half a million in unrealized profit for the crypto investor.
Similarly, reports of another whale withdrawing GMX from Binance surfaced this morning. According to the post, 72,300 GMX tokens were sent to a wallet from Binance. The wallet now holds 82,768 GMX, worth .69 million.
The token’s surge appears to have begun before the whale activity. GMX’s price jumped from the price range to the mark on Wednesday, which fueled the positive sentiment of the crypto community.
In the past 24 hours, GMX rose 22.2%, trading above now. The recent performance represents a 26% and 76.3% price increase in the weekly and monthly timeframes. Moreover, it has registered a surge in its market activity, registering a 121% daily trading volume increase in the last day.
Crypto Analysts Bullish On GMX
The token’s performance didn’t go unnoticed by crypto analysts. The market watchers expressed their bullish sentiment towards GMX and set a short-term target.
According to Daan Crypto, GMX appears to be running back to “turbo mode.” The token is currently up 2x from its bottom registered in April of this year. Moreover, GMX is “trading back above the daily 200MA/EMA.”
To the analyst, the support zone will be a key level to hold going forward. He also considers the price range a good target for the token’s bullish momentum.
Crypto trader and analyst JJcycles also weighed in on GMX’s performance. The trader highlighted a bullish flag pattern on the token’s chart. Per the analyst, GMX is “nicely reversing into the beginning of the third wave.”
JJcycles also pointed out the token successfully broke out of the resistance level in the following hours. To the trader, it looks like GMX printed the bottom in April when it went as low as .
Additionally, he called out those who capitulated within the bottom accumulation range, including Arthur Hayes. “Just like it is supposed to be, capitulators are in pain,” wrote the analyst.
As reported by NewsBTC, the BitMEX founder was the largest individual holder of GMX, with over 230,000 GMX tokens. In April, Hayes seemingly “accepted capitulation” after sending all his GMX holdings to an address linked to crypto algorithmic trading firm Wintermute Trading.
At the time, GMX investors criticized the transaction, suggesting that the altcoin was “in that buy zone again.”
Shiba Inu Whale Enter Buying Frenzy, 715 Billion SHIB Snapped Up In Days
Recent price action has seen Shiba Inu bouncing off major price support at .00002379 after what might be propelled by an interesting movement from the whales. According to on-chain data, a particular SHIB trading expert is buying SHIB in massive amounts. This trader, known for making bank on Shiba Inu in its early days, now seems to be positioning for what could be a looming bull run for the meme coin.
Shiba Inu Whales Enter Buying Frenzy
Shiba Inu is home to a lot of crypto whales whose buying and selling patterns could influence other traders. As noted by on-chain analytics company Lookonchain, some whale wallets have been scooping up SHIB tokens massively in the past 24 hours. Amidst this accumulation trend is a particular purchase from a successful SHIB investor. According to Lookonchain, this investor has been buying SHIB crazily, spending 4,849 ETH worth .44 million to buy 715.9 billion SHIB tokens in less than six hours.
Shiba Inu’s overnight shot to popularity among meme coin traders made many of its early investors crypto millionaires overnight. This trader, in particular, made more than 0 million in profit in the early days of SHIB by buying 0,000 worth of SHIB and selling for 1 million over two peaks in 2021.
A $SHIB super big winner is buying $SHIB crazily, spending 4,849 $ETH(.44M) to buy 715.9B $SHIB in the past 6 hours.
This guy spent only ~0K to buy 5.5T $SHIB in the early stage and sold for ~1M at 2 peaks.
He made more than 0M on $SHIB before, an amazing gain!
… pic.twitter.com/iREp5jfj75
— Lookonchain (@lookonchain) June 5, 2024
Interestingly, the purchases weren’t carried out in a single act, as Lookonchain noted they were made across three addresses. A closer look into etherscan data shows that the purchases were made in multiple transactions in each wallet, with respective balances now totaling 323 billion, 352 billion, and 234 billion SHIB tokens at the time of writing.
What’s Next For SHIB?
