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Ethereum Price Slumps 5.5% Sending Shockwaves Throughout Crypto Sphere, Mpeppe Becomes Investor Lifeboat After 150% Rally
The cryptocurrency market has once again found itself in turbulent waters, with Ethereum (ETH) leading the way in a recent downturn. The price of Ethereum slumped by 5.5%, sending shockwaves throughout the crypto sphere and leaving investors scrambling to find a safe haven. Amidst this chaos, Mpeppe (MPEPE), the rising star of the meme coin universe, has emerged as a lifeboat for investors, rallying an impressive 150% and capturing the attention of those looking to mitigate losses.
Choppy Waters: Ethereum’s Recent Struggles
Ethereum (ETH), long considered the backbone of the decentralized finance (DeFi) sector and smart contract ecosystem, has faced significant challenges in recent weeks. Despite the buzz surrounding BlackRock’s Ethereum ETF, which recently surpassed the $1 billion mark in net inflows, Ethereum’s price has been under pressure. The ETF’s success indicates a growing institutional interest in Ethereum-based products, yet this hasn’t been enough to stave off a broader market decline.
As Ethereum’s price dropped by 5.5%, concerns about the short-term future of the cryptocurrency grew. The downturn has been attributed to a mix of market sentiment, macroeconomic factors, and the broader performance of the crypto market which Meme coin like Mpeppe have been able to navigate through. This decline comes despite the significant milestone achieved by BlackRock, where their Ethereum ETF has been a major player in driving institutional interest, highlighting the complexity of the market dynamics at play.
Mpeppe (MPEPE): The Investors Lifeboat
While Ethereum (ETH) struggles to maintain its footing, Mpeppe (MPEPE) has proven to be a beacon of hope for investors. The meme coin, which has been making headlines for its rapid ascent, has now rallied by 150%, offering a lifeline to those who were hit by the recent Ethereum slump.
Mpeppe’s rise is not just a flash in the pan. The meme coin has been gaining significant traction due to its strong community support, viral marketing strategies, and unique DeFi casino offerings. Mpeppe (MPEPE) recently entered Stage 4 of its presale, having raised over $1.84 million and sold more than 1.5 billion tokens. The current price of Mpeppe stands at $0.0021 USDT, and the momentum shows no signs of slowing down.
Investors who were previously focused on Ethereum are now turning to Mpeppe as a way to recoup their losses and capitalize on the meme coin’s explosive growth. The contrast between Ethereum’s recent struggles and Mpeppe’s surge highlights the unpredictable nature of the cryptocurrency market and the growing appeal of meme coins as viable investment opportunities.
The Impact of BlackRock’s Ethereum ETF
Despite the recent dip in Ethereum’s price, BlackRock’s Ethereum ETF has achieved a significant milestone, surpassing $1 billion in net inflows. This achievement is a clear indicator of the increasing interest from institutional investors in Ethereum and its potential for long-term growth. BlackRock’s success with both its Ethereum and Bitcoin ETFs showcases the firm’s dominance in the crypto investment space which has also excelled layer 2 crypto’s like Mpeppe and many more.
However, the broader market downturn suggests that even strong institutional support may not be enough to shield Ethereum from short-term volatility. The success of BlackRock’s ETF, while impressive, contrasts with the immediate concerns facing retail investors who are looking for quicker returns amidst market fluctuations.
MPEPE & ETH: Similarities & Contrasts
The recent developments in the crypto market tell a story of two contrasting assets. On one hand, Ethereum (ETH), a cornerstone of the cryptocurrency ecosystem, has experienced a significant price drop, causing concern among investors despite the success of BlackRock’s Ethereum ETF. On the other hand, Mpeppe (MPEPE), a meme coin that started as a fun and community-driven project, has turned into a serious contender, offering investors a lifeline with its impressive 150% rally.
As the market continues to evolve, investors will need to stay agile, ready to pivot from traditional assets like Ethereum to emerging opportunities like Mpeppe. The rise of Mpeppe (MPEPE) serves as a reminder that in the world of cryptocurrency, adaptability and a keen eye for emerging trends can make all the difference.
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Solana has revealed a major update for the developers, cutting costs by 1000X for them. In a recent update, the leading crypto player announced that the ZK Compression is live on its mainnet now. These latest developments have once again fueled discussions over SOL price’s potential rally to $300 going forward.
Solana ZK Compression Update Live On Mainnet
The latest upgrade on Solana, ZK Compression, aims for robust cost savings for developers. According to the official update, it focuses on cutting costs by up to 1000 times, sparking market interest. Notably, this technology leverages zero-knowledge (ZK) proofs to compress data, which aids in reducing the costs of on-chain transactions and storage.
This announcement by the platform on X highlights the scalability benefits that this update brings to its mainnet. In other words, this cutting-edge technology offers a solution to the ongoing challenges related to state growth, which in turn makes the network more efficient and scalable. In addition, the ZK Compression has also other benefits apart from the cost-cutting feature. It lays the groundwork for future ZK compute applications on the SOL network.
Meanwhile, the announcement showed that the update has been audited by Neodyme and OtterSec. This also reflects the focus of the network towards the security and scalability of the platform. Besides, a perpetual bug bounty has also been established with Immunefi to ensure ongoing security.
SOL Price To Hit $300?
The crypto market has been highly volatile lately, amid anticipations over a potential Fed rate cut. However, at the conclusion of the latest FOMC, the US Fed announced a 50 Bps interest rate cut, fueling the market sentiment. Notably, this development has also sparked a rally in the broader financial sector, including the crypto market.
However, the rally appeared to have been short-lived, with Fed Chair Jerome Powell speech weighing on the market sentiment. In his latest conference, Powell hints at potential uncertainties that have dampened the market sentiment, raising discussions if the central bank will move with a dovish plan ahead.
