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BTC Slips To $98K, Altcoins Volatile, MELANIA Up 12%

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7 hours ago

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The crypto market on Wednesday again illustrated a volatile movement after showing signs of recovery recently. Bitcoin (BTC) price slipped back to the $98K level over the past day, whereas altcoins like Ethereum (ETH), Solana (SOL), and XRP have mainly mimicked a waning movement. However, MELANIA meme coin defied the broader market trend, trading dominantly in the green zone.

Here’s a closer look at some of the most trending coins for the day and how they are delivering.

Crypto Market Volatility Sparks Investor Concerns

Despite Trump’s new tariffs being paused and the broader market showing signs of recovery yesterday, a highly volatile movement kicked in on February 5. Cryptocurrency prices mainly dropped, with the global market cap further shrinking by 2.84% to $3.22 trillion. Also, the total market volume declined 24.46% from yesterday, reaching $193.74 billion.

Bitcoin Price Fluxes Near The $98K Level Amid Crypto Market Volatility

At the time of reporting, BTC price lost nearly 3% in value and exchanged hands at $98,054. The flagship coin’s 24-hour low and high were $96,208.11 and $100,826.91, respectively. Notably, the current waning action aligns with BTC recording $123.44 million worth of liquidations intraday, per Coinglass data. However, Bitcoin’s market dominance was up 0.07% to 60.40%.

Ethereum Price Cracks Over 3%

ETH price mimicked a waning action in tandem with the broader crypto market trend, down slightly over 3% to $2,721. The coin’s intraday bottom and peak were $2,636.17 and $2,869.51, respectively. It’s worth mentioning that Ethereum recorded $146.76 million worth of liquidations in the past 24 hours, signing with the price dip.

XRP Price Drops 8%

Further, the Ripple Labs-backed cryptocurrency witnessed an alarming 7% fall over the past day, reaching $2.51. The coin’s 24-hour low and high were $2.44 and $2.73, respectively. Notably, XRP price pulled back amid the network facing issues regarding consensus running and validations, as spotlighted by Ripple CTO David “JoelKatz” Schwartz on X.

Solana Price Drops In Sync

Meanwhile, SOL price mirrored the broader market trend, dipping nearly 4% to $207. The coin’s 24-hour low and high were $202.85 and $218.30, respectively.

Meme Crypto Market Wanes

Simultaneously, meme coins like DOGE, SHIB, and PEPE also tanked remarkably. DOGE price was down by over 6% intraday, resting at $0.2642. SHIB price slipped by 2% over the past day and is now trading at $0.00001593. Further, PEPE price plunged over 4% and is currently sitting at the $0.00001 level.

Top Crypto Market Gainers Today

Official Melania Meme (MELANIA)

Price: $1.68
24-Hour Gains: +16%

Sui (SUI)

Price: $3.67
24-Hour Gains: +4%

Pudgy Penguins (PENGU)

Price: $0.01343
24-Hour Gains: +4%

Hyperliquid (HYPER)

Price: $25.58
24-Hour Gains: +3%

Top Crypto Market Losers Today

Ethena (ENA)

Price: $0.5962
24-Hour Loss: -9%

Aerodrome Finance (AERO)

Price: $0.8903
24-Hour Loss: -8%

Jito (JTO)

Price: $2.89
24-Hour Loss: -7.5%

Kaspa (KAS)

Price: $0.09811
24-Hour Loss: -7%

Overall, broader market sentiments remain optimistic about long-term prospects, given recent developments around a U.S. Bitcoin reserve. Notably, Crypto Czar David Sacks revealed that the U.S. is currently evaluating the creation of a strategic Bitcoin reserve, CoinGape reported. In turn, market experts eagerly await the bullish development, with some expecting a better state of prices across the sector in the future in light of this development.

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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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Shiba Inu Reveals Major Partnership Amid SHIB Burn Rate Surge, What Lies Ahead?

