Cryptocurrencies To Watch

Author: Jonathan Agozie

  • Dogecoin Drops After Death of Meme Dog Kabosu

    Dogecoin Drops After Death of Meme Dog Kabosu

    Kabosu, the Japanese Shiba Inu that inspired the iconic “Doge” meme, has passed away.

    Kabosu, the Japanese Shiba Inu that inspired the iconic “Doge” meme, passed away at 18. On Friday, her owner, Atsuko Sato, announced that Kabosu “fell into a deep sleep” that morning. In a heartfelt blog post, Sato described the serene moment of Kabosu’s passing: “Outside the window, birds were singing on a beautiful morning. As I was touching her, she gently passed away.”

    Kabosu was not just a meme; she was a rescue dog who brought joy and humor to millions globally. According to Sato, Kabosu was the happiest dog in the world.

    The Japanese Shiba Inu

    In 2010, Atsuko Sato shared a photograph of her dog Kabosu on her blog, unknowingly launching a meme that would captivate the internet. The image, featuring Kabosu’s peculiar, skeptical expression, quickly resonated with users worldwide. Paired with humorous, misspelled captions in Comic Sans, it evolved into the iconic “Doge” meme, embedding itself deeply into internet culture.

    The “Doge” meme motivated the creation of Dogecoin in 2013. Originally conceived as a joke, the cryptocurrency adopted Kabosu’s image as its logo, embodying the project’s light-hearted spirit. Despite its comedic beginnings, Dogecoin gained significant traction and utility, supporting various charitable causes and sporting events. It also paved the way for a new category of digital assets known as memecoins, influencing other major tokens like Shiba Inu and Floki.

    Kabosu’s Death Impact on DOGE

    Following the announcement of Kabosu’s passing on May 24, Dogecoin experienced a notable market downturn, with its price decreasing by 6.2% over the last 24 hours, settling at $0.1568 at the time of writing. This fluctuation has sparked broader discussions within the community about Dogecoin’s future and its role in the crypto ecosystem.

    Market data from Santiment reveals a significant drop in Dogecoin’s price volatility since its peak in March, indicating a stabilization in its trading patterns. While this decreased volatility might suggest a maturing market, it diverges from the traditionally erratic price movements expected of a memecoin.

    Additionally, data from IntoTheBlock shows that the majority of Dogecoin holders are currently profiting, with 83% in the green. Meanwhile, 13% are experiencing losses, and 4% are breaking even at current market prices.

  • US SEC Approves Spot Ethereum ETFs

    US SEC Approves Spot Ethereum ETFs

    SEC has approved the first spot of Ethereum exchange-traded funds. This approval is a landmark event for the crypto industry.

    The U.S. Securities and Exchange Commission (SEC) has approved the first spot of Ethereum exchange-traded funds (ETFs), marking a significant milestone for the cryptocurrency industry. This decision allows asset managers such as Grayscale, Fidelity, and Bitwise to launch ETFs that directly track the price of Ethereum (ETH).

     

    Following the announcement, Ethereum saw a 1.32% increase and was trading at $3,797, according to CryptocurrenciesToWatch data. The SEC’s approval comes after a period of uncertainty and skepticism among market analysts. Bloomberg analyst Eric Balchunas had previously estimated only a 25% chance of approval by May 23, noting the SEC’s lack of engagement compared to the Bitcoin ETF approval process.

    The Ethereum ETFs Approval

    The SEC has approved 19b-4 forms for Ethereum ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. However, before trading can commence, these ETF issuers must have their S-1 registration statements go into effect.

    The SEC has recently begun conversations with issuers regarding their S-1 forms, but the duration of this process remains uncertain. Some analysts speculate that it could take weeks.

    Bloomberg ETF analyst James Seyffart commented, “I think that if they work extremely hard, it can be done within a couple of weeks, but there are plenty of examples of this process taking 3+ months historically.”

    The approval of Ethereum ETFs follows a rigorous application process and extensive market analysis. Grayscale’s Chief Legal Officer, Craig Salm, noted that the SEC had already addressed key issues during the approval of spot Bitcoin ETFs, which are also relevant for Ethereum ETFs. These issues include the creation and redemption processes, cash versus in-kind transactions, and custody concerns. Salm emphasized that the SEC’s prior engagement with Bitcoin ETF issuers laid the groundwork for Ethereum ETFs, highlighting the strong correlation between ETH futures and spot prices as a compelling factor for approval.

