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BTC Slips, ETH & Meme Coins Surge, QTUM Up 40%

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6 hours ago

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The crypto prices on Saturday have shown mixed actions as broader macroeconomic events unfolded. Bitcoin (BTC) price showcased a waning movement to reach $102K, whereas Ethereum (ETH) and meme coins witnessed an upward intraday action. Simultaneously, QTUM emerged as the leader of the sector today, witnessing a staggering 40% uptick in value.

Let’s take a closer look at some of the most trending coins for the day and broader market developments.

Crypto Prices Today (February 1): BTC Wanes, ETH & Meme Coins Up

The broader crypto market appears to be digesting the latest PCE inflation data release, which showed a 2.6% increase for December (YoY), per BEA data. Simultaneously, BTC price witnessed a waning action to reach $102K. Further, the global cryptocurrency market cap saw a 1.3% decrease to $3.49 trillion.

However, ETH and meme coins like DOGE, SHIB, and PEPE have illustrated rising trajectories, sparking market speculations. Besides, the global market volume also rose by nearly 16% intraday to reach $121.57 billion.

BTC Price At $102K

BTC price witnessed a 2% drop at the time of reporting, reaching $102,273. Its intraday low and high were $101,543.88 and $106,026.35, respectively. Bitcoin’s dominance sipped 0.16% from yesterday, reaching 58.08%. Further, U.S. spot Bitcoin ETFs recorded only $241.28 million worth of inflows over the past week, per Sosovalue data of Jan 30 that excludes BlackRock data. The flagship crypto sees volatility amid reduced institutional interest and broader macroeconomic data release.

ETH Price Jumps

However, ETH price has gained nearly 2% in the past 24 hours, reaching $3,290. The coin’s intraday bottom and peak were $3,214.94 and $3,437.57, respectively. Notably, the rising trajectory comes against the backdrop of massive buying by ETH whales. Nevertheless, it’s also worth mentioning that U.S. Ethereum ETFs registered outflows worth $73.29 million over the past week, per SosoValue data as of Jan 30 that excludes BlackRock.

XRP Price Today

Besides, XRP price slipped nearly 2% over the past day and is currently resting at $3.04. The coin’s 24-hour low and high were $3.01 and $3.11, respectively. Intriguingly, despite the asset’s price consolidation near the $3 mark over the days, a massive rally looms, per XRP price analysis by CoinGape. With historical trends in mind and the odds of an XRP ETF approval gaining weight, investors remain bullish over future movements.

Solana Price Drops

SOL price also witnessed a nearly 2% dip in value and is currently trading at $231. The coin’s intraday bottom and peak were $228.48 and $241.67, respectively. The current sluggish movement is primarily attributed to the broader market trend.

Meme Crypto Prices Today

Besides, the meme crypto sector glimmers immense optimism on Saturday. Notably, DOGE price witnessed a slight gain of 0.5% and traded at $0.3279. Further, SHIB price gained by a notable 2.5% to reach $0.00001903. Also, PEPE price surged by a whopping 7.5% intraday, reaching $0.0000138. Overall, the leading meme coins showcased a rising action despite the broader market trend.

Top Crypto Gainer Prices Today

QTUM

Price: $3.98
24-Hour Gains: +40%

Pudgy Pneguing (PENGU)

Price: $0.01639
24-Hour Gains: +13%

LidoDAO (LDO)

Price: $2.30
24-Hour Gains: 12%

Neo (NEO)

Price: $14.93
24-Hour Gains: +10%

Top Crypto Loser Prices Today

Fartcoin (FARTCOIN)

Price: $0.8936
24-Hour Loss: -14%

Official Melania Meme (MELANIA)

Price: $1.84
24-Hour Loss: -10%

SPX6900 (SPX)

Price: $1.17
24-Hour Loss: -8.%%

Onyxcoin (XCN)

Price: $0.03169
24-Hour Loss: -7%

Nevertheless, future prospects for the broader market remain bullish as market experts believe the bull cycle has yet to peak. Renowned expert Michaël van de Poppe posted on X, despite the rising inflation, stating that it is very “hard to say that the bull market has peaked.” This statement comes as Michaël spotlights how institutions and the entire U.S. government is interested in Bitcoin and adopting Web3.

