Cryptocurrencies To Watch

Author: Jonathan Agozie

  • PEPE and MOG Lead Memecoins Amid Market Downturn

    PEPE and MOG Lead Memecoins Amid Market Downturn

    The crypto market saw over $290 million liquidated, yet several memecoins still have many profitable holders.

    On Wednesday, the crypto market experienced a surge in liquidations, reaching a weekly high with over $290 million liquidated. Despite this downturn, several memecoins stand out with many profitable holders.

    Currently, 85.5% of MOG holders and 78.53% of PEPE holders are profitable, leading the memecoin space. Similarly, 78.41% of FLOKI holders and 73.9% of WOJAK holders are also profitable.

    Shiba Inu (SHIB) continues to demonstrate resilience, with 51.83% of its holders in profit, according to IntoTheBlock. The token has seen a notable increase in its burn rate, with over 410 trillion tokens removed from circulation. This strategic move aims to enhance both price stability and market capitalization.

    Market Liquidations and Volatility Impact

    The US spot Bitcoin exchange-traded fund (ETF) witnessed a net outflow of $20 million on Wednesday, marking a second consecutive day of outflows contributing to broader market declines. Bitcoin and other cryptocurrencies faced selling pressure due to developments involving Mt. Gox and the German government.

    A recent report from CryptocurrenciesToWatch (CTW) has shown that over 108,293 traders were liquidated, totaling $295.82 million. This surge underscores the volatility and risks inherent in the cryptocurrency market, resulting in significant losses for many traders.

    Bitcoin’s price declined from approximately $62,200 to $58,487, reflecting a 4.7% drop over 24 hours. Ethereum also saw a notable decrease, falling 5.5% from $3,384 to $3,198, while Solana experienced the steepest decline among the top 10 cryptocurrencies, dropping roughly 11% to $134. Despite this market correction, US ETF products have maintained a net asset under management (AUM) above $51 billion, a testament to investor confidence even amidst volatility. 

    In conclusion, amidst significant liquidations and price declines, PEPE and MOG have emerged as leaders in the memecoin sector, with a high percentage of profitable holders. Their resilience highlights the ongoing interest in these assets despite market uncertainties. As the crypto market evolves, their ability to maintain profitability underscores their strength, though caution remains essential in this volatile landscape.

  • 76% of Bitcoin Holders in Profit Despite Over $290M in Liquidations

    76% of Bitcoin Holders in Profit Despite Over $290M in Liquidations

    This increase in liquidations highlights the growing volatility and risks currently affecting the cryptocurrency market.

    Crypto market liquidations reached their highest level in a week on Wednesday, driven by Bitcoin’s drop below $60,000. According to CoinGlass data, over 108,293 traders faced liquidations totaling $295.82 million. This surge in liquidations underscores the heightened volatility and risks currently present in the cryptocurrency market.

    Despite the significant liquidations, on-chain data from IntoTheBlock shows that 76% of Bitcoin addresses remain profitable. Conversely, 16% of addresses are holding their coins at a loss, and only 8% bought Bitcoin at prices close to its current trading level. This indicates that the majority of Bitcoin holders are still in a favorable position despite recent market fluctuations.

    Factors Contributing to Market Volatility

    Recent volatility in the cryptocurrency market has been driven by multiple factors, including U.S. monetary policy concerns, geopolitical tensions, and the upcoming U.S. presidential election in November. Notably, a significant behavioral change among long-term Bitcoin holders has emerged. In May 2024, these investors sold approximately $10 billion worth of Bitcoin, equating to around 160,000 BTC. This large-scale sell-off is a marked departure from the typical behavior of long-term holders, who usually avoid such substantial liquidations.

    Bitcoin’s price experienced a notable decline, falling from about $62,200 to an intraday low of $59,425 before recovering slightly to just above $60,200. Bitcoin is trading at $58,487, marking a 4.7% decline over the past 24 hours.

    Ethereum also saw a significant drop, decreasing by 5.5% from $3,384 to $3,198. It is down 5% over the past week, erasing most gains made in anticipation of the spot ETF launch. Solana fell roughly 11% to $134, marking the steepest decline among the top 10 cryptocurrencies. This drop came after increased interest sparked by VanEck, a New York-based investment management firm, filing for the first Solana spot ETF late last month.