    This approval is a landmark event for the crypto industry, reflecting the growing interest in crypto-asset financial products among traditional investment firms. As the market responds to this development, stakeholders will closely monitor the performance and impact of these newly approved ETFs.

  • Shibarium Transactions up 50%, Nearing 420 Million Milestone

    Shibarium Transactions up 50%, Nearing 420 Million Milestone

    The Ethereum Layer 2 network, Shibarium, has experienced significant growth, with daily transactions increasing by 50%. 

    The Ethereum Layer 2 network, Shibarium, has experienced significant growth since its launch in August 2023. The network is on the verge of reaching a major milestone, with daily transactions increasing by 50%.

    According to Shibariumscan, the total number of transactions since inception is approaching 420 million, currently standing at over 417.50 million. This impressive achievement has been reached in just nine months.

    The milestone comes amid a notable increase in daily transaction volume, highlighting the growing interest in the Shibarium network. After rising to 18,554 on Monday – the second-highest daily figure in May – the daily transactions retraced to 10,004 on Tuesday. However, Wednesday saw a 50% jump from Tuesday’s low, with transactions reaching 15,414.

    Considering these figures and the network’s performance over the past month, the average daily transactions are now around 9,000. If this average persists, it would take approximately eight months for the network to reach the remaining 2.5 million transactions needed to hit the 420 million milestone.

    The Shiba Inu’s Price Downturn

    The Shibarium network’s recent underperformance appears to be impacting the price of Shiba Inu, despite a broader recovery in the crypto market. The price of Shiba Inu (SHIB) has dropped by 4.08%, accompanied by a significant decline in its daily trading volume.

    Currently, the trading volume is over 40% down, sitting at $635 million. This sharp decline indicates waning interest in SHIB, especially as newer memecoins are experiencing substantial gains.

    For instance, the price of PEPE has reached new all-time highs this week, boasting over 100% gains in the past month. Similarly, BONK is rallying towards new all-time highs, with a 74% increase over the last month.

    However, with the bull market gaining momentum and increasing crypto participation, Shibarium may see higher adoption. If this trend continues, the Ethereum Layer 2 network could reach its milestone sooner than anticipated.

  • Solv Protocol Surpasses $1B in TVL, Boosting Bitcoin DeFi Growth

    Solv Protocol Surpasses $1B in TVL, Boosting Bitcoin DeFi Growth

    Solv Protocol has surpassed $1 billion in total value locked (TVL) and is now the 32nd largest decentralized finance (DeFi) protocol.

    Solv Protocol, a leading platform providing a unified yield and liquidity layer for major digital assets, has achieved a significant milestone by surpassing $1 billion in Total Value Locked (TVL). Solv Protocol is now the 32nd largest decentralized finance (DeFi) protocol, according to DeFiLlama rankings.

    In a news report from Markets Insider, Solv Protocol’s founder, Ryan Chow, expressed his enthusiasm about this accomplishment. “Reaching this significant milestone is a testament to the strong demand for Solv’s suite of products and the growing adoption of our flagship SolvBTC offering,” said Chow.

    Boosting the Bitcoin DeFi Space

    In recent years, the Bitcoin community has made significant strides in expanding Bitcoin’s functionality beyond its traditional roles as a payment method and a store of value. A key development in this effort was the introduction of Taproot, which was implemented in November 2021. Taproot enhanced Bitcoin’s capabilities by enabling more complex scripting and smart contracts—self-executing agreements that activate when specific conditions are met. These smart contracts are essential for decentralized finance (DeFi), and their integration into Bitcoin paves the way for many new applications and opportunities within the ecosystem.

    Bitcoin’s DeFi ecosystem is still in its early stages, but several projects have already gained notable traction. Ryan Chow believes that Solv Protocol will continue to drive innovation and unlock opportunities for Bitcoin holders and DeFi participants, solidifying its position as the largest protocol in the Bitcoin DeFi space by Total Value Locked (TVL).

