Altcoin
Pepe Coin Hits New ATH As Smart Moneys Shift 250.5B PEPE, What’s Next?
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Pepe coin has emerged as one of the most promising cryptocurrencies within the meme coin sector this year, recently hitting a new ATH again. The token has defied the crypto market’s expectations, rallying to unprecedented levels despite the broader market’s turbulence.
Amid this substantial upward momentum gained by the frog-themed meme token, PEPE appears to have emerged as a hot trend among Smart Money traders, seasoned traders who usually make considerable profits trading crypto. On-chain data surfacing within the market shows nearly 250.5 billion PEPE shuffled by smart money addresses amid the token’s recent hitting of a new ATH.
This has ignited a flurry of speculation among investors, who are speculating over the meme coin’s potential to offer gains in the future.
Smart Money Addresses Shuffle Pepe Coin: Here’s All To Know
According to data revealed by a couple of on-chain analytics platforms, it was pointed out that 250.40 billion PEPE was moved in the past 24 hours. Notably, these transfers showcased Pepe coin accumulations and dumps by smart money traders in hand.
A smart money, 0x37…, was noted to have been accumulating 406.74 million PEPE from Binance, one of the world’s leading exchanges. Conversely, another smart money address, 0x647…., offloaded a whopping 250 billion PEPE to the same exchange.
It’s worth noting that the address 0x647 accumulated PEPE just one day after the coin launched. An initial accumulation of 475 billion PEPE with 0.51 ETH was recorded, with the address selling 468 billion PEPE to date with an ROI of 2084x. This address still holds considerable amounts of PEPE, worth 7.25 billion coins, hinting that the investor believes the token could pump even higher.
Whereas, the abovementioned smart money 0x37’s accumulation at a time when PEPE is already on a bull run adds to optimism on potential gains ahead.
Also Read: Crypto Prices Today May 14: Bitcoin Crosses $62K, Ethereum & Altcoins Mirror Sentiment
PEPE’s Price Rallies To New ATH
Meanwhile, as of writing, PEPE’s price has rallied 19.68% in the past 24 hours and currently sits at $0.00001005. It’s 24 hour lows and highs are $0.00000831 and $0.00001028, respectively. By ditching a zero from its value, the meme coin has achieved a monumental achievement, although speculations loom about whether it can hold this level.
Significant PEPE buying in recent days appears to have brought considerable buying pressure on the frog-themed meme token. Whereas, the coin’s 24-hour trading volume further rocketed 280.38% to $2.11 billion, pushing the token to a bullish stage.
Coinglass data added to this bullishness, flagging a market uptrend scenario for Pepe coin as open interest surged 14.92% to $107.51 million, followed by a derivatives volume upswing of 235.45% to $2.12 billion. This data paints a highly optimistic scenario for PEPE at press time, although speculations of a correction loom primarily attributed to the RSI hovering at 70. Suggesting that the asset is overbought, a potential reversal or correction might be expected ahead.
Also Read: Meme Coin Party Begins After GameStop Rally, Adds $5 Billion To Index
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
Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?
![](https://coin2049.io/wp-content/uploads/2024/05/spot_ethereum_etf_2.jpg)
As we proceed into July, the biggest question for the crypto community is when will the spot Ethereum ETF go live for trading. Nate Geraci, president of The ETF Store, predicts the Ethereum ETFs to go live by the 15th of July.
Geraci stated that with the revised S-1 submission for Ethereum ETFs to happen in July, the final S-1 approval from the SEC could arrive around July 12. Thus, July 15, Monday, would be the most probable day to begin trading Ether ETFs.
Wen spot eth ETF?
BBG sticking w/ mid-July.
Amended S-1s due July 8th.
Potential final S-1s by July 12th.
Would theoretically mean launch week of July 15th.
via @emily_graffeo @olgakharif pic.twitter.com/NG8xhtCP21
— Nate Geraci (@NateGeraci) July 3, 2024
Issuers to Address SEC Query On Spot Ethereum ETF
Last Friday, the US SEC returned the S-1 filings to issuers to address some minor questions. Sources familiar with the matter stated that the issuers have been already working on it. As we know, in May, the SEC approved the 19b-4 filings to list the Ether ETFs on exchanges. However, they can only go live for trading after the SEC approves the S-1 submissions.
