Altcoin
Pepe Coin Correction Prompts Over 1 Tln PEPE Dump, Bull Run Over?
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
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 recent XRP price glitch on live American TV has created ripples in the crypto community. In an episode of “American Sunrise Early Edition” on Real America’s Voice, the value of XRP soared to a staggering $21,355, marking a 961,936% uptick from its actual price at the moment.
Notably, other cryptocurrencies like Bitcoin, Ethereum, Solana, Dogecoin, and Cardano also saw variations in their prices during the live TV program. Though the host, Jake Novak, addressed Bitcoin’s price anomaly, he overlooked the XRP glitch.
XRP Price Glitch on Live American TV: Key Details
During an episode of American Sunrise Early Edition on Real America’s Voice, the show displayed incorrect prices for major cryptocurrencies, including Bitcoin and XRP, with the values being significantly different from their actual market prices. For instance, the XRP price was displayed as $21,355, up by more than 961,936% from its actual market value of $2.1.
Throughout the market outlook segment, the XRP price glitch remained on the screen, fluctuating between $2.22 and $21,355. The community largely responded to the incident, drawing the team’s attention to the error.
This incident follows the increasing anticipations of the Ripple lawsuit settlement, driven by the SEC’s recent progressive stance.
XRP’s Repeated Price Glitch
As highlighted by the community members, it’s not the first time that XRP has experienced a price glitch. Historically, the token has seen dramatic price variations due to system errors.
In June 2024, XRP was shown on TradingView at $9,864, a point much higher than its original value. A glitch on Binance presented XRP at $5,791 due to data feed issues in October. In a similar incident, XRP’s value was incorrectly displayed on CoinMarketCap in November 2023, with the platform showing it at $1,919, a significant deviation from its actual market value.
Host Addresses Bitcoin Price Anomaly, Overlooks XRP
Notably, the technical issue on the American live TV has resulted in incorrect price displays for not just XRP, but several other cryptocurrencies. The episode presented Bitcoin’s price at $43,636, marking a significant drop of around 50% from the original value.
Meanwhile, Ethereum (ETH) rose to $6,000, a 156% surge and Solana (SOL) increased to $2,896, up by 1,983%. Dogecoin (DOGE) skyrocketed to $32, a 15,900% increase from $0.22, and Cardano (ADA) increased to $69, a 10,198% rise from $0.67.
Addressing the issue, the show’s host, Jake Novak, stated that the “graph had gone a little funky.” However, he only addressed the Bitcoin price glitch, overlooking the issues with other cryptocurrency values, including XRP.
How XRP Reacts To the Incident?
As of press time, XRP is valued at $2.10, with a notable decline of 5.5% over the past 24 hours. On a weekly and monthly basis, the token has experienced massive dips of 12.9% and 7.3%, respectively.
Despite the prevailing negative trend, the XRP price is facing a positives sentiment within the community. This is significantly evident in the 14.5% surge in the trading volume, currently at $4.18 billion.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
The price Chainlink (LINK) has reversed its earlier growth trends after the broader market nosedived in mid-day trading. The current breakdown has triggered a new worry among investors for a coin that had the prospect of reclaiming its spot among the top 10 largest digital currencies.
The LINK price has fallen to $14.1, down 9.12% in the past 24 hours. This latest selloff has also raised the question of where the LINK floor is triggered.
Bitcoin Price and Bollinger Bands Insight
The Chainlink drawdown is steep and depends on the Bitcoin price selloff triggered by today’s US Core PCE figures. LINK has recorded more selloffs than most altcoins in the top 20 based on a percent decline over 24 hours.
LINK has fared much better on longer timeframes, as the token is still up by 1% in the past 7 days. The token’s Year-to-Date (YTD) growth is 34.76%, making analysts wonder if more selloff is inbound.
The LINK/USDT 4H Chart offers insight into the Chainlink price outlook. The current price is trading at the lower Bollinger Bands, $14.04. The deviation from the upper bands is a sign of intense volatility, which may or may not go well for the token.
Over the past 30 days, the LINK price has not dropped below $13, which is now classified as the next support level to watch.
LINK and Dependence on the General Market
The broader market is divided on what is next for Chainlink. The Oracle service provider remains one of various institutional clients’ most used blockchain protocols.
This means that the adoption of its services depends on the market or external factors.
Besides this, the price action of Bitcoin and other altcoins is also a major determinant of its potential rebound. At the time of writing, the price of BTC has dropped to a new weekly low of $83,872.69, down by 3.77% in 24 hours. With the bearish outlook, Peter Brandt said Bitcoin price crashing to $70,000 is not impossible.
With Chainlink’s dependence on Bitcoin, the altcoin may maintain its current outlook until the top coin prints a new rally.
Major LINK Price Catalyst to Watch
Per an earlier CoinGape report, Chainlink inked a deal with the Abu Dhabi Global Market (ADGM). This LINK partnership with ADGM will support the development of compliant frameworks for tokenized assets, expand blockchain adoption, and promote regulatory dialogue within the UAE and globally.
In an earlier LINK price analysis, projections were made that this partnership may push the token’s price to a high of $44. For now, the protocol’s price action signals caution overall.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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.
The Ethereum price has been in a sharp decline in the past months, underperforming compared to Bitcoin (BTC) and Solana (SOL). Despite its unwillingness to experience a significant price increase, a crypto analyst has revealed his bullishness for ETH, predicting a potential recovery to $4,000 before the end of the bull cycle.
Ethereum Price Projected To Reach $4,000
Crypto analyst Astronomer has announced his bullishness on the Ethereum price outlook, predicting a potential rally to $4,000. In a rather lengthy post on X (formerly Twitter), the analyst highlights several technical signals that suggest ETH could soon revisit this key price target.
Notably, the ETH price is positioned at a clear support zone between the $1,700 and $1,900 range. Historically, this range has acted as a launch pad for recoveries, with previous declines to this area triggering a strong price surge.
While Ethereum has underperformed against Solana during this bull market, it has still doubled since its 2022 low, which is a better outcome than most altcoins. Further highlighting his bullish stance on ETH, Astronomer revealed that he had swapped BTC for ETH, holding a strong conviction that the latter will eventually outperform the former by the end of the cycle.
Based on the analyst’s chart, ETH is currently trading within a long-term macro price range between $1,700 and $4,500. The cryptocurrency recently retested the bottom of this range, which historically led to a bounce back toward a price high above $4,000.
Astronomer also notes that Bitcoin has already set its weekly low, meaning that Ethereum’s price movements could soon align with the pioneer cryptocurrency’s recovery. If ETH can reclaim the $2,100 level, the analyst predicts a rapid move toward $4,000 in a few months.
With the next Federal Reserve monetary policy scheduled for mid-April, the market may see renewed bullish momentum that could benefit Ethereum’s price trajectory. Another major development that supports the analyst’s bullish projection for Ethereum is its performance in March 2024. At the time, the altcoin swept a previous price high but didn’t sustain a breakout, leading to a prolonged correction.
However, Astronomer suggested that this price trend insists on revisiting $4,000, particularly after Ethereum hits a range low. The analyst notes that ETH is now at this critical low, which could indicate that the bottom is in, signaling a potential move to new highs.
ETH Market Sentiment Hits Rock Bottom
While sharing his bullish forecast for ETH’s price during this bull cycle, Astronomer also revealed that Ethereum is facing a heavy bearish sentiment due to its prolonged underperformance. According to the analyst, Ethereum’s current market sentiment is worse than Bitcoin’s, with negative narratives dominating discussions across the crypto community.
Some claim that ETH lacks a proper use case, while others suggest that the Ethereum Foundation may be selling. Despite this, Historical data shows that when ETH hit similar low levels in late 2017 and 2021, the cryptocurrency experienced a subsequent rally to new ATHs. The latest sentiment score shows Ethereum has hit rock bottom at 14, signaling extreme fear and uncertainty, which often precedes major price rebounds.
Featured image from Adobe Stock, chart from Tradingview.com
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