Long-time bitcoin holders moved a total of 4,681.438 BTC, worth 4 million, from dormant wallets dating from 2010 to 2017. The most significant activity was from addresses created in 2016, with 2,442.302 BTC exchanged across 14 transactions. 4,681 BTC Moved From Long-Inactive Wallets While BTC faced considerable fluctuations in June, bitcoins from long-inactive wallets transacted […]
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Solana’s Stablecoin Transfer Volume Drops Drastically Amid Scrutiny
According to stablecoin transfer volume metrics divided by blockchain, Solana’s daily transfer volume has decreased from a range of billion to 0 billion daily to around billion daily. Additionally, a crypto advocate expressed doubts about the legitimacy of Solana’s previous stablecoin transfer volumes, indicating that the metrics were highly overstated. Stablecoin Metrics Reveal […]
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Toncoin Transfer Volume Hits $10 Billion, Social Appeal Soars
Toncoin, the brainchild of messaging app giant Telegram, is making waves in the cryptocurrency world. A recent report by CryptoQuant, a leading crypto analysis platform, has identified Toncoin as one of the fastest-growing blockchain networks. While established giants like Bitcoin reign supreme in daily transaction volume, TON’s growth metrics paint a compelling picture of a network poised for a breakout.
Transaction Velocity: A David-Vs-Goliath Story
While Bitcoin processes a staggering billion daily in transactions, TON’s daily volume sits between – billion. This, at first glance, might seem like a David-and-Goliath scenario. However, there’s a crucial detail to consider: TON is only four years old, a mere pup compared to Bitcoin’s seasoned presence. This rapid climb in transaction volume for such a young network suggests a growing appetite for TON’s capabilities, particularly for facilitating large transfers of digital assets.
On-chain metrics of $TON are going parabolic!
“The transfer volume ranges between .0B ~ .0B. For comparison, #Bitcoin‘s average daily transfer volume is around .0B. This indicates that #TON has already achieved between 10% Bitcoin’s capacity.” – By @JA_Maartun
Read… pic.twitter.com/56VjsAGOwL
— CryptoQuant.com (@cryptoquant_com) June 20, 2024
Crypto analysis reveals a tenfold increase in TON token holders over the past year, skyrocketing from 2.9 million to over 30 million. This surge in user adoption suggests a growing trust in the network and could potentially pave the way for a more robust and vibrant TON ecosystem. A larger user base translates to a wider pool of developer talent, increased opportunities for innovation, and ultimately, a stronger network effect that attracts even more users.
Messaging App Integration: A Catalyst For Crypto Adoption?
The unique advantage TON possesses lies in its connection to Telegram, one of the most popular messaging apps globally, boasting over 900 million users. This integration has the potential to be a game-changer for crypto adoption.
Challenges Ahead For Toncoin
However, there are still hurdles to overcome. The regulatory landscape surrounding cryptocurrencies remains complex, and TON will need to navigate these challenges to achieve mainstream adoption. Additionally, questions linger about the scalability of the TON network. Can it handle the massive influx of users that Telegram’s integration might bring?
Meanwhile, as TON boasts impressive growth in users and transaction volume, its token price hasn’t quite mirrored this enthusiasm. In the last 24 hours, TON has dipped 0.5%, and over the past week, it’s down 10.4%.
Featured image from California Business Journal, chart from TradingView
Stablecoin Transfer Volumes Increase Tenfold in 4 Years, Reaching $1 Trillion Monthly
According to statistics from Token Terminal, monthly stablecoin transfer volumes have multiplied ten times over the past four years, increasing from 0 billion to trillion per month. Data Highlights Explosive Growth in Monthly Stablecoin Transfers In recent years, stablecoin assets have gained significant importance. On June 20, 2024, the market capitalization of all stablecoins […]
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Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed?
Solana (SOL) whales are at it again, as they are seen to have moved a significant amount of their Solana holdings in the last 24 hours. This comes amidst the bearish sentiment in the crypto market, which has also caused Solana’s price to decline.
Solana Whales Move Over 0 Million Worth Of SOL In Several Transactions
On-chain data shows that Solana whales have conducted six large transactions in the last 24 hours. The first transaction involved the transfer of over 1.5 million SOL tokens (6 million) to an unknown wallet (HCC…wmr). This wallet then sent 1.13 million SOL tokens (3 million) to four different unknown wallets, with this unknown wallet (Auj…yhS) a majority of the transferred funds (1 million SOL tokens).