    Solv Protocol has developed SolvBTC, a liquid yield token that allows BTC holders to earn competitive interest on their holdings. SolvBTC has been launched on Arbitrum, BNB Chain, and Merlin Chain. The protocol’s multi-chain integration enhances liquidity in emerging BTCFi ecosystems across both Layer 1 and Layer 2 networks.

    Solv Protocol is building an ecosystem where users can bridge SolvBTC to earn rewards in new chain point programs, such as a 1.5x multiplier in zkLinkNova’s Aggregation Parade. Furthermore, the protocol has launched the Solv Point System, which allows users to swap points for SOLV token airdrops, rewarding engagement and participation.

  • Ethereum Futures Hits $14B as Optimism Builds for Spot ETF Approval

    Ethereum Futures Hits $14B as Optimism Builds for Spot ETF Approval

    The dollar value locked in active Ethereum futures contracts surged 25% to a record $14.05 billion in the past 24 hours.

    The dollar value locked in active Ethereum futures contracts, known as notional open interest, has surged by 25% to a record $14.05 billion in the past 24 hours, according to data from Coinglass. This surpasses the previous peak of $13.2 billion set on March 15. The increase likely reflects investor optimism about the potential approval of the spot Ether ETF by the SEC.

    The Wall Street Journal (WSJ) reported that the SEC’s Trading and Markets Division instructed asset managers on Monday to amend and refile their applications. These applications, known as Form 19b-4, inform the SEC of proposed rule changes and require the agency’s approval before the spot ETF can become effective.

    Ether Price Surges on ETF Approval Optimism

    Ethereum futures have become more popular due to a sudden positive shift in sentiment regarding the potential approval of spot ETH exchange-traded funds (ETFs) in the U.S. This surge indicates a renewed influx of capital into the Ether market, mainly on the bullish side. ETH, the second-largest cryptocurrency by market cap, rose nearly 22% to $3,778, according to data from CryptocurrenciesToWatch. The increase in open interest, along with a price rise, confirms an uptrend.

    According to Bloomberg’s ETF analysts, the likelihood of the U.S. Securities and Exchange Commission’s (SEC) approval of the spot ETH ETF has increased. The analysts have raised the odds of spot Ether ETF approval to 75% from 25% after hearing that the SEC may be changing its stance on this issue. Additionally, the SEC has requested exchanges interested in listing and trading potential spot Ether ETFs to promptly update their 19b-4 filings, indicating that the regulator intends to expedite the process.

    The crypto community on X is speculating that the SEC might approve a spot ETH ETF, which could indicate a more positive regulatory approach to crypto. The SEC is expected to decide on the VanEck spot Ether ETF on May 23. For ETFs to start trading on stock exchanges, they need to receive SEC approval for both the 19b-4 filings and the S-1 registration statements.

  • BONK Price Soars Over 30%, Reaches $2B Market Cap

    BONK Price Soars Over 30%, Reaches $2B Market Cap

    The Solana-based memecoin BONK has surpassed a $2 billion market cap.

    According to an X post from SolanaFloor, the Solana-based memecoin BONK has surpassed a $2 billion market cap, experiencing a significant price increase amid a favorable cryptocurrency market. As per CoinMarketCap, BONK’s price has surged to $0.00003401, reflecting a 30% increase in the last 24 hours and a 35% increase over the past seven days.

    Today, the overall cryptocurrency market has experienced significant developments, with Bitcoin (BTC) surpassing $71,000 for the first time since early April and Ethereum (ETH) increasing by over 22% to reach $3,778. This surge in the market resulted in over $260 million in short liquidations, making it the largest event of its kind since February.

    BONK’s Recent Surge in Price

    According to a report from CryptocurrenciesToWatch last week, BONK’s price surged significantly following its listing announcement on Bithumb, reflecting heightened investor interest. This listing on a major exchange has increased BONK’s visibility and demand within the global crypto community.

    BONK currently has a circulating supply of approximately 64 trillion and is valued at a market cap of $2.11 billion. Over the past 24 hours, BONK’s open interest has increased by 69.40%, reaching $13.8 million, according to Coinalyze. Additionally, the Relative Strength Index (RSI) indicates strong buying pressure at 66.32%, signaling active bullish sentiment.

    The memecoin industry is a dynamic and fascinating market, offering unique opportunities for investment and exploration. With a wide array of options, investors can delve into this exciting and ever-changing landscape to discover new growth possibilities.

