Altcoin
Maker (MKR) Price Rallies Amid Massive $156M Burn, What’s Next?
Maker (MKR) price has defied the broader crypto market’s recent turbulent action, rallying over 75% in a week. The DeFi cryptocurrency recently witnessed a staggering $156 million token burn, which appears to have fueled a price upswing. As a result, market watchers are highly bullish on the token’s future outlook, although a recent smart whale trade maneuver sparked contrasting speculations.
Maker (MKR) Price Bullish As Supply Takes Hit Amid Massive $156M Burn
According to a series of X posts by the transaction tracker Whale Alert on Feb 20, a staggering $156.77 million MKR was burnt recently, which dealt a massive blow to the token’s circulating supply.
As an upshot, Maker price soared 77%, per the weekly chart, abiding by the law of supply and demand. For context, token burn mechanisms focus on permanently reducing a crypto’s market supply, propelling a bullish impact on price.
Meanwhile, the wallet address ‘0xf65’ was reported to be solely responsible for the massive burn, per Whale Alert data that revealed 8 colossal burn transactions on Feb 20. Market watchers weigh substantial optimism over the asset in light of the supply shredding drastically within such a brief period.
TVL Boosts Market Standing
Simultaneously, another vital factor appears to be driving the leading DeFi token‘s recent growth. As per DeFiLlama data, the TVL on the Maker ecosystem stood at $5.55 billion on Friday. This data further cemented the protocol’s market standing, making it one of the top DeFi projects on the Ethereum blockchain.
MKR Price Rally To Sustain?
As mentioned above, MKR coin’s price has already defied the broader market turmoil, rallying 77% in a week and over 22% in a day. The coin currently rests at $1,445.25, with an intraday low and high of $1,177.44 and $1473.35, respectively. Traders also appear to be positive amid the massive burn, as the coin’s intraday trading volume soared 166% to $257.95 million.
Smart Whale’s Trading Sparks Caution
However, it’s worth mentioning that a smart whale has cashed out all its MKR holdings amid the recent rally. Although this mover underscored a profit-booking motive, market watchers exercise caution as the selloff also indicates a loss of confidence for the asset among experienced traders.
According to SpotonChain data on Feb 21, the address 0x637 (“inveteratus.eth”) sold all his holdings (1,230 MKR) for 1.78 million USDC at an average price of $1,448. This trader boasts a 100% win rate with his previous tradings for the same DeFi token. In turn, the maneuver added a layer of intrigue to the price action ahead despite massive burn transactions spurring a rally.
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.
CRO the native cryptocurrency of Cronos chain surged a massive 35% in hours after the deal between Trump Media and Crypto.com on Monday. However, allegations that CRO is a scam have been rising with more than 70 billion tokens minted just a week before this partnership was sealed. While the CRO price has gained massive momentum, top players have warned retailed from making any fresh bets.
ZachXBT Exposes Cronos Over Misleading Practices
Blockchain sleuth ZachXBT has called out Crypto.com, the developer of Cronos Chain, accusing it of reversing the 2021 CRO token burn and misleading its community. ZachXBT alleged that Crypto.com recently reissued 70 billion CRO tokens that were previously burned “forever,” representing 70% of the total supply. In a message on the X platform, he wrote:
“Originally, the total CRO supply was 100 billion. In 2021, 70 billion of that supply was burned permanently. Everyone who invested since then believed the max supply was 30 billion. Now, just weeks ago, they reissued the 70 billion CRO.”
This sudden surge in supply for the Cronos native taken, ahead of Crypto.com striking a deal with Trump Media, has raised doubts among the community. “CRO is no different from a scam,” said ZachXBT.
ZachXBT also questioned Crypto.com’s ability to secure partnerships given the controversy. “Unsure why Truth chose your exchange over Coinbase, Kraken, or Gemini after this move,” he said, referencing a recent deal.
Trump Media and Crypto.com Partnership
Trump Media, US President Donald Trump’s firm entered a partnership with Crypto.com on Monday to launch a series of ETFs and ETP products for ‘Made in America’ digital assets. The products will feature digital assets, including Bitcoin (BTC) and Crypto.com Coin (CRO), alongside other securities. The ETFs and ETPs are slated for release later this year, pending regulatory approval.
Responding to the development, Crypto.Com CEO Kris Marszalek stated: “Proud to partner with Donald Trump’s Truth Social on a series of ETFs, including the world’s first ETF with CRO”.
Well, this announcement was enough to send CRP price higher by 35%, taking it past 10 cents, with 24-hour trading volumes skyrocketing 1300% to $278 million.
Will CRO Price See A Pump and Dump?
Although the Cronos native cryptocurrency CRO saw an immediate pump in its price, market analysts are asking investors to maintain caution amid the recent supply pump. Also, the development of a CRO ETF will still take time to materialize and the initial euphoria could fade in the coming days.
The CRO price prediction indicator suggests that the altcoin could flirt around 10 cents for most of 2025. However, there have been already calls for a rally to $1 amid this recent Trump partnership. Donald Trump’s crypto involvement has often led to sharp price action, with TRUMP meme coin seeing renewed interest recently.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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.
Despite Ethena price extending weekly gains to over 7% this Tuesday, Donald Trump’s World Liberty Financial has rattled the crypto market with its ENA selloff spree. On-chain statistics indicated that Trump’s World Liberty sold a whopping 184,000 tokens intraday, reverberating a bearish sentiment among crypto traders and investors globally.
