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Ethereum Foundation Wallet Deposits $56 Million in ETF on Kraken, ETH Price Drop Soon?

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4 weeks ago

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The world’s second-largest cryptocurrency, Ethereum (ETH), experienced a significant correction of over 3.5%, with its price falling below $3,700. The ETH price hit an intraday low of $3,620 before rebounding.

Ethereum Whale Deposits 15,254 ETH to Kraken

In a recent update provided by on-chain data provider LooKonChain, it was revealed that amidst the decline in the price of Ethereum (ETH), a wallet associated with the Ethereum Foundation made a significant deposit of 15,254 ETH, equivalent to approximately $56.1 million, into the Kraken exchange.

This deposit, occurring just 8 hours prior to the announcement, attracted attention due to the origin of the ETH in the wallet, sourced from both an Ethereum Foundation wallet and another wallet that received 200,000 ETH during the Ethereum Initial Coin Offering (ICO).

A recent report from Whale Alert indicates that a previously inactive pre-mined Ethereum (ETH) address, holding approximately $21.9 million, has become active after nearly nine years of dormancy.

This marks the first reactivation of a pre-mined Ethereum address observed in June. In May, two similar addresses, one holding $325,535 and the other $5.9 million, respectively, also experienced sudden activity after a prolonged period of dormancy.

ETH Price Action Ahead

According to the latest findings from the on-chain data analytics firm, Ethereum’s demand has surged following the approval of spot ETH ETFs in the US on May 20. Since then, the daily acquisition of ETH by long-term holders has surged to an average of 40,000 ETH, a significant increase from the pre-announcement average of 5,000 ETH.

Furthermore, the report highlights a notable uptick in the total holdings of major ETH investors, which now stand at 16 million ETH. This figure marks an increase from the pre-ETF approval level of 15.4 million ETH and the beginning of 2024, when holdings were at 14.9 million ETH

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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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PancakeSwap Opens Claim For 2.4M ZK Tokens As zkSync Denies Insider Minting

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2 hours ago

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July 5, 2024

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PancakeSwap, a major decentralized exchange, has unveiled plans to distribute over 2.4 million zkSync (ZK) tokens to its community. This significant airdrop comes at a sensitive time for the zkSync ecosystem, coinciding with recent allegations against Matter Labs, zkSync’s developer. The airdrop aims to reward PancakeSwap’s users and increase platform engagement, but its timing has drawn attention due to the ongoing controversy surrounding zkSync.

PancakeSwap’s ZK Token Airdrop Amid zkSync Controversy

PancakeSwap, a leading multichain decentralized exchange, has announced a major community reward program set to begin on July 5 at 10:30 am UTC. The initiative will distribute 2,452,128 zkSync (ZK) tokens to its community members over a one-month period, ending on August 5. This airdrop comes as a gesture of appreciation for the community’s support of PancakeSwap’s zkSync deployment since July 2023. The timing is notable, as it coincides with recent controversy surrounding zkSync’s developer, Matter Labs.

Matter Labs recently faced accusations of “insider minting” related to its Libertas Omnibus NFTs. These claims, initially raised by blockchain research firm SoEasy on June 17, suggested improper distribution of NFTs to ineligible insiders. However, Matter Labs has strongly denied these allegations.

PancakeSwap’s airdrop follows significant milestones for the platform, including surpassing $3 billion in trading volume, $5 million in total value locked (TVL), and attracting over 1.9 million traders. The distribution is designed to reward both past and future contributors, as well as vote-escrowed Cake (veCAKE) holders.

Eligibility for the airdrop extends to active users who have contributed through trading, liquidity provision, and participation in previous zkSync initiatives. Future contributors who provide liquidity and trade on zkSync PancakeSwap will also be included, aiming to stimulate further platform growth.

At the time of publication, the airdrop is available to veCAKE holders and past contributors. Eligible users can claim their ZK tokens by connecting their wallet to the PancakeSwap platform homepage and following the provided instructions. Any unclaimed tokens will be redirected to support future PancakeSwap ecosystem development and community initiatives.

This airdrop represents a significant move by PancakeSwap to reward its community and potentially boost engagement, particularly in light of the recent controversies surrounding zkSync. It also highlights the ongoing competition and innovation in the decentralized finance space.

Also Read: Whale Continues XRP Selling Streak, $0.42 Becomes Major Resistance Level

Market Impact and ZK Token Performance

The ZK token has faced significant price pressure in recent weeks. Last month, it experienced a 5% drop following a $113 million token airdrop. Since its listing on major exchanges, numerous sell-offs have occurred, negatively impacting the token’s value.

As of the latest report, ZK is trading at $0.1495, with a 24-hour trading volume of $346,751,351. This represents a 7.43% price decline in the last 24 hours and a 7.55% decline over the past week. With a circulating supply of 3.7 billion ZK, the token’s market capitalization stands at $546.9 million.

The crypto community is now speculating on how PancakeSwap’s recent airdrop might affect ZK’s price, given its recent volatile performance and the ongoing controversy surrounding zkSync.

Also Read:  Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License

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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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Pepe Coin Correction Prompts Over 1 Tln PEPE Dump, Bull Run Over?