The peculiarity of the transfer, coupled with the investor’s successful run with SHIB, has caused many traders to speculate whether this could be an insider or probably one of Shiba Inu’s early team members. On the other hand, the whale’s buying pattern is a much-needed catalyst for an increase in buying pressure amidst a major decline in the SHIB burn rate.
In another social media post, Lookonchain revealed that nine wallets have spent .2 million to buy 1.356 trillion SHIB tokens at an average price of .00002596 in 12 hours. A positive price movement is generally enjoyed by SHIB when whales are accumulating from exchanges.
What a crazy buy!
9 wallets(2 whales) spent .2M to buy 1.356T $SHIB at an average price of .00002596 in the past 12 hours!
Address:
0xFB67EF6fE609edAb1e0595e6815634E8E4db9cF7
0xb2f1956eAE0817dB73C4D542A4861eE485B7e7c6
0x607C26c976272459A0896065E03a9b70C0Ef04B5… pic.twitter.com/yfSUyFSLQy— Lookonchain (@lookonchain) June 5, 2024
SHIB, on the other hand, has had an interesting price action in the past 30 days. After reaching a bottom of .00002167 on May 13, SHIBB went on a 32% increase to reach .0000287 on May 29 before reversing again to bounce off a support at .00002379.
Is This The Next Meme Stock Frenzy? ROAR Explodes Over 300% After Kitty’s GME Move
The echoes of 2021’s meme stock saga reverberated through financial markets this morning, as the obscure ROAR meme coin and video game retailer GameStop experienced a meteoric rise fueled by social media nostalgia. The catalyst? The return of a familiar face – Keith Gill, better known by his online moniker “Roaring Kitty.”
Kitty Claws Back In
Retail investors were sent scrambling after Gill, a superstar among the online investment community on Reddit’s WallStreetBets forum, posted a cryptic message hinting at a significant stake in GameStop.
The post, featuring an image of the “Uno Reverse” card, sent speculation into overdrive. Shortly after, Gill confirmed his bullish stance by revealing a massive holding of 5 million GameStop shares, valued at roughly 6 million based on Friday’s closing price.
In the 20 minutes that followed Gill’s post, GameStop’s stock price on Robinhood’s overnight markets shot up by 20% to .50. This increase followed the stock’s Friday closing price of .14. This year, the shares have increased by almost 40%, presumably as a result of Gill’s sudden comeback.
This disclosure sent shockwaves through the market. GameStop’s stock, infamous for its volatility during the meme stock frenzy of 2021, surged over 100% at its peak in pre-market trading on Monday.
NOW: GameStop soars after the Reddit account that drove the meme-stock mania of 2021 posted what appeared to be a 6 million bet https://t.co/0mnyJF4lIf pic.twitter.com/rpRdA2AIWL
— Bloomberg Markets (@markets) June 3, 2024
While the price eventually settled to an impressive 88% increase, the roar from retail investors was undeniable. The ROAR meme coin, seemingly named in homage to Gill’s online persona, mirrored the GameStop price surge of over 300%, reaching a high of .001643.
A Meme Stock Revival?
The sudden rise of both ROAR and GameStop has reignited the debate surrounding meme stocks. These assets, often characterized by high volatility and driven more by online hype than traditional financial metrics, captured the imagination of retail investors in 2021. Gill, who played a pivotal role in the initial GameStop saga, appears to be a key player in this potential revival.
However, analysts remain cautious. GameStop itself is in a precarious position, having recently sold a massive chunk of shares to bolster its finances while facing continued net losses and projected sales declines. The company’s long-term prospects remain uncertain, raising questions about whether this is a genuine resurgence or simply a nostalgic echo of 2021.
Weighing Hype Against Reality
The recent surge in ROAR and GameStop presents a classic risk-reward scenario for investors. Early participants who bought in at lower prices stand to reap significant profits. However, the inherent volatility of meme stocks poses a significant danger of substantial losses.
Featured image from HubPages, chart from TradingView
‘Solana Is For Baddies’: Rapper Iggy Azalea Joins The Controversial Celebrity Token Frenzy
For the past week, a controversial celebrity token trend has emerged. Mainstream media figures began launching Solana-based memecoins and seemingly showing interest in cryptocurrencies.
