Cryptocurrencies To Watch

Author: Jonathan Agozie

  • Litecoin’s Daily Transactions Hit $2.85B, Surpassing Dogecoin and Others

    Litecoin’s Daily Transactions Hit $2.85B, Surpassing Dogecoin and Others

    Litecoin handles a much higher volume of large transactions compared to other Layer 1 protocols, such as Dogecoin.

    Blockchain analytics firm IntoTheBlock recently revealed that Litecoin processes an average of $2.85 billion in large transactions (those worth at least $100,000) daily. This figure represents over 50% of its market cap, highlighting substantial whale activity on the Litecoin network.

    Litecoin’s large transaction volume significantly exceeds that of other Layer 1 cryptocurrencies. For example, Dogecoin, which has roughly three times Litecoin’s market cap, sees only $590 million in large transactions daily. This stark difference underscores Litecoin’s active network and the notable presence of large holders.

    From July 5 to 10, Litecoin’s transaction volumes peaked at around $3.3 billion and dropped to approximately $2.4 billion by July 7. Despite fluctuations, the overall trend in transaction volume shows an upward trajectory, indicating consistent engagement from whales, who contribute significantly to the network’s liquidity.

    Supporting these findings, Litecoin’s ownership data shows that high-activity addresses, making up 3.32% of the total, are likely driving the high transaction volumes. Additionally, several less active addresses hold significant amounts of Litecoin, indicating ongoing interest and engagement among investors.

    Litecoin Investors’ Trends

    Despite this robust activity, Litecoin faced challenges in gaining momentum earlier this year. A late May report indicated that investors preferred Ethereum and other tokens within the Ethereum DeFi ecosystem, leading to an 8% decrease in the LTC price as of May 29. 

    Interestingly, there was a surge in new wallets on the Litecoin network, likely due to the anticipation of Ethereum ETFs. This expectation of funds moving into these ETFs led investors to diversify during the crypto market consolidation phase. Around 400,000 new LTC wallets were created, suggesting that investors were taking advantage of the price dip.

    Santiment’s Amount of Holders Metric also showed an increase in active wallets, indicating more participants joining the network. Overall, the data suggests that large holders are crucial to Litecoin’s transaction volume and network activity, significantly contributing to its liquidity and market movements.

  • PEPE Whale Transactions Surge to $135M Amid Ethereum ETF Buzz

    PEPE Whale Transactions Surge to $135M Amid Ethereum ETF Buzz

    Investors expect PEPE’s price to benefit from the anticipated investment inflows into the ecosystem once the Ethereum ETFs are launched, given its status as the second-largest memecoin on Ethereum.

    Between July 8 and July 11, PEPE’s price stabilized from $0.0000090 to $0.0000096. Currently, the token is trading at $0.0000093, reflecting a 1.33% increase. On-chain data from IntoTheBlock indicates a rise in whale transactions, reaching $135.7 million as of July 11.

    The increased whale activity may be due to the anticipation of the launch of Ethereum ETFs. As the second-largest memecoin on Ethereum, PEPE’s price will likely benefit from the expected investment inflows into the ecosystem once the ETFs are launched.

    Whale Transactions and Market Signals

    Following a market sell-off last week that pushed PEPE to a 100-day low of $0.0000076 on July 5, bulls have instigated a quick rebound. Whale investors appear to be taking advantage of the current price stagnation to accumulate more PEPE tokens.

    The rise in whale transactions during this consolidation period suggests that large investors are capitalizing on the price dip to increase their holdings. This surge in market liquidity from whale activity also allows smaller investors to exit their positions without causing significant price volatility.

    Data from IntoTheBlock reveals that 69% of PEPE addresses remain profitable, while 23% are holding at a loss and 8% bought at prices close to the current trading level. This indicates that most PEPE holders are still in a good position despite recent market fluctuations.

    The Relative Strength Index (RSI) is currently at 41.04, nearing the neutral zone. This indicates that PEPE is in a balanced state, not significantly overbought or oversold, which provides an opportunity for upward movement with a lower immediate risk of a correction. If the RSI surpasses 50, it would indicate stronger bullish momentum and could drive the price toward the next resistance level.

    Additionally, the recent buzz around Ethereum ETFs and the subsequent rise in whale transactions underline broader market sentiment. Investors are hopeful that the launch of these ETFs will bring more liquidity and stability to the Ethereum network, indirectly benefiting PEPE. As a result, market watchers are keeping an eye on PEPE’s performance, anticipating further price movements in response to these developments.