    Overall, major cryptocurrencies have experienced declines over the past month. Ethereum is down over 15% in the last 30 days, despite growing interest in Ethereum spot ETFs. Some analysts predict these new financial products could start trading by mid-July, potentially boosting ETH prices. Bitcoin has also fallen 14.8% during the same period, reflecting broader market challenges.

  • SHIB Soars 8,596% in Key Metric; Here’s the Reason

    SHIB Soars 8,596% in Key Metric; Here’s the Reason

    The Shiba Inu team aims to boost the price and market capitalization by reducing the circulating supply by sending tokens to dead wallets, thereby increasing SHIB’s scarcity.

    Shiba Inu (SHIB) has experienced a significant rise in its token burn rate, increasing by 8,596.57% in the last 24 hours, according to Shibburn. During this period, over 17.7 million Shiba Inu tokens have been burned. To date, nearly 410 trillion tokens have been removed from the initial supply. Currently, the circulating supply of SHIB stands at 583 million tokens.

    The Shiba Inu team aims to boost the price and market capitalization by reducing the circulating supply. They achieve this by sending tokens to dead wallets, thus increasing the scarcity of the coin. This practice helps make the SHIB ecosystem more efficient and sustainable. The token becomes deflationary by creating an imbalance in supply and demand, which could increase its price over time. 

    Despite the significant increase in the burn rate, SHIB’s price has not yet reacted. The token is trading at $0.00001685, down 1.76% in the last 24 hours and 32.80% over the past 30 days. This sharp decline has caused concern within the community. SHIB’s current bearish trend reflects broader market sentiment, which is affected by various macroeconomic concerns.

    Supply Strategy and Market Dynamics

    The increase in the token burn rate is a strategic move by the Shiba Inu team to address inflation issues and make the SHIB ecosystem more sustainable. By reducing the number of tokens in circulation, they aim to create a scarcity effect, which can increase the token’s value. However, the immediate impact on the price has been minimal, as SHIB faces a bearish market trend.

    SHIB must do more than increase token burn rates to recover. While burning tokens usually affect prices in the long term, they may not immediately change prices. The community watches closely to see if burning tokens will bring good results in the long run.

    In summary, while the Shiba Inu token burn rate has surged dramatically, the price has not shown a corresponding increase. The Shiba Inu team remains committed to their strategy of reducing the circulating supply, with the hope that it will benefit the ecosystem in the long run.

  • Bitcoin Active Addresses Surpasses 900K, Highest Since Mid-April

    Bitcoin Active Addresses Surpasses 900K, Highest Since Mid-April

    This resurgence in activity suggests growing interest and participation in the Bitcoin ecosystem, which could have implications for the crypto market as a whole.

    Bitcoin activity is on the rise once again, as the number of active BTC addresses crossed the 900,000 mark on Monday, reaching levels not seen since mid-April. This milestone indicates a significant uptick in engagement within the Bitcoin network.

    The surge in active addresses is part of a broader trend, with activity steadily increasing since early June. This resurgence in activity suggests growing interest and participation in the Bitcoin ecosystem, which could have implications for the cryptocurrency market as a whole.

    Steady Growth Signals Renewed Interest

    Market analysts are closely watching this trend, as sustained increases in active addresses often correlate with heightened trading volumes and market movements. The current rise could signal a renewed phase of growth and development for Bitcoin and its users.

    A savvy Bitcoin investor, referred to as a “smart whale,” has made a significant re-entry into the market, purchasing 6,070 bitcoins worth $395 million during a recent dip, according to CryptocurrenciesToWatch (CTW). This marks the whale’s first purchase in over 18 months.

    Previously, this investor bought approximately 41,000 BTC during the 2022 bear market at an average price of $19,000 per bitcoin, totaling $794 million. They sold 37,000 BTC during the bull markets of 2023 and 2024 at an average price of $46,800 per bitcoin, earning $1.74 billion and netting a profit of over $1 billion. The whale’s sales were strategically timed with market highs, demonstrating their market expertise.

    In addition, spot Bitcoin ETFs have seen inflows over the past five market days, ending a recent outflow streak. On Monday, the 11 approved ETFs recorded their highest inflow in the past 16 market days, with a total of $129.5 million. Fidelity’s FBTC led the inflow on Monday with $65 million. Bitwise’s BiTB followed with $41.4 million, while Ark21Shares’ ARKB received $17.4 million. Vaneck’s Bitcoin Trust (HODL) took in $5.4 million. BTCO and EZBC brought in $3.2 million and $1.8 million, respectively. However, Blackrock’s IBIT and Grayscale’s GBTC saw no activity.