The latest star to join the celebrity token frenzy is Australian rapper Iggy Azalea, who saw a controversial launch similar to Caitlyn Jenner’s JENNER token.
Who Is Solana?
On Monday, Azalea surprised the crypto community by showing interest in cryptocurrencies. The rapper and model posted on X asking, “Who is Solana? I don’t know that bitch.”
The post has gathered over 1.8 million views and caused controversy in different communities. “Stan Twitter” interpreted the post as a drag to American R&B singer SZA, which caused many fans to attack Azalea. However, the rapper quickly clarified the issue, replying, “Girl, I’m talking about crypto.”
After that, Azalea found her introduction to the crypto community overshadowed by the allegations of her involvement with alleged scammer Sahil Arora. As reported by NewsBTC, Arora was allegedly responsible for the launch of several celebrity and influencer tokens, which he ultimately rugged.
Rapper Rich The Kid and Olympian Caitlyn Jenner called him out for scamming them and taking advantage of their followers. Both celebrities continued their crypto journey, promoting their tokens and engaging with community members.
Following the scam allegations, Arora seemingly has continued to take advantage of crypto investors. Azalea is accusing the alleged serial scammer of “using her image” as the rapper distances herself from his practices.
In The Fastlane From Music To Crypto
Azalea explained that Arora and her team had a conversation regarding crypto, but her recently launched token was unrelated to him. Allegedly, Arora had fabricated fake screenshots and used the rapper’s name to raise over 0,000 in a presale for a token named IGGY.
As an X user reported, Arora claimed to be working with the Australian rapper on Telegram. He stated that his next “mega launch” would happen in the next 12-24 hours.
After raising 2.246 Solana (SOL), the alleged scammer told investors they would get “automating WL to all further launches.” Additionally, investors would receive a “10% SOL airdrop rationally” from Arora’s profits on each launch and an “airdrop of $iggy when we hit m market cap.”
However, Azalea launched a different Solana-based token called MOTHER on Tuesday. The token references the LGTBQ+ culture term that got popularized in recent years in online stan culture.
Azalea’s token was launched only a few hours after Arora’s IGGY token, which confused investors. After being asked, the rapper explained that she launched her Solana-based token to stop Arora from taking advantage of her name:
I never had a date to, it was something I had interest in hence the convo with my ppl. He made a weird presale yesterday and said I was making a coin with him today so I decided to drop one so he couldn’t use me for his weird scam. If I have a coin of my own figured his would die. It’s that simple.
The community continued questioning her links to Arora after posting an Instagram story with a man looking like him. However, it was later revealed that the individual was Azalea’s brother, Mathias Kelly.
MOTHER Beats IGGY
According to Solana Floor, MOTHER reached a market cap of million at its peak. The token soared by 63,000% in the following hours, going from .00004968 to .03179.
In the last 16 hours, the token has amassed a trading volume of 6.8 million. At writing time, MOTHER is trading at .01634, representing a 21,000% surge from its launch price.
In comparison, Arora’s IGGY token saw its price soar to .009288 after launch before plummeting below the .00020 range. Currently, the scam token trades at .0001354 and has a market capitalization of 4,000.
Polkadot (DOT) Price Prediction: Analyst Sparks Bullish Frenzy With $10 Target
Polkadot (DOT) has captured the attention of investors and analysts alike with its recent upward momentum. Currently trading at .41, the cryptocurrency has exhibited robust performance metrics that hint at further gains on the horizon. Market analysts, including the renowned Crypto Yapper, are predicting a potential surge to , underpinned by strong technical indicators and bullish market sentiment.
A Solid Technical Foundation
Crypto Yapper’s analysis highlights a critical breakout from a consolidation pattern, with Polkadot successfully retesting its previous resistance levels, now acting as support. DOT has broken out of its consolidation pattern and is now experiencing a fantastic retest.
According to Crypto Yapper, the prior resistance has changed to support, opening the door for higher pricing. This technical setup is often seen as a precursor to substantial price increases, suggesting that Polkadot is well-positioned for a bullish run.
