Altcoin
Altcoins To Avoid Trading As $270M Token Unlocks Loom
In the coming week, the crypto market will witness a significant token unlock event, with Sui (SUI) being one of the major tokens affected. The next week will see token unlocks worth $270 million. Moreover, other altcoins like Solana (SOL), Worldcoin (WLD), and Zetachain (ZETA) will also be affected. Hence, traders could avoid trading these tokens in the upcoming week to avert some degree of risk.
Overview of Upcoming Altcoin Token Unlocks
On September 1, 64.19 million SUI tokens will be unlocked, amounting to $51.60 million in value. This release represents 2.47% of the token’s circulating supply. Given the substantial amount of tokens entering the market, SUI could face downward pressure as some investors may choose to sell their holdings. This could potentially lead to a decrease in its market price.
On September 6, ImmutableX (IMX) is set to unlock 32.47 million tokens, valued at $47.41 million, according to TokenUnlock. This unlock accounts for 2.06% of IMX’s circulating supply. The influx of these tokens could create volatility in the altcoin market, as the increased supply may not be immediately met with demand. It could potentially cause a short-term price decline.
ZETA will also experience a notable token unlock on September 1. The unlock will see 53.89 million tokens being released, worth $26.63 million. This represents a significant 15.71% of its circulating supply. The large proportion of tokens being unlocked could lead to substantial market movements, especially if a significant number of holders decide to liquidate their assets.
Taiko (TAIKO) is scheduled to unlock 12 million tokens on September 5, valued at $20.04 million. This release constitutes 19.02% of its circulating supply, making it one of the more impactful token unlocks of the week. The significant increase in supply could potentially destabilize altcoin’s market value, especially if the market is unable to absorb the additional tokens quickly.
Other Tokens Awaiting Unlock
On September 1, dYdX (DYDX) will have 8.33 million tokens unlocked, worth $7.89 million. This unlock represents 3.67% of its circulating supply. Although the percentage of circulating supply being unlocked is lower compared to some other tokens, DYDX could still experience price fluctuations due to the sudden increase in supply.
Lastly, Mode (MODE) will undergo a massive token unlock on September 6, with 500 million tokens being released into the market. This unlock is valued at $6.45 million and represents a staggering 38.46% of its circulating supply. The sheer volume of altcoin being unlocked could result in significant selling pressure, making MODE particularly vulnerable to price volatility during this period.
In addition to these large token cliffs, several top altcoins will experience daily linear unlocks, further contributing to the market’s dynamics. For example, Solana will see daily releases of 66.54K tokens, with a daily value of $9.31 million. Whilst, Polkadot (DOT) will experience daily unlocks of 441.35K tokens, worth $1.88 million. NEAR Protocol (NEAR) and SEI will also see daily token unlocks, which could add to the overall market supply and potentially influence prices.
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.
Altcoin
Dogecoin Code Appears In CyberTruck And Model 3 Website, Will Tesla Accept DOGE Payments For Cars Soon?
Dogecoin enthusiasts recently reignited discussions on the meme coin’s future after an observation shared on the social media platform X. KrissPax, a Dogecoin enthusiast, highlighted a curious detail that showed that DOGE is the only cryptocurrency currently embedded in the payment code for Tesla’s Cybertruck and Model 3 vehicles. Interestingly, this plays into the current bullish sentiment surrounding DOGE and rumors about Tesla’s plans to officially accept DOGE as a payment method.
Dogecoin Code In Tesla’s Payment: A Long-Standing Detail Revisited
The inclusion of Dogecoin in Tesla’s payment infrastructure has been known for some time, but the timing of its renewed focus has drawn attention. Notably, it comes during a notable price correction for the meme cryptocurrency.
Back in October 2023, reports surfaced about mentions of DOGE in the source code of Tesla’s Cybertruck checkout page. Particularly, crypto influencer MartyParty identified over 50 references to Dogecoin within the code.
However, the renewed interest stems from a recent post by Dogecoin enthusiast KrissPax on the social media platform X. He highlighted the presence of a DOGE code in Tesla’s payment systems, stating:
“Just remember, there is Dogecoin in the Cybertruck and Model 3 Tesla payment codes. Not any other crypto – just Dogecoin. Just waiting for Tesla to turn this option on!”
Although Tesla’s Cybertruck has since been launched, this year, the DOGE payment feature has not yet been activated. Nonetheless, its presence in the code suggests that Tesla is keeping the door open to allow DOGE transactions in the future.
What Does This Mean For DOGE?
Tesla CEO Elon Musk has long been a vocal supporter of Dogecoin, often relaying its use for everyday transactions. His enthusiasm for DOGE has been evident through numerous public endorsements, including Tesla’s decision in January 2022 to start accepting DOGE as payment for select merchandise. This endeavor created some sort of utility for DOGE, which is known for its meme status.
However, a final integration of DOGE as a payment method for Tesla cars would be the final straw in the electric vehicle maker’s creation of utility for the meme coin. A move of such magnitude would not only improve Dogecoin’s adoption but also open it up to another path of inflows, which would in turn benefit its price growth. Furthermore, other companies could follow in the footsteps of Tesla and make DOGE a payment method.
Interestingly, such a move would not be the first time Tesla accepted crypto payments for its vehicles. Back in 2021, Tesla started allowing customers to use Bitcoin as a form of payment. However, the initiative was short-lived, as Tesla discontinued Bitcoin payments just months later due to environmental concerns over the growing energy consumption of Bitcoin mining and transactions.
At the time of writing, the Dogecoin price is trading at $0.3842, down by 0.92 and 1.69% in the past 24 hours and seven days, respectively.
Featured image created with Dall.E, chart from Tradingview.com
Altcoin
5 Key Indicators To Watch For Ethereum Price Rally To $10K
The Ethereum price has surged more than 7% recently, with recent indicators hinting towards a potential ETH rally to $10K ahead. Notably, the recent surge also indicates a bullish momentum for the crypto ahead. So, here we explore some of the top indicators that could propel an ETH price surge ahead.
5 Indicators To Watch For Ethereum Price Rally Ahead
A recent X post from top on-chain analytics platform IntoTheBlock highlighted that Ethereum often follows Bitcoin’s rallies. While mixed signals exist, certain metrics suggest optimism. The platform noted that whales continue accumulating ETH, indicating confidence in the asset’s long-term growth. Increased transaction volumes and minimal selling pressure from holders are also contributing to Ethereum’s positive outlook.
In addition, one critical indicator is daily transactions, which recently rose to 1.22 million from 1.1 million three months ago. This slight uptick reflects growing network activity and rising demand for Ethereum.
Another key metric is large holder netflow, which tracks the buying activity of whales. When whales accumulate, it reduces sell-side pressure and supports price appreciation. Short-term holder behavior also warrants attention.
Meanwhile, increased activity among short-term investors often aligns with heightened retail interest. The holding time of transacted coins is another bullish sign. A steady hold time suggests that long-term investors are retaining their assets, keeping supply constrained as demand grows.
Lastly, exchange flows reveal sentiment trends. Significant outflows from exchanges typically indicate accumulation, signaling confidence among investors.
ETH Rally To $10K Imminent?
ETH price today was up nearly 8% and exchanged hands at $3,343, while its one-day trading volume rocketed 61% to $45.19 billion. In addition, Ethereum Futures Open Interest also rose more than 13%, indicating a strong market confidence towards the crypto.
Amid this, a top crypto market expert predicts ETH price to hit $10K in the coming days, sparking market speculations. However, despite that, a recent Ethereum price analysis hints that the top altcoin should soar past the $4K mark, before its further rally.
Having said that, a flurry of crypto market experts anticipates the crypto to continue its rally in the coming days. In addition, as BTC hits a new ATH recently, the market pundits expect the altcoins to follow suit, especially amid soaring optimism towards a clear regulatory path after Donald Trump’s election win.
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.
Altcoin
Agency Reiterates “Digital Assets Securities” As XRP Eyes $2
Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) hinted at “digital asset securities” claims amid the appeal in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation and the end of XRP lawsuit during Donald Trump’s presidency.
US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit
In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”
“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”
Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.
Here we go again “digital asset securities.”
Unbelievable. https://t.co/vqCbEJ9PNh— MetaLawMan (@MetaLawMan) November 20, 2024
The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.
Will XRP Lawsuit Get Dismissed?
The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.
Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.
Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1.
XRP Price Rally to $2
XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.
Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted a target of $2.
XRP price jumped over 1% in the past 24 hours and 60% in a week, with the price currently trading at $1.13. The 24-hour low and high are $1.07 and $1.15, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.
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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