    Solana-based memecoins such as BONK, WIF, and MEW have become increasingly popular within the Solana blockchain ecosystem, showcasing sustained interest in this unique sector of digital assets. However, due to the volatile nature of the cryptocurrency market, the price of these memecoins may experience significant fluctuations. Therefore, investors should approach this speculative market with caution and conduct thorough research before making any investments.

  • XRP Whales Moves Over $154M Amid Price Dip

    XRP Whales Moves Over $154M Amid Price Dip

    According to on-chain data from Whale Alert, about 300 million XRP was transferred via several transactions in the past 24 hours.

    XRP has drawn significant attention from crypto market participants due to substantial transactions by whales moving large amounts of tokens to and from exchanges. These transactions have occurred during a period of highly volatile price movements for XRP, sparking interest among traders looking for potential gains.

    The whale activities have introduced mixed sentiments regarding XRP’s future price action, suggesting both accumulation and potential dumping. Additionally, a well-known crypto market analyst has predicted an impending bull run for the Ripple-backed token, further fueling the excitement.

    What Could This Massive Spike Mean for XRP?

    According to on-chain data from Whale Alert, about 300 million XRP was transferred via several transactions in the past 24 hours. One notable transaction involved the unknown address r99QSej, which accumulated a massive 250 million XRP, valued at $129 million, from the Japanese exchange Coincheck. Another transaction saw the unknown address rP4X2hTa7A receive 50 million XRP, worth $25.69 million, from Ripple.

    The massive spike in whale activity on May 20 has fueled additional speculation, coinciding with the Ripple vs. U.S. SEC lawsuit developments. Today, both parties are set to file letter briefs opposing omnibus-letter motions, adding further intrigue to the situation.

    Intriguingly, renowned crypto market analyst Dark Defender highlighted a bullish trend for XRP in a recent post on X. The analyst noted that the XRP/BTC pair had settled at a support level, indicating a potential price reversal.

    Dark Defender also analyzed the Bitcoin dominance chart, observing that Bitcoin has consistently rejected the ultimate resistance line since 2016 when viewed on a three-month time frame per candle. “We expect a reversal from the current level of 56% to 44% by the end of the year,” the analyst predicted. This anticipated drop in Bitcoin dominance is seen as a signal for an XRP bull run, as investors may diversify their portfolios away from Bitcoin.

  • SUI Price Surges 10% as Sui Network Hits 1M Daily Active Users

    SUI Price Surges 10% as Sui Network Hits 1M Daily Active Users

    The Sui Network, a layer 1 blockchain, has achieved a significant milestone, resulting in a 10% surge in the price of its native token, SUI, over the past 24 hours. This achievement comes as the blockchain surpasses 1 million active daily wallets, driven by a bullish market trend and heightened adoption.

    Recently, there has been a significant increase in activity on the Sui network, which is reflected in its rising price, wallet count, and transaction volume. On-chain data shows that the number of active wallets has reached 1.06 million, steadily climbing from much lower figures earlier this month. This growth has sparked excitement among cryptocurrency enthusiasts, who attribute the network’s increased activity to the prevailing bullish market sentiments. As a result, both decentralized finance (DeFi) and layer 1 activities have experienced substantial growth this month.

    Sui Network Overtakes the Market

    The recent surge in SUI’s price underscores significant upward momentum. At the time of writing, SUI has risen by over 10% to $1.14, boosting its market capitalization to $2.66 billion with daily trading volumes exceeding $200 million. This impressive price increase is driven by a 75% surge in trading volumes, reflecting substantial gains for the asset.

    As more individuals turn to digital assets and seek innovative financial solutions, the Sui Network is well-positioned for sustained growth. The network’s secure and reliable ecosystem for managing digital assets has earned the trust of millions of users globally. This trust is vital for fostering a thriving blockchain community and driving further adoption and innovation.

    Sui Network has outperformed major blockchains and utility tokens regarding daily price gains and network activity. While the broader crypto market saw modest gains today—Bitcoin and Ethereum rose by 2.5% and 2.2%, respectively—Sui Network’s performance was significantly better. Among the top 10 assets by market capitalization, Solana experienced the highest inflows with a 6.3% increase, pushing its price to $180. However, Solana’s growth still lags behind Sui Network’s, which has seen a substantial increase in user wallets.