  • Here’s Why TapSwap Postponed Token Launch and Airdrop to Q3

    Here’s Why TapSwap Postponed Token Launch and Airdrop to Q3

    TapSwap has observed considerable interest surrounding its plans to list on Tier 1 exchanges and execute a substantial airdrop.

    TapSwap, a popular tap-to-earn game on Telegram, announced on Monday that it has delayed its highly anticipated token launch to the third quarter of 2024. The project also stated that the airdrop, where free cryptocurrency is given directly to users’ wallets, will happen simultaneously with the token launch.

    Initially scheduled for May 30, the airdrop was pushed back to July 1 due to an influx of bots trying to exploit the system. TapSwap has garnered significant interest in its plans to list on top-tier exchanges and conduct a substantial airdrop.

    The team explained that the token generation event was postponed to refine their strategy. TapSwap has become a major player globally, ranking among the top in the industry. The attention has attracted both leaders and scammers in the community, prompting them to require more time for detailed tokenomics and the right launch strategy.

    They emphasized that the additional time aims to ensure a fair and profitable Q3 launch for all supporters. “The whole point is that you’ll actually benefit from this,” TapSwap stated on X.

    Token Allocation Plans

    Launched in February, TapSwap, similar to Notcoin, rewards users for tapping their phone or computer screens. The game has rules and limits on the number of tokens users can earn based on their level and boasts over 50 million players.

    In a recent Ask-Me-Anything session on X, TapSwap highlighted that a significant portion of tokens will go to the community. They did not specify the timeline for the TAPS token launch on The Open Network (TON) or disclose airdrop eligibility requirements, promising updates once the tokenomics are finalized.

    The project pledged to be thorough with its token allocation for the airdrop. They mentioned implementing a monitoring system to observe user behavior and identify accounts that should be banned. Additionally, TapSwap is considering offering unscrupulous users the option to voluntarily forfeit a portion of the airdrop, aiming to create a win-win situation for everyone involved.

  • Crypto Trader Turns $10K Into $3M in 30 Minutes

    Crypto Trader Turns $10K Into $3M in 30 Minutes

    The trader made the huge gain by using a bot to purchase the token immediately it started trading. 

    According to a recent report from Lookonchain, a blockchain analysis platform, a trader used 70 Solana (SOL), worth almost $10,000, to buy about 82 million tokens of a new memecoin called BAKED. Within 30 minutes, they sold all their tokens for 21,581 SOL, making over $3 million from their initial investment.

    This trade is an example of cryptocurrency sniping, a strategy that involves buying a token as soon as it becomes available, often using a trading bot. Lookonchain concluded that the trader was likely not a project insider. They based this on the trader’s history of three similar attempts, where they lost money on two.

    The platform also identified 15 out of 19 addresses likely belonging to the same insider, who withdrew SOL from the cryptocurrency exchange Bitget three days before BAKED’s launch. These insider wallets are estimated to have purchased around 78% of the total BAKED supply. Even after some selling, they still hold approximately 76%.

    The launch of BAKED saw significant insider activity. Lookonchain found that approximately 800 million tokens were acquired within a second, with about half ending up in the developer’s wallet. BAKED was launched on DegenFund and faced accusations of manipulation, partly due to the sniping. In response, BAKED’s official X page claimed the launch was fair.

    High-Risk Trade Goes Wrong

    In contrast, an investor lost over $300,000 in less than a minute after a high-risk crypto trade went wrong last month. The investor bought 91,705.6 $DJT tokens for 2,500 $SOL, worth about $342,100. Just 44 seconds later, they sold the tokens for only 4.91 $SOL, worth about $673. The investor reportedly bought from the wrong pool via a bot.

    These two cases highlight the extreme volatility and risk inherent in cryptocurrency investments. While one trader made a fortune through timely and perhaps lucky moves, another faced substantial losses due to a minor error in judgment. This stark contrast underscores the importance of thorough research and careful strategy in the unpredictable crypto market. Investors need to understand the risks and ensure they have the right information before making trades. Such diligence can mean the difference between massive gains and devastating losses.

  • Vitalik Buterin Proposes Faster Ethereum Transaction Confirmations

    Vitalik Buterin Proposes Faster Ethereum Transaction Confirmations

    Buterin proposes a single-slot finality mechanism, similar to the Tendermint consensus, where Block N is finalized before the creation of Block N+1. 