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36 minutes ago

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February 5, 2025

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The latest SHIB burn data propelled a massive tide of optimism among crypto traders and investors as it soared over 500% intraday. Following the recent Shiba Inu and UAE partnership announcement, this surge has pushed market watchers to be highly optimistic. Notably, the dog-themed meme coin has recently joined forces with the UAE Ministry of Energy and Infrastructure (MoEI). As an upshot, market watchers are highly bullish as even SHIB price moved upward, defying broader market trends.

SHIB Burn Jumps As Over 18M Coins Taken Out Of Supply

As per data by the tracker Shibburn on X, the SHIB burn rate has blown up by 577% in the past 24 hours. This massive surge is primarily attributed to the elimination of 18.76 million tokens from the asset’s circulating supply.

With the burn rate surge weighing in, the current market supply was evaluated as 589.25 trillion tokens. Further, the weekly burn data flagged a 3551% uptick, riding the back of over 1 billion coins purged from the supply. In turn, market watchers remain bullish on future price action for Shiba Inu, mirroring the law of supply and demand.

Shiba Inu & UAE Partnership: What’s The Scoop?

Meanwhile, the SHIB community announced a groundbreaking partnership with the UAE Ministry of Energy and Infrastructure, capturing noteworthy attention across the industry.

His Excellency Eng Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at MoEI stated, “We’re delighted to deepen our commitment to cutting-edge digital services. This partnership represents a pivotal moment in our journey toward redefining government services. By embracing emerging technologies, we aim to set a global benchmark for innovation, delivering transformative solutions that benefit both our citizens and the wider community.”

Simultaneously, lead developer Shytoshi Kusama conveyed optimism in light of the partnership, highlighting “Shiba Inu as a cornerstone for next-gen infrastructure. This ‘Partnership’ will redefine how governments, businesses, and citizens collaborate in a transparent, eco-friendly digital framework,” the lead developer added. Coupled with the recent SHIB burn surge, this development set off bullish waves surrounding the meme coin’s price ahead.

Shiba Inu Defies Broader Volatility

At the time of reporting, SHIB price witnessed a 7% pump and is currently sitting at $0.0000163. The coin’s 24-hour low and high were $0.00001524 and $0.00001669, respectively.

Intriguingly, Shiba Inu defied the broader crypto market’s recent volatile trend, trading prominently in the green. This price movement reflects bullishness amid SHIB burn surge and the recent UAE partnership.

Also, a recent SHIB price analysis by CoinGape revealed that further gains loom as the MVRV moves deep into the Opportunity Zone. Notably, this bullish factor could fuel double-digit gains ahead, per the analysis. Market watchers continue to extensively eye the coin for further price action shifts.

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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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Chainlink Whales Dump Heavily Sparking Concerns; Is LINK At Risk

Published

4 hours ago

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February 5, 2025

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Chainlink whales’ decision to heavily offload LINK tokens caused a market stir on Wednesday, signaling the coin’s price is at risk. Notably, on-chain data by a top crypto analyst revealed that roughly 4 million tokens were dumped in the last 48 hours. In turn, bearish market sentiments bubbled the coin, with its price extending its weekly loss to 15%.

Chainlink Whales Offload Heavily Igniting Market Concerns

According to an X post by crypto market analyst Ali Martinez on February 5, Chainlink whales dumped 4.13 million tokens to exchanges in the last 48 hours. The massive dump amid the broader crypto market’s recent waning movement has set off severe investor concerns about future performance.

Chainlink whale activityChainlink whale activity
Source: Ali Charts, X

For context, massive whale dumps to exchanges flag a loss of large-scale investors’ confidence in the asset’s potential. As a result, the future performance remains at risk, with the broader trends further solidifying bearish market sentiments.

Crypto Market Wanes

Aside from the bearish Chainlink whale activity, another factor threatens the coin’s price. The global crypto realm has seen alarming price drops this week, primarily attributed to trade war speculations amid Trump’s new tariffs. Although postponed for 30 days, the new tariffs still threaten the global markets.

In sync with this saga, even the crypto market sees a downtrend, with BTC and altcoins tanking notably in the past 24 hours. LINK price also mirrored a similar action intraday.

Chainlink Price On Shaky Grounds?

At the time of reporting, LINK price lost nearly 2.5% and exchanged hands at $19.58. The coin’s intraday low and high were $19.37 and $21.26, respectively. As mentioned above, the current waning action aligns with the broader market trend and increased selling pressure amid Chainlink whales’ selloffs.

However, recent data by Santiment indicated that LINK has stood out amid the recent market swing down. Notably, the coin witnessed heavy key stakeholder dip buying, with massive on-chain activity recorded below the $20 level. This data has set off contrasting speculations over the asset’s long-term prospects.

LINK on-chain activityLINK on-chain activity
Source: Santiment, X

Also, a recent Chainlink price analysis by CoinGape aligned with Santiment’s data, revealing that the recent dip is a potential buy-the-dip opportunity for investors. Traders and investors are keeping the coin on their radars as broader market stats continue taking dynamic shifts.

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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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Why Is XRP Price Down 8% Today?

Published

5 hours ago

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February 5, 2025

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XRP price is once again facing strong selling pressure, crashing more than 8% and moving back to $2.50. The Ripple token fall comes as the XRP Ledger halted blockchain production for nearly an hour on Tuesday. However, Ripple CTO David Schwartz has confirmed that the network has recovered and is almost back to normalcy.

XRP Price Drops Amid XRP Ledger Downtime

On Tuesday, the XRP Ledger faced some downtime for an hour before resuming operations. However, the development was enough to send XRP price down by 8% to its crucial support of $2.50.

With the XRP Ledger halting the block production for an hour, the network activity froze at the ledger height of 93927173. The Ledger has once again resumed normal operations without reporting any loss of transactions or assets.

Ripple CTO David Schwartz acknowledged the development stating: “We don’t know exactly what caused the issue yet”. He further noted that although the consensus was running, the validations were not published which caused the network to drift apart. “Validator operators manually intervened to choose a sane starting point and begin publishing validations from there,” he added.

Ripple Community Celebrates Quick Network Recovery

Commenting on the network recovery, the Ripple CTO referred to the Unique Node List (UNL), a core component of the XRPL consensus mechanism. “Very few UNL operators actually made any changes, as far as I can tell, so it’s possible the network spontaneously recovered. I’m not sure yet,” said Schwartz. Other community members have backed Ripple for this quick recovery. Edo Farina, head of XRP Healthcare, the first healthcare platform built on the XRP Ledger said:

“The $XRP Ledger has been operational for over 110,000 hours since its launch in 2012. With today’s halt, the total downtime where validators failed to agree on transactions reached about 2 hours. That’s 99.999% of efficiency. The MOST efficient blockchain in existence!”

He further clarified that the Ripple network halt wasn’t typically the outcome of network congestion but instead related to the consensus mechanism.

Last week, the XRP Ledger implemented the AMMClawback amendment, a significant upgrade aimed at bolstering the regulatory compliance of its Automated Market Maker (AMM) pools.

Will XRP Price Bounce Back Again?

As of press time, XRP price is down 7.3%, trading at $2.51, with daily trading volumes crashing 41% to $13.11 billion. Furthermore, the Coinglass data shows that XRP futures open interest is down 12.2% to $3.65 billion while the 24-hour liquidations have soared to $21 million.

Earlier this week, Ripple unlocked 500 million XRP amid discussion around XRP reserves. Since the beginning of 2025, XRP has seen strong inflows. Coinshares report shows that the Ripple cryptocurrency has solidified its position as the second-best performing altcoin, recording year-to-date (YTD) inflows of $105 million.

Notably, the digital asset attracted $15 million in inflows just last week, underscoring growing investor interest. Additionally, the push for introducing spot XRP ETF by asset managers Grayscale and Canada’s Purpose Investments has further drawn institutional interest.

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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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