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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.





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Pump.fun Faces Second Lawsuit As Meme Coin Scrutiny Heats Up

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2 hours ago

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February 1, 2025

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The woes for Pump.fun, the platform that allows the launch of meme coins on Solana, keep piling. A second lawsuit has been filed against the platform, claiming it engages in fraudulent activities and violated US securities laws.

This development joins the list of growing scrutiny against meme coin projects, especially those accused of being pump-and-dump schemes.

New Lawsuit Alleges Securities Violations

The class-action complaint, filed by Burwick Law and Wolf Popper LLP, alleges that Pump.fun has been peddling unregistered securities masquerading as meme coins.

In the complaint, it is alleged that the company misled investors into buying the tokens which had little to no intrinsic value to insiders who profited at their expense. It raises a host of regulatory questions regarding meme coin platforms – whether or not they fall under the jurisdiction of securities laws.

The legal team behind the lawsuit argues that Pump.fun’s operations resemble classic financial fraud tactics. By allowing rapid creation and trading of meme coins, the platform may have facilitated schemes where early investors benefit at the cost of later entrants.

This lawsuit follows a previous legal action that targeted Pump.fun for similar reasons, indicating a pattern of legal challenges for the platform.

Total crypto market cap currently at $3.5 trillion. Chart: TradingView

Regulators And Experts Weigh In

Legal experts and regulators closely follow the development of the situation, with some using a comparison between the model of the given platform and multi-level marketing scams.

The founder of Burwick Law, Max Burwick, has been vocal concerning the various risks involved in meme coin platforms, stating that they fall within a gray area where upcoming enforcement will be much strict.

The crypto market aims to reduce illegal financial activities, so platforms like Pump.fun may face a lot of pressure to follow current laws.

Investor protection groups have also sought clearer rules about meme coins and their status and classification under securities law. If Pump.fun is found guilty of selling unregistered securities, it could set a standard for other crypto sites.

Hype Or Market Manipulation Of Meme Coin?

The lawsuit also points to a more general issue: the debate about meme coins. To some, these are the lighter, fun aspects of the crypto market. However, to others, they create a pathway to mass manipulation in the markets.

Meme coins often see extremely rapid rises and falls, leading to massive losses for late investors, with critics saying that places like Pump.fun live off of artificial hype instead of value.

Featured image from CCN, chart from TradingView





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Dogecoin Whales Bag 560M Tokens; DOGE Price Surge To $1 Imminent?

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3 hours ago

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February 1, 2025

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Dogecoin whales again captured noteworthy market attention on Saturday, reflecting a highly bullish sentiment despite broader market volatility. Recent on-chain data revealed that whales accumulated 560 million Dogecoin, signaling a potential rally for DOGE price to $1. Further, in the wake of Grayscale’s new DOGE-backed Trust’s launch, investor sentiments surrounding the meme-themed asset have undergone a paradigm bullish shift.

Dogecoin Whales On Buying Spree Signal Bullish Move Ahead

In an X post by renowned crypto analyst Ali Martinez on February 1, it was spotlighted that Dogecoin whales purchased 560 million tokens in the past week. This massive buying signals heightened market confidence in the asset.

Dogecoin whale activityDogecoin whale activity
Source: Ali Charts, X

Notably, the analyst reveals that the buying spree follows an intense sell-off recently, thus flagging renewed interest among large-scale investors. As a response, broader market participants anticipate a bullish move ahead, primarily amid rising demand and buying pressure. Further, it’s also worth pointing out that CoinGape previously highlighted rising DOGE whale accumulations.

Grayscale’s New Trust Launch Solidifies Market Optimism

Meanwhile, the launch of Grayscale’s Dogecoin Trust has offered additional market support to the dog-themed meme crypto. The launch of a traditional financial investment product backed by a meme-themed asset paves the way for further money inflow into the crypto’s ecosystem.

