Pepe-themed meme coin Smidge is exploding today with its price up over 150% in the last 24 hours. Meanwhile, a Pepe-focused layer 2 cryptocurrency, Pepe Unchained, is turning heads after raising almost M through the first week of its presale. Let’s dive into these two meme coins and see what’s behind their rapid rises. Smidge […]
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Solana Trading Plunges 93% In 24 Hours: Where Did The $100 Billion Go?
Solana has been thrown into a tailspin after a shocking revelation: its daily stablecoin volume may have been significantly inflated. Reports indicate a staggering drop – from a dizzying -100 billion to a mere billion in a 24-hour period.
This dramatic shift has unsettled the crypto community, raising serious questions about the legitimacy of Solana’s past performance and its future as a DeFi powerhouse.
Wash Away The Hype: Inflated Figures Or Fabricated Reality?
Market sentinels are pointing fingers at wash trading, a manipulative practice where investors essentially buy and sell crypto back and forth to each other, creating an illusion of high activity. This tactic inflates trading volumes, potentially misleading investors about the true level of adoption and liquidity on the platform.
Amazing how Solana went from -100 BILLION DAILY stablecoin volume to BILLION daily in 1 day!!
Might it be because the data was totally fake??? Like how I’ve been talking about all these months??
And by the way even at Billion 90% of the volume is still fake https://t.co/CnKWGAbjsM pic.twitter.com/ScfCgv5UhS
— Wazz (@WazzCrypto) June 25, 2024
The discrepancy is too large to ignore. While some wash trading might occur on any exchange, a legitimate DeFi ecosystem shouldn’t be so heavily reliant on it. This raises serious concerns about the organic growth of Solana’s stablecoin market.
The finger of suspicion falls particularly on USDC, a leading stablecoin pegged to the US dollar. Experts estimate that even with the revised billion volume figure, a staggering 90% could still be inflated. This throws a wrench into Solana’s narrative as a DeFi leader, potentially shaking investor confidence.
Investor Jitters And The Road To Redemption
The sudden data plunge has unnerved investors who made decisions based on the previously reported figures. This could lead to a sell-off, causing short-term volatility in the Solana market. Additionally, the revelation comes at a sensitive time – just ahead of the highly anticipated Ethereum ETF deadline, which some believe could have boosted Solana’s DeFi activity further.
This is a major blow to Solana’s credibility. Investors need to be able to trust the data they’re basing their decisions on. Regaining that trust will require a swift and transparent response from Solana’s development team.
SOL market cap currently at billion. Chart: TradingView.com
Beyond The Hype: Does Solana Still Have DeFi Potential?
While the data debacle undoubtedly casts a shadow on Solana’s recent performance, it doesn’t negate the platform’s strong technological foundation. Solana boasts one of the fastest and most scalable blockchains in existence, making it a technically sound option for DeFi applications.
The coming weeks will be critical for Solana. How the platform addresses the data controversy and implements reforms to ensure transparency will determine whether it can weather this storm and reclaim its position as a viable DeFi contender.
Featured image from YouTube, chart from TradingView
BABY BEERCOIN Pumps Over 100% in 24 Hours as New Meme Coin WienerAI Raises $6M in Buzzing Presale
It’s been a great 24 hours for BABY BEERCOIN (BBEER) holders. The coin’s price has rocketed over 100% in the past day, now hovering around the .00066 level. However, an even quirkier meme coin called WienerAI (WAI) is also doing well – and just passed the million milestone in its token presale event. BABY […]
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3 Bitcoin Mining Pools Wield 69% of Total Hashrate Discovering 301 Blocks in 72 Hours
Figures reveal that over the preceding 72 hours, three bitcoin mining pools discovered more than 69% of the 436 blocks found during that period. Foundry USA and Antpool, two industry titans, command a formidable 55.5% of Bitcoin’s total computational power. Foundry Dominates Bitcoin Mining in 12-Month Period, Discovers 15,651 Blocks Out of 53,528 In the […]
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TRUMP Coin Taps All-Time High, Up Over 30% in 24 Hours Post-Convention
Following former President Donald Trump’s appearance at the Libertarian National Convention, the meme coin associated with his name, maga (TRUMP), has soared more than 30% in the past day. Current statistics show that the meme coin TRUMP is the top-performing cryptocurrency over the last 12 months, boasting a 98,352.40% increase. TRUMP Meme Coin Skyrockets Post-Libertarian […]
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Black Phoenix (BPX) Emerges As The Crypto King With Mind-Blowing 4,000,000% Growth In 24 Hours
The crypto industry has been dominated by the recovery of major cryptocurrencies and regulatory developments, but one unexpected player has taken the market by storm. Black Phoenix, a payment system protocol, and its native token, BPX, have witnessed an astonishing surge in price, outperforming the entire market with historical performance.
Notably, Black Phoenix’s BPX token reached an all-time high of .60 on May 22, propelled by a staggering 4,400,000% growth in the past 24 hours and over 6,500,000% in the past fourteen days.
This unexpected victory has caught the attention of investors, prompting them to examine the protocol’s underlying principles and design more closely.
Exploring The Black Phoenix Design
According to the protocol’s “Black Paper” released in April 2021, Black Phoenix presents a fully on-chain liquidity protocol for instant cryptocurrency token swaps in a decentralized manner on any smart contract-enabled blockchain.