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3 hours ago

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July 5, 2024

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In an unprecedented turn of events, Pepe coin has raised severe investor concerns by showing signs of a price correction today, July 5. Recent on-chain data indicated that over 1 trillion PEPE was dumped to exchanges amid a nearly 12% dip in the value of the frog-themed meme coin.

The emergence of these massive dumps amid a bearish crypto market has made market sentiments take a paradigm shift. Notably, speculations that Pepe coin has potentially topped have pushed traders and investors onto a hot seat, further aligning with the massive exchange dump.

So, let’s dive deeper into the current market stats of the third-largest meme coin by market and what it indicates for future price movements.

Colossal Exchange Dumps Ignite Bearish Sentiments

According to the on-chain data offered by ‘The Data Nerd,’ a transaction tracker, $1.02 trillion PEPE was collectively dumped to a crypto exchange by two whales today.

The whale address 0xf22 deposited 435 billion PEPE, worth $3.86 million, to Binance, one of the leading CEXs. If sold at the current price, the whale will suffer a loss of $1.21 million.

Simultaneously, the market maker Wintermute deposited and sold a whopping 593.6 billion PEPE for $4.61 million. This massive selloff has presented Pepe coin with increased selling pressure.

Collectively, these massive transfers to exchanges have stirred a whirlpool of bearish market sentiments, underscoring loss in the market’s confidence surrounding the asset’s future potential.

Meanwhile, Pepe coin continued to trade dominantly in the red territory.

Also Read: Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why

PEPE Price Plummets

At press time, PEPE’s price saw a 12.03% dip in value to $0.000008304. It’s 24-hour bottoms and tops are $0.000007724 and $0.00000963, respectively. The weekly crash, a fall of nearly 33%, saw PEPE regaining a zero in its value after shedding it amid this year’s bull cycle. This momentum has pushed the token to take a bearish stage.

It’s worth mentioning that while this price drop aligns with the broader market trend, Pepe coin has surged unprecedently amid this year’s bull cycle, defying broader market trends and sentiments. This could mean that Pepe coin’s long-due correction has finally taken place.

However, CoinGape Media spotlighted PEPE’s nearest resistance point at $0.000009, hinting that a potential market recovery could witness PEPE scaling this level, paving the road for further gains.

Collectively, the abovementioned data hints at uncertain market sentiments over the future price action of the frog-themed meme coin.

Also, the RSI rested around 31, hinting that further downside pressure might propel an entry into the oversold territory. Should this happen, chances are Pepe coin could witness a potential price rebound.

Nonetheless, crypto market participants extensively eye the token for further price shifts, given the volatility of the crypto realm.

Also Read: Coinbase, MicroStrategy & Bitcoin Miners Stocks Extend Losses Ahead US Job Data

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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.

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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Whale Continues XRP Selling Streak, $0.42 Becomes Major Resistance Level

Published

5 hours ago

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July 5, 2024

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In the background of the crypto market’s bearish movement today, a renowned XRP whale has continued selling significant amounts of XRP. Notably, on-chain insights by Whale Alert reveal nearly 71 million coins dumped to exchanges over the past day, setting off discussions surrounding XRP’s future price action across the crypto industry.

XRP price currently takes the heat of the broader crypto market trend, slipping as low as the $0.39 price level. So, let’s gauge in on the market statistics for Ripple-backed asset.

On-Chain Data Flags Whale Dumps

According to data by Whale Alert, 70.9 million XRP, worth $31.29 million, was shifted to two exchanges in a couple of transactions. As per the data, the whale address, …Rzn, was recorded as shifting the abovementioned amount.

…Rzn shifted 35.8 million coins, worth $15.80 million, to Bitso, a Mexico City-based CEX. Simultaneously, it transferred 35.1 million coins, worth $15.49 million, to Bitstamp, a Luxembourg city-based CEX.

These dumps have presented XRP with increased selling pressure amid a bearish market, causing further downside pressure on the asset. Intriguingly, CoinGape Media earlier reported that the same whale address has been repeatedly dumping XRP into the Bitstamp & Bitso crypto exchanges. Aligning with this, a negative market sentiment sparked by the whale dump engulfs XRP.

Meanwhile, despite Ripple rolling out upgrades for the network and strengthening its case against the U.S. SEC, the native token, XRP, has continued its sluggish movement.

Also Read: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License

XRP Price Correction?

At press time, the XRP price chart showed a 10.15% dip in value to trade at $0.4056. Its 24-hour lows and highs were $0.3977 and $0.4532, respectively.

Intriguingly, in a post by the crypto market analyst Dark Defender today, it was brought to attention that the $0.39 price level serves as POC (Point of Control). This is where most trades have taken place since 2014, making it a vital support as of the current trajectory.

Whereas, after consolidating over the past week, the crypto tanked forming resistance at $0.42. The RSI was moving along 22, signaled an oversold territory for the asset. This could mean a potential price rebound ahead as the market recovers.

Also, pro-XRP lawyer Bill Morgan took to X today, spotlighting his XRP purchase with a strategic buy-the-dip sentiment. This has added to optimism on a price rebound ahead.

Also Read: German Govt Moves 500 Bitcoin, Another BTC Dump Imminent?

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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.

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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