Altcoin
Binance Founder Criticizes ‘Degens’, Advocates Support For Credible Projects
Binance founder Changpeng Zhao (CZ) poked holes at degens over the rush for quick and easy gains in the cryptoverse. CZ says pitching tents with credible projects is a better investment strategy in the long term for investors in the space.#
A Fortune Is Spent Investing In Shady Projects, Says Binance Founder
CZ has taken swipes at “degen” activity in cryptocurrency circles following a string of high-profile rug pools. According to the Binance founder, investors are sinking in massive fortunes to clutch at quick rewards in the ecosystem.
The Binance founder disclosed on X (formerly Twitter) that investors rarely recoup their funds in the pursuit of quick gains. Degens typically invest in low-cap tokens and memecoins, aping into leveraged positions without proper research.
CZ advises investors to turn their gaze to “ethical teams” building projects for long-term growth, rather than short-term hype. Investors chasing trends and hype have lost a fortune in rug pulls, liquidity drains, and exit scams. The US SEC has disclosed that memecoins are not securities, urging investors to be wary of speculative investment in the asset class.
“In crypto, too much money is spent chasing small, quick gains,” said CZ. “Focus on ethical teams that build for the long term. Big money is built slowly with stamina.”
While the Binance founder did not expressly mention credible crypto projects, his comments allude to teams with established members and communities building projects with real utility.
CZ Offers Suggestions on Tokenomics For Crypto Projects
The Binance founder has offered suggestions for crypto project tokenomics designed to reduce rug pulls. According to CZ’s plan, only 10% of tokens will be unlocked while the remaining tokens will require the fulfillment of strict conditions before an unlock.
Under the proposal, issuers will unlock new tokens after every six months with only 5% of tokens allowed to be unlocked. CZ’s tokenomics plan will rely on smart contracts to control the vesting schedule and third parties to hold the keys.
CZ has since rolled out support for victims of BROCCOLI and TST memecoin crashes, raising over $1 million in cryptocurrencies. The Binance founder says that AI projects can leverage L1 and L2 blockchains to achieve efficiency and decentralization objectives.
Aliyu Pokima
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.
Amid the broader crypto market correction, the Dogecoin price has also tanked over 9% today testing its crucial support levels at $0.16. However, on-chain activity suggests that the positive momentum for DOGE could resume soon amid a 270% surge in active addresses over the last 24 hours. Also, the DOGE whale activity has surged, indicating big players are buying the dips, thereby hinting a potential rebound moving ahead.
Dogecoin Price Rebound Ahead?
Crypto analyst Ali Martinez has highlighted a critical support level for DOGE as it approaches the lower boundary of its current price channel. According to Martinez, maintaining a position above $0.16 is essential for the cryptocurrency to sustain momentum and potentially fuel a strong rebound.
As of press time, the Dogecoin price is trading 9.29% down at $0.1726 with its daily trading volume surging 115% to more than $2.01 billion. Also, the open interest has tanked 12.91% to $1.45 billion while the 24-hour liquidations have shot to $21 million, per the Coinglass data.
Previously, analyst Ali Martinez stated that if bulls manage to hold above the DOGE support levels of $0.16, it can trigger a rally toward $2.74 or even as high as $6.24.
DOGE Active Addresses and Whale Activity
Despite the Dogecoin price heading lower amid broader crypto market correction, market analysts are bullish amid strong on-chain developments. In a significant development for DOGE, the number of active addresses on the network has skyrocketed by 270% in just 24 hours, increasing from 71,750 to 264,000.
On the other hand, the largest whales on the Dogecoin network have reportedly accumulated 1.7 billion DOGE over the past 72 hours. This massive accumulation suggests that major players could be positioned for the next big move, underscoring growing activity and interest in the meme coin. Additionally, the Dogecoin wallet addresses have reached an all-time high, hinting further momentum ahead.
Key Demand Zones for DOGE
Pseudonymous analyst “TheGift94” has outlined potential demand zones where DOGE might stabilize amidst intense selling pressure. In a recent TradingView analysis, the analyst identified three “buying demand zones” critical to the meme coin’s price movement. The first support zone, at $0.20, was breached as Dogecoin’s price fell by 13% yesterday, closing at $0.1678.
The analyst further highlighted two additional zones that could act as support levels: $0.16 and $0.13. These levels are now being closely monitored as potential turning points for the meme coin.
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.
Crypto Market Today (March 10): Bitcoin & Ether price actions on Monday set off a tidal wave of market concerns despite recent pro-cryptocurrency advancements in the U.S. Notably, BTC price backtracked to touch a $80K low intraday, whereas ETH price lost nearly 6%. Traders and investors are left jittering as even major-league altcoins Solana and XRP lost alarming values despite a ‘crypto stockpile’ and a strategic Bitcoin reserve announcement by Donald Trump last week.
Crypto Market Today: Here’s Why Bitcoin & Major Altcoins Are Falling
The global crypto market lost 4.83% over the past day, as indicated by a diminished market cap of $2.69 trillion. Further, liquidations in the past 24 hours totaled over $600 million, per Coinglass data, underscoring heat on prices. Analyst Ali Martinez revealed that over $1 billion in Bitcoin long positions have been liquidated recently, aligning with the market volatility.