  • Mark Cuban Urges Biden to Fire SEC Chair Gary Gensler

    Mark Cuban Urges Biden to Fire SEC Chair Gary Gensler

    During Ro Khanna’s crypto roundtable, Cuban voiced frustration with Gensler and urged the Biden administration to fire him.

    A high-profile meeting at the Willard Hotel brought together influential figures from the $2 trillion cryptocurrency industry and senior White House officials to discuss regulatory concerns. During the meeting, Mark Cuban expressed frustration with SEC Chair Gary Gensler and urged the Biden administration to dismiss him.

    The crypto industry has been closely following the developments from Ro Khanna’s crypto roundtable with Mark Cuban. This meeting highlighted the growing tension between the crypto sector and U.S. regulators.

    Insights From the Khanna-Cuban Roundtable

    Organized by California Congressman Ro Khanna and entrepreneur Mark Cuban, the meeting aimed to improve the strained relationship between the crypto community and the Biden administration. Prominent attendees included Brad Garlinghouse, CEO of Ripple, Anthony Scaramucci of SkyBridge Capital, and Mike Novogratz, founder and CEO of Galaxy.

    Senior adviser to President Biden, Anita Dunn, listened to the attendees’ grievances about the SEC’s actions. Many attendees described negative experiences with the U.S. SEC, and Dunn appeared genuinely surprised by their accounts, according to a report by Eleanor Terrett. One attendee bluntly told Dunn, “You guys suck on crypto,” reflecting the industry’s frustration.

    According to Terrett’s report, Mark Cuban, a long-time critic of the SEC, expressed his frustration with SEC Chair Gary Gensler. Cuban, who has opposed the SEC since a 2004 insider trading accusation from which he was cleared in 2013, stated, “Biden should fire Gary Gensler.” He found the roundtable productive and expects the Biden administration and Democrats to change their approach to supporting crypto.

    The roundtable also covered the White House’s choice to reappoint SEC Commissioner Caroline Crenshaw, recognized for her opposition to cryptocurrencies. Senator Kirsten Gillibrand explained the regulatory complexities surrounding digital assets and highlighted her new stablecoin legislation with GOP Senator Cynthia Lummis as a step towards proper regulation.

    The meeting highlighted discontent within the crypto industry regarding current regulatory conditions. Participants expressed their frustration, aiming for improved policy outcomes. As the Biden administration navigates these concerns, the crypto community remains watchful, seeking a balanced approach that fosters innovation while ensuring compliance.

  • Cardano (ADA) Surges 1,218% in Whale Inflows: What’s Happening?

    Cardano (ADA) Surges 1,218% in Whale Inflows: What’s Happening?

    While the increase in large-holder inflows suggests potential positive developments for Cardano, it is important to note that large entities might also transfer funds for business purposes.

    Cardano (ADA) is seeing a significant surge in large-holder inflows, according to data from IntoTheBlock. These inflows have jumped by 1,218%, with funds entering whale addresses spiking from 14.51 million ADA on July 8 to 110.7 million ADA on July 9. This surge followed a period of flattened inflows that began on July 5.

    Large-holder inflows can signal substantial buying activity. These addresses often buy on centralized exchanges and then transfer their assets to cold storage. Spikes in large-holder inflows can also indicate price bottoms, as whales tend to buy in bulk after significant price drops. Given the recent market fluctuations and ADA’s decline to lows not seen since November 2023, both scenarios are possible for Cardano.

    ADA’s price shows signs of stability, rising 3.4% in the last 24 hours to $0.3819. While the increase in large-holder inflows suggests potential positive developments for Cardano, it is important to note that large entities might also transfer funds for business purposes.

    The Chang Upgrade and Enhanced Governance

    Cardano is also progressing toward its anticipated Chang upgrade, marked by the release of Cardano Node 9.0. The Chang upgrade aims to stagger the release of governance functionality, making adoption and onboarding easier for those assuming new or additional governance roles. The upgrade is divided into two phases.

    During the initial bootstrapping phase, between the Chang 1 and Chang 2 upgrades, three types of governance actions will be available. These actions include adjusting protocol parameters, initiating hard forks, and providing essential information to the community. The Chang 1 upgrade will introduce governance features and begin the technical bootstrapping phase as outlined in the CIP-1694 Bootstrapping Phase. The Chang 2 upgrade will complete this phase, enabling the final features of on-chain governance, including DRep participation and all governance actions.

