One of the leaders in the augmented reality industry, Magic Leap, announced on May 30 that it had partnered with Google to enhance the potential of augmented reality technologies. This new collaboration aims to release unique product offerings while further expanding the longstanding relationship between the two companies. Magic Leap’s Optics Expertise Combined With Google’s […]
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PEPE Primed For A Big Leap: 80% Price Increase Incoming?
The cryptocurrency market may be experiencing a cool down, but one meme coin is refusing to catch a cold. PEPE, a token emblazoned with the internet’s famous frog, has defied recent bearish trends with a surge in price and trading activity. This resilience has fueled speculation of a potential “bullish breakout” in the coming days, with some analysts predicting astronomical gains.
PEPE Weathers The Storm
While Bitcoin and Ethereum have taken a breather in recent weeks, PEPE has exhibited surprising strength. Unlike its more established counterparts, PEPE hasn’t succumbed to the broader market chill. In fact, the meme coin has managed to inch up slightly this week and even enjoyed a nearly 10% price jump in the last 24 hours. This resilience has captured the attention of investors and analysts alike.
Trading Frenzy: PEPE Ignites Investor Interest
The newfound bullishness surrounding PEPE is further bolstered by a surge in trading activity. The coin boasts a 24-hour trading volume exceeding a staggering .26 billion, placing it firmly in the spotlight. Additionally, PEPE’s market capitalization currently sits at a healthy .23 billion, a testament to its growing presence within the crypto landscape.
Technical Analysis Paints A Bullish Picture
Adding fuel to the fire, crypto analyst World Of Charts has identified a bullish flag pattern in PEPE’s recent price action. This technical indicator often precedes a price breakout, suggesting that PEPE might be on the cusp of a significant upward trajectory.
$Pepe#PEPE On Verge Of Another Breakout Formed Bullish Flag & Testing Its Upper Resistance Incase Of Breakout Expecting Another 80-90% Bullish Wave In Coming Days#Crypto pic.twitter.com/f2jtxpOIp3
— World Of Charts (@WorldOfCharts1) May 2, 2024
World Of Charts predicts a potential price surge of 80-90% in the coming days if the coin manages to break free from its current resistance level.
Meme Coin Frenzy: A Double-Edged Sword?
Despite the optimistic outlook, a cloud of caution hangs over PEPE’s future. The coin falls under the category of meme coins, a notorious sector within the cryptocurrency market known for its volatility and often lacking strong fundamental backing.
Unlike established projects with real-world applications, meme coins often rely on community hype and internet trends to propel their value. This can lead to sharp price spikes followed by equally dramatic crashes.
While the prospect of an 80-90% return on investment is undeniably enticing, experts urge potential investors to approach PEPE with a dose of healthy skepticism. The analyst prediction, while optimistic, should not be taken as financial gospel. The cryptocurrency market, especially the meme coin segment, is inherently unpredictable.
Featured image from Pexels, chart from TradingView
MultiBank.io: A Revolutionary Leap in Cryptocurrency Derivatives Trading
PRESS RELEASE. MultiBank Group, a prominent global financial institution, proudly announces the launch of MultiBank.io, its state-of-the-art cryptocurrency derivatives trading platform. This significant initiative heralds a transformative milestone in the progression of cryptocurrency trading, driven by MultiBank.io’s advanced technological infrastructure and pioneering product portfolio. Facilitating Traders with Unparalleled Leverage and Diversity The MultiBank.io platform presents […]
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Merlin Chain Launches MERL: A Major Leap Forward in Bitcoin Layer 2 Solutions
PRESS RELEASE. April 19th, 2024 — Merlin Chain, the largest Bitcoin Layer 2 protocol by total value locked (TVL), is thrilled to announce the launch of its native token, $MERL. As a significant enhancement to the Bitcoin network, Merlin Chain facilitates the rapid growth of decentralized applications (DApps) across various sectors, including decentralized finance (DeFi), […]
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From Hat To Heights: Dogwifhat’s $17 Crypto Leap Electrifies Investors
Dogwifhat (WIF) has been on a wild ride this week. As of Tuesday evening, its value surged by nearly 10%, however, the canine-inspired cryptocurrency could not sustain the momentum and by Wednesday, it lost 14% of its value.
Dogwifhat’s Aggressive Rise And Sudden Dip
The rollercoaster ride began with a bang. Dogwifhat, a newcomer to the meme coin scene built on the Solana blockchain, quickly drew investor interest. Its lighthearted name and association with the ever-popular dog meme trend fueled a buying frenzy, pushing its price up by double digits. This bullish sentiment echoed a wider trend in the meme coin market, which saw a 1.5% increase over the past week.
WIF’s price has risen by 90% during the past month, adding an enormous .32 on average to its present price tag. This rapid rise indicates that if the coin keeps growing, it has the potential to become a reliable asset.
