Altcoin
40,000 Ethereum Withdrawn From Derivativees, Mpeppe Joins Altcoin Surge As ETH Whales Join Pump
The cryptocurrency market is no stranger to volatility, and Ethereum (ETH) has been at the center of it. Recently, Ethereum (ETH) whales have been quiet, leading to price stagnation, but the latest developments suggest that we might see a change. A large withdrawal of 40,000 ETH from derivatives platforms has drawn attention, signaling a potential rally. At the same time, Mpeppe (MPEPE), a decentralized casino project, is making waves in the altcoin space, attracting significant interest from ETH whales.
Ethereum Whales Quiet Since July: A September Comeback?
Since July, Ethereum (ETH) whales, who have historically influenced ETH’s price, have reduced their activity. On-chain data shows that addresses holding over 10,000 ETH have been either selling or redistributing their holdings, contributing to Ethereum (ETH)’s sluggish price performance. Between early July and mid-August, Ethereum (ETH) experienced a price surge from $2,930 to $3,485. However, ETH struggled to break through the $3,500 resistance level.
The inactivity of ETH whales has caused Ethereum (ETH) to trade sideways, hovering around $2,300 in early September. While many have speculated that Ethereum (ETH) could face a prolonged downtrend, the arrival of September, a month often associated with increased volatility, could signal a change. The big question is whether these whales will resume buying as the market approaches October, a month known for bullish trends in crypto markets, often referred to as “Uptober.”
Mpeppe (MPEPE) Joins Altcoin Surge: A Rising Star
While Ethereum (ETH) faces uncertainty, Mpeppe (MPEPE) is rising as a star in the altcoin space. Mpeppe (MPEPE), a decentralized meme coin with a twist, combines the fun of a meme coin with real utility—its decentralized casino platform. This unique combination has made Mpeppe (MPEPE) an attractive investment for both casual gamblers and serious investors.
Built on the Ethereum (ETH) blockchain, Mpeppe (MPEPE) allows users to stake tokens, gamble in a transparent and decentralized environment, and earn rewards. The platform’s provably fair games, recorded on the Ethereum (ETH) blockchain, offer users a secure way to participate in online gambling, a space traditionally dominated by centralized platforms.
Mpeppe (MPEPE)’s recent surge of 121% in value has caught the eye of ETH whales looking to diversify their portfolios. As ETH whales anticipate a potential recovery in Ethereum (ETH)’s price, many are also turning to Mpeppe (MPEPE) for more immediate gains, making it one of the standout projects in the altcoin rally.
Ethereum’s Network Growth and Price Predictions
Despite the inactivity of ETH whales, Ethereum (ETH) has seen a surge in network activity. On September 9, Ethereum (ETH) experienced the creation of over 126,000 new wallets, marking the highest level of network growth in nearly four months. This sudden spike in wallet creation pushed Ethereum (ETH)’s price briefly back up to $2,300, signaling increased demand for the asset.
However, this surge in user activity may be short-lived, as the number of new wallets has since fallen to around 30,400. This decline suggests that Ethereum’s price boost may not be sustainable in the short term. On the retail side, analysts have identified key resistance levels for Ethereum (ETH) at $2,384, $2,278, and $2,149, suggesting that Ethereum (ETH) could struggle to break through these barriers without renewed whale activity.
Currently, the Balance of Power (BoP) indicator shows stronger selling pressure, which could lead to a reversal of Ethereum (ETH)’s recent gains. If sellers continue to dominate, Ethereum’s price could fall to $2,278, with further selling pressure potentially pushing it down to $2,149.
However, this outlook could quickly change if ETH whales resume significant buying. A renewed interest from these large holders could trigger a rally that pushes Ethereum (ETH) toward the $2,645 mark. Investors are keeping a close eye on whale activity, knowing that a sudden surge in buying could reverse Ethereum’s current downtrend.