    On Sunday, June 30, Ethereum co-founder Vitalik Buterin wrote a blog post about Ethereum’s future. He suggested moving away from the current epoch-and-slot mechanism in its rollup-centric roadmap. Buterin proposed a new “Secure Speed Finality” (SSF) mechanism to greatly reduce transaction times to just milliseconds.

    The Ethereum Gasper consensus currently uses a slot-and-epoch system where validators cast votes every 12 seconds in each slot. Validators can vote once over 32 slots, and a PBFT-like consensus algorithm finalizes these votes after two epochs, or 12.8 minutes.

    Addressing Major Concerns

    Buterin pointed out two major concerns with the slot-and-epoch approach. The first is the complexity and multiple interaction bugs between the slot-by-slot voting mechanism and the epoch-by-epoch finality mechanism while the second is that the 12.8-minute finality period is too slow and inconvenient for users.

    To address these issues, the Ethereum co-founder proposed a single-slot finality mechanism, similar to the Tendermint consensus, where Block N is finalized before the creation of Block N+1. Unlike Tendermint, Buterin’s proposal retains the “inactivity leak” mechanism, allowing the Ethereum blockchain to continue and recover even if nearly one-third of validators go offline. Buterin called this the SSF mechanism.

    Buterin also highlighted key challenges with implementing SSF on Ethereum. A naive implementation would require every Ethereum staker to publish two messages every 12 seconds, significantly increasing the load on the network. 

    “While there are clever ideas to mitigate this issue, including the recent Orbit SSF proposal, it remains a challenge. Although SSF significantly improves user experience by accelerating ‘finality,’ it doesn’t eliminate the need for users to wait 5-20 seconds,” he acknowledged.

    To reduce the number of validators signing per slot and address the goal of lowering the 32 ETH minimum staking requirement, Buterin suggested using orbit-like techniques. This approach might increase the slot time to approximately 16 seconds. He noted that designs like Orbit SSF are very recent, indicating that the design space of slot-and-epoch mechanisms, incorporating ideas like Orbit SSF, is still under-explored.

  • Dogecoin Hits 90 Million Address Milestone as Adoption Soars

    Dogecoin Hits 90 Million Address Milestone as Adoption Soars

    A sustained increase in addresses with a balance reflects ongoing interest and commitment from investors, which is crucial for the Dogecoin’s long-term growth and stability.

    Dogecoin (DOGE) has recently surpassed 90 million total addresses, as reported by IntoTheBlock. This milestone encompasses all addresses that have ever held Dogecoin, whether currently active or not.

    Out of the total 90.34 million addresses, 6.5 million currently hold Dogecoin, indicating active ownership. The remaining 83.84 million addresses no longer hold any Dogecoin, reflecting inactive or zero-balance accounts.

    Dogecoin’s Market Dynamics

    Since the start of 2024, there has been a steady increase in the number of addresses with a balance, signaling growing interest and investment in Dogecoin. This positive trend suggests a larger and expanding user base over time.

    In recent trading, Dogecoin saw a modest 0.52% increase in the past 24 hours, with its price reaching $0.124. Over the past week, it has risen by 1.11%. However, Dogecoin recently fell below the critical daily Simple Moving Average (SMA) of 200, currently at $0.128, on June 18th, and has since remained below this level.

    For a bullish scenario, Dogecoin needs to reclaim and maintain a price above the $0.128 SMA 200 level. Achieving this could propel it toward the next resistance at the daily SMA 50, currently at $0.15, signaling a breakout from its recent trading range. Failure to surpass $0.128 may prolong its consolidation between $0.12 and $0.18.

    Conversely, if Dogecoin continues to decline and breaks below the $0.12 support level, it could indicate bearish momentum, potentially leading to further declines toward $0.10. Bulls would likely defend this level to prevent further downside.

    The dynamics of Dogecoin’s price movements are closely tied to market sentiment and broader cryptocurrency trends. A sustained increase in addresses with a balance reflects ongoing interest and commitment from investors, which is crucial for the cryptocurrency’s long-term growth and stability.

    As Dogecoin navigates these price levels, investors and traders are closely watching key technical indicators and market developments to gauge its future direction. The cryptocurrency market remains volatile, influenced by factors such as regulatory developments, macroeconomic trends, and investor sentiment towards digital assets.

