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Wormhole Gets Upbit Listing as Price Surges 25%: What Next?

Published

4 hours ago

October 2, 2024

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Wormhole (W) has seen a dramatic spike in trading volume, reaching $500 million following its debut on the major South Korean exchange Upbit. The listing came amid an unfavorable market condition that saw liquidated million in the last 24 hours.

Despite that, the development generated significant market excitement, driving a surge in Wormhole’s price. This analysis examines the impact of the listing and what traders can expect as Wormhole gains traction in the market.

Asia Support for Wormhole Drives Massive Volume

At press time, Wormhole’s price is $0.37, representing a 25% increase in the last 24 hours. This surge was the result of Upbit’s decision to list the token, which is the native cryptocurrency of the multi-chain interoperability network.

According to Upbit’s announcement, W will be paired with the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Before the disclosure, Wormhole’s volume was less than $100 million. However, as of this writing, it has hit $550 million.

This incredible rise in volume indicates the Asian region, particularly the South Korean market, bought W as soon as it was listed on Upbit. From a trading perspective, this surge, alongside the price increase, is a bullish sign.

Thus, if Wormhole’s price continues to climb and the volume does the same, then the price could trade much higher than $0.37. Besides that, on-chain data from Santiment revealed that the sentiment around the project has turned notably bullish.

The image below shows the surge using the weighted sentiment metric. This incredible rise implies a significant dominance of positive comments about W on several social media platforms. If sustained, W’s price could surpass $0.37, as initially stated.

Wormhole bullish sentiment — Wormhole Weighted Sentiment. Source: Santiment

W Price Prediction: Rally Not Done

Wormhole’s price touched an all-time low of $0.16 on August 5, four months after the April Wormhole airdrop. Weeks later, the altcoin reached $0.26, but again, Wormhole’s price decreased until September 18.

It was at this point that the W token broke out of the descending triangle. Over the last three weeks, W’s value has increased by over 90%. A look at the Chaikin Money Flow (CMF), which measures accumulation and distribution, shows an increase.

A decrease in the CMF implies distribution and price might decrease. But since it is the other way around, it means that buying pressure outweighs whatever sellers are doing.

Wormhole Daily Price Analysis. Source: TradingView

Should this continue, Wormhole’s price could jump toward $0.45 and possibly $0.52 in the short term. On the other hand, the altcoin’s price might revert if distribution takes over. If that happens, W’s value could drop to $0.29.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Listing Price Surges Upbit Wormhole

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Will STRK Price Push Past Crucial Resistance?

Published

10 seconds ago

October 3, 2024

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Starknet’s STRK token has lost nearly 10% of its value just a week after the ZK-Rollup platform initiated its first phase of staking. Currently trading at $0.38, STRK’s price has dropped 16% in the past 24 hours, making it the third-largest loser behind Beam (BEAM) and Arweave (AR).

Positioned below a critical resistance level, a further spike in selling pressure could push STRK’s price to retest its all-time low of $0.31.

Starknet Bears Defend Resistance

Readings from STRK’s one-day chart show that its price is currently hovering below the resistance formed by its Ichimoku Cloud at $0.43. When an asset’s price is below this cloud, it suggests that sellers have control, and any attempts to push higher are met with resistance from within or just above the cloud.

Traders view the cloud as a significant barrier, and breaking through it to the upside is difficult without strong buying momentum.

STRK Ichimoku Cloud. Source: TradingView

Moreover, STRK’s declining Chaikin Money Flow (CMF) reflects the lack of buying pressure to push above this key resistance level. This indicator, which measures money flow into and out of the market, recently broke below the zero line. At -0.03 at press time, selling pressure outweighs buying activity among STRK traders.

A negative CMF value indicates more capital outflow than inflow. This means traders are selling more of the asset than they are buying, leading to a price decline.

strk cmf — STRK Chaikin Money Flow. Source: TradingView

STRK Price Prediction: The Bulls Must Defend the Cloud

If selling pressure intensifies and STRK bulls cannot push the price above the cloud, the downtrend will likely gain momentum. The coin’s next target could be its all-time low of $0.31, last seen on August 5.

On the other hand, if a surge in buying activity occurs, STRK’s price may attempt to rally above the cloud, potentially reaching $2.25 — a high last recorded in March.

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Did Changpeng Zhao Make or Lose Billions in Prison? Forbes and Bloomberg Weigh In

Published

1 hour ago

October 3, 2024

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Binance founder and former CEO Changpeng Zhao (CZ) was likely still growing his wealth despite his four-month confinement in California’s Lompoc II detention center.

The popular crypto executive exited prison recently, concluding his sentence two days ahead of the official release.

Changpeng Zhao’s Daily Earnings While In Prison Debated

According to Bloomberg’s methodology, Binance’s Changpeng Zhao saw his net worth decline significantly while in prison. As of June 2, his wealth was estimated at $36.5 billion, which fell to around $30.8 billion by September 27.