Simultaneously, it’s also worth mentioning that asset management company Bitwise submitted S-1 filing for a DOGE ETF previously. Overall, these recent endeavors, pushing the meme coin as a traditional investment product, have cemented investors’ bullish outlook for the token.

Is Dogecoin To $1 Run Inevitable Amid Rising Whale Buying & Market Support?

At the time of reporting, DOGE price continued showcasing a sideways trading session, exchanging hands at $0.3277. The crypto’s 24-hour low and high were $0.3243 and $0.3407, respectively. Amid the abovementioned bullish news surfacing across the market, intraday trading volume for the asset rose by 36% to $1.57 billion.

Market watchers continue to anticipate further gains amid rising Dogecoin whale accumulations and broader developments. A recent Dogecoin price analysis by CoinGape revealed that the new Trust launch and ETF filing further amplify the token’s potential to hit $1. However, it’s worth mentioning that the coin must clear the $0.35 level promptly for further upside actions. The latest macroeconomic events, such as unchanged rates this FOMC and rising PCE inflation YoY, present the crypto market with uncertainty.

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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.





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DOT Price Eyes Major Breakout to $14 Amid Spot Polkadot ETF Filing

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4 hours ago

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February 1, 2025

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DOT, Polkadot’s native cryptocurrency is up by 6% as asset manager 21Shares filed for a spot Polkadot ETF, the first such filing for this altcoin. As a result, the DOT price has made quick gains shooting to $6.5 as analysts believe that a potential breakout could lead to a new high ahead. Also, the daily trading volume for DOT has surged by 75% to more than $338 million.

DOT Price Shows Bullish Potential Amid Fibonacci Levels

In recent months, the DOT price chart has shown the formation of bullish technical patterns. From August to November 2023, Polkadot formed a descending triangle pattern, which led to a breakout and a strong rally, peaking near $11.00 in December, reported macro analyst FLASH.

Following this peak, a descending wedge pattern emerged, with the current price consolidating at $6.217. also, the key Fibonacci retracement levels for DOT price to watch are 0.618% at $6.772 and 0.786% at $5.434.

Source: FLASH

Recent price activity indicates a bounce from the lower trend line and the 0.786 Fibonacci level, hinting at a potential bullish reversal. However, confirmation of this trend is awaited. To sustain a bullish trajectory, the DOT price must breach a critical resistance level at $7.545, marked as a horizontal green line on the chart. A breakout above this level could pave the way for a rally toward a projected target of $14,605, as suggested by a bullish green arrow.

Polkadot Positioned for Massive 650% Price Surge?

Polkadot (DOT) may be gearing up for a significant rally, according to market analyst Javon Marks. In a recent statement, Marks highlighted DOT’s multiple breakouts as a sign of strong bullish momentum. If this projection materializes, it would represent a staggering DOT price climb of over 650% from current levels.

“$DOT (Polkadot), by its multiple breakouts, looks to still be well positioned for another monumental surge in price, which could lead all the way to the $53.385 target, if not even higher,” Marks stated.

Source: Javon Marks

As of press time, the Polkadot price is trading 5.7% up at $6.43 with a market cap of $9.92 billion. The daily trading volume is up by 75% while the open interest has surged over %% to more than $501 million, as per the Coinglass data. Also, the 24-hour liquidations have soared to $617.94K with more than $400.50K in short liquidations.

21Shares Files for Spot Polkadot ETF

21Shares has submitted a filing to the U.S. Securities and Exchange Commission (SEC) for the launch of a spot Polkadot ETF, amid a flurry of crypto ETF filings this month. The proposed ETF would trade on the Cboe BZX Exchange and directly track the performance of Polkadot’s native cryptocurrency, DOT. Coinbase has been named as the fund’s custodian, ensuring the secure storage of underlying assets.

This month, we have seen multiple filings for Solana ETFs,  XRP ETFs, Dogecoin ETFs, Litecoin ETFs, etc. Top asset managers like Grayscale and Coinshares have been rushing for this as market sentiment turns optimistic in Donald Trump’s administration.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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