Altcoin
Here’s Why ETH, SOL, XRP, DOGE, & PEPE Prices Are Falling
Crypto Market Selloff: The digital asset space witnessed a sharp decline today, with the majority of altcoins failing to maintain a positive momentum. While Bitcoin price stayed near the bay, major altcoins and meme coins like Ethereum, Solana, XRP, Dogecoin, Pepe Coin, and others, have witnessed a selloff today. So, let’s take a look at the recent market developments and see the potential reasons behind the recent selloff.
Crypto Market Selloff: Why Are Altcoins Witnessing A Slump Today?
A flurry of reasons could be behind the recent plunge in the crypto market, especially among the altcoins. Here we explore some of the top reasons behind the recent selloff.
Whales Booking Profit
The crypto market has witnessed robust gains over the past few days, with soaring anticipation over the Spot Ethereum ETF and other regulatory developments in the space. In addition, the pro-crypto sentiment amid the U.S. Presidential election buzz has also bolstered the sentiment of the market watchers.
Considering that, several investors seem to be shifting their focus towards the profit-booking strategy due to the recent surge. For context, a notable Ethereum whale transaction has raised eyebrows today.
According to the report, whale address 0xAeb…AED31 moved 4062 Ethereum from Lido to Binance, signaling a potential profit of $3.12 million upon sale. This move follows a trend where the whale previously shifted 18,446 ETH from Binance, ultimately selling a portion for a significant profit two months prior.
The transaction highlights whales potentially cashing out on substantial gains, contributing to market volatility. Such profit-taking activities by large holders often trigger selloffs among retail investors, underscoring the impact of whale movements on crypto markets.
Distinct Views Over Ethereum ETF
The Spot Ethereum ETF hype, especially after the regulatory nod by the SEC, has sent the Ethereum price higher over the past few weeks. However, despite the soaring optimism, several crypto market analysts have provided different outlook over the potential performance of the investment instrument.
While several market watchers are bullish on the Ethereum price following the start of the Ethereum ETF trading, some have argued a different picture. For context, some market pundits anticipate that the U.S. Spot Ethereum ETF will not get as much traction as the U.S. Bitcoin ETFs.
In addition, a recent report from the prominent research firm, Kaiko suggests that upon the Ether ETF launch, Ethereum may witness a $110 million outflow. Kaiko has suggested the scenario comparing it with the Bitcoin ETF trading, and due to significant outflow from GrayScale.
Also Read: Vanguard Receives Backlash Over Ethereum ETF Ban But There’s A Catch
Cautions In The Meme Coin Sector
According to recent reports, Ark Invest CEO Cathie Wood has provided a mixed outlook on the SEC’s stance on the ETF approval process. Cathie Wood suggests that the regulatory nod for the Ethereum ETF could be only due to the U.S. election issue.
In addition, she also said that although an ETF for Solana might get approved by the SEC, but meme coins ETF are unlikely to follow the same path. Amid this meme coins like Dogecoin, Shiba Inu, Pepe Coin, and others, have noted sharp declines today.
On the other hand, the recent surge in meme coins has also provided a profit-booking opportunity for the crypto market participants. According to a recent report by Lookonchain data, a whale has deposited 660.7 billion of Pepe Coin, worth $9.52 million, to Binance today.
Notably, Pepe Coin has reached a new high recently, and it allowed the whale to book a profit of $4.95 million with his recent selling, with an ROI of 52%. According to IntoTheBlock data, 90% of the PEPE holders are now in profit, making it one of the most “profitable among major meme coins”.
Crypto Market Performance
The crypto market has been volatile lately, with investors seeking more clarity on the sector. In addition, the recent surge in crypto prices, especially meme coins, has provided an opportunity to liquidate the holdings to book substantial profit for the investors.
As of writing, the global crypto market cap was down about 2% to $2.51 trillion, after reaching $2.57 trillion over the last 24 hours. Talking about the individual cryptos, Ethereum price was down 2.51% to $3,716.64, while Solana price witnessed a slump of 2.37% to $165.12.