  • Ethereum Name Service (ENS) Jumps 10% After Rebranding Announcement

    Ethereum Name Service (ENS) Jumps 10% After Rebranding Announcement

    Unlike traditional Domain Name Systems (DNS), ENS uses smart contracts and is governed by a decentralized autonomous organization (DAO), providing decentralized control.

    Ethereum Name Service (ENS) has seen a notable 10% surge in its price following the announcement of an upcoming rebranding. Currently, ENS is trading at $26.9, showing a 7.2% increase over the past week. With a circulating supply of 31.6 million ENS, the market capitalization of the project stands at $844 million.

    The price rise came after a June 26 announcement on X (formerly known as Twitter) regarding the rebranding, which will be officially unveiled at the Ethereum Community Conference (EthCC) on July 8 in Brussels, Belgium. EthCC is the largest annual Ethereum conference in Europe, scheduled from July 8 to July 11, 2024. This event will gather leading figures in the Ethereum community to discuss advancements and the future of the ecosystem.

    ENS Simplifies Transactions

    ENS is a decentralized naming system operating on the Ethereum blockchain. It allows users to register human-readable names like “jack.eth” that can be linked to various identifiers, such as wallet addresses, content hashes, and metadata. Unlike traditional Domain Name Systems (DNS), ENS uses smart contracts and is governed by a decentralized autonomous organization (DAO), providing decentralized control.

    For instance, to receive Ethereum (ETH) payments, one usually shares a wallet address, which is a long string of 42 characters. ENS simplifies this by allowing users to share a straightforward, memorable name instead. This greatly reduces the chances of errors and makes transactions more user-friendly.

    Analyst Cryptorphic noted that ENS has recently broken above an ascending triangle pattern, indicating a possible rally of 80% to 90%. Despite this recent surge, ENS remains 67.8% below its all-time high of $85.69, reached in November 2021.

    In another analysis on June 28, Javon Marks highlighted that ENS is on a recovery path and could see an increase of over 180%, targeting a price of $76.121. Marks emphasized that the recent price pullback, along with significant buying volume, likely strengthened the token’s position, paving the way for substantial gains.

    Overall, the rebranding and strong technical indicators suggest that ENS could be set for further growth, attracting more attention and investment from the cryptocurrency community.

  • Intense Whale Selling (Over $10B) Drove BTC Down to New Lows: Data

    Intense Whale Selling (Over $10B) Drove BTC Down to New Lows: Data

    Long-term holders, known for stabilizing Bitcoin’s price by retaining their assets through market fluctuations, indicate a sentiment shift through their decision to liquidate a substantial portion of their holdings.

    Long-term Bitcoin (BTC) holders sold approximately $10 billion worth of BTC in May 2024, according to data from blockchain analytics firm IntoTheBlock. This massive sell-off, amounting to around 160,000 BTC, marks a significant change in the behavior of long-term investors.

    Historically, long-term holders tend to retain their assets through market fluctuations, contributing to Bitcoin’s overall price stability. The decision to liquidate such a substantial portion of their holdings indicates a shift in sentiment. Although June saw a slower sell-off, with long-term holders offloading an additional 40,000 BTC, the trend of liquidation among these investors continues.

    This sell-off has contributed to a bearish sentiment in the market. Over the past 30 days, Bitcoin’s price has dropped by 10.03%, reflecting the market’s reaction to the increased selling pressure. Currently, Bitcoin is trading at $61,343, a noticeable decline from its previous levels.

    Factors Influencing BTC Liquidation

    Several factors might be influencing long-term holders to sell their BTC. Given Bitcoin’s substantial appreciation over the past few years, many of these investors, who acquired BTC at significantly lower prices, might be capitalizing on their gains. 

    Substantial outflows from spot Bitcoin exchange-traded funds (ETFs) in the United States, totaling more than $1 billion over the last ten trading days, might also be influencing this trend. Additionally, there are concerns that Mt. Gox, the infamous crypto exchange that collapsed years ago, might be preparing to sell $8.5 billion worth of Bitcoin to its creditors, which could significantly impact market sentiment. Germany has also started selling some of its Bitcoin reserves, adding to the negative outlook.

    Bitcoin miners have been selling more Bitcoin than usual amid a tumbling network hashrate, which may have also weakened market sentiment. Broader economic factors, including changes in interest rates, inflation worries, and geopolitical events, can also influence investor actions. Long-term holders may be adjusting their portfolios in response to these broader economic changes.

    The sustained sell-off by long-term holders raises questions about the future trajectory of Bitcoin’s price.