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Meme Coin Whale Records $4M Profit With These PolitiFi Tokens

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Amid a highly market witnessed recently in light of the U.S. elections, a meme coin diamond-hand trader nabbed substantial market attention by making massive profits. On-chain data on Friday indicated that a trader made nearly $4 million worth of profit trading Department Of Government Efficiency (DOGE) meme token. Simultaneously, the same trader made significant profits on MAGA, sparking market discussions over potential investment strategies and future price movements.

Meme Coin Whale Nabs Profit With Meme Coin

According to data from Lookonchain dated November 8, the diamond-hand trader theunipcs.eth made remarkable profits trading Department Of Government Efficiency and MAGA. As per the data, this trader entered into trading the token when its market cap was $2.7 million. Notably, he spent 235 ETH, worth $584K, to buy 33.35M DOGE. This trading strategy aided the diamond hand in making an unrealized profit of $4.12 million.

Meanwhile, data indicated that the same trader also started bagging MAGA at a $3 million market cap. He spent 18.45 ETH, worth $57K, to buy 6.27 billion tokens. This trade mover aided theunipcs.eth in making an unrealized profit of $395K. However, it’s worth mentioning that at this coin’s peak, the trader’s holdings boasted an unrealized profit of $4.33 trillion. Overall, these trades have underscored the highly volatile nature of the meme-themed crypto sector. Other tokens held by the diamond hand, per Etherscan data, were FLOKI and QUBY, among others.

How Are The PolitiFi Tokens Performing?

DOGE price soared nearly 146% in the past 24 hours and is now trading at $0.1971. Its intraday low and high were $0.1863 and $0.2016, respectively. Further, the coin’s weekly chart showcases gains worth 22%, whereas the monthly chart indicates gains worth 78%.

However, MAGA price tanked nearly 9% over the past day and is now sitting at $0.00008149. The coin’s intraday low and peak were $0.00007036 and $0.00009524, respectively.

In another chronicle, Dogecoin witnessed a bull run, aligning with Donald Trump’s win and Elon Musk’s D.O.G.E role under the Republican’s cabinet. CoinGape Media reported that market watchers are even eyeing a $4 price target for the meme token ahead in light of Elon Musk’s D.O.G.E. crackdown on the U.S. Fed. Notably, even the Department Of Government Efficiency token rallies in tandem with this phenomenon. It’s noteworthy that market confusion persists as this coin’s short form resembles the ticker of one of the top meme coins, Dogecoin.

In addition, it’s notable that Binance added Dogecoin to the Smart Arbitrage offering, adding to the market buzz surrounding meme tokens.

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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.





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Drift Price Skyrockets 100% To Hit ATH On Major Listing

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South Korea’s leading crypto exchange Upbit has announced the listing of Drift token, triggering investor interest to hit an all-time high. DRIFT price saw an explosive rally of 100% to hit a new all-time high after the listing on the exchange. DRIFT’s rapid momentum signals strong potential in the DeFi space. This milestone has solidified Drift Protocol’s position as a major player in the market.

Upbit Announces Drift Listing

According to an Upbit announcement on November 8, the exchange has listed DRIFT token. Users can trade the token in KRW, BTC, and USDT spot trading pairs.

The crypto exchange notified users that deposits and withdrawals are only supported Solana network. Moreover, transaction restrictions including buy limit, minimum sell price restriction, and order type restrictions will apply as earlier.

Drift Protocol, an open-source decentralized exchange on Solana, has made a significant move in the DeFi space. This DRIFT listing follows its previous success with listings on major platforms like Coinbase. With its perpetual futures trading capabilities, Drift Protocol is now poised to attract a wider audience, especially in the growing Asian market.

DRIFT Price Soars 100% in 24 Hours, Hits New ATH

DRIFT price is now trading around $0.90, paring earlier gains to now trade at 86% higher. The 24-hour low and high are $0.4746 and $0.9747, respectively. DRIFT trading volume has skyrocketed by 1000% in just 24 hours, signaling strong investor interest. This growth highlights the significant impact of major listings on token visibility and trading momentum.

The recent listings on Upbit show how it can amplify exposure for emerging crypto assets like DRIFT. Other tokens such as SAFE price surged 88% after listing on Upbit. As listings continue across leading platforms, DRIFT success emphasizes the importance of visibility and accessibility in boosting market appeal.

However, derivatives markets data indicates less interest from traders as DRIFT open interest dropped 8% in the last 4 hours. The red flag signals the price surge may not sustain for a longer period, but it will continue to rebound from the support level at $0.70.

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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.

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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Ethereum Foundation Reveals $970M Treasury in 2024 Report: Here’s More To Know

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Non-profit organization Ethereum Foundation sparked a tidal wave of discussions across the broader crypto market on Friday as it revealed its 2024 report, boasting a treasury of $970 million. Notably, Aya Miyaguchi, the firm’s ED, spotlighted key details such as the current EF teams, EF grantees, and ongoing efforts to enhance the Ethereum ecosystem, underscoring the firm’s advancements. In turn, this report promptly caught the eyes of market participants globally, giving a clear understanding of the firm’s influence across the broader ETH market.

