Altcoin
Optimism, Sui, Ethena Braces For Massive Liquidation, Here’s Why
![](https://coin2049.io/wp-content/uploads/2024/06/top-altcoins-BSV-QNT-CAKE-1.png)
The cryptocurrencies Optimism (OP), Sui (SUI), and Ethena (ENA) are among the coins set to witness massive liquidations in the coming days. This is primarily attributable to enormous token unlocks looming over the crypto horizon.
Approximately $118 million worth of coins will be collectively unlocked shortly ahead, encompassing OP, SUI, and ENA tokens. These cliff unlocks are expected to trigger massive liquidations as prices face significant risk.
Notably, token unlocks refer to the phenomenon wherein previously locked tokens are released into the market. The release, in turn, brings fresh inflow to the coin’s market supply, negatively impacting tokenomics.
So, let’s look into the upcoming token unlocks for OP, SUI, and ENA tokens.
Optimism (OP)
Boasting a market cap of $2.04 billion, the Optimism crypto, an L2 on Ethereum, is poised to witness an unlock of 31.34 million OP on June 30. This totals 2.88% of the coin’s circulating supply, worth $56.73 million.
Data from the Token Unlocks App suggests that 26% of the locked amount has been unlocked to date. This is equivalent to 1.13 billion OP.
Meanwhile, the OP price showed a 0.58% jump in value to trade at $1.83 today. The substantial increase in supply in the coming days is expected to cause a bearish turn in price.
Sui (SUI)
Simultaneously, the Sui crypto is set to witness a token unlock of a whopping 69.30 million coins on July 1. This is equivalent to 2.88% of Sui’s market supply, worth $57.37 million.
On-chain data indicated that 24% of locked Sui has been unlocked to date. This totals a staggering 2.43 billion SUI.
The Sui network flaunts a market cap of $1.99 billion, whereas the crypto traded at $0.8216, showing signs of a pullback over the past day. It’s worth noting that the price could plunge further ahead, given the looming massive unlock.
Also Read: How Are MAGA, BODEN, DJT Meme Coins Performing Today?
Ethena (ENA)
Similarly, ENA prepares to take the heat of an unlock of 14.89 million coins on June 30. This equals 0.92% of the crypto’s circulating supply, worth $8.10 million.
Intriguingly, only 8% of the locked tokens have been unlocked to date, worth 1.25 billion ENA.
Meanwhile, the ENA price saw a 6.26% dip over the past day to trade at $0.5465. Ethena boasted a market cap of $830.54 million and similar to the abovementioned tokens, the ENA price also risks a fall ahead, paving the way for liquidations.
Additionally, it’s worth mentioning that token unlocks equivalent to or more than 1% of the circulating supply have a severe negative impact on tokens’ prices. Crypto market participants continue to monitor these coins extensively for price action shifts.
Some other coins that are set to witness this setback in the coming days are Galxe, ZetaChain, and Manta Network, among many others. Galxe (GAL) will witness an unlock equal to 2.6% of its circulating supply, whereas ZetaChain (ZETA) and MANTA will experience 1.9% & 0.6% worth of unlocks, respectively.
Also Read: Political Sentiment Influencing The Biden And Trump Meme Coin Prices
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.
Altcoin
900M SHIB Burn Sparks Optimism Over $0.00003 Price Target Ahead
![](https://coin2049.io/wp-content/uploads/2024/05/shiba-inu-burn-2-e1715256094302.jpg)
One of the most popular dog-themed meme coins, Shiba Inu, has once again made headlines with a colossal surge in its burn rate. The latest update from the tracker Shibburn revealed that over 900 million SHIB were burnt over the past month, June. This glimmered immense hope for the meme coin’s future price movements as supply takes a vital hit.
So, let’s delve deeper into Shina Inu’s market statistics to understand why market sentiments have taken an optimistic turn.
Massive Token Burn Ignites Market Optimism
According to the insights offered by Shibburn, the token burn mechanism incinerated 918.07 million SHIB over the past month via 237 transactions. This gave rise to a 148.69% surge in Shiba Inu’s monthly burn rate.