$DOT Perfect Retest !
After breaking bullish out of the consolidation pattern, we are now seeing a beautiful retest.
The previous resistance is turned into support and #DOT can now aim for higher prices.
I expect #Polkadot to be trading around the soon ! pic.twitter.com/7VBewIyVNk
— Crypto Yapper (@CryptoYapper) May 26, 2024
Further reinforcing this optimistic outlook is Polkadot’s position above the 200-day simple moving average (SMA), a key technical indicator used to assess the long-term trend of an asset. Trading above the 200-day SMA generally signifies a sustained uptrend, which bolsters investor confidence and supports predictions of continued growth.
Impressive Metrics
Polkadot’s impressive market performance is reflected in its significant trading volume and market capitalization. Over the past 24 hours, DOT has seen a trading volume of 4 million and boasts a market capitalization of .35 billion. These metrics underscore the cryptocurrency’s high liquidity, which is crucial for accommodating large trades without causing drastic price swings.
Additionally, Polkadot’s price performance over the past year has been notably bullish, with a 35% increase. This upward trajectory is significant, particularly as the token trades above its token sale price, delivering substantial returns to early investors. Such performance metrics are likely to attract new buyers and long-term holders, further driving demand and price appreciation.
Investor Sentiment: A Greedy Market
The Fear & Greed Index, a popular tool used to gauge market sentiment in the cryptocurrency space, is currently displaying a score of 75 (Greed) for Polkadot. This high score indicates strong investor interest and confidence in DOT, suggesting that market participants are optimistic about its future prospects.
High liquidity and positive market sentiment create a favorable environment for further price increases. Investors, both retail and institutional, are drawn to assets that demonstrate stability and potential for growth, and Polkadot’s current metrics position it as a promising investment opportunity.
Featured image from CBC, chart from TradingView
PEPE Frenzy: 100% Gains In 30 Days, But Can The Memecoin Keep Its Composure?
The cryptocurrency world is witnessing a familiar sight: a meme coin on fire. PEPE, a token emblazoned with the internet’s favorite frog, has skyrocketed in recent weeks, leaving investors wondering if this is the dawn of a new era or a fleeting fad.
PEPE On A Tear: New Highs And Whale Activity
Over the past month, PEPE has been on a tear, exceeding expectations and leaving a trail of green for investors. The price triumphantly reached a new all-time high, surging over 100% in just 30 days. This astronomical rise translated to happy hodlers, with IntoTheBlock data revealing that a whopping 97% were sitting pretty in profit.
CoinGecko data show that Pepe has risen 56% in the previous week and 99% in the last month, recovering its position as the third-largest meme coin by market capitalization from Dogwifhat (WIF).
The bullish momentum hasn’t shown any signs of slowing down. The past 24 hours saw another surge of 3.7%, further propelling PEPE to its current peak. This impressive performance has garnered significant attention, not just financially, but also on social media. The coin’s social volume has spiked, indicating a surge in interest and online chatter.
Adding fuel to the fire, a whale, a term used for large investors with significant buying power, has been making waves. Lookonchain, a blockchain analytics platform, recently reported a whale withdrawing a staggering 500 billion PEPE from Binance, a major cryptocurrency exchange. This mass accumulation suggests a whale-sized vote of confidence in PEPE’s future.
Buying Frenzy Or Overheated Engine?
While the recent price increase and social media buzz are undoubtedly positive signs, some analysts are urging caution. A closer look at technical indicators reveals potential signs of an overheated market. The Chaikin Money Flow (CMF), which measures buying and selling pressure, has registered a decline.
Similarly, the Money Flow Index (MFI) and Relative Strength Index (RSI) are both hovering in the overbought zone, suggesting PEPE’s price might be due for a correction.
Further complicating the picture is the presence of selling pressure. While some investors are piling in, others might be cashing out on their profits. Santiment, a crypto analytics platform, observed a rise in PEPE’s exchange outflow last week, indicating buying pressure. However, they also noted an increase in supply on exchanges, suggesting some investors might be taking advantage of the high price to sell.