Here’s a brief overview of the EF’s 2024 report which was recently revealed by ED Aya Miyaguchi.

Ethereum Foundation Unveils 2024 Report Revealing Key Details

The Ethereum Foundation’s ED took to X on November 8, revealing the 2024 report while also offering vital insights into the firm’s recent work. As per the non-profit firm’s report, EF contains numerous teams within its branch of operations that contribute to the broader ecosystem.

Teams such as Robust Incentives Group (RIG), Protocol Support, and Devcon offer vital support to network development, per the EF’s report. These teams oversee key aspects such as studying mechanism design and cryptos for Ethereum, processes and perspectives to support its long-term maintenance and hosting events to foster collaboration, education, and promoting ETH’s values.

Further, the ‘EF grants’ also play a crucial role in jacking up work across the ecosystem. These grants are often supported by EF teams as the teams play a role in approval and evaluation. Also, the NPO reveals that it supports organizations that drive ecosystem growth, encompassing entities like Argot Collective, Geodework, L2BEAT, Nomic Foundation, and 0xPARC.

As of October 31 this year, the non-profit organization boasted $970.2 million in treasury. This encompassed $788.7 million in crypto and $181.5 million in non-crypto investments and assets, sparking market discussions.

Intriguingly, the lion’s share of the firm’s crypto holdings remains in ETH, an alarming concern for market participants. Notably, 99.45% of the firm’s holdings evaluates to 0.26% of the coin’s total supply, solidifying market concerns. “The Ethereum ecosystem is supported by billions secured in treasuries belonging to foundations, organizations, and DAOs,” the report added.

EF Foundation Implements Conflicts of Interest Policy

Also, the report revealed that the non-profit firm introduced a conflict of interest policy this year. The aim remains to oversee and set some boundaries for EF team members on how they navigate particular relationships with the broader ecosystem.

The Ethereum Foundation clarified that the policy also remains poised for a review after a year of its introduction for feedback and potential changes. Overall, the report garnered significant attention, underscoring the firm’s influential stance across the broader ETH market.

Meanwhile, CoinGape Media recently reported that the EF announced launching its first short-lived Pectra testnet ‘Mekong.’ This advancement brought further market attention to the organization.

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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.

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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Binance Adds XRP and DOGE to Smart Arbitrage Offerings, Price Rally Is Here

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The world’s largest crypto exchange Binance on Friday said it has added XRP and Dogecoin (DOGE) to smart arbitrage offerings. Binance Earn’s addition of XRP and DOGE sparked huge speculation for an imminent price rally. The crypto exchange has also announced a special campaign with rewards totaling 45,000 USDT to celebrate the listings.

Binance Lists XRP and Dogecoin to Smart Arbitrage

XRP and Dogecoin (DOGE) were added to the Smart Arbitrage offerings by Binance Earn, according to an official announcement by Binance on November 8. Notably, users can start XRP and Dogecoin with a minimum investment of 12.5 USDT. Until now, it only supported Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

Smart Arbitrage leverages the funding rate mechanism by hedging their futures position with a spot position to collect the funding fee. The strategy hedges out price movement risks by taking opposite positions in the futures and spot markets. Thus, profit on a long position will offset loss on a short position (or vice versa).

In addition, Binance has announced a special campaign with rewards totaling 45,000 USDT to celebrate XRP and Dogecoin (DOGE) listings. The promotion period is valid until 23:59 UTC on November 21.

The top crypto exchange claims users can earn up to 20.95% APR in the promotion period. Also, a total reward pool of 30,000 USDT will be distributed on a first-come, first-served basis.

“All users who opt-in to the Promotion and hold any Smart Arbitrage portfolio for more than 72 hours during the Promotion Period will receive a 10% Bonus APR on their first 1 – 2,500 USDT subscriptions, as per Binance.

Moreover, all regular and VIP 1-2 users who opt-in to the promotion Smart Arbitrage portfolio with at least 10,000 USDT for 72 hours are eligible to get a 45% trading fee rebate.

Ripple’s Token and DOGE Price To Rally

With investors already upbeat on XRP and DOGE after Donald Trump’s win, the tokens witnessed upside momentum. High odds for XRP ETF launch and Elon Musk’s Department of Government Efficiency (D.O.G.E.) are the reasons behind the positive sentiments.

XRP price 30x rally is expected as it jumped 9% this week, with the price currently trading at $0.55. The 24-hour low and high are $0.542 and $0.560, respectively. Furthermore, the trading volume has decreased by 37% in the last 24 hours, indicating a decline in interest among traders.

Meanwhile, DOGE price jumped 3% in the past 24 hours and 25% weekly. The price currently trades at $0.19, with a 24-hour low and high of $0.186 and $0.199, respectively. Dogecoin price is predicted to hit $10 in this bull cycle.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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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