Altcoin
Coinbase Suspends Trading For These Two Crypto, Prices Fell 15%
Crypto exchange Coinbase in a surprising move on Friday announced suspending trading for Enjin Coin (ENJ) from mid-June. As a result, ENJ price tumbled 10% in a few hours, with the fall extending to over 13% in the last 24 hours. The crypto exchange also announced a suspension of trading for Metal (MTL), causing a more than 8% fall in prices.
Coinbase Announces ENJ and MTL Trading Suspension
In the latest posts on X on May 31, Coinbase said it will suspend trading for Enjin Coin (ENJ) based on recent reviews. Users will not be able to trade Enjin Coin (ENJ) from around 2 PM ET on June 14.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards,” said Coinbase, citing reasons for the suspension.
Notably, trading will be suspended on Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime, and Native DEX. This indicates an overall takedown of Enjin Coin from the crypto exchange, sparking concerns among ENJ holders as they panic sell their tokens.
Coinbase also stated that it has moved ENJ order books to limit-only mode. This would allow limit orders to be placed and canceled, and matches may occur.
ENJ price dropped more than 15% in the last 24 hours, with the price currently trading at $0.3101.
Also Read: Mt Gox $10B Bitcoin Distribution Won’t Affect BTC Price: Details
Metal Dao (MTL) Price Plunges 9%
Coinbase asked users to transfer their MTL tokens to a self-custodial wallet that will support MTL V2 by June 23rd at 11 PM ET to ensure access to the airdropped assets. “If you do not transfer your MTL assets by this date, you will not be able to access the V2 assets,” the exchange asserts.
Coinbase will not support MTL token airdrop. It will suspend trading for Metal DAO (MTL) at 2 PM ET on June 14. The exchanges has moved MTL order books to limit-only mode, similar to Enjin Coin (ENJ).
MTL price fell 9% in the past 24 hours, with the price currently trading at $1.77. The 24-hour low and high are $1.76 and $1.92, respectively. Furthermore, the trading volume has decreased by 42% in the last 24 hours, indicating a decline in interest among traders.
Also Read: Will Bitcoin, ETH, SOL, XRP, SHIB Prices Set to Rally in June as CPI & PCE Inflation Cools
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.
A significant Ethereum whale is on the brink of liquidation due to the ongoing decline in ETH prices. This whale has deposited 12,374 ETH to Compound and borrowed $31.4 million in stablecoins. If Ethereum’s price drops to $2,984, the whale’s long positions will be liquidated.
Currently, Ethereum is trading at $3,124, down from the $3,500 zone earlier this week. This 10.42% decline since Monday has intensified concerns about the whale’s potential liquidation. The situation worsened today with a 3.03% drop, followed by a marginal rise and another 3.09% decline.
Ethereum and Bitcoin Prices Drop Sharply
The crypto market is seeing significant activity among large holders amid this price downturn. Another whale recently acquired 9,425 ETH worth over $30 million from Binance. This fresh wallet also purchased a variety of other cryptocurrencies, totaling $120 million in altcoins.
As the market declines, the whale who is long $ETH is on the verge of liquidation!
He deposited 12,734 $ETH($40M) to #Compound and borrowed $31.4M stablecoins, with a health rate of only 1.06.
When the price of $ETH drops to $2,984, he will be liquidated.
Address:… pic.twitter.com/lP9877HjCJ
— Lookonchain (@lookonchain) July 4, 2024
This large acquisition includes BNB, MATIC, LINK, AVAX, and top meme coins like Shiba Inu, Dogecoin, Pepe Coin, and Floki. The ETH purchase was the largest among these transactions. These moves are drawing attention as they occur during substantial market volatility.
Ethereum’s price drop is closely following Bitcoin’s recent decline. Bitcoin has been falling sharply since Monday, driven by sales from major players and miners. Analyst Charles Edwards noted that long-term Bitcoin holders are actively selling their BTC.
Glassnode data shared by Edwards indicates a 374,000 Bitcoin negative flow. This translates to approximately $24 billion worth of Bitcoin being dumped on the market. Additionally, the U.S. and German governments have recently sold significant amounts of Bitcoin and Ethereum.
Also Read: Dogecoin Whale Bags 90M Tokens Amid Market Crash, What’s Next For DOGE?
ETH Price Drop Could Trigger Liquidations
The potential liquidation of a giant Ethereum whale could have broader market implications. If Ethereum’s price falls to the critical $2,984 level, it may trigger further sell-offs. This could exacerbate the current downtrend and lead to more liquidations.
The ongoing selling pressure from Bitcoin is also affecting the overall market sentiment. As major holders and governments offload their assets, it creates additional downward pressure. Investors are closely watching these developments to gauge the market’s next moves.