    With these developments, Cardano is positioning itself for a robust future, driven by strong market activity and ongoing technical advancements.

  • PYUSD Hits $500M Market Cap After Solana Expansion

    PYUSD Hits $500M Market Cap After Solana Expansion

    PYUSD’s supply increased by 97%, rising from 270 million on June 26 to over 533 million, placing PayPal among the top ten stablecoin issuers.

    PayPal’s U.S. dollar-pegged stablecoin, PYUSD, launched in August 2023 through a partnership with Paxos. Since then, its market supply has grown significantly, surpassing $500 million recently.

    The stablecoin’s rapid growth took off after it expanded to the Solana network in May. Solana now holds about 134.5 million PYUSD tokens, making up 25.2% of the total supply.

    At the end of 2023, PYUSD’s supply was 230 million tokens. Since then, the supply has significantly increased, exceeding 500 million tokens, according to data from DeFiLlama. PYUSD’s supply increased by 97% in the past month alone, from 270 million on June 26 to over 533 million now. This growth places PayPal among the top ten stablecoin issuers, with Tether USD leading the way with over $112 billion in supply.

    Strategic Partnerships Boost PYUSD’s Adoption

    The partnership with Solana offers many benefits, giving millions of users access to PYUSD with faster transactions and lower costs. This integration helps PayPal reach over 30 million merchants globally, providing them with a stablecoin transaction option.

    This collaboration marks a milestone for USD-pegged stablecoins, as PYUSD extends beyond the Ethereum ecosystem. This makes PYUSD suitable for small and everyday purchases, helping it compete with Tether (USDT) and USD Coin (USDC).

    Additionally, PayPal’s Xoom service allows U.S. users to fund international transfers with PYUSD. These transfers to over 160 countries are free of transaction fees when using PayPal USD, making it an attractive option for sending money abroad. Furthermore, PYUSD’s adoption of centralized exchanges like Crypto.com and its integration into decentralized finance protocols such as Curve and Frax have also contributed to its growth over the past year.

    Paxos holds the largest share of PYUSD on Ethereum, with 112 million tokens, representing over 20% of the total supply. Following Paxos, Crypto.com holds 103 million, Defiance Capital holds 35 million, BitGo holds 14.8 million, and Curve holds 14 million, according to Nansen data. This widespread adoption and integration highlight PYUSD’s growing presence in the stablecoin market.

  • Ethereum Launches $2M ‘Attackathon’ to Boost Network Security

    Ethereum Launches $2M ‘Attackathon’ to Boost Network Security

    This four-week event will help the community better understand Ethereum’s code and technology while improving its security.

    The Ethereum Foundation has launched its first “Attackathon,” hosted by Immunefi, offering a $2 million reward pool to encourage security researchers to audit its codebase. This four-week event will have participants search for vulnerabilities in Ethereum’s protocol code, with only significant and rule-compliant reports being rewarded.

    The “Attackathon” kicked off with a technical walkthrough of the blockchain’s code, guiding participants in identifying and understanding potential issues. Participants gain from a structured setup that offers live explanations on Ethereum and security, along with educational material from the Attackathon Academy.

    Once the event concludes, the bug bounty platform Immunefi will compile and detail the discovered vulnerabilities in a report. Immunefi is recognized for its expertise in Web3 security, managing a large community of security researchers. They have protected significant user funds across various projects and have a strong track record of identifying and mitigating security risks.

    The Ethereum Protocol Security (EPS) team has contributed $500,000 to the prize pool and is seeking sponsors to raise an additional $1.5 million by August 1, when more details will be shared. Sponsors will be awarded NFTs as a token of recognition for their contributions, and their names will be permanently displayed on the Sponsorship Leaderboard.

    Hackathons and Security Upgrades

    Hackathons are commonplace in the tech world, and the crypto industry frequently hosts such events alongside ongoing bug bounties. These bounties incentivize hackers to disclose exploits rather than use them maliciously. The Ethereum Protocol Security (EPS) team plans to host similar hackathons for every hard fork to address changes to the codebase.

    Ethereum’s upcoming “Pectra” hard fork is expected to launch sometime between Q4 2024 and Q1 2025, combining the “Prague” upgrade for the execution layer and the “Electra” upgrade for the consensus layer. One significant update is the introduction of a “social recovery” feature, which could replace the conventional 24-word private wallet key, allowing wallets to have smart contract-like capabilities.