According to CoinGlass data, 72,546 traders were liquidated in the last 24 hours, with the total liquidation amount totaling $155.26 million. Over the last 24 hours, Ethereum has noted a liquidation of $26.82 million, with long-liquidation at $18.60 million, and short liquidation at $8.22 million.
Also Read: XRP Is Primed For A Breakout, Ex-Ripple Director Predicts
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.
American multinational investment management company Franklin Templeton has made global headlines this Wednesday by revealing that it is eyeing a crypto ETP launch in Europe. The company with over $1.5 trillion in AUM (Assets Under Management) now follows the footsteps of its rivals BlackRock and 21Shares, who previously revealed similar plans for the region. Following its remarkable success in the U.S. with a Bitcoin ETF, this mover has echoed a notable market buzz, paving the way for further investor interaction with the digital asset class.
Franklin Templeton Considers Crypto ETP Launch In Europe
According to an X post by Bitcoin Magazine on April 2, Franklin Templeton is considering launching Bitcoin and crypto ETP in Europe. With this decision, the asset manager is poised to join the fray alongside BlackRock and 21Shares to achieve such a feat in the region.
A company spokesperson revealed that while plans to launch a digital asset-backed ETP are not “immediate, “observing and keeping pace with the evolving regulatory framework in Europe and elsewhere to create those cryptocurrency products that best cater to our clients’ demands” remain vital. Also, they added, “We are constantly exploring the possibility of launching innovative products in all asset classes,” ETF Stream reported.
Franklin Templeton Follows BlackRock & 21Shares’ Footsteps?
Meanwhile, CoinGape recently reported that BlackRock also launched its iShares Bitcoin Trust in the same region. This ETP is featured on Xetra and Euronext Paris under the ticker IBIT, while investors can also find it on Euronext Amsterdam.
Additionally, asset manager 21Shares expanded its crypto ETP offerings in Europe the previous week. Reportedly, the asset manager launched Bitcoin, Solana, and XRP Exchange-Traded Products (ETPs) on Nasdaq Stockholm, enhancing regional investor participation for the digital asset class. Overall, the European crypto ETP scenario continues to take a paradigm-favorable shift as Franklin Templeton now joins the race, adding to institutional support in the region.
Bitcoin ETF Success In The U.S. Garners Attention
Simultaneously, it’s worth taking into account the prominent market success of Franklin Templeton Digital Holdings Trust (EZBC) in the U.S. Sosovalue data indicates that the asset manager currently holds net assets worth $428.52 million within its spot Bitcoin ETF holdings. The considerably large holdings in just a year of BTC ETF’s inception underline the trading products and the asset manager’s phenomenal success. This market capitalizing stand also fuels optimism for crypto ETPs launch in Europe, given the feat happens ahead.
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.
The SHIB community is once again surfing optimistic tides within the crypto realm with a staggering 12,000% uptick in the Shiba Inu burn rate and a key Shibarium milestone achieved lately.
On Wednesday, April 2, burn statistics signaled that over 115 million coins were removed from the circulating supply, whereas transactions on the Layer 2 blockchain scaled new heights by topping 1 billion. In response, crypto market participants are now eyeing a highly bullish future for one of the most renowned dog-themed meme tokens amid bolstered market dynamics.
Shiba Inu Burn Rate Soars Over 12,000%, Supply Takes A Blow
Data from the official tracker Shibburn indicated that the SHIB burn rate surged 12,278.89% in the past 24 hours. Per the data, this massive surge rode the back of 115.89 million tokens removed from the supply in just a day.
Notably, the burn mechanism permanently reduces the circulating supply by transferring tokens to a null address. As a response, traders and investors weigh bullishness on the asset’s future prospects by considering the law of supply and demand.
With today’s massive burn saga, the total number of coins killed to date reached 410.72 trillion SHIB. Meanwhile, 584.35 trillion tokens still remain in circulation. Further, it’s worth mentioning that the wallet address “0xc439514852e132c” single-handedly burnt 92.64 million tokens, aiding the surge.
The impact of the constant Shiba Inu burns has kept investors hopeful about a price rally ahead. On the other hand, the coin’s layer 2 blockchain, Shibarium, is making monumental strides.