The third transaction involved the transfer of just over 1 million Solana tokens (4 million) from an unknown wallet (GYj…gG6) to another unknown wallet (4Ax…TAh). This wallet then transferred the tokens to another unknown wallet (3vx…kom). The fifth transaction still involved the unknown wallet (3vx…kom), which moved 1.6 million Solana tokens (0 million) to another unknown wallet (FnH…Arr).
This unknown wallet then transferred the received tokens to a Coinbase-linked wallet. This transaction suggests that the Solana whale may be looking to offload their tokens, which would negatively impact Solana’s price. However, the earlier transactions indicate that the other Solana whales may just be rotating their capital between wallets rather than offloading them on the market.
This is also feasible considering that there has been a lot of activity on the Solana network, with traders actively trading due to the ongoing meme coin frenzy. Data from DappRader shows that the transaction volume on the network has continued to soar despite SOL’s declining price.
What Next For SOL’s Price
Crypto analyst Ali Martinez recently mentioned that Solana is set for a “major 53% price move.” He added that the market should keep an eye on the 3 support and 8 resistance levels to gauge sentiment on the crypto token.
Crypto analyst Jelle seems to have a bearish sentiment toward SOL. He recently revealed that Solana has failed to repeat a similar pattern from earlier in the year and has now lost the 0 support level. He stated that he wouldn’t be surprised if Solana dropped to as low as 0.
Crypto analyst Altcoin Sherpa also revealed his bearish sentiment for SOL, stating that the current celeb meta isn’t “healthy” for the crypto token’s ecosystem. He added that Solana’s chart looks “pretty scary” and that Ethereum will probably continue outperforming it for this next stretch.
Altcoin Sherpa also discussed the possibility of Solana dropping to as low as 0 while analyzing its USDT pair. He stated that he wouldn’t invest in Solana until it dropped to 0 and that he might just continue to wait until it fell to around 0. In the long term, the crypto analyst is still bullish on Solana and expects it to rise above 0 this year.
Sleeping Bitcoins Worth $13.87M Move After 11 Years, Transfer Exposes 2013 Whale
According to data from June 3, an entity with eight wallets created in 2013 moved 200 BTC valued at .87 million after the funds remained untouched for over 11 years. If sold today, the value of these bitcoins has increased by 197,785% since their acquisition. Spending 200 Bitcoin Unveils Previous Transactions From 2013 On Monday, […]
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Mt. Gox Bitcoin Transfer: CryptoQuant Analyzes Potential Market Effects Of The $9.4B Movement
Mt. Gox, the defunct Bitcoin (BTC) exchange that suffered a major collapse in 2014 has recently initiated payout distribution to creditors waiting for it.
The release of a substantial amount of BTC, equivalent to .4 billion, on May 27th has raised concerns about potential market liquidity and price stability. In response, the on-chain market intelligence platform CryptoQuant has provided an analysis of the potential impacts of this development.
Potential Market Effects
According to the firm’s analysis, 138,000 Bitcoin moved significantly from Mt. Gox in seven transactions, each worth 4,000 to 32,000 Bitcoin.
Initially, these funds were transferred to a single address and distributed to three separate addresses, each holding 47,400 Bitcoin.
It is important to note that these addresses remain under the control of Mt. Gox’s Rehabilitation Trustee, and no repayments to creditors have been made as of yet. The consolidation of these funds suggests that the Trustee is actively preparing for future repayments by the Rehabilitation Plan.
At present, transfers within the Trustee-controlled addresses have not impacted the market immediately. However, the firm notes that eventual repayment to creditors, targeted for completion by October 31, 2024, could influence Bitcoin’s market dynamics.
For CryptoQuant, the market impact will depend on various factors, including the timing, size, and manner of the repayments. If and when the Trustee begins repaying creditors, it could introduce a substantial amount of Bitcoin into the market, influencing liquidity and price stability. The firm concluded by stating:
There is no immediate selling pressure for Bitcoin from these movements as the transfers have occurred within the addresses of the same entity (Mt. Gox Rehabilitation Trustee) and are not still available to the open market.