Meanwhile, today’s data revealed that the community witnessed the incineration of a staggering 301.68 million coins. This gave rise to a colossal 1392.60% upswing in the daily burn rate.
The total number of coins burned from the initial supply now evaluates to 410.727 trillion SHIB. As mentioned above, Shiba Inu’s supply further takes a massive blow, in turn staging as a bullish factor for the token.
Notably, as the supply diminishes, SHIB’s price has noted significant gains today, July 1, mirroring the burn’s impact.
Also Read: ETH Price Surges 5% Amid Increased Whale Activity Ahead of Ethereum ETF Approval
SHIB Price Soars
At press time, SHIB’s price noted an uptick of 3.67% to trade at $0.00001735. Its 24-hour bottoms and peaks were $0.00001669 and $0.00001756, respectively.
Also, it’s worth noting that the price upswing coincides with the broader crypto market recovery. Meanwhile, the abovementioned burn rate upswing adds to it.
Coinglass data shows a market uptrend for the Shiba Inu coin today, as its Futures OI and derivatives volume upsurged. SHIB OI was up 2.85% to $35.71 million, whereas the volume rocketed 61.98% to $72.13 million.
However, Shiba Inu’s RSI rested at 34, hinting at some downside pressure on the asset. This could result in volatility in SHIB’s price movement in the short run.
However, the broader market sentiments remain optimistic, primarily attributable to the continuous massive SHIB burning. Also, Santiment’s data showcasing SHIB’s undervalued position in the market potentially paves the way for a $0.00003 price target, CoinGape Media reported. The colossal spike in the burn rate further bolsters Shiba Inu’s potential bullish future.
Also Read: Ethereum Network to Get Major Boost With SSF Roadmap, Says Vitalik Buterin
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.
Altcoin
Ethereum Network to Get Major Boost With SSF Roadmap, Says Vitalik Buterin
![](https://coin2049.io/wp-content/uploads/2024/05/Vitalik-Ethereum-1.jpg)
On Sunday, June 30, Ethereum co-founder Vitalik Buterin published a blog post explaining the road ahead for Ethereum and how they might have to part ways with the epoch-and-slot mechanism of its existing rollup-centric roadmap. Buterin proposes a new SSF mechanism to improve the transaction time latencies of the order of hundreds of milliseconds or even less.
Ethereum Eyes Single-Slot Finality
Currently, the Ethereum Gasper consensus employs a slot-and-epoch mechanism wherein validators cast votes in each 12-second slot. Also, all validators get the opportunity to vote once, over 32 slots. Later, a PBFT-like consensus algorithm takes care after two epochs (12.8 minutes), thereby providing a strong economic assurance known as finality. However, there are two major concerns with this approach.
- The complexity and several interaction bugs between the two slot-by-slot voting mechanism as well as the epoch-by-epoch finality mechanism.
- The 12.8-minute finality period is pretty slow and inconvenient for the users.
To simplify this, Buterin proposes a single-slot finality mechanism similar to the Tendermint consensus, wherein Block-N is finalized even before the creation of Block N+1. The major difference from Tendermint is the retention of the “inactivity leak” mechanism. This will allow the Ethereum blockchain to continue and recover even if nearly one-third of validators go offline. Vitalik Buterin calls this a “Secure Speed Finality” SSF mechanism.
Also Read: Vitalik Buterin Spotlights Innovative Idealist DApps in Web3
Addressing A Few Challenges With the SSF Mechanism
Vitalik Buterin also highlighted some key challenges associated with Single-slot finality (SSF) in the Ethereum ecosystem. He explained that the naive implementation of the SSF would require every Ethereum staker to publish two messages every 12 seconds, imposing a significant load on the Ethereum network. In his blog post, Buterin said:
“While there are clever ideas to mitigate this issue, including the recent Orbit SSF proposal, it remains a challenge. Although SSF significantly improves user experience by accelerating ‘finality,’ it doesn’t eliminate the need for users to wait 5-20 seconds.”
While implementing the SSF mechanism in Ethereum, Buterin suggests implementing Orbit-like techniques in order to reduce the total number of validators signing per slot and address the key goal of lowering 32 ETH minimum staking.