Potential Price Correction
NewsBTC analyzed PEPE’s daily chart to gauge the impact of this potential selling pressure. Their analysis suggests that the price might first fall to .0000122 before potentially finding support and initiating another bull run. However, a deeper correction could see PEPE plummet to .000010 or even lower.
The Most Traded Memecoin
Meanhwhile, Pepe was still among the most traded cryptocurrency assets over the previous day, according to data from Binance, with only BNB Coin (BNB), Bitcoin (BTC), and Ethereum (ETH) surpassing it.
Pepe continues to be the most traded meme coin, surpassing popular coins such as Dogecoin (DOGE), Floki (FLOKI), and Shiba Inu (SHIB).
Featured image from ART street, chart from TradingView
Dogwifhat (WIF) Surges 10.4% Amid Whale Frenzy, New ATH Coming Soon?
The recent market pump saw the surge of many sectors in the crypto market. Fueled by Roaring Kitty’s return, part of the memecoin sector registered remarkable gains over the past week, with Tokens like Pepe (PEPE), Popcat (POPCAT), and Dogwifhat (WIF) leading the way.
Due to its recent performance, some analysts forecast a new boost for WIF soon, while some whales load their bags with the dog-themed token.
Whales Put Their Hats On
Dogwifhat’s price soared after Roaring Kitty’s comeback, surging to .25 and prompting whales to fill their bags. However, the price fluctuations over the past week have made some large investors sell the dog-themed memecoin at a loss.
After WIF’s price dropped over the weekend, a whale sold 1.7 million tokens at a loss to buy BONK and the Donald Trump-inspired memecoin TREMP, the address initially bought WIF at .94 in March and sold it on Sunday at an average of .57.
Nonetheless, the price drop was seen as an opportunity for other large-scale investors. According to Lookonchain, a whale created a new wallet to buy Dogfight. On Monday, the wallet withdrew 1.83 million USDC from Coinbase to buy the dog-themed token.
At the time of the report, the investor had spent 606,000 USDC to buy 227,896 WIF at .66. The wallet had 1.22 million USDC left to continue the buying spree. A few hours later, the whale had spent another 400,000 USDC to buy 145,000 more tokens. As of this writing, the address displays a total WIF balance of 472,614, worth around .28 million.
Similarly, another whale created a new wallet to buy dogwifhat. Per the reports, this whale used SOL to scoop 1 million WIF, worth around .53 million, on Sunday. Since then, the address has added more tokens to his bag, currently holding 1.39 million WIF, worth .8 million.
WIF Ready For A New ATH This Month?
The recent whale activity seemingly fueled the token’s price to soar above .7, hovering between .7 and .73 in the following hours. The surge represents a 10.4% increase in the past 24 hours.
Despite the recent performance, the token still registers red numbers in longer timeframes. WIF’s price has decreased by 8.3% and 14.8% in the weekly and bi-weekly timeframes. Moreover, its daily trading volume has seen a significant 21.6% decrease in the past 24 hours.
Nonetheless, market watchers consider that this cycle’s dog-themed sensation still has its hat on. Crypto trader Scient identified a bull pennant pattern on WIF’s chart.
Per the trader, the token is still consolidating inside the pattern. The token’s performance displayed “another bullish sign indicating that this consolidation is ending soon” after having a higher high followed by a lower high.
Similarly, Ansem, a popular trader and figure in the crypto world, suggested that WIF could be preparing for new highs.
To him, dogfight will reach a new all-time high (ATH) alongside Solana (SOL) by the end of the month? The breakout will end a “3-month period of bullish consolidation after the last leg up,” lining “with BTC’s bullishness.”
Featured Image from Unsplash.com, Chart from TradingView.com
XRP Holders In Panic Selling Frenzy? Sub-$0.50 Looms
The price of XRP, the native token of Ripple, seems to be teetering on the edge of a short-term decline, according to an analysis of on-chain data by NewsBTC. While bulls might want to hold their horses, the report paints a picture of a market potentially succumbing to selling pressure in the immediate future.