    Ethereum’s “Attackathon” aims to enhance the blockchain’s security by leveraging the expertise of the global security research community. This collaboration with Immunefi will enhance the community’s grasp of Ethereum’s code and technology while also bolstering its security.

  • Astar Network Burns 350M ASTR Tokens Following Community Vote

    Astar Network Burns 350M ASTR Tokens Following Community Vote

    The token burn proposal underwent thorough deliberation and was put to a community vote, resulting in over 66 million ASTR tokens cast in favor of the burn during the one-week voting period.

    Astar Network has made a major announcement on X that they successfully burned 350 million ASTR tokens, which is 5% of its total supply. This decision followed a community vote, highlighting the network’s commitment to community-driven governance and involvement.

    After the burn, ASTR’s price saw a 3% increase, now trading at $0.06574 with a 24-hour trading volume of $42.1 million. Over the past 24 hours, the price has increased by 3.14%, although it has declined by 7.77% over the past week. The current circulating supply is 6.1 billion ASTR, giving the network a market capitalization of $404.7 million. In addition, the open interest in ASTR has risen by 6.47% and is now valued at $6.1 million.

    Community Governance

    The token burn proposal underwent thorough deliberation before being put to a community vote. The voting period lasted one week, with over 66 million ASTR tokens cast in favor of the burn. This strong participation showed the community’s keen interest in shaping the network’s future. The Astar Foundation carried out the burn, marking a significant step in optimizing the network’s tokenomics and reducing the total supply.

    Besides the token burn, around 70 million ASTR tokens, which had accumulated as rewards, will be staked in the Community Treasury. This move will support the Unstoppable Community Grants initiative, further reinforcing the network’s dedication to community-driven development and growth.

    This strategic decision sets a strong example for future initiatives within the Astar ecosystem, emphasizing the importance of community involvement. Astar’s distinctive dApp staking mechanism supports decentralized applications by allocating staking rewards directly to dApp developers and stakers. By utilizing innovative staking models and tier systems, Astar aims to ensure fair and substantial rewards, fostering ongoing growth and engagement within the network.

    In summary, Astar Network’s token burn and strategic staking decisions highlight the power of community-driven governance and innovative tokenomics. These steps aim to enhance the network’s value and ensure sustainable growth, benefiting all stakeholders involved.

  • Has the Bitcoin Bull Run Ended? MVRV Turns Negative

    Has the Bitcoin Bull Run Ended? MVRV Turns Negative

    This negative shift in MVRV might signal the beginning of bearish activity, but a recovery above the moving average would likely place bulls back in control.

    Bitcoin (BTC), the world’s largest cryptocurrency, experienced a significant crash to $54,500 before partially recovering. This drop has triggered caution among investors, particularly in light of key on-chain metrics such as the Bitcoin MVRV (market value to realized value).

    For the first time since March 2023, Bitcoin’s MVRV momentum has turned negative, according to On-Chain College. This shift might signal the beginning of bearish activity. Bitcoin bulls are keenly watching this metric, hoping it will regain a 1-year moving average, which could indicate a continuation of higher prices. Historically, sustained periods below these levels have been precursors to bear markets. A recovering MVRV above the moving average would likely place bulls back in control.

    On-Chain College has noted that opinions are mixed regarding this current period of weakness. While some consider it a fantastic buying opportunity, others consider it a warning of further decline. Analysts are divided, with some predicting consolidation or a further drop below current levels, while others are hopeful for a quick rebound. Despite the current market conditions, On-Chain College believes a prolonged year-long downtrend, indicating a bear market, is unlikely at this stage.

    Cause for Alarm?

    A significant worry for Bitcoin investors is the potential sell-off from Mt. Gox creditors, who recently received their BTC after approximately ten years. The defunct crypto exchange is set to distribute nearly 140,000 bitcoins over the next few months. The recent movements of Mt. Gox wallets have already caused jitters in the crypto market, contributing to the overall unease.

     Adding to investor concerns are reports of the German government selling confiscated BTC. The government has continued its selling spree, moving an additional 1,000 bitcoins earlier today. This action has further dampened market sentiment. Investors are advised to stay vigilant and informed during these uncertain times.