Mpeppe’s Role in the Altcoin Rally
As Ethereum (ETH) whales consider their next move, many are looking at Mpeppe (MPEPE) as an exciting opportunity to diversify their holdings. The recent 40,000 ETH withdrawal from derivatives platforms suggests that whale investors may be preparing for a significant move, and Mpeppe (MPEPE) is emerging as one of the leading contenders in the altcoin market.
Mpeppe (MPEPE)’s decentralized casino platform, combined with the viral appeal of meme coins, makes it a unique and attractive project in the current market. As Ethereum (ETH) struggles with price resistance, Mpeppe (MPEPE) offers ETH whales a chance to invest in a project with high growth potential, both as a speculative investment and a utility-driven platform.
With Mpeppe (MPEPE)’s launch on Uniswap, ETH whales and retail investors alike are flocking to the platform, eager to take part in its decentralized gambling ecosystem. The combination of fun, financial rewards, and transparency has positioned Mpeppe (MPEPE) as a key player in the altcoin rally.
Conclusion: Ethereum Whales and Mpeppe’s Bright Future
While Ethereum (ETH) has faced price stagnation in recent months, the latest developments suggest that whale activity may soon pick up, potentially leading to a price rally. At the same time, Mpeppe (MPEPE) is riding the altcoin surge, attracting attention from ETH whales and retail investors alike.
As Ethereum continues to face resistance at key levels, Mpeppe’s decentralized casino platform offers a unique alternative for investors looking to capitalize on the altcoin rally. With its fun and functional approach, Mpeppe (MPEPE) is well-positioned to be one of the standout projects of 2024, making it a must-watch for both Ethereum holders and new investors.
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A renowned crypto analyst caused a huge market stir by forecasting a highly bullish outlook for Dogecoin price this Thursday. Market expert Ali Martinez revealed that a roughly 250% rally for the dog-themed meme coin to the $0.5 level looms. However, this bull run is possible given that the meme token holds above key support at $0.16. DOGE price exchanged hands at $0.1662 as of press time, igniting optimism over a rally ahead.
Dogecoin Price Eyes Over 250% Gains; Top Analyst Highlights Conditions
Ali Martinez on April 3 revealed that the $0.16 price level presents itself as a ‘make-or-break’ point for Dogecoin price via a post on X. According to him, if the price holds this level, a potential rally to $0.57 awaits, which is up nearly 256% from the current level.
However, failing to hold this level could result in a drop to $0.06, per the analyst. As a result, the key support level remains much-eyed by market watchers as the meme coin currently trades near it.
As mentioned above, the price is trading at $0.1662 with an intraday loss of over 3%. It bottomed and peaked at $0.1624 and $0.1787 over the past day, preventing losing support of $0.16. In an upshot, market watchers eye the token optimistically, expecting a sustained movement and thereby, a rally.
What Are The Next Resistance Levels For Dogecoin Price?
In another X post shared previously, the same analyst highlighted vital resistance levels for the dog-themed meme coin. Notably, the price faces two key resistance barriers at $0.18 and $0.21.
A sustained breakthrough above these resistance levels paves the way for a +250% bull run for DOGE price. In the wake of these price dynamics, crypto traders and investors are now glued to the meme coin’s price chart and await a trajectory shift.
Derivatives Data Sparks Speculations
However, Coinglass data has sparked contrary investor speculations by showcasing a decline in futures OI. DOGE futures OI was down over 3% to $1.56 billion today. This stat underscored slightly reduced investor interest in the meme token despite bullish predictions. Besides, the derivatives volume witnessed a 40% jump to $5.24 billion, adding a layer of intrigue to the market sentiment.
Crypto market traders and investors expect short-term volatility amid the dynamic market stats, whilst long-term prospects remain bullish. Also, a Dogecoin price prediction by CoinGape revealed that the technical chart on the weekly time frame showcases a bullish engulfing pattern. This formation suggests a strong momentum favoring buyers. Overall, broader market sentiments orbiting the meme coin remain bullish.
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.