Bitcoin Price Gravitates Towards ‘Level 3’ At ,000
As concerns grow over the potential downside impact on Bitcoin’s price due to Mt. Gox’s repayment plan, analyst Crypto Con offers insights into the current state of Bitcoin price bands.
Bitcoin price bands refer to specific price ranges that analysts closely monitor to gauge potential market movements. These bands act as magnets, attracting the price to specific levels.
In particular, as seen in the chart above, “Level 3” at ,539 has emerged as a significant price target. Despite the ongoing consolidation at Level 2.5, the analyst believes the market is showing signs of gravitating towards Level 3.
Additionally, Crypto Con notes that historical data suggests that the cycle top band, priced at 3,000, will likely be reached with precision during the final “Bitcoin parabola.”
At the time of writing, the largest cryptocurrency in the market was trading at ,400, slowly losing ground after continued failed attempts to consolidate above the ley ,000 level, which is seen as the last hurdle before a potential retest of its current all-time high of ,700 reached on March 14.
Featured image from Shutterstock, chart from TradingView.com
Elusive 2010 Bitcoin Mega Whale Moves 2,000 BTC Worth $138M in Fourth Transfer of 2024
Blockchain data indicates the reappearance of the elusive mega whale from 2010, who expended 2,000 BTC valued at 8 million on May 22, 2024. The large transfer marks the fourth occurrence of this whale this year, with a cumulative expenditure of 7,000 BTC worth over 6 million. Blockchain Parser Data Reveals 2010 Whale’s Bitcoin Transfers […]
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Accidental Bitcoin Transfer Pushes Satoshi Nakamoto’s Genesis Wallet Over 100 BTC
Based on the latest data, the well-known Genesis address owned by Satoshi Nakamoto now holds over 100 BTC after someone inadvertently sent 0.10754671 BTC, valued at ,211, to the wallet. The current value of the wallet, which has never been spent, is estimated at .75 million. Another Unintentional Bitcoin Transaction Pushes up the Value of […]
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Did A Dogecoin Whale Just Sink The DOGE Ship? The $30-Million Transfer Mystery
Dogecoin (DOGE), the meme-inspired cryptocurrency with a loyal following, has been riding a wave of optimism lately. Over the past week, its price surged by nearly 8%, much to the delight of investors. However, a recent move by a large DOGE holder has cast a shadow of uncertainty on the future of this playful pup’s price trajectory.
Dogecoin Fueled By Market Bulls And Short Squeeze
The broader crypto market sentiment has been bullish recently, and DOGE has been happily wagging its tail along. The past week saw a significant price increase, and the good times seemed to be rolling with a 3% jump in the last 24 hours alone.
This pushed DOGE’s price to a cheerful .152, bringing smiles back to the faces of many investors who have been patiently waiting for a sustained climb.
The party wasn’t just limited to the spot market. The derivatives market also saw a notable rise in activity, with Dogecoin Futures open interest jumping a healthy 9%.
This suggests a renewed interest from traders, particularly those looking to capitalize on potential price movements through futures contracts.
Adding fuel to the fire, short sellers have been feeling the heat lately. According to Coinglass, they’ve faced liquidations totaling a staggering .27 million.
This could potentially trigger a short squeeze, a scenario where short sellers are forced to buy back DOGE to cover their positions, and further push the price upwards. However, this positive development hinges on whether it can overpower the potential selling pressure arising from a recent whale movement.
Whale Alert: Big Transfer Sparks Speculation
Just as things were looking bright for DOGE, a transaction involving a whale sent ripples of concern through the Dogecoin community. Data from Whale Alert revealed that a whopping 200 million DOGE, valued at around .86 million, was transferred to the trading platform Robinhood.
This hefty move has raised eyebrows, with many suspecting the whale might be preparing to cash out a significant portion of their holdings. A large sell-off could introduce significant selling pressure, potentially derailing DOGE’s current upward momentum.
Related Reading: Filecoin On Fire: Analyst Torches Doubters With Target
Technical Analysis: Breaking Trends And Potential Pullbacks
Taking a peek under the hood from a technical standpoint, DOGE appears to be attempting to break its daily downtrend. This is a positive sign for bulls, indicating a potential shift in market sentiment. Further analysis reveals that DOGE recently entered an order block, which has been contributing to its ongoing price increase.
Featured image from War History Online, chart from TradingView