Connect with us

Altcoin

Ethereum Foundation Launches Pectra Tesnet ‘Mekong’, ETH Price Set For $4000

Published

3 months ago

on


Ethereum Foundation on Thursday announced launch of its first short-lived Pectra testnet ‘Mekong.’ This testnet includes all the EIPs proposed for the upcoming Pectra upgrade on the Ethereum network. Will this trigger ETH price rally to $4000 as the price jumped 8% in the last 24 hours?

Ethereum Foundation Introduces Mekong Tesnet for Pectra

In an official announcement by Ethereum Foundation on November 7, the first short-lived Mekong testnet was introduced after scoping the Pectra fork and four DevNet events

The foundation said the Mekong testnet consists of all the EIPs proposed for the next major Pectra upgrade. It includes changes such as UX changes via EIP-7702, staking changes via EIP-7251, changes to the deposits and exit mechanisms via EIP-6110 and EIP-7002.

The Mekong testnet is focused on wallet developers to engage with UX changes and for stakers to gain confidence in the upcoming changes. This is a short-lived testnet but the features included will make it into existing public testnets and finally the mainnet.

In addition, Ethereum developer Tim Beiko reveals ethPandaOps has introduced this short-lived Pectra testnet Mekong to introduce major changes in mainnet. Also, this helps the crypto community try out EIP-7702, MaxEB consolidations, and more.

Moreover, Ethereum Foundation developer Parithosh recommended wallet teams to try Mekong testnet at the DevCon Week, which will run the entire week of November 9-17.

ETH Price to Hit $4000

Bullish sentiment surrounding Donald Trump’s win and DevCon event has triggered the rally. Moreover, the launch of the Mekong testnet to fuel ETH price further. Notably, analyst Benjamin Cowen predicted Ethereum price rally after a bottom formation confirmation in the ETH/BTC pair above the 50 DMA.

Popular analysts Michael van de Poppe and Ali Martinez said Ethereum is in the early bull run stage. With the Pectra upgrade expected to take place in early 2025, whales are likely to buy the dip. Michael van de Poppe suggested that the markets are rotating and ETH will see a massive pump. Notably, a higher-low formation will bring much-awaited upward momentum.

ImageImage

Also, Ali Martinez added that MVRV Momentum crossing its 180-day has historically signaled a period of outperformance for ETH price. The cross hasn’t happened yet and gives an opportunity to buy the dip for more upside ahead for the $4000 psychological level.

ETH price today jumped 8% to a 3-month high, with the price currently trading at $2,800. The 24-hour low and high are $2,611 and $2,878, respectively. However, the trading volume has decreased by 6% over the last day.

MVRV momentumMVRV momentum
MVRV momentum

✓ Share:

Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Altcoin

Tron Founder Justin Sun Reveals Plan To Push Ethereum To $10K

Published

9 minutes ago

on

January 22, 2025

By


Tron founder Justin Sun has laid out an ambitious plan to drive Ethereum (ETH) price towards a $10,000 price point. Sun’s proposal includes halting ETH sales, taxing Layer 2 solutions, and focusing on Layer 1 development. These bold steps are designed to strengthen the token position in the crypto market and ensure long-term growth.

Sun’s strategy aims to not only optimize ETH supply but also create a deflationary system to build market confidence and attract further investments. His plan comes as the token market dynamics continue to evolve.

Justin Sun’s Bold Plan to Boost ETH Price

On January 22, Justin Sun shared his plan on X to push Ethereum price to $10,000. The Tron founder proposes ceasing Ethereum Foundation (EF) sales of ETH for the next three years. By halting the sale, Sun believes supply will remain stable, supporting a deflationary market model.

Additionally, Sun plans to leverage AAVE lending, staking yields, and stablecoin borrowing to cover operational costs, ensuring long-term sustainability. His vision includes restructuring the ecosystem and creating a more efficient system to fuel ETH’s price growth.

Justin Sun’s Vision for Ethereum and Layer 2 Solutions

Justin Sun has been vocal about his plan and making waves within the crypto community. He also expressed admiration for newly elected US President Donald Trump, highlighting the potential for crypto-friendly policies. Sun’s proposed tax on Layer 2 solutions is a key strategy, aiming to generate at least $5 billion annually.

All collected taxes will be used to repurchase and burn ETH, helping to drive the token’s deflationary nature. Tron founder plans to focus on bolstering Ethereum’s core development, ensuring its long-term scalability, and reinforcing its value proposition.

ETH Price Context and Market Update

Ethereum price has remained steady, trading within a range of $3,265 to $3,366 in the past 24 hours. Its 24-hour trading volume was $26 billion, reflecting a slump of 36%. Notably, Ether Futures Open Interest stayed near the flatline today.

However, despite the fluctuation, ETH remains a focal point for large investors. Recent Coingape reports indicate that whales have accumulated over $1 billion in ETH over the past few days.

Adding to the market dynamics, Tron founder Justin Sun has deposited a total of 227,000 ETH to the crypto exchange HTX over the past few months. This move by Sun, in conjunction with his ambitious plans for Ethereum, could further influence ETH’s price trajectory.

✓ Share:

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.





Source link

Continue Reading

Altcoin

Why FET, RENDER, TAO, & Other AI Coins Are Rising Today?