On the other hand, the release of the non-farm payrolls (NFP) report on Friday hinted that a hawkish stance by the Feds could be on the horizon again. Coupled with the macro heat due to Trump’s tariff saga this month, these factors present risk assets with severe market pressure.
BTC Price Brushes $80K Low
BTC price dropped nearly 5% as of press time and exchanged hands at $82,033. The flagship coin hit an intraday bottom of $80,052.49 after falling from $86,146.15. The latest Coinglass data indicated that $237.60 million was liquidated in the Bitcoin market intraday. Nevertheless, the coin’s market dominance remained up by 0.03%, pointing towards a more volatile alts sector.
ETH Price Reverses 6%
ETH price lost nearly 6% in the past 24 hours and exchanged hands at $2,062. The coin bottomed and peaked at $1,991.19 and $2,194.89 intraday. Ethereum slips alongside $107.56 million liquidated in the past 24 hours. ETH’s market dominance rested at 9.2% today.
XRP Price Falls 6%
XRP price fell nearly 6% in the past 24 hours and exchanged hands at $2.18. The coin hit a low and a peak of $2.09 and $2.34 in the past 24 hours. Ripple’s coin recorded only $30.34 million worth of liquidations, despite which the price slumps.
SOL Price Loses 8%
SOL price lost nearly 8% value as of press time and closed in at $127.5. Its intraday bottom and peak were $124.38 and $139.73, respectively. Solana recorded $26.6 million worth of liquidations in the past 24 hours, with its price dipping in tandem with the broader trend.
Meme Crypto Market Also Wanes
Dogecoin (DOGE) price fell 10% in the past 24 hours and traded at $0.1718. Shiba Inu (SHIB) price cracked 4% and exchanged hands at $0.00001208. Pepe Coin (PEPE) and TRUMP crashed over 9% and are sitting at $0.000005960 and $10.97, respectively. Leading meme coins also sink in sync with the broader market trend.
Top Gainers In Crypto Market Today
Some tokens have defied the broader market trend to trade in the green zone today. These are:
Story (IP)
Price: $5.23
24-Hour Gains: +9%
UNUS SED LEO (LEO)
Price: $9.83
24-Hour Gains: +0.5%
Top Losers In Crypto Market Today
JasmyCoin (JASMY)
Price: $0.01363
24-Hour Loss: -15%
Injective (INJ)
Price: $9.66
24-Hour Loss: -13%
Render (RENDER)
Price: $3.05
24-Hour Loss: -12%
Overall, the current market action has pushed investors to stay cautious despite pro-crypto advancements in the U.S. However, some market experts sighed in relief as the U.S. government announced it wouldn’t sell the nearly 200,000 Bitcoins acquired by Silk Road and would include it in its reserve, negating mass sell-off concerns. On the other hand, whales continue to buy the dip, sparking contrary market speculations as a sustained volatile trend prevails despite broader crypto advancements.
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.
Ethereum’s rough patch is expected to continue into the future, exacerbated by Bitcoin and Solana functionalities. Ordinals co-founder Casey Rodarmor noted that Bitcoin’s prestige and Solana’s speed could be the final nail in Ethereum’s coffin.
Bitcoin and Solana Threaten Ethereum’s Rise
While Ethereum’s recent decline has left investors in shock, the Ordinals co-founder Casey Rodarmor has proffered a theory for the asset. In a post on X (formerly Twitter), Rodarmor disclosed that the duo of Bitcoin and Solana negatively affects Ethereum.
Rodarmor says Bitcoin’s age and first-mover advantage gives it a keen advantage over Ethereum’s claim as “better money.” Conversely, Rodarmor says Solana is living up to its reputation as an ETH killer, improving on a range of metrics.
“Ethereum is getting squeezed by Bitcoin and Solana,” said Rodarmor. “Ethereum has nowhere to go.”
Rodarmor hinged Solana’s speed and scalability to its “centralization,” sparking a reaction from Solana cofounder Anatoly Yakovenko. Yakovenko downplayed Solana’s decentralization claims while pointing accusing fingers of centralization at Rodarmor.
Bitcoin has enjoyed a streak of positives including the executive signing of the Strategic Bitcoin Reserve while Solana is gearing up for a potential ETF approval.
ETH Continues To Falter In Troubling Fashion
Ethereum’s on-chain indicators are painting a sorry picture for the largest altcoin. After falling below $2,000, analysts say the possibility of ETH falling to $1,000 is highly likely.
After losing over 6% over the day, the asset is trading at $2,045, triggering a resistance by investors to buy ETH. However, whales continue to scoop ETH at a discount while institutional interests inch forward.
Sonic Labs co-founder Andre Cronje attempted to rationalize Ethereum’s underperformance, citing a boatload of Layer 2 projects dumping the assets. For Cronje, a below-par user experience contributes to waning interest in Ethereum with rising competition from newer blockchains. Cronje shut down speculation that he could buy ETH, noting that the project’s roadmap and lack of clear representation are major stumbling blocks.
“Hell, I don’t invest, but if I did, I would choose Solana, Tron, and XRP over ETH,” remarked Cronje.
Aliyu Pokima
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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