“This approach might cause the slot time to increase to approximately 16 seconds,” added Buterin. However, he added: “Designs like Orbit SSF are very recent, suggesting that the design space of slot-and-epoch designs where something like Orbit SSF is the epoch is still quite under-explored”.
The Ethereum developers are still figuring out the ideal solution in order to improve the finality. Last month, Buterin shared updates made with Ethereum Layer-2 solutions. The Ethereum L2 activity has touched fresh all-time highs recently.
Ethereum is thriving as an ecosystem right now with L2 activity hitting fresh all time highs every other day and the L1 roadmap being executed on with laser precision
Meanwhile, crypto twitter is acting like Ethereum is failing and in dire need of an emergency intervention
— sassal.eth/acc 🦇🔊 (@sassal0x) July 1, 2024
The Ethereum Layer-2 Blast recently announced the launch of its native token and BLAST airdrop.
Also Read: ETH Price Shoots 5% As Whale Activity Spikes Ahead of Ethereum ETF Approval
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.
Altcoin
ETH Price Shoots 5% As Whale Activity Spikes Ahead of Ethereum ETF Approval
![](https://coin2049.io/wp-content/uploads/2024/07/Ethereum-Price-Bullish.webp.webp)
As we bid adieu to a dull and boring Q2, the broader cryptocurrency market is showing a healthy bounce with the Ethereum (ETH) price surging by 5% shooting all the way past $3,500 levels. This development comes as whale activity spikes ahead of the spot Ethereum ETF scheduled to come next week on July 8.
Ethereum Whale Activity Spikes, ETH price Jumps
On-chain data provider Spot on Chain has reported that a significant whale, reportedly Abraxas Capital, has withdrawn a massive 60K ETH, valued at $203 million, from crypto exchange Bitfinex, at a price of $3,387 in the past 24 hours. The ETH price has already rallied 4% since then giving the whale an unrealized profit of nearly $6.5 million.
A massive whale (probably Abraxas Capital) has withdrawn 60K $ETH ($203M) from #Bitfinex at ~$3,387 in the past 17 hours.
The whale then lent $ETH to #Spark to borrow $119M in stablecoins and deposited it to #Binance.
The $ETH price is up by 3% (17H), suggesting a $6.27M… pic.twitter.com/6oomnzlrSq
— Spot On Chain (@spotonchain) July 1, 2024
As of press time, the Ethereum price is trading 4.19% up at $3,499 with a market cap of $420.7 billion. The daily trading volume for Ethereum has also shot up by 50% to $9.8 billion. For this ETH price rally to sustain, it must give a daily closing above $3,500 so that the bulls can eye the next target levels of $4,000 and above.
Amid the strong excitement around spot Ethereum ETF, whales have been swapping other altcoins for ETH recently. Last week, a PEPE whale converted $18 million of their PEPE coins to Ethereum expecting a major rally going ahead.
Also Read: PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds
Ethereum ETF Excitement Continues
As reported by CoinGape, the launch of spot Ethereum ETF faces some delay from the previous timeline of July 4. Last Friday, the U.S. Securities and Exchange Commission (SEC) sent back the S-1 forms to issuers asking them to resubmit them by the 8th of July.
ETF Store President Nate Geraci has stated that the S-1 revisions are relatively minor while suggesting that the regulators can approve issuers for trading within the next 14-21 days. While the timeline of the launch still remains uncertain, the SEC has hinted at the possibility by the summer end. This could probably keep the ETH price moving forward amid the investor excitement.
Nate Geraci has also made the prediction that the spot Ethereum ETF will be the second-most successful debut in the ETF history, only after spot Bitcoin ETFs.
Early (& easy IMO) prediction…
Spot eth ETFs will be 2nd most successful debut in ETF history, only behind spot btc ETFs.
So two most successful ETF launches in 30+yr ETF history will occur this yr.
Bitcoin & ether.
Paying attention yet?
— Nate Geraci (@NateGeraci) June 30, 2024
Also Read: What to Expect from Ethereum Price In July
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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