Market analysts are providing varied perspectives on the situation. Some believe the whale’s liquidation risk underscores the fragility of highly leveraged positions. They argue that such scenarios highlight the importance of risk management in volatile markets.
Others are focusing on the broader market dynamics at play. They point to the influence of Bitcoin’s performance on Ethereum and other cryptocurrencies. As Bitcoin faces significant sell-offs, it drags down the entire market, including Ethereum.
Also Read: US Government Shifts $14M Bitcoin Amid $BTC Dip, New Selloff Incoming
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 recent buzz of the P2E (play to earn) crypto sector, Hamster Kombat, a Telegram-based game, has continued amassing investor attention. Notably, as the token’s airdrop looms to take place this month, the Hamster Kombat community has recently posted on X, sparking discussions across the global crypto community.
In its post dated July 4, the community raised questions about when the launch, airdrop, and token generation will take place. The post has promptly attracted the attention of noteworthy prominencies.
Hamster Kombat Airdrop
With its post on X, the Hamster Kombat community sparked discussions around “wen launching?; wen airdrop?; wen TGE?.” Moreover, discussions also involved what the community was cooking for future developments.
Intriguingly, Azara.ton, a Co-builder at Ton France, also posted showcasing a sense of trust in the P2E project. These chronicles, collectively, have added an optimistic tint to the upcoming crypto on the TON blockchain.
CoinGape Media previously reported that the Telegram project plans its TGE and rolling out in-game token utility this month. However, the global community has yet to witness an official announcement from the project.
Also Read: Crypto Crackdown By South Korea To Delay Global Crypto Market Recovery, Here’s Why
Hamster Kombat P2E
Meanwhile, the Telegram game continues to garner attention among market participants across the globe. The gameplay mandates a user to complete 10 levels with their hamsters, reaching from bronze to the “Lord” level.
Completing this promises rewards with the upcoming airdrop, which the project says is underway.
In-game features include buying cards for passive income opportunities. These cards, varying from Markets, PR & Team, and many others, ‘mine’ the coins earned in-game for reward facilitation. Moreover, the game also offers attractive features like daily rewards, further magnetizing users globally.
Meanwhile, the community’s Telegram page spotlighted that Pavel Durov, founder and CEO of Telegram, also started playing the game. These developments, collectively, have echoed optimism for the P2E project across the crypto sector.
Also Read: Dogecoin Whale Bags 90M Tokens Amid Market Crash, What’s Next For DOGE?
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.
In an unprecedented development witnessed amid the broader crypto market’s phenomenal crash today, a Dogecoin whale turned heads with its massive accumulation. Recent on-chain insights reveal that a whale bagged a whopping 90 million DOGE from the Binance crypto exchange.
This accumulation has glimmered hope for Dogecoin’s future price endeavors despite its recent dip to the $0.11 price level. So, let’s delve deeper into the accumulation and DOGE’s current market dynamics.
Whale Bags 90M Coins Igniting Optimism
According to the insights provided by the blockchain tracker Whale Alert, 90 million DOGE tokens, worth $10 million, was accumulated by the whale address DGmzv39riE. This accumulation underscored the whale’s undeterred sense of confidence in the asset.
Crypto market whales are large-scale investors who market participants closely monitor to judge market mood, risks, and sentiment. Notably, massive accumulations usually add a bullish tint to a coin’s future prospects.
Further, as per data by Blockchair, the abovementioned address held a whopping 1.42 billion DOGE, worth $157.30 million. This data weighs the balance towards the bullish side for Dogecoin, as, despite the recent crash, the whale has refrained from selling. This could also mean that further price pumps may be imminent, as the correction is a short-term part of the ongoing bull run.
Simultaneously, at press time, DOGE remained in the negative territory despite the buying pressure brought upon the whale.
Also Read: Crypto Crackdown By South Korea To Delay Global Crypto Market Recovery, Here’s Why
DOGE Price Pullback, What’s Next
As of writing, the DOGE price chart showed signs of a pullback, tanking 7.08% to $0.1101. Its 24-hour lows and peaks were recorded as $0.1103 and $0.1196, respectively.
It is worth noting that Dogecoin corrected 10.46% over the past week, whereas the monthly chart showed a 30% crash. This slumping action comes in line with the broader market volatility.
Besides, a recent analysis by CoinGape Media spotlighted that an extended bearish movement could pave the road for DOGE to hit the $0.1 support level. Nonetheless, the whale accumulation has sparked riveting market sentiments, pushing Dogecoin market participants onto a hot seat.
Coinglass data added on to this uncertainty as DOGE’s Futures OI dipped 3.42% to $578.21 million, whereas derivatives volume upsurged 64.80% to $1.64 billion. This data hinted at uncertain investor sentiments prevailing in the market.
Also Read: Ripple Vs SEC Update — Lawyers Reveal How SEC’s Reply Impact Final Decision
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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