Altcoin
Dogecoin Whale Offloads 120M Coins To Robinhood, DOGE Price At Risk?
In the background of Dogecoin’s recent rising price action, a whale has been recorded offloading massive amounts of the dog-themed meme coin, causing a stir in the crypto community. A staggering 120M DOGE tokens, per on-chain data surfacing within the market, were dumped to the Robinhood exchange by an unknown whale today, May 18.
This transfer has ignited speculations over DOGE’s future price trajectory, as crypto market participants view this dump as a not-so-optimistic event. Here’s a detailed report on Dogecoin’s current market statistics and the reasons behind crypto investors’ recent cautious stance towards this asset.
120M DOGE Whale Transfer Sparks Investor Concerns
According to the insights offered by Whale Alert, an on-chain analytics platform, 120 million DOGE, worth $18.55 million, was noted to have been dumped by the unknown address DDuXG to the Robinhood crypto exchange. Notably, this transfer comes amid a recent rising price action witnessed by DOGE, signaling potential profit-taking behaviors by the wallet address.
Meanwhile, upon further investigation, it was found that the same address was noted to have accumulated 226 million DOGE from Robinhood last month, when DOGE traded near the $0.13 price level. This underscores notable gains nabbed by the crypto whale with the abovementioned transfer, as the price currently sits at the $0.15 level.
With nearly 50% of the DOGE accumulated still remaining with the address, crypto market participants expressed hope for Dogecoin’s price action ahead. Simultaneously, despite the considerable selling pressure encountered by Dogecoin due to the abovementioned transfer, the meme coin traded in the green.
Also Read: Ripple Spotlights $865M XRP Volume Amid SEC Lawsuit: Report
DOGE Price Soars
As of writing, Dogecoin’s price noted an uptick of 3.65% in the past 24 hours and is currently trading at $0.1561. Its 24-hour lows and highs are $0.1495 and $0.1569, respectively.
The largest meme crypto by market cap, resting at $1.10 billion, has defied market expectations of a slump in price with significant token dumps on exchanges. This has, in turn, birthed speculations over the potential of meme-based investment products to offer investors gains.
Meanwhile, Coinglass data showed a 7.06% jump in DOGE’s OI to $869.93 million, followed by a 7.10% dip in derivatives volume to $1.44 billion. Underscoring mixed sentiments among investors, potentially due to speculative trading, this data further enigmatizes the token’s future price movements.
Besides, the RSI (Relative Strength Index) hovered at 52, indicating that the asset is neither overbought nor oversold.
Also Read: Spot Bitcoin ETFs Net $1.3B in May, Reversing April’s $344M Outflows
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 Solana-based DEX (Decentralized Exchange) Jupiter (JUP) has recently captured noteworthy attention across the crypto space. Despite the broader crypto market’s bearish movement today, July 4, the JUP token has amassed optimism over future price movements.
Notably, Upbit, a well-known South Korean crypto exchange, has added support for the Solana DEX’s native token on its platform. This mover stages as an optimistic factor and is expected to bolster the token’s future price movements.
South Korean Exchange Unveils Listing
According to the official statement revealed by the Ubit crypto exchange, JUP trading is to commence today. The available pairs are JUP/USDT, JUP/BTC, and JUP/KRW.
Deposits and withdrawals will commence two hours after the official statement is revealed. The network for deposits and withdrawals is Solana.
It’s worth noting that the exchange does not support transactions through other than guided networks. Further, buy orders are prohibited for approximately 5 minutes after the trading support. “Sell orders at prices less than 10% of the previous day’s closing price are restricted for approximately 5 minutes after trading support,” the exchange added.
Meanwhile, other updates on the JUP listing were also rolled out on Upbit’s official site.
Simultaneously, crypto market participants expect a paradigm shift in prices, as previous listings on the South Korean exchange have fueled significant upside actions. CoinGape Media reported earlier this year that Zetachain (ZETA) and Omni Network (OMNI) saw a phenomenal uptick in prices as trading volumes surged with Upbit listing.