In the wake of massive token unlocks and a dump by a market maker previously, the synthetic dollar protocol built on Ethereum already remains subject to volatility. Now, market watchers bearishly speculate over the asset’s future trajectory due to rising selling pressure.
Is Ethena Price Bracing For Heat Amid Trump’s World Liberty’s Selloff?
Usual market sentiments remain highly negative in light of heightened selling pressure on cryptocurrencies. The latest data from Arkham Intelligence indicated that World Liberty Financial sold 184,000 ENA for $69K over the past day. This selloff chronicle sparked concerns over Ethena price action’s long-term prospects, underlining a spike in selling pressure and WLFI’s loss of interest in the asset amid broader trends.
Notably, the Trump family-backed firm purchased 11 tokens earlier, including the one mentioned above, via its WLFI sale funds. Intriguingly, since most of these assets were soon shifted to Coinbase Prime, the market had an unclear view of selloff transactions.
However, a part of ENA holdings was transferred to the ‘0x76a’ custodial wallet address. This wallet address shifted 180,000 tokens to the address ‘0x77a.’ Subsequently, this address then sold the amount received for WBTC, per the data.
Overall, this transactional process gained significant traction, whilst market watchers speculate whether further token selloffs are also incoming. The synthetic dollar protocol on Ethereum remains bearishly eyed by investors, attributed to this saga.
Factors Fueling More Heat For Ethena Price
Simultaneously, a couple of other aspects propel an unsure investor sentiment about future price movements. CoinGape reported that the market maker Amber Group recently offloaded $10 million ENA to Binance. The rising exchange supply solidified bearish market sentiments over the asset’s future potential.
On the other hand, recent ENA token unlocks have also ushered in price volatility. While March saw over 2 billion coins unlocked and added to the crypto’s supply, April comes as another hurdle. Reportedly, over 200 million coins are set to unlock on April 2 and 5 collectively. In turn, traders and investors remain cautious over future Ethena price movements.
It’s noteworthy that World Liberty Financial’s massive selloff potentially aligns with the past and looming unlocks in an effort to mitigate losses.
What’s Next?
As of press time, ENA price witnessed a nearly 1% jump in value, reaching $0.3989. The crypto hit a low and a peak of $0.3883 and $0.4098 intraday. Despite the selloffs and massive token unlocks, the weekly chart showed a 7% upswing, underling a resilient movement. However, the monthly chart showed a 10% slump, adding to speculations.
Crypto market traders are currently uncertain about the asset’s performance ahead as broader trends indicate that volatility looms, whilst the price chart shows resilience. Besides, Ethena price prediction by CoinGape shows that bears remain dominant, as per the 3-month bias indicator. Nevertheless, renowned market trader Byzantine General took to X, projecting an optimistic outlook for the synthetic dollar protocol crypto.
The trader revealed that the crypto’s funding rate isn’t negative anymore, suggesting a bullish movement looms. Further, ENA got heavily shorted primarily due to its massive token unlocks, but the heat has now cooled down, per the analyst. Nevertheless, despite positive reaffirmation by renowned traders, it remains vital to gauge in broader aspects that underscore volatility is possible.
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.
A long-term technical pattern on XRP price chart is drawing attention as crypto analysts outline a bullish scenario that could see the altcoin climb to $1,452.81. The projection is based on the breakout of a multi-year “bull flag” formation, traditionally seen in technical analysis as a continuation pattern that may precede upward momentum. This development comes as market participants reassess XRP price role in the broader digital asset landscape.
XRP Price Could Hit $1,452 as Analyst Spots Bull Flag Breakout
Analyst “Steph is Crypto” took to the X platform to present a long-term bullish chart for XRP price. According to the shared analysis, the Ripple token is breaking out of a multi-year bull flag pattern dating back to 2018. This formation is a continuation signal in technical analysis, pointing to upward momentum after consolidation.
The breakout above the downward-sloping channel marks a shift in price structure. Steph suggests that the XRP price could reach as high as $1,452.81 over the coming years. This forecast is based on the length of the initial flagpole projected from the breakout point.
More so, “Steph is Crypto” chart indicates that XRP price may now be entering a new phase of movement after years of consolidation.
Expressing his optimistic Ripple price prediction, the analyst added,
“I don’t even want to give you this #XRP price target! You’re definitely not bullish enough.”
Similarly, a recent report speculate that Michael Saylor could diversify MicroStrategy’s portfolio by allocating $21 billion from Bitcoin into XRP. Analysts suggest such a move could trigger a parabolic rally in XRP price, potentially pushing it toward the $1,000 mark.
Additional Technical Breakout Around $2.48
In a recent video update, Steph is Crypto highlighted a second technical breakout. This time, a descending wedge pattern was identified, a structure associated with trend reversals. The XRP price was shown crossing above the wedge’s resistance level, trading around the $2.48 mark.
The analyst chart suggested this move could act as an entry point for traders. The projected target from the wedge breakout is $3.36, representing a potential 37.98% gain from current levels.
More so, analyst Dark Defender also shared bullish crypto market sentiments, projecting the top altcoin could reach $77.7 in the current bull cycle. His forecast relies on Exponential Fibonacci levels and Elliott Wave theory, pointing to a multi-phase rally.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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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