Whales Shedding Weight: A Bearish Signal?
The report raises a red flag with the movement of XRP in large wallets. Investors holding between 100,000 and 1 million XRP have been noticeably reducing their holdings. This suggests a potential increase in sell pressure, as these “whales” unload their tokens onto the market.
The combined holdings of this group now represent a smaller percentage of the total circulating supply, which could lead to a temporary glut of XRP and a corresponding price drop.
The behavior of these large XRP holders could indicate a shift in market sentiment, prompting concerns about the future stability of XRP prices. As these whales liquidate their positions, the market could face increased volatility, with prices reacting sharply to the influx of sell orders.
Additionally, the reduction in whale holdings might signal a lack of confidence in XRP’s short-term prospects, potentially discouraging smaller investors from maintaining or increasing their positions.
The price of XRP managed to shift from .48 to .52 in a few days last week. The token has been wiping out some of those gains, though. The token’s price may drop below .50 because to the decrease in balances. The effect was already in action because the token’s value was .51 at the time of publication.
OI And Active Addresses: Not Shining A Bullish Light
Further dampening the enthusiasm for XRP is the Open Interest (OI) metric. OI refers to the total value of all open positions in XRP futures contracts. A decrease in OI, as observed recently, signifies a decline in market activity and potentially more sellers closing their positions.
This trend aligns with the dwindling number of active addresses on the XRP network. Active addresses represent the unique number of wallets involved in XRP transfers within a specific timeframe. A recent drop in active addresses suggests a decrease in overall market participation, which can often precede a price slump.
Volatility: A Double-Edged Sword
A silver lining some might see is the recent spike in XRP’s one-day volatility. Volatility can be a double-edged sword, however. While it can indicate heightened market activity and potentially lead to price surges, the current situation seems to be leaning towards the opposite.
The rise in volatility, coupled with the selling pressure and declining participation, might simply reinforce a downtrend rather than spark a price increase.
Featured image from CoinCodex, chart from TradingView
XRP Holders In Panic Selling Frenzy? Sub-$0.50 Looms
The price of XRP, the native token of Ripple, seems to be teetering on the edge of a short-term decline, according to an analysis of on-chain data by NewsBTC. While bulls might want to hold their horses, the report paints a picture of a market potentially succumbing to selling pressure in the immediate future.
RR
Whales Shedding Weight: A Bearish Signal?
The report raises a red flag with the movement of XRP in large wallets. Investors holding between 100,000 and 1 million XRP have been noticeably reducing their holdings. This suggests a potential increase in sell pressure, as these “whales” unload their tokens onto the market.
The combined holdings of this group now represent a smaller percentage of the total circulating supply, which could lead to a temporary glut of XRP and a corresponding price drop.
The behavior of these large XRP holders could indicate a shift in market sentiment, prompting concerns about the future stability of XRP prices. As these whales liquidate their positions, the market could face increased volatility, with prices reacting sharply to the influx of sell orders.
Additionally, the reduction in whale holdings might signal a lack of confidence in XRP’s short-term prospects, potentially discouraging smaller investors from maintaining or increasing their positions.
Open Interest and Active Addresses: Not Shining a Bullish Light
Further dampening the enthusiasm for XRP is the Open Interest (OI) metric. OI refers to the total value of all open positions in XRP futures contracts. A decrease in OI, as observed recently, signifies a decline in market activity and potentially more sellers closing their positions.
CC
This trend aligns with the dwindling number of active addresses on the XRP network. Active addresses represent the unique number of wallets involved in XRP transfers within a specific timeframe. A recent drop in active addresses suggests a decrease in overall market participation, which can often precede a price slump.
RR
Volatility: A Double-Edged Sword
A silver lining some might see is the recent spike in XRP’s one-day volatility. Volatility can be a double-edged sword, however. While it can indicate heightened market activity and potentially lead to price surges, the current situation seems to be leaning towards the opposite.
The rise in volatility, coupled with the selling pressure and declining participation, might simply reinforce a downtrend rather than spark a price increase.