These chronicles have added an optimistic tint to the JUP token’s future price movements despite today’s dip.
Also Read: Donald Trump Presidency Can Trigger ‘Global Hash War’ With BTC Reserves, Says Bitcoin Maxi
Jupiter Price Plunges
At press time, the JUP token’s price saw a 3.41% fall to trade at $0.7986. Its 24-hour lows and highs are $0.7446 and $0.8273, respectively.
However, the token’s 24-hour trading volume was up 103.03% over the past day, at $219.30 million. Also, it’s worth noting that today’s fall is in line with the broader market movement. Even SOL price saw a 7.69% dip in value to trade at $134.54.
Nonetheless, as mentioned above, a substantial money influx with the listing could result in a recovered price ahead.
Also Read: Coinbase Files Against SEC Blockade On Gary Gensler Info In Court
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 swings back to bear market as the global crypto market cap has now dropped 20% to a low of $2.15 trillion today. The market cap tumbled more than 4.20% over the last 24 hours. Bitcoin price hit a 24-hour low of $57,800, falling back to the key support level risking a collapse to $52,000.
Altcoins including Ethereum, BNB, Cardano, XRP, and Toncoin dropped more than 5%. Whereas, Solana ecosystem tokens and meme coins, as well as some AI coins witnessed a double-digit drop in the last 24 hours.
Crypto market sentiment falls back to fear amid panic selling by investors ahead of Mt. Gox’s $10 billion in BTC and BCH repayment starting this week. JPMorgan and CoinShares have warned about market shake-up on concerns of potential selloff by creditors.
Crypto Market Officially In Bear Market
As per Coinglass, $300 million worth of cryptocurrencies were liquidated in the last 24 hours. Over 102k traders were liquidated, with the largest single liquidation order on OKX crypto exchange as someone swapped ETH to USD valued at $4 million.
Nearly $250 million in long positions and $50 million in short positions were liquidated in the last 24 hours. Investors have lost over 90 billion in the last 24 hours as the crypto market cap dropped from $2.24 trillion to $2.15 trillion.
Meanwhile, over 17,500 BTC options of notional value $1.02 billion are set to expire, with a put-call ratio of 0.76. The max pain point is 62,500, indicating Bitcoin price will remain under selloff pressure as BTC fell below $59k today.
Notably, the put/call ratio in the last 24 hours climbed over 1.09, with put volume above 17,200 and call volume near 15,793. This indicates options traders have turned highly bearish on Bitcoin.
Implied volatility (IV) in all terms shows significant declines, which means a market recovery in uncertain price movements will see BTC price tumble below $70,000.
Also Read: XRP Lawsuit – Lawyers Claim Ripple Case Is In SEC Favor, Chevron Ruling Irrelevant
Macro Impacts Continue To Build Up
Fed Chair Jerome Powell’s latest speech and FOMC Minutes release confirmed the hawkish stance of Fed officials on rate cuts this year. Election saga with Trump leading after the latest debate has heightened pressure and Fed officials awaits further data on US inflation and the labor market.
CME FedWatch indicates two rate cuts this year. The probability of a 25 bps rate in September has jumped to 66.5% from 59% last week. The weak US economic data bolstered bets for Fed interest rate cuts this year.
US dollar index (DXY) held around 105.3 on Thursday after hitting a three-week low in the previous session. Also, the US 10-year Treasury yield dropped to 4.35% after the latest ISM and jobs data showed a slowing labor market.
Analysts predict a market rebound could come anytime and shorting Bitcoin and altcoins could prove to be the worst decision. Thus, they believe a consolidation near the current level and a rebound above $61k by the end of the week.
“A drop in USDT liquidity will not stimulate BTC growth, conversely, growth will demonstrate demand for purchasing coins,” according to an on-chain analyst.
Also Read: Donald Trump Presidency Can Trigger ‘Global Hash War’ With BTC Reserves, Says Bitcoin Maxi
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.