Bloomberg took a conservative approach in calculating this, valuing CZ’s holdings in Bitcoin (BTC), Binance Coin (BNB), and Binance.us at $0. Additionally, the value of his Binance.com equity was discounted by 50%, based on the average EV-to-sales multiple of peers like Coinbase, Galaxy Digital, and Riot Platforms.

However, Forbes disagrees with Bloomberg’s approach. While Bloomberg estimated CZ’s wealth to have dropped, Forbes suggests he may have earned billions while in prison, estimating his net worth at $61 billion on that same date. It means CZ had a daily income of about $25 million during the four-month period.

Forbes did not fully disclose its methodology. However, its data shows that CZ’s net worth was $33 billion on May 7 and $57.8 billion on July 12. This sharp contrast suggests that Forbes includes CZ’s crypto holdings and applies a less conservative discount on his equity in Binance. Forbes’ estimate implies that CZ may have gained at least $3 billion during his time in prison.

Forbes’ valuation primarily focuses on wealth derived from equity in privately held Binance-affiliated companies. If accurate, this suggests CZ made more money during his prison term than many executives earn in a lifetime.

As BeInCrypto reported, authorities released CZ from prison on Friday, September 27, two days ahead of official date. He served 117 days at Lompoc II, a minimum-security prison near Santa Barbara.

It is worth mentioning that these are estimates as the Binance-affiliated firms where CZ owns equity are private. Similarly, CZ has no obligation to report his assets publicly.

These facts make it rather opaque and difficult to calculate Changpeng Zhao’s net worth accurately. Bloomberg rated its confidence in the estimation at one out of five, putting it at the lowest level possible.

The post Did Changpeng Zhao Make or Lose Billions in Prison? Forbes and Bloomberg Weigh In appeared first on BeInCrypto.

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Franklin Templeton Expands Onchain Fund to Aptos

Published

2 hours ago

October 3, 2024

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Asset management mogul Franklin Templeton has launched its Franklin OnChain US Government Money Fund (FOBXX) on Layer-1 blockchain Aptos.

The collaboration signifies growing institutional interest in further integrating traditional finance (TradFi) into decentralized finance (DeFi).

Franklin Templeton Launches FOBXX on Aptos

The American multinational holding company’s on-chain US Government Money Fund FOBXX, represented by the BENJI token, is now live on Aptos. This means institutional investors can access the asset in their digital wallets via Franklin Templeton’s blockchain-integrated Benji Investments platform and BENJI token.

The token received massive support at launch, recording more than $20 million in subscriptions upon debut. The frothing interest comes as it invests in low-risk US government securities with fixed, floating, and variable rates. It also repurchases agreements collateralized fully by US government securities or cash.

Noteworthy, Franklin Templeton’s FOBXX on Aptos is only available to eligible investors who can hold their wallets on the Aptos network, subject to request.

“We need to connect not just the TradFi and DeFi worlds, but EVM and non-EVM networks as well. Integrating the Benji Investments platform with the Aptos Network is a massive step in the right direction and we look forward to welcoming them to the Aptos ecosystem,” Aptos Foundation Head of Grants and Ecosystem Bashar Lazaar said.

The decision enhanced Franklin Templeton’s commitment to unlock new asset management capabilities with blockchain technology. Evidence of this is seen with the FOBXX already active on four other blockchains — Stellar, Polygon, Arbitrum, and Avalanche.

The latest choice, Aptos, came as the global asset management giant pursues the Layer-1 blockchain’s unique characteristics, said to align with its suitability standards for the Benji platform. DefiLlama data corroborates this supposition, showing increased interest in the network.

With a total value locked (TVL) of $553.92 million, the Aptos network has more than doubled its assets deposited by liquidity providers since July 2024. Additionally, the number of monthly active addresses on the Aptos network has seen significant growth this year, reaching 7.5 million as of September.

The recent development advances Franklin Templeton’s reach in the tokenized securities space, given that FOBXX pioneered US-registered funds’ venture into public blockchain in 2021. From inception, the fund aimed to process transactions and record share ownership.

Other players in the space include BlackRock (BUIDL), and Ondo Finance (USDY). Their individual and joint participation has catapulted the sector to a $2.058 billion market, data on Dune shows.

As shown below, BlackRock’s BUIDL is the leader in the space, accounting for 25.2% of the market share. In April, it sidestepped Franklin Templeton’s fund.

Tokenized Government Securities Valuation. Source: Dune

These reports highlight how traditional finance is progressively showing interest in the DeFi space. Recently, Grayscale launched AVAX trust, expanding its crypto investment portfolio with the latest focus on Avalanche. Meanwhile, Goldman Sachs is also reportedly planning three tokenization projects this year.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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