Despite that, the recent development on the Solana network appears to have boosted the market sentiment. SOL price was up over 1.5% over the last hour and exchanged hands at $130.88 while touching a 24-hour high of $132.63.
In addition, a recent Solana price analysis hints at a potential rally of the crypto to $300, with a flurry of anticipated positive developments. The updates are likely to boost the market sentiment, potentially bumping up the price of the crypto.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a riveting turn of events, Kadena (KDA) price rocketed nearly 30% on Wednesday amid an important update from crypto exchange giant Binance. The crypto exchange colossus revealed that it is commencing futures trading for the token. This announcement has in turn sparked noteworthy investor optimism on the coin’s future price movements.
Binance Unveils Kadena Futures Listing
In an official Binance announcement dated September 18, the CEX revealed that it is listing the KDAUSDT USD-Margined perpetual contract today at 13:00 UTC. This mover comes primarily to “expand the list of trading choices offered on the exchange and enhance users’ trading experience,” the announcement added.
The underlying asset remains Kadena, a proof-of-work blockchain that eyes offering a scalable version of Bitcoin. Users can enjoy trading with up to 75x leverage on the crypto. The tick size for the asset remains 0.0001. Further, the capped funding rate was set at +2.00% / -2.00% by the exchange.
Nevertheless, Binance clarified in its announcement that it could adjust the specifications of the listing contract ahead based on market risk conditions. The potential changes could include adjustments in the funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements.
Overall, the announcement has reverberated optimism for Kadena across the broader market, as one of the top crypto exchanges lists it.
Token Price Soars 30%
At press time, KDA price noted gains worth 29.59% in the past 24 hours and is currently trading at $0.6527. The coin’s intraday low and high were recorded as $0.5018 and $0.6757, respectively.
KDA’s 24-hour trading volume surged a whopping 758.74% over the past day to $$18,415,678. Meanwhile, the coin’s market cap rocketed 28% to $186,287,375 as of reporting. Traders appear to have reacted positively to the Binance futures listing announcement, as illustrated by the abovementioned data.
Simultaneously, Coinglass data illustrated a whopping 125% surge in the token’s futures OI. Further, the derivatives volume accompanied, soaring 2348%. Coupled with the price upswing, the coin’s stats reflect an uptrend today.
As seen previously, the CEX’s futures contract listings appear to have a positive impact on a token’s price. UXLINK price extended weekly gains to 110% with its futures listing on the exchange.
Simultaneously, AERGO futures listing sparked a briefly sustained upward movement in the coin’s price. This phenomenon aligns with Kadena’s price upswing witnessed today.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
During the Financial Markets Quality Conference 2024, Ripple’s Chief Legal Officer, Stuart Alderoty, discussed the ongoing challenges faced by the crypto industry due to unclear regulatory frameworks in the United States.
Alderoty, speaking alongside representatives from Robinhood, Grayscale, and other crypto enterprises, emphasized the need for “policy clarity” in the U.S. He described the current state of crypto regulations as a “regulatory cloud” that hinders the growth and acceptance of crypto solutions.
Ripple CLO Sees Regulatory Clarity as Key to Market Domination
Stuart Alderoty, Ripple’s Chief Legal Officer, articulated a strong position on the necessity of definitive U.S. SEC crypto regulations during the conference. He believes that the removal of the existing “regulatory cloud” could elevate the firm’s status in the U.S. market, making it the most trusted enterprise-grade provider of crypto solutions.
Additionally, Alderoty’s statement reflects a broader sentiment within the crypto sector that clear laws could catalyze growth and innovation by providing a stable environment for companies.
Further adding to the discussion, Alderoty highlighted the company’s readiness to adapt and comply with future regulatory demands. This readiness, paired with Ripple’s ongoing legal victories over the SEC, positions the company favorably in navigating the complex U.S. regulatory landscape.
Legal Milestones and Future Prospects
Over the past year, Ripple has secured significant legal victories that have reinforced its position in the industry. Notably, a ruling by Federal Judge Analisa Torres acknowledged that XRP sales on secondary markets do not qualify as security sales, a decision that subtly endorsed the legality of the firm’s operations.
Despite the Securities and Exchange Commission request for the XRP company to pay $2 billion in fines, the final settlement amounted to only $125 million. This outcome highlighted the challenges within the regulatory processes that govern the crypto space.
In addition, recently the US SEC amended Binance lawsuit regarding “crypto asset securities” stating that it was regretting any confusion caused. These developments are crucial for Ripple as it continues to advocate for fair and clear regulatory policies that could ultimately enhance its market position.
Ripple’s Strategic Moves in the Stablecoin Market
Amidst regulatory battles and market fluctuations, the XRP company has also ventured into the stablecoin arena with the launch of RLUSD. This stablecoin aims to offer a less volatile option for crypto transactions by maintaining a steady peg to the U.S. dollar.
Stablecoins combine the speed, security, and efficiency of blockchain with the trust of USD. As cash use declines, more are turning to stablecoins for fast, secure, low-cost payments. 💸
Get the latest on emerging trends in stablecoin payments: https://t.co/stVjXAjOKQ
— Ripple (@Ripple) September 17, 2024
Fully backed by cash or its equivalents, RLUSD stands as a testament to the company’s commitment to compliance in the evolving crypto market.
The deployment of RLUSD and collaborations with players like Mastercard and PayPal underscore Ripple’s approach to shape the future of digital finance. By leveraging stablecoin, the firm aims to enhance the efficiency of international transfers, which accounted for almost $7 trillion in 2022.
At the time of writing, XRP price is $0.5679, marking a 7.68% increase over the past week, with a market capitalization of approximately $32 billion.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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