WIF price action in the last month. Source: CoinMarketCap
On March 29, Dogwifhat surpassed Pepe (PEPE) to become the third-largest memecoin by market capitalization, according to CoinMarketCap data.
However, the euphoria surrounding Dogwifhat proved short-lived. The broader Solana meme coin category, which includes WIF, witnessed a steeper decline compared to the overall meme coin market. This suggests factors specific to Solana meme coins, possibly network congestion or concerns about the platform’s scalability, might be contributing to the price drop.
Dogwifhat’s Future: A Lofty Prediction, But Is It Realistic?
Despite the recent dip, some analysts remain optimistic about Dogwifhat’s future. Changelly, a leading on-chain metrics and price prediction firm, has released a forecast that has set tongues wagging. Their prediction? Dogwifhat could reach a staggering in the near future, representing a potential surge of a whopping 300% from its current price.
This rosy picture, however, comes with a hefty dose of caution. The cryptocurrency market is notorious for its volatility. Meme coins, in particular, are known for their meme-driven price fluctuations, often lacking the underlying utility or strong fundamentals found in established cryptocurrencies. While the potential for massive returns in meme coins exists, so too does the risk of significant losses.
On Bugs And Project Postponements
Meanwhile, as additional projects and customers have joined its ecosystem over the past month, Solana has experienced network congestion.
Anatoly Yakovenko, the co-founder of Solana, talked about the difficulties of “dealing with congestion bugs” on Twitter last Thursday. As a result of the congestion problems, several cryptocurrency projects have postponed token launches in the past few days.
solana’s current issue is not a design flaw, it’s an implementation bug
it is now hitting me that some folks might not understand what we’ve been trying to say by this for the past week
I’ll simplify it (intended for non-technical people)
it is important to make this… pic.twitter.com/fNZzu9f90S
— mert | helius.dev (@0xMert_) April 8, 2024
Reportedly, developers of Solana have scheduled the deployment of a patch for a “implementation problem” that has caused the network’s transaction failure rates to skyrocket on April 15.
According to Helius Labs CEO Mert Mumtaz, the current problem with the network is not a “design flaw,” but the “implementation bug.”
Featured image from Bybit, chart from TradingView
XRP ETF Premium Primed For Monumental Leap: Eyes Set On $500
XRP enthusiasts are in a frenzy after prominent community figure Chad Steingraber proposed a scenario where an XRP exchange-traded fund (ETF) could trade at a staggering 100x premium.
Steingraber, a seasoned game designer, laid out his thoughts in a recent post, igniting discussions about the potential trajectory of an XRP ETF, particularly in light of the ongoing push for institutional adoption of the altcoin.
Targeting A 0 XRP ETF Share Price
Steingraber’s speculation centers around the price at which an XRP ETF’s shares might trade. His hypothesis hinges on the crypto reaching an unprecedented price of per coin. In this scenario, he theorizes that the corresponding ETF could soar to equally unprecedented heights, potentially reaching a solid 0 per share.
The actual underlying asset price does NOT have to skyrocket. The fund can trade at MASSIVE Premiums.
Let’s say #XRP breaks ATH @ , its ETF fund could literally trade at 100x premium if the institutional demand kicks in.
Yes, that’s right, a 0 #XRP Institution Premium.
https://t.co/bwN6cGmmZd pic.twitter.com/tHyy4fkbeK
— Chad Steingraber (@ChadSteingraber) March 27, 2024
This hefty premium, according to Steingraber, would be fueled by a surge in institutional interest in the ETF. He cites the Grayscale Litecoin Trust (LTCN) as a prime example.
Similar to his proposed XRP ETF, LTCN trades at a significant premium over Litecoin’s current market price. Despite Litecoin hovering around , investors in LTCN are currently paying a premium of over 0 per Litecoin equivalent within the trust.
Can Arbitrage Opportunities Emerge?
The prospect of such a high premium has sparked discussions about potential arbitrage opportunities. X user Zack, in response to Steingraber’s post, questioned whether individuals holding XRP could exploit this price disparity. Steingraber acknowledged the possibility, particularly if the issuing ETF allows for in-kind deposits, where investors can directly exchange their token for ETF shares.
However, he cautioned that in-kind deposits are still a rarity in the ETF market. While Steingraber expressed optimism about the future adoption of this practice, its absence presents a hurdle for immediate arbitrage opportunities.
The XRP community has long advocated for asset managers, especially industry giant BlackRock, to launch an XRP ETF. They believe such a product would significantly bolster the value of XRP by increasing its accessibility to institutional investors.
A Speculative Outlook With Underlying Uncertainties
It’s crucial to remember that Steingraber’s vision is entirely speculative. As of today, no asset manager has taken concrete steps towards applying for an XRP ETF. Furthermore, the justification for such a high premium rests heavily on the assumption of substantial institutional demand, a factor that remains uncertain.