  • Vitalik Buterin Unveils new Decentralized Approaches for Ethereum

    Vitalik Buterin Unveils new Decentralized Approaches for Ethereum

    Vitalik Buterin has outlined future steps to enhance user and node operator experiences.

    Vitalik Buterin, the co-founder of Ethereum, has outlined future steps to enhance the network’s permissionlessness and decentralization. Writing from an Ethereum developer interop in Kenya, Buterin highlighted ongoing technical improvements and addressed community issues. He emphasized the need to improve user and node operator experiences.

    At the Kenya interop, significant progress was made on important Ethereum advancements such as PeerDAS, the Verkle tree transition, and decentralized history storage through EIP 4444. These innovations aim to increase the network’s capacity and reduce energy consumption. Buterin emphasized the rapid pace of Ethereum development and the community’s ability to implement significant features that benefit both Layer 1 (L1) and Layer 2 (L2) users.

    Ethereum Technical Enhancement

    In his discussion of block builders, Buterin primarily addressed the Miner Extractable Value (MEV). Previously, miners used a straightforward method to create Ethereum blocks, but MEV has introduced complexity by exploiting certain activities in DeFi protocols.

    To mitigate the effects of MEV, two new policies have been proposed: MEV quarantining and MEV reduction. MEV quarantining aims to maintain decentralization and fairness by separating the responsibilities of validators and builders. MEV reduction, on the other hand, focuses on limiting the information accessible to block producers.

    The Ethereum staking ecosystem currently relies heavily on centralized providers and DAOs like Lido and RocketPool. Vitalik Buterin has emphasized the need for a robust solo staking environment, citing the 32 ETH minimum and technical challenges as major barriers.

    To address these issues, research and development efforts are focused on reducing hardware requirements, simplifying the setup process, and enabling smaller staking minimums. Key technologies such as Verkle trees and EIP 4444 are crucial, as they reduce the hard disk space needed for staking nodes and allow near-instant synchronization, thereby lowering entry barriers for solo stakes. Additionally, exploring penalties capping and 0x01 withdrawal credentials can enhance decentralized staking pools and mitigate risks associated with private key management.

  • TON Network’s Notcoin Hits Over $1B in Trading Volume

    TON Network’s Notcoin Hits Over $1B in Trading Volume

    Notcoin has become the largest gaming token launch of the year, surpassing its competitors in market capitalization.

    Notcoin has recently launched its NOT token on The Open Network (TON). The debut of the token resulted in the largest gaming token launch of 2024, with a trading volume exceeding one billion dollars. According to data from CoinMarketCap, the NOT token is currently trading at approximately $0.007, with a market capitalization of around $735 million. Its trading volume has reached $1.27 billion, making it the 10th most traded token in the past 24 hours. 

    NOT has a total supply of 102.7 billion tokens that were minted from the outset. Over 35 million players in the game were eligible to claim NOT tokens as a result of their gameplay. Earlier this week, Notcoin initiated staking rewards campaigns through the exchanges Binance and OKX. Following its launch, the token’s price reached a high of $0.012 before experiencing a decline as an increasing number of players claimed and sold their tokens on the market.

    Unveiling the Notcoin Gaming

    Notcoin offers a simple yet engaging way to earn tokens by tapping on a virtual coin. Despite its simplicity, the game’s rapid adoption, with millions of players joining shortly after its launch, indicates its potential impact on the GameFi market. This game centers on the concept that anybody can mine Notcoin by repeatedly clicking within the Telegram app, incorporating a social element that greatly contributes to its popularity. 

    The NOT token has become the largest gaming token launch of the year, surpassing its competitors in market capitalization. According to CoinGecko, the second and third largest gaming token launches, Pixels (PIXEL) and Saga (SAGA), reached peak market capitalizations of $731 million and $684 million, respectively.

    NOT is listed on several major cryptocurrency exchanges, including Binance, Bybit, OKX, and KuCoin. Additionally, the NOT token’s claim process has been made accessible to all players of the popular Telegram-based game, Notcoin. Players can now determine what to do with their earned NOT tokens, which were distributed at a 1,000-to-1 ratio based on the in-game coins they mined earlier this year.