Published

1 hour ago

on

January 22, 2025

By


Against the backdrop of a broader crypto market recovery on Wednesday, AI Coins like FET, RENDER, and TAO have stolen the spotlight by witnessing a considerable pump. Notably, these tokens are surging amid broader AI-related developments such as Donald Trump’s ‘Stargate’ formation and tech giants injecting massive investments in the industry.

As a result, the abovementioned AI coins witnessed remarkable intraday price gains worth 6%-12%. Here’s a collective overview of the potential factors driving a frenzy across the AI crypto industry.

AI Coins FET, RENDER, & Others Bullish As Donald Trump Announces ‘Stargate’ Formation

Notably, the 47th president of the U.S., Donald Trump, has unveiled plans to offer massive support to the broader artificial intelligence sector soon after his inauguration. Addressing the nation’s masses, Trump recently announced the formation of ‘Stargate,’ the largest AI infrastructure project in American history.

Intriguingly, this AI project is set to invest a staggering $500 billion into the U.S. economy and curate over 100,000 American jobs. Trump revealed that OpenAI, Softbank, and Oracle came together to announce the formation of this monumental feat. Overall, with the developmental saga weighing in, top AI Coins like FET and others also appear to be bullish as the broader sector’s outlook glimmers with hope for further growth.

AI Coins soar amid Donald Trump's investmentAI Coins soar amid Donald Trump's investment

Google Chimes In With Massive Investment In AI

Meanwhile, the tech behemoth Google has also revealed plans to invest heavily in the sector. According to a recent FT report, the tech giant is investing more than $1 billion in Anthropic, a prominent OpenAI rival.

Meanwhile, people familiar with the matter have also revealed that Google is set to invest about $2 billion in Anthropic. Further, Lightspeed Venture Partners emerged as another key backer for the OpenAI rival as it is expected to inject $2 billion into the entity. Overall, these massive investments in the AI sector have further glimmered hope for tokens FET, RENDER, and TAO, among many others.

AI Coins Rise In Sync With Broader Market Recovery

At the time of reporting, FET price witnessed gains worth 11% intraday and is currently trading at $1.30. The coin’s 24-hour low and high were $1.16 and $1.34, respectively. Further, RENDER price witnessed a 7% uptick in value and is currently resting at $7.09. The coin’s 24-hour low and high were $6.60 and $7.36, respectively.

Even TAO price pumped 6% intraday to reach $418.21. The coin’s 24-hour low and high were $391.79 and $433.29, respectively. As mentioned above, the AI tokens appear to be leveraging a positive market sentiment across the AI sector, primarily attributable to the massive investments. Further, it’s also worth mentioning that the broader crypto market recovered today, aligning with the upswing in the price of AI coins.

✓ Share:

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.





Source link

Continue Reading

Altcoin

VTHO Price Rockets 300% As Binance Reveals Support For VeThor Token

Published

2 hours ago

on

January 22, 2025

By


VTHO price has skyrocketed 300% after Binance announced its support for VeThor Token. Simultaneously, the token’s trading volume also surged by an astonishing 86,000%, reaching $3 billion. This massive rally reflects the strong influence of the top crypto exchanges in the market and how the listing or any other positive developments impact the sentiments.

Notably, VTHO token is used as gas within the VeChainThor ecosystem, further driving the market’s enthusiasm.

VTHO Price Surge After Binance Announces Listing of Perpetual Contract

On January 22, Binance listing announcement showed that the exchange plans to list VTHOUSDT perpetual contract on its futures platform, offering a maximum leverage of 75x. This new trading option has caught the attention of traders, contributing to a massive spike in VTHO’s trading volume.

Meanwhile, VTHO is the secondary token in the VeChainThor ecosystem, primarily used as the gas for transactions within the network. This listing expands Binance’s support for the VeChainThor blockchain, enabling users to trade VTHO with increased leverage. The contract’s capped funding rate is set at +2.00% / -2.00%, with funding fees settled every four hours, giving traders more flexibility.

Notably, the 75x leverage allows traders to maximize their exposure to VTHO price movements, further intensifying the market’s focus on the VeThor Token. The move by the top crypto exchange to offer such high leverage and favorable funding rates is a clear indication of its confidence in VTHO’s potential.

Binance’s Multi-Assets Mode and Trading Rules

Binance’s Multi-Assets Mode allows users to trade the VeThor token perpetual contract across multiple margin assets. This feature enables traders to use other cryptocurrencies, such as BTC, as collateral when trading VTHO contracts.

Multi-Assets Mode supports greater flexibility, giving users the ability to diversify their margin options for more efficient trading strategies. Recently, Binance expanded support for TRUMP and several other tokens, fueling optimism about future price movements.

The rules for Multi-Assets Mode include applicable haircuts on collateral, ensuring the safety of user assets. It is particularly useful for those who hold large amounts of various cryptocurrencies and wish to leverage them for high-leverage trading opportunities.

VeChain and VTHO Price Surge

VeChain (VET), the blockchain powering VTHO, has experienced notable growth, rising by 11% in the past 24 hours. VET price now trades at $0.05, and its market cap has reached $4.06 billion. This rise is attributed to VeChain’s increasing adoption and its partnerships with major corporations, including Walmart China and BMW.

VTHO price today jumped 320% and exchanged hands at $0.0087, indicating a growing interest in the VeChainThor ecosystem. With a market cap of $744 million, VTHO has seen an 86,000% increase in trading volume, reaching $3.11 billion. As the blockchain industry continues to innovate, VeChain’s supply chain solutions and VTHO’s integral role are poised for continued success.

✓ Share:

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.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io