Shibarium Transaction Volume Hits 1B
SHIB’s marketing lead Lucie further revealed on X that the transaction volume on the Layer 2 blockchain has crossed the 1 billion mark. This chronicle has added to the optimistic buzz orbiting the crypto as it underscores its network’s rising popularity.
Soon after its launch in August 2023, the L2 network gained significant traction with its vast offerings. Ranging from seamless transactions and gaming opportunities to utilities with tokens such as TREAT, LEASH, and BONE, the L2 network offers users top-notch services in the Web3 space. The rising transactions add to bullish market sentiments, accompanying the Shiba Inu burn rate upswing.
Is SHIB Price Gearing Up For A Rally?
Despite the bullish advancements, SHIB price traded down nearly 4% today, resting at $0.00001224. The meme coin hit a low and a peak of $0.00001214 and $0.00001312 in the past 24 hours. Besides, the weekly chart also indicated a 20% crash in value. This bearish action has kept investors cautious over future aspects despite the Shiba Inu burn surge and Shibarium advancement.
Simultaneously, a renowned crypto market trader going by the name Nebraskangooner revealed that SHIB continues to reject resistance just like other altcoins. Crypto market participants continue to thoroughly monitor the token, given that some market stats indicate a bullish stance whilst the price wanes.
Also, CoinGape reported that the coin’s lead developer, Shytoshi Kusama, shared a cryptic location update recently. The abovementioned chronicles are some of the most buzz-worthy Shiba Inu news lately.
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.
Pi Network seems to be losing ground as Pi Coin price continues to face strong selling pressure, dropping another 4% and slipping under $0.70. Furthermore, the PI trading activity in the ecosystem is also dropping, showing that the investors’ euphoria is fading away quickly. Also, the PI token unlocks happening over the past week and so have led to a negative sentiment.
Pi Network Faces Backlash Despite PiFest Announcement
Earlier today, the Pi Core team announced that the inaugural PiFest on the Open Network saw record participation, with over 125,000 registered sellers—including more than 58,000 active sellers—and 1.8 million Pioneers utilizing Map of Pi, while highlighting Pi’s real-world utility worldwide.
However, the community doesn’t seem to be pleased by this. Commenting on the reality of the PiFest, Dr. Altcoin noted: “Since the PiFest started, Pi trading activity in the Eco-system has been at its lowest. The only trade was selling Pi for Cash”. While slamming the core team further, Dr. Altcoin stated that the Pi co-founders “seem out of touch with the realities of the everyday Pi Community”.
Other community members have slammed Pi Core Team’s communication approach, stating that it has remained unchanged since the enclosed mainnet phase. Critics like Dao world argue that the monthly updates are too predictable and insufficient for sustaining a large and engaged community.
Community members are now advocating for a more transparent communication strategy, with calls for a new leadership figure who has a deep understanding of cryptocurrency.
Pi Network Reduces Base Mining Rate by 1.18% This Month
The Pi Network’s base mining rate has dropped by 1.18% this month, now standing at 0.0029030 π per hour. This adjustment continues the network’s trend of gradual mining rate reductions. Some community members speculate that the declining interest in mining may be linked to Pi’s current low trading value on exchanges.
Despite talks of the Pi Network listing on top crypto exchanges like Binance and Coinbase, it hasn’t fructified so far. However, the BTCC exchange stated that it has added the cryptocurrency for spot trading, but it failed to add any upward momentum to the Pi coin price.
Where’s Pi Coin Price Heading Next?
Over the past seven days, the Pi coin price has tanked by 20%, with the next crucial support levels at $0.60. Furthermore, the correction under $0.70 comes with heavy selling pressure as daily trading volumes tanked 52% to $148 million.
Pi Network is currently forming a classic falling wedge pattern, testing the lower boundary near $0.687. A confirmed breakout with volume above the $0.71–$0.72 range could signal a bullish move, potentially pushing the price toward $0.75–$0.78, where key resistance levels lie.
Some market analysts still have the hope that PI cryptocurrency could reverse the trajectory to hitting highs of $3 and above.
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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