The applicability of the Grayscale Litecoin Trust comparison also requires further scrutiny. The specific structure and features of an XRP ETF would significantly influence whether a similar premium dynamic would emerge.
A Reality Check For Investors
While Steingraber’s prediction has certainly captured the community’s imagination, investors are advised to approach it with a healthy dose of caution. The approval timeline for an XRP ETF hinges on the US Securities and Exchange Commission’s stance on cryptocurrency ETFs.
Additionally, competition from other potential ETFs could play a role in determining the premium, if any.
Featured image from Freepik, chart from TradingView
Solana (SOL) Price Primed For 50% Leap: Experts Turn Bullish
Crypto analysts are turning increasingly bullish on Solana (SOL), with forecasts suggesting a potential 50% surge in the near future. Following SOL’s 11% surge in the past 24 hours, several renowned analysts came forward to express their bullish stance.
Solana Price Poised For Rally Towards 0
On X, crypto trader Bob Loukas (@BobLoukas) has provided an optimistic outlook, stating, “SOL now based and fuel up for leg to 0.” This statement is based on a thorough analysis of the weekly SOL/USD chart.
The chart exposes that SOL has transformed its March 2022 resistance level of around 0 into a robust support zone. Previously, this level served as a strong resistance from mid-December last year until the beginning of March.
By converting this resistance into support, SOL is now poised for a rally towards 0. This price target is just shy of Solana’s all-time high at around 0 from late October 2021.
Adding to the bullish sentiment, crypto analyst Byzantine General (@ByzGeneral) remarked, “SOL looks pretty good to me. Leverage in the system has actually gone down while price is up and at the same time Coinbase has been buying a lot of spot.”
Notably, not only the SOL/USD charts look ultra strong, but also the chart of SOL against its most fierce competitor in the fight for the superior layer-1 network, Ethereum. According to several analysts, SOL/ETH is primed for a major breakout.
Christopher Inks, the founder of TexasWest Capital, shared his analysis, noting, “SOL/ETH on the weekly looks amazing. It doesn’t get much better than this with the wedge breakout while Stoch RSI is crossing bullishly in oversold and threatening to break out and RSI has bounced at neutral and is nearing a bullish cross. Breaking out above 0.04597 adds confidence to the rally toward a minimum expected target of 0.07231.”
This technical breakdown suggests a very optimistic future for SOL in comparison to ETH. If this technical setup plays out, SOL could outperform ETH by more than 70%.
Macro expert Raoul Pal has also chimed in, stating, “SOL/ETH is looking like a breakout after a perfect consolidation… SOL is likely to take the lead again soon.” Pal’s analysis is based on a falling wedge correction pattern, a bullish signal, which SOL/ETH has already broken out from.
However, it is important to note that this breakout needs to be confirmed to avoid being considered a fakeout, indicating a potential major breakout against ETH. Renowned trader Peter Brandt, commenting on Pal’s analysis, identified the pattern as a “Classic Schabacker falling wedge correction,” a bullish signal typically indicating a potential reversal or continuation of the trend.
The Falling Wedge pattern, characterized by converging trend lines, decreasing volume, and a breakout with increased volume, suggests that SOL’s current pattern positions it for significant upward movement.
At press time, SOL traded at 8.59, surpassing the 0.618 Fibonacci retracement level in the weekly chart.
Mogo Takes a Further Leap Into BTC, Eyes Long-Term Gains With $5M Bitcoin Reserve Investment
In a statement released on March 7, the Canadian fintech entity Mogo disclosed its strategy to diversify its portfolio by investing in bitcoin and bitcoin exchange-traded funds (ETFs), earmarking an initial outlay of as much as million. Canadian Fintech Mogo Dives Deeper Into Bitcoin The publicly traded Canadian enterprise Mogo (Nasdaq: MOGO) (TSX: MOGO) […]
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Bitcoin’s Leap Beyond Its Former Price Record Signals New Positive Market Cycle, Says Chainlink’s Sergey Nazarov
Having achieved its highest value ever on March 5, 2024, precisely at 10:03 a.m. Eastern Time (ET) on Tuesday, the price of bitcoin has declined by more than 11% against the greenback at 3:00 p.m. ET. Currently, bitcoin boasts a global trading volume of .34 billion, contributing to the total 5 billion exchanged throughout the […]
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Bitcoin’s Leap Past $65K Ignites Speculation of Qatari Billionaire’s Big Buy Post-Atlantis Conference
Following bitcoin’s climb beyond the ,000 mark, social media has been buzzing with discussions about the rumored acquisition of bitcoin by a billionaire from Qatar post the Bitcoin Atlantis conference in Madeira. A sighting of a Qatari jet at the airport subsequent to the Bitcoin Atlantis gathering has caught the public’s attention, with the shared […]
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