As Binance’s Vote to List initiative kicks off, the exchange has turned its back on Pi Network for the second time. Binance is proceeding with the decentralized listing program but Pi Network is noticeably absent from the raft of cryptocurrencies.
Pi Network Fails To Make Binance List
Pi Network enthusiasts are in limbo following the absence of the token in Binance’s Vote to List initiative. According to a press release, Binance has opened voting for its second Vote to List initiative.
This time, 12 tokens are up for community voting, with Binance proceeding to spot-list successful tokens. Apart from vote count, Binance says it will consider trading demand, a risk assessment, and a compliance check to decide on tokens that will make the listing.
The selected tokens include VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. While the first focused on memecoin, the second iteration beams a searchlight on utility tokens cutting across several verticals.
Back in March, Binance excluded Pi Network from its first edition of the Vote to List initiative. Binance has clarified that only BNB-based projects will be allowed to participate in the Vote to List initiative, dousing optimism for Pi Network enthusiasts.
When Will Binance List The Asset?
Despite Pi missing out on the Vote to List program, there is still a ray of hope for community members. Binance can list Pi via a direct listing in the future but a timeline is unavailable.
Experts say a lack of transparency by The PiCoreTeam (PCT) is a reason why Binance has not listed Pi Network. Particularly, the exchange took swipes at the PCT for failing to give proper disclosures on the Pi Network’s locking and burning mechanism.
Pi Network secured a major listing on the BTCC Exchange, bringing the token closer to being listed on mainstream exchanges. While a listing hovers on the horizon for Pi, the PCT’s domain auction is gathering steam with over 200,000 bids.
Pi price has been largely underwhelming over the last day, losing nearly 5%. Pi trades at $0.6646 to drop below the $0.7 mark for the first time in over a month.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Following a reserve crisis that hit TrueUSD and Justin Sun’s intervention, First Digital Trust denied claims of insolvency. The Trust, at the center of the fiasco, says it is fully solvent while accusing Sun of sensationalism.
First Digital Trust Refutes Allegations Of Insolvency
First Digital Trust has released a statement debunking allegations of financial impropriety and insolvency. According to the statement, First Digital Trust says it is completely solvent while accusing Justin Sun of falsehood.
The Trust has been at the center of a whirlpool of a liquidity crisis involving TrueUSD (TUSD) with Justin Sun stepping in to stabilize the stablecoin with a capital injection. The Tron founder launched a tirade against the Hong Kong-based trust, accusing it of financial mismanagement including unauthorized trade finance loans.
“The recent allegations by Justin Sun against First Digital Trust are completely false,” read the statement.
The Trust disclosed that its FDUSD stablecoin is solvent and backed by US Treasury Bills. Per the statement, the legal dispute surrounding TUSD has nothing to do with FDUSD, accusing Sun of a smear campaign. First Digital Trust says it has not had the opportunity to defend itself in court, accusing Sun of launching social media attacks.
“This is a typical Justin Sun smear campaign to try to attack a competitor to his business,” added First Digital Trust.
Justin Sun Maintains His Stance
Justin Sun remains firm in his resolve that First Digital Trust is insolvent while urging investors to cut ties with FDUSD. He warns that the Trust founder Vincent Chok will face the full wrath of the justice system.
“First Digital Trust (FDT) is in fact insolvent,” said Sun. “If you have any relationship with it, please cut off contact as soon as possible to protect your assets.”
Following his accusations, FDUSD lost its peg and traded at a low of $0.88, a steep drop before crawling to $0.98. The loss of $130 million from its market capital has rattled investors with critics taking swipes over its de-pegging.
The Tron founder has covered every blade of grass in recent days, buying $75M of the Trump memecoin. Last week, Justin Sun weighed in on TRX’s halving proposal, supporting a proposal to mirror Bitcoin’s pattern.
The stablecoin drama comes as the US is inching toward tighter stablecoin regulation with the GENIUS Act and STABLE Act.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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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