Today, BitMEX has launched a new product: the MEMEMEXTUSDT. This is a Basket Index perpetual swap contract. It is designed to give traders exposure to top 10 meme coins. Moreover, these coins include Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and other popular meme cryptocurrencies.
BitMEX Meme Coin Perpetual Contract Index
Furthermore, the contract is margined in USDT and traders can leverage up to 25x. For context, basket Index perpetual contracts are derivatives. They are tied to a group of underlying assets. Moreover, this new product lets traders speculate on the overall performance of meme coins. It also helps them diversify their risk. It is similar to the S&P 500 in traditional finance.
The MEMEMEX Basket Index, also called .BMEMEMEXT, is a key part of this new product. It includes the top 10 meme coins by market cap. As of now, these coins and the share in the index are:
- Dogecoin (DOGE): 20%
- Shiba Inu (SHIB): 20%
- Pepe Coin. (PEPE): 20%
- Dogwifhat (WIF): 8.81%
- Floki Inu (FLOKI): 8.31%
- Brett (BRETT): 7.31%
- Bonk (BONK): 7.38%
- Book of Meme (BOME): 3.18%
- Memecoin (MEME): 2.50%
- Mog Coin (MOG): 2.50%
Furthermore, the market caps of these tokens will be reviewed monthly. Therafter, the index will be adjusted to always include the top 10 meme coins. The MEMEMEX Basket Index by BitMEX uses a weighted average price of these coins. The index multipliers are updated on the last Friday of each month. Any changes are announced four days before the rebalance.
Also Read: Crypto Trader Bags $59M In PEPE, SHIB, ETH, & 5 Others Hinting Gains Inbound
Features Of The Basket Memecoin Index
According to the latest announcement, the MEMEMEXTUSDT contract on BitMEX has specific features:
- It is a linear perpetual swap.
- It is margined in USDT.
- Users don’t need to hold the actual meme coins.
- Symbol: MEMEMEXTUSDT
- Margin Currency: USDT
- Contract Size: 0.0001 MEMEMEXT
- Lot Size: 1000
- Minimum Trade Amount: 0.1 MEMEMEXT
- Underlying: .BMEMEMEXT
- Maximum Leverage: 25x
- Maker Fees: -0.015%
- Taker Fees: 0.075%
- Base Initial Margin: 4.00%
- Base Maintenance Margin: 2.00%
The MEMEMEXTUSDT allows traders to easily gain exposure to meme coins. They can do this without holding the individual coins. The product is ideal for those looking to speculate on the meme coin market as a whole. It provides a way to leverage their positions up to 25 times. This can amplify gains but also increases risks.
The latest move by BitMEX move comes as meme coins continue to gain popularity. Dogecoin and Shiba Inu, for instance, have massive followings. Moreover, they have seen significant price movements lately. Hence, the MEMEMEX Basket Index could attract more traders to the platform. It simplifies access to the meme coin market.
Also Read: Shiba Inu Coin Burn Rate Skyrockets 30000%, SHIB Reversal Soon?
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.
Solana DEX Jupiter (JUP) Braces for Major Listing, Recovery Ahead?
Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?
Bitcoin ETFs Fuel $15 Billion Crypto Boost
Why Bitcoin And Altcoins Are Falling
DePin Project Hivemapper’s HONEY Token Soars 30%
Crypto Whale Sells $400 Million in Bitcoin; Price Drops to $57,800
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
New And Upcoming NFT Projects
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
New And Upcoming NFT Projects
-
Blockchain2 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Altcoin2 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation2 months agoTerraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Regulation2 months agoCFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Market3 weeks agoAvalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
NFT3 weeks agoNew And Upcoming NFT Projects
-
Market2 weeks agoTON Foundation’s Plan to Onboard 500 Million Users
-
Altcoin2 months ago10 Years Old Dogecoin Stash Sale Leaves DOGE Owner With Million-Dollar Loss
✓ Share: