Altcoin
Pantera Capital Backs TON with Record-Breaking Investment
Pantera Capital has announced a substantial investment into Open Network (TON), the blockchain network developed by Telegram. This investment is the largest in the firm’s history, signaling strong confidence in the future of blockchain technology. Dan Morehead, founder and managing partner of Pantera Capital, highlighted this strategic investment as a pivotal moment for the firm, aimed at leveraging the growing potential of blockchain ecosystems.
Pantera Capital Invests Heavily in TON’s Ecosystem
The involvement of Pantera in TON not only marks a milestone for the investment firm but also serves as a major endorsement for the blockchain platform initiated by Telegram. Allocating twenty percent of the fund’s resources to liquid or public tokens, Pantera shows a dedicated commitment to nurturing the ecosystem that surrounds TON. This decision comes on the heels of a significant dialogue between Morehead and Telegram’s founder Pavel Durov, whose vision heavily influenced Pantera’s investment approach.
Telegram, led by Pavel Durov, has been a forerunner in advocating for privacy and freedom of expression through its encrypted messaging services. Since departing Russia in 2013 and founding Telegram with his brother Nikolai, Durov has been a prominent figure in promoting digital freedom. His prior venture, VK, was known as “the Facebook of Russia” and played a crucial role as a platform for political dissent. This background contributes to the significant trust placed in Durov’s latest blockchain endeavors.
The technology underlying TON aims to expand on the principles of security and minimal censorship that Telegram is known for. This move by Pantera Capital to invest in TON is seen as a strong validation of Durov’s ongoing commitment to these values. The partnership between Durov and Pantera could potentially accelerate the adoption of TON’s blockchain technology, further enhancing its utility and reach in the digital space.
Pantera Capital Raises $1 Billion for Crypto
Earlier, Pantera Capital raised $1 billion for its latest crypto fund, Pantera Fund V, which aims to provide investors with access to a diverse range of blockchain assets. This fund, planned as an all-in-one investment opportunity, allows exposure across various asset classes, including multi-stage tokens, startup equity, and liquid tokens. This initiative represents Pantera’s largest capital raise following the challenging period known as the crypto winter of 2022, which was marked by significant bankruptcies and scandals in the crypto industry.
With the crypto market seeing renewed interest, the involvement of major financial players such as BlackRock, and the launch of the spot Bitcoin ETF, there is a renewed sense of optimism in the sector. Pantera’s latest move to back TON with a substantial investment is anticipated to stimulate further growth and recovery in the cryptocurrency market, attracting more investors and solidifying confidence in blockchain technology’s resilience and potential.
Read Also: Chicago Hedge Fund CTC Alternative Holds 685K BlackRock BTC ETF
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 latest update from the Token Unlocks App has sent shockwaves across the dynamic world of cryptos. Notably, the prices of 6 altcoins brace for a substantial turbulent movement ahead. This is primarily attributable to $177 million worth of looming token releases, staging as a bearish market factor.
Here’s an in-depth report on these upcoming token unlocks and why their future implications remain negative.
$177M Worth Crypto Unlocks Ignite Investor Concerns
Notably, the $177 million worth of unlocks encompasses cryptos such as Aptos (APT), Xai (XAI), Immutable (IMX), Ethena (ENA), io.net (IO), and Hashflow (HFT). These token unlocks mainly stage as a bearish factor, as previously locked tokens are released into the market, thereby increasing the supply.
Reportedly, unlocking more or equivalent to 1% of the circulation supply significantly impacts a crypto’s price action. Let’s delve deeper.
Aptos (APT)
As per data from the Token Unlocks app, Aptos is to witness a cliff unlock of 11.31 million APT on July 12. This equals 2.49% of the circulating supply, worth $63.33 million.
APT price rested at $5.59 today, up 4.02% over the past day. Its 24-hour bottoms and tops were $5.39 and $5.74, respectively.
Xai (XAI)
Xai token prepares to face an unlock of a whopping 198.40 million XAI on July 9. This is equivalent to 71.59% of the total circulating supply, worth $56.55 million.
XAI price traded at $0.2835, down 0.83% despite the broader uptrend. Its 24-hour lows and tops were $0.2738 and $0.2986, respectively.
It’s worth noting that XAI’s token unlock process is currently at 12%, hinting future turbulency might be possible.
Immutable (IMX)
Simultaneously, the Immutable crypto will witness an unlock of 32.47 million IMX on July 12. This totals 2.15% of the token’s circulating supply, worth $40.59 million, posing a threat to the price.
IMX’s price stood at $1.26 today, an upswing of 4.33%. The coin’s daily bottoms and peaks were $1.20 and $1.32, respectively.
Also, data indicated that 76% of the unlock process had been completed for the crypto.
io.net (IO)
Similarly, io.net is set to experience an unlock of 2.87 million IO on July 11. The amount of the unlock is equivalent to 3.02% of the circulating supply, worth $5.98 million.
IO traded at $2.08, up 0.09% at press time. The crypto’s 24-hour lows and peaks were $2.06 and $2.21, respectively.
Hashflow (HFT)
Hashflow readies to take the heat of an unlock of 13.85 million HFT on July 7. This unlock equals 3.28% of the circulating supply, worth $2.41 million.
HFT traded at $0.1742, an 11.38% upswing over the past day. Its 24-hour lows and tops were $0.1568 and $0.176, respectively.