The protocol’s design aggregates liquidity within each blockchain, claiming to offer “the best rates” for takers executing trades. Additionally, Black Phoenix envisions a connected liquidity network facilitating seamless cross-chain token swaps across its networks on different chains, with its token based on the Tron (TRX) blockchain.
To implement a distributed infrastructure services economy, Black Phoenix introduced its native token BPX. BPX aims to eliminate “inefficiencies” in the existing protocol and attract a broad user base, ultimately creating a marketplace for distributed infrastructure services.
Black Phoenix’s long-term and short-term goals revolve around achieving reputable exchange listings, increasing the token’s value, and expanding the user base.
Currently, BPX tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Black Phoenix is FameEX, where the most active trading pair BPX/USDT has a trading volume of ,809,201 in the last 24 hours, which has been the propeller of the current uptrend.
Nevertheless, Black Phoenix plans to list the BPX token on several exchanges, including Hotbit, Hitbtc, Coinex, Binance, and Coinbase Pro.
Trading Volume Skyrockets 2,800,000%
One key indicator of Black Phoenix’s recent success is the increase in trading volume. CoinGecko data shows a significant spike in trading volume for BPX on Wednesday, reaching 2,800,000%.
At the same time, Black Phoenix’s market capitalization has risen to .8 billion, a significant increase from million in hours.
The fully diluted valuation (FDV) is a statistical representation of the maximum market capitalization an asset can achieve, assuming that all available tokens are in circulation.
For Black Phoenix, the FDV currently stands at an impressive .4 billion. This valuation represents the potential growth and market cap of BPX if all 4 billion tokens were in circulation.
Following the notable surge in all key metrics for BPX, the project’s team has made a bold prediction, stating that BPX will soon become one of the top 5 cryptocurrencies in the world.
Ultimately, the potential listing of Black Phoenix’s token on top exchanges promises to propel its upward trend further. However, as is typical for all cryptocurrencies, the extent of its surge and the subsequent occurrence of a market correction remains uncertain.
Featured image from Shutterstock, chart from TradingView.com
Crypto Market Liquidations Top $330 Million In 24 Hours With Ethereum In The Lead
As the Bitcoin and Ethereum prices hav barreled toward a new all-time high, short-term traders have been suffering the brunt of the liquidations. In the last day alone, over 0 million was liquidated from the crypto market and the majority of this has been from short traders who expect prices to fall once again.
Over 78,000 Traders Liquidated For 0 Million
Coinglass data shows that the last 24 hours have been brutal for crypto traders. In this short time, more than 78,000 crypto traders have seen their positions liquidated, leading to hundreds of millions of dollars in losses.
In total, there have been 0 million in liquidations. Out of this figure, 81.42% were positions belonging to short traders, meaning they made up 8.76 million of the total figure. Long traders only made up .31 million in the liquidations.
Contrary to the established trend, Bitcoin did not lead liquidations this time around, instead falling behind Ethereum. This is understandable as the Ethereum price had risen over 20% in the 24-hour period, whereas the Bitcoin price maintained gains of around 6%.
Ethereum liquidations accounted for around 32% of the total figure, coming out to 5.13 million at the time of writing. The largest single liquidation event also happened on an ETH-USDT pair on the Huobi exchange, costing the trader .11 million.
In constrast, Bitcoin liquidations came out to .53 million, but just like Ethereum, the figure was made up by a majority of short traders. Following behind Bitcoin is Solana with liquidations of .53 million. Other coins which saw substantial liquidations include Dogecoin with .42 million and PEPE with .3 million.
Bitcoin And Ethereum Lead Market Rally
The market rally that has shaken the market in the last day has mostly been led by Ethereum, with Bitcoin throwing in support. The United States Securities and Exchange Commission (SEC) asked exchanges to update their 19b-4 filings, which are important to any Spot ETFs being approved.
Given this, the market sentiment had picked up as the expectation for the approval of Spot Ethereum ETFs spread. During this time, Bloomberg analysts James Seyffart and Eric Balchunas also reviewed their approval odds for the funds, taking it from a low 25% to a high 75%.
During this time, the price of Ethereum went from trending around ,100 to rising above ,700. At the same time, the Bitcoin price jumped above ,000, triggering one of the best days for the crypto market so far in 2024.
Bitcoin’s Rally to $62,000 Triggers $26.65 Million Short Squeeze in 4 Hours
After reaching a low of ,500 on April 30, bitcoin climbed to a peak of ,109 by Friday, May 3, in response to the previous downturn. This uptick resulted in the liquidation of .65 million in bitcoin short positions within just four hours, and approximately 48,962 traders found their positions liquidated over the last day. […]
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Bitcoin Dips Below $66,000 Ahead of Fourth Halving, Loses Over 5% in 24 Hours
The price of bitcoin experienced a decline on Monday, near 10:00 p.m. Eastern Time (ET), tumbling to a position slightly over the ,000 mark. By 6:30 a.m. the following day, it had edged down further to reach its intraday low of ,480 per unit. In the wake of this downturn, the crypto derivatives markets saw […]
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Slerf and LBank Launch Donation Campaign: Over 2600 SOL Raised in 12 Hours for Compensation Initiative
PRESS RELEASE. In a remarkable show of solidarity and community support, Slerf, in partnership with LBank, has initiated a donation campaign that has garnered extraordinary attention. Within just 12 hours of its launch, the campaign’s dedicated blockchain address, fCuw5ppJ9aZYzjm8EsT2fHwxV1h5JwUfqXM44iX3Pzb, has received over 2600 SOL, roughly valued at 0K USD. This address is publicly available on […]
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