  • Ethereum’s RSI Hits Lowest Since August 2023

    Ethereum’s RSI Hits Lowest Since August 2023

    This recent drop has pushed Ethereum’s Relative Strength Index (RSI) to the lowest level since August 2023, indicating that it might be oversold.

    Ethereum’s price has experienced a significant drop, falling by up to 5.78% in the past 24 hours. This decline has pushed its Relative Strength Index (RSI) to the lowest since August 2023, indicating that Ethereum might be oversold. Market veteran Michael van de Poppe reported this sharp decline, which suggests strong bearish momentum in the market.

    As of now, Ethereum’s price is hovering around $2,956. It previously faced key resistance between $3,800 and $4,200, levels it struggled to break through, leading to the recent decline. Ethereum now faces crucial support at $2,480. If the price falls below this level, it could trigger further declines toward $2,145.

    Despite this recent drop, Ethereum’s trading volume remains stable, indicating no panic selling. This stability suggests that while market sentiment is currently bearish, there might be a potential rebound or consolidation phase on the horizon.

    Impact on Ethereum Investors

    An analysis of Ethereum addresses shows that many are “Out of the Money.” These addresses bought ETH at prices ranging from $2,951.47 to $3,400.33 and are currently incurring losses. This indicates that many investors are facing losses at the current price level.

    Additionally, a recent report from CoinShares highlighted a continued outflow from crypto investment products, totaling $30 million over the past three weeks. Ethereum alone saw a significant outflow of $61 million. In contrast, Bitcoin-related exchange-traded products (ETPs) experienced an inflow of $10 million, bringing the total assets across all Bitcoin ETPs to $67.57 billion.

    Interestingly, other digital assets recorded positive net inflows. Multi-asset ETPs attracted $18 million, while Solana, Litecoin, Chainlink, and XRP saw inflows of $1.6 million, $1.4 million, $600,000, and $300,000, respectively. The significant outflow from Ethereum compared to the inflows into other digital assets suggests increased bearish sentiment, specifically towards Ethereum.

    In summary, Ethereum is experiencing significant bearish momentum, with its price declining and the RSI indicating oversold conditions. While trading volume remains stable, suggesting no panic selling, the continued outflow from Ethereum investment products indicates growing bearish sentiment among investors.

  • Dogecoin Crashes Through $0.1 Support as Whale Sells 400M Coins

    Dogecoin Crashes Through $0.1 Support as Whale Sells 400M Coins

    Despite the recent sell-off, the whale address still holds a substantial amount of Dogecoin, with Blockchair data showing it retains 379.80 million DOGE, valued at $36.59 million.

    Dogecoin, the largest meme cryptocurrency by market cap, has sparked widespread speculation across the global crypto landscape. Recently, the broader crypto market’s bearish movement caused a significant price drop for DOGE in the past 24 hours.

    One major factor in this decline was the transfer of 400 million DOGE by a whale to Binance. Following this large transfer, DOGE lost its crucial support level of $0.1. At press time, its price had fallen 16.20% to $0.09563. This event has fueled bearish sentiment about the asset’s potential for future gains.

    The on-chain transaction tracker Whale Alert on X reported that 400 million DOGE, worth $41.08 million, was moved to Binance on July 5 by the Dogecoin whale address DU8gP.

    Whale Activity and Market Sentiment

    Market sentiment has shifted significantly, reflecting a loss of confidence in DOGE’s short-term potential. However, the whale address still holds a substantial amount of Dogecoin. Data from Blockchair shows that the address retains 379.80 million DOGE, valued at $36.59 million. Earlier this year, Whale Alert reported that this same address had accumulated approximately 1 billion DOGE from Binance. This suggests that the whale is strategically offloading DOGE holdings amid this year’s bull cycle.

    Despite recent volatility, DOGE has surpassed 90 million total addresses. This increase indicates ongoing interest and commitment from investors, which is crucial for the cryptocurrency’s long-term growth and stability. 

    As Dogecoin moves through these price points, investors and traders are attentively monitoring key technical indicators and market trends to determine its future trajectory. The cryptocurrency market remains volatile and is influenced by various factors, such as regulatory developments, macroeconomic trends, and investor sentiment towards digital assets.

    Dogecoin’s recent price movements highlight the uncertainty in the crypto market. The whale’s significant transfer and the overall bearish trend have caused concern, but the growing number of addresses shows continued interest in the coin. This mix of factors makes the future of Dogecoin an intriguing topic for investors and analysts alike.