Steve Kurz, head of asset management at Galaxy Digital, expected the Ether ETF approval in the next couple of weeks. Speaking to Bloomberg TV on Tuesday, July 2, Kurtz said:
“This is window-dressing, the SEC is engaged. We’ve been doing this for months now. We did it for the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.”
Now the bigger question in everyone’s mind is will the Ether ETF prove to be a strong catalyst to drive the crypto market higher?
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
Ethereum to Outperform Bitcoin
On Tuesday, K33 Research published a report stating that Ethereum would be outperforming Bitcoin post the ETF approval. As per K33, the launch of Ether ETfs would absorb nearly 0.75% to 1% of all ETH in circulation within the initial five months. This expectation is in line with that of Gemini which predicted $5 billion inflows within the first six months of launch. K33 senior analyst Vetle Lunde said:
“ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader.”
The ETH/BTC ratio steadily declined from 0.056 after the Bitcoin ETFs launched, reaching 0.046 by May 24. However, unexpected news that the SEC would soon approve Ethereum ETFs boosted the ratio back up to 0.055.
Also Read: ETH/BTC Price Prediction: ETF Hype, FOMO and Ethereum Price Imminent Rally To $5,000
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
Toncoin (TON) v Cardano (ADA): On-chain Data Show Gains
![](https://coin2049.io/wp-content/uploads/2024/07/TONCOIN-1-1-1-1.jpg)
The crypto market fluctuations continue to dominate the market while assets like Toncoin and Cardano move away from bearish sentiments. In the past week, most top assets traded sideways after exits recorded by institutional investors in the market. The status quo saw Bitcoin (BTC) price hovering around $61,000 before attempts at a rebound.
Toncoin and Cardano have shown promise ahead of the market outpacing top crypto assets by market capitalization. At press time, the market cap slumped 1.42% to $2.29 trillion with Bitcoin and Ethereum posting 24-hour losses. Major drivers of TON and ADA prices are bullish on-chain factors and key industry developments.
Toncoin Leads Asset Gainers
Toncoin soared 4.5% in the last 24 hours, leaving the wider market in the dust and adding to its recovery numbers. In the last seven days, TON moved up 8% wiping out previous losses. While most monthly numbers dropped for most assets, TON continued to soar hitting 22%. The asset flipped Dogecoin to become the 8th largest crypto by market cap inching closer to a new all-time high.
TON price stands at $8.05 taking its market cap to $19.8 billion while volumes are up 57% today. Last month, Toncoin tapped a new all-time high at $8.24 and remains 2.37% behind the mark. With rising bullish interest, some users expect the asset to break that level.
Toncoin recorded traction as Kazakhstan exchanges began trading the asset following regulatory approval. Similarly, Pantera Capital also increased its investment in Toncoin.
Cardano Attracts Growth
The community dubbed ETH killer jumped 3.5% to trade at $0.418 pushing its market capitalization to $14.9 billion. Weekly numbers were up 6% while daily trading volumes saw a slight increase. Overall, ADA’s recent bullish following anticipated network upgrades and a rise in on-chain volumes. The asset is tipped by bulls to breach the current resistance level despite market fluctuations.
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
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
SEC Could Approve First US Ether ETFs by Mid-July: Bloomberg
![](https://coin2049.io/wp-content/uploads/2024/06/ethereum_etf.jpg)
The U.S. Securities and Exchange Commission (SEC) may soon approve the first American Ethereum ETFs. Asset managers remain hopeful for a decision by mid-July, even as the deadline for updated submissions has been extended to July 8. This development could mark a significant milestone following the enthusiastic reception of the U.S. spot Bitcoin ETFs earlier this year.
SEC Nears Approval for First US Ethereum ETFs
The SEC’s recent interactions with Ethereum ETFs applicants suggest a constructive dialogue, with the latest round of feedback involving only minor queries. In May, the commission had already approved an exchange proposal to list these products, signaling forward momentum. However, actual trading cannot commence without a separate, subsequent approval.
Financial giants like BlackRock Inc., Fidelity Investments, 21Shares, and Invesco are among those awaiting the green light for their Ethereum ETFs. While many details, such as fund fees, remain undisclosed, the anticipation builds on whether these Ether portfolios will mirror the demand seen in January when U.S. spot Bitcoin ETFs attracted $52 billion in assets.