Ethena (ENA)
At last, although not 1%, the Ethena crypto will witness an unlock of 14.89 million ENA, worth 0.87% of the circulating supply on July 7. This could bring slight volatility in price.
Intriguingly, CoinGape Media previously spotlighted massive token unlocks of specific cryptos, and this week saw a plunge in those cryptos’ prices. Market participants should try steering clear of trading these tokens in the upcoming week.
Also Read: Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds
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 Ripple Labs-backed cryptocurrency, XRP, has again turned heads across the broader crypto market. On-chain data revealed that a whale has accumulated 30 million coins in the past 24 hours, stirring speculations over the XRP’s future price movements.
Notably, a recent optimistic buzz surrounding the token is its potential to scale $0.50. The whale activity, emerging amid significant price growth raises market interest.
XRP Whale Activity
Recent on-chain data has revealed significant whale activity in the XRP market, capturing the attention of crypto enthusiasts. A whale address, identified as rDA…Pxr, transferred a staggering 29.7 million XRP coins, valued at approximately $12.7 million, from Binance to an unknown wallet (rfQ…Cvi).
This movement of tokens has coincided with speculation about XRP’s potential to reach the $0.50 price target. The timing of this whale activity is particularly noteworthy, as it coincides with XRP’s recent breakthrough of the $0.42 resistance level.
This combination of large-scale accumulation and price growth has reignited interest in the Ripple Labs-backed cryptocurrency, with many investors closely monitoring the token’s performance for signs of further upward momentum.
Recent Price Movements and Market Sentiment
XRP experienced a tumultuous period in early July, with its price dropping to its lowest level since March 2023. On July 5, amid a broader crypto market crash, XRP plummeted by 12%, reaching a daily low of approximately $0.38. However, the token showed resilience as bulls managed to recover some of the lost ground.
The recovery continued into July 6, with XRP recording minor gains. Market analysts are now contemplating two potential scenarios: If the bullish trend persists, XRP could rally towards the $0.45 resistance level before targeting the much-anticipated $0.50 mark.
Conversely, if selling pressure intensifies, the token might test support levels around $0.407 (aligning with the 38.2% Fibonacci retracement) and potentially drop further to $0.369 (corresponding to the 23.6% retracement). These price movements have created a mix of caution and optimism among XRP investors, who are closely monitoring these key support and resistance levels.
Also Read: Ripple CTO Explains Why Celsius Sued Users Who Pulled Funds Ahead Bankruptcy
Notable Investors and Market Indicators
Amidst the market volatility, prominent figures in the XRP community have made notable moves. Pro-XRP lawyer Bill Morgan has seized the recent downturn as a buying opportunity, purchasing additional XRP at just over $0.40. Morgan’s optimistic stance extends further, as he hinted at plans to acquire more tokens if the price reaches $0.375.
This show of confidence from a key market participant has not gone unnoticed by the XRP community. On the technical analysis front, the Relative Strength Index (RSI) for XRP has entered the overbought territory with a score of 58.8 on the daily charts, suggesting potential bullish momentum.
As of the latest data, XRP is trading at $0.4336, representing a 7.79% increase in the last 24 hours, despite an 8.72% decline over the past week. With a circulating supply of 56 billion XRP, the token’s market capitalization stands at $24.1 billion.
The 24-hour trading volume of $1.1 billion further underscores the active interest in XRP trading. These metrics provide a comprehensive snapshot of XRP’s current market position and the mixed signals investors are grappling with as they assess the token’s short-term prospects.
Also Read: Bitcoin Mega Whale Holdings At Six-Year High After Recent Accumulation
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 Shiba Inu meme coin has garnered significant optimism today, gaining over 10% against the backdrop of massive SHIB burn. As nearly 360 million coins were recorded to be destructed in the past seven days, a favorable impact on the meme coin’s market dynamics has taken place.
This chronicle has generated a torrent of speculative buzz on the asset’s potential to offer gains ahead. Let’s delve deeper into the SHIB’s current market dynamics and what it hints for future movements.
360M Coins Taken Out Of Supply
Notably, the tracker Shibburn on X revealed that 360.35 million Shiba Inu coins were burnt over the past week. This gave rise to a significant 418% spike in the weekly burn rate.
Meanwhile, usual market sentiments have taken a bullish turn, coinciding with the price rally and burn rate surge. Shiba Inu’s supply takes a massive blow as the token burn mechanism continues to kill SHIB.
At press time, the total supply was evaluated to be 589.27 trillion SHIB. Also, it’s worth mentioning that the meme coin’s community recorded the burning of 3.84 million tokens today.
Shiba Inu’s price trajectory waned significantly in tandem with the broader market’s trend in recent days. However, today came as a silver lining, attributable to the surge in burn rate and the broader industry showing signs of recovery.
Notably, SHIB has reversed yesterday’s losses, trading dominantly in the green.
Also Read: Crypto Stocks Fail To Capitalize on Big Tech Rally
SHIB Price Rallies
As of writing, the SHIB price rallied 15.30% over the past day to reach $0.00001539. Its 24-hour bottoms and tops were recorded as $0.00001296 and $0.00001546, respectively.
SHIB’s futures OI surged 8.45% to $34.53 million, further hinting at increased investor interest in the asset. However, the derivatives volume saw a 28.62% fall to $213.20 million.
The RSI moved along 30, contrastingly hinting at downside pressure on the asset. This data has shrouded the meme coin’s future price movements in a cloud of an enigma.
Also Read: GameStop Stock Falls Further; Roaring Kitty’s Impact Wanes
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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