Altcoin
Pepe Coin Whale Shifts Focus To This Crypto; Sells 262B PEPE
A Pepe Coin whale ignited a tidal wave of speculation on Monday by dumping a staggering 262 billion tokens despite an ongoing uptrend. On-chain data suggests that this whale thereby redirected its investments into another token, ONDO. In response, market participants are now speculating over relatively lesser returns via the frog-themed meme token, whilst the DAO crypto remains bullish.
Pepe Coin Whale Offloads 262B PEPE Incurring Loss
According to an X post by Lookonchain on March 3, a Pepe Coin whale sold 261.8 billion tokens worth $2.12 million, marking an alarming loss of $7.05 million. Notably, data signals that the accumulation was made for $9.18 million.
The alarming loss has raised severe investor concerns about meme crypto market volatility. Prior to today’s pump, PEPE, alongside other tokens, witnessed a bloodbath due to macroeconomic developments and liquidity hurdles.
Nevertheless, crypto prices recovered, with PEPE also gaining nearly 10% intraday. The whale’s decision to sell amid this upswing may be to mitigate further losses.
Another Selloff Recorded
Subsequently, data indicated the Pepe Coin whale also sold 531.7 billion BEAM for $4.1 million. This trade maneuver further marked an alarming loss of $7.01 million. Altogether, the whale appears to have used the funds with these selloffs to buy ONDO.
ONDO Accumulation Sparks Buzz Amid 10% Gains
Per the data, this whale thereby moved on to buy 5.25 million ONDO tokens with 6.26 million DAI. Meanwhile, the DAO crypto’s price was up nearly 10% today, closing in at $1.12.
This upswing primarily falls in line with a broader crypto market surge. Bitcoin price briefly re-entered a $95K price level in the past 24 hours. Altcoins also followed a pumping action, mirroring optimism amid broader trends.
Notably, U.S. President Donald Trump recently announced plans to forge ahead with a strategic crypto reserve for Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). This news appears to have fueled a positive investor sentiment globally.
How Is PEPE Price Performing?
Despite the massive whale selloff, Pepe Coin price visited the crypto market party, surging 7% to $0.000008282. Its intraday low and high were $0.000007569 and $0.000008932, respectively.
Notably, market analyst ‘Crypto-Zeus’ further took X amid the rising action, stating, ‘Good time to be a PEPE holder.’ This optimism is primarily attributed to Trump’s green signal into the crypto market, as mentioned above. Crypto market participants continue to eye both the tokens for further price action shifts.
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.
Another crypto market crash has occurred, with Bitcoin, Ethereum, Dogecoin and the XRP price dropping significantly today. This development is due to several factors, including the CME gap which the flagship crypto needs to fill below $90,000.
Crypto Market Crash: Why BTC, ETH, DOGE & The XRP Price Are Down
CoinMarketCap data shows that another crypto market crash has occurred with Bitcoin, Ethereum, Dogecoin and the XRP price dropping significantly. Crypto analyst Hardy revealed that this price decline is happening due to the CME gaps.
The analyst stated that the Bitcoin price already filled one at today’s open between $93,500 and $92,700. He added that the flagship crypto needs to drop to $85,000 to fill another. Meanwhile, he noted that there is another CME gap at $77,900 that BTC hasn’t quite filled.
Hardy also remarked that the Bitcoin bears will fight to ensure that BTC fills all these CME gaps. As such, he stated that the quicker the flagship crypto fills them up, the quicker it can begin another upward trend.
Crypto analyst Titan of Crypto also highlighted the CME futures gap between $92,900 and $85,700. He noted that traditionally, BTC tends to fill these gaps. As such, the analyst had raised the possibility of a pullback before the next leg up, which is already happening.
Altcoins like Ethereum, Dogecoin and the XRP price are dropping because they share a strong positive correlation with the flagship crypto and experience significant drops whenever BTC declines.
Coinglass data shows that the latest crypto market crash has led to the liquidation of over $213 million in long positions in the last four hours. Meanwhile, short positions have taken a lesser hit, with just over $18 million in liquidations during this timeframe.
Mixed Sentiments Over The Strategic Reserve
US President Donald Trump announced yesterday that the crypto strategic reserve would include altcoins such as Solana, Cardano, and XRP. This has sparked mixed sentiments over this crypto reserve as market participants believed that the reserve would only include Bitcoin.
Although the crypto market rebounded following Trump’s announcement, the mixed sentiment in the crypto market at the moment also looks to be contributing to the crypto market crash as market participants question the seriousness of the strategic reserve if it would include altcoins.
Meanwhile, stakeholders such as BitMEX’s co-founder Arthur Hayes have downplayed Trump’s announcement. Hayes stated that there was nothing new in the announcement. He highlighted the role the US Congress has to play before the crypto reserve can become effective.
It is also worth mentioning that Trump contributed to this crypto market crash by announcing that the 25% tariffs on Mexico and Canada would begin tomorrow. The president also reiterated plans to double the tariffs on China from 10% to 20%.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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.
CryptoQuant CEO Ki Young Ju has stated that the crypto market is increasingly being shaped into a tool for U.S. dominance under President Donald Trump. His remarks follow Trump’s recent announcement regarding the establishment of a U.S. crypto reserve, which triggered major market movements.
The initiative led to a $300 billion boost in total crypto market value, with Bitcoin rising by 8% and Ethereum gaining 11%.
CryptoQuant CEO Explains How Trump is Weaponizing Crypto
In a recent post, CryptoQuant CEO Ki Young Ju analyzed President Donald Trump’s approach to cryptocurrency. According to Ju, Trump’s decision to establish a U.S. crypto reserve marks a shift in the global crypto landscape. Ju noted that the announcement initially mentioned XRP, Solana, and Cardano, while Bitcoin and Ethereum were only included later.
Ju interpreted Trump’s actions as a move to assess the strategic value of different cryptocurrencies. He suggested that the initial exclusion of Bitcoin and Ethereum might indicate that Trump sees them as neutral assets rather than direct contributors to U.S. interests. Ju further stated that Trump’s strategy is positioning the U.S. to dominate the crypto market and absorb foreign capital.
Meanwhile, Binance founder reacted to BNB’s exclusion from the U.S. Crypto Strategic Reserve by urging holders to remain patient and not panic. CZ emphasized that BNB’s absence is likely due to the U.S. prioritizing domestically founded cryptocurrencies in the initial selection. He remains optimistic that BNB will be added in the future and pointed out that other nations may introduce their crypto strategic reserves.
Market Reaction to Crypto Reserve Announcement
Following Trump’s announcement, the crypto market experienced a rapid surge. The total market capitalization increased by $300 billion, driven by price jumps in multiple assets. Bitcoin saw an 8% increase, climbing past $93,000 before slightly dropping, while Ethereum rose by 11%.
Among the tokens first included in the U.S. crypto reserve, Cardano saw the highest surge, gaining up to 75%, while Solana and XRP also experienced double-digit growth. The sudden price movements reflected strong investor confidence in the crypto assets.
Following the CryptoQuant CEO insights, a recent report has highlighted other cryptos that could potentially be included in Trump’s Crypto Reserve. Dogecoin, SUI, and Chainlink have gained significant momentum, sparking speculation about their addition.
Concerns Over Bitcoin and Ethereum Position
While CryptoQuant CEO Ki Young Ju acknowledged the market benefits of Trump’s crypto policies, he also pointed out potential challenges for Bitcoin and Ethereum. He suggested that Trump’s focus on specific cryptocurrencies tied to U.S. interests could weaken the position of decentralized assets.
Ju emphasized that Bitcoin and Ethereum have historically been viewed as tools for decentralization rather than instruments of national influence. He noted that Trump’s statements positioned these two assets as neutral.
CryptoQuant CEO stated
“This trend is also unfavorable for #Bitcoin and #Ethereum, which strive for neutrality and aim to become global public goods. Judging by Trump’s recent posts, it seems that Bitcoin and Ethereum are now being signaled as “neither friend nor foe.”
The Shift in Crypto’s Perception Under New Administartion
According to CryptoQuant CEO Ki Young Ju, the perception of cryptocurrency has changed under Donald Trump’s administration. Ju noted that crypto, once regarded with skepticism, is now being embraced as a national asset.
While he did not pass judgment on this approach, he observed that the U.S. is using cryptocurrency as a tool to expand its global financial influence.
Moreover, Ki Young Ju expressed worries that this shift in regulatory standards could lead to market manipulation. He emphasized that the lack of oversight might encourage fraudulent activities like rug pulls, harming retail investors.
The CEO added,
“Since Trump’s election, universal moral standards have declined.”
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. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. 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.
MicroStrategy, now known as Strategy, failed to make any Bitcoin purchases. The company didn’t also sell any shares, a move that usually precedes its BTC purchases. As a result, the software company still holds 499,096 BTC, with the 500k BTC milestone yet to be hit.
MicroStrategy Did Not Make Any Bitcoin Purchase Last Week
In an SEC filing, MicroStrategy revealed that it made no Bitcoin purchases between February 24 and March 2 last week. The company also revealed that it did not sell any shares of class A common stock under its at-the-market equity offering program.
It is worth mentioning that Strategy acquired 20,356 BTC for $1.99B at $97,514 per BTC two weeks ago. This came following a $2B zero-coupon convertible notes offering, in which it was able to raise the funds for this BTC purchase.
Meanwhile, following its failure to buy any Bitcoin last week, MicroStrategy still holds 499,096 BTC, which it acquired for $33.1 billion at an average price of $66,357 per BTC. Strategy remains the public company with the largest Bitcoin holdings, well ahead of MARA holdings, which is second on the list.
The company’s failure to buy any BTC last week is also notable considering that the Bitcoin price dropped below $80,000 last week following a major crypto crash. As such, the company didn’t take advantage of a major dip which could have lowered its average cost price.
MSTR Stock Recovers
MicroStrategy’s stock has crashed last week following the Bitcoin price decline, as both assets share a positive correlation. The MSTR stock price has now recovered following BTC’s rebound above $90,000 over the weekend.
Nasdaq data shows that the stock price is up over 14% in premarket, trading at around $292. MSTR closed last week at around $255 following the Bitcoin price crash. However, following last week’s crash, MSTR now boasts a year-to-date (YTD) loss of over 11%.
VanECK’s chief also revealed that MicroStrategy’s Bitcoin premium has dropped back to April 2024, which may be something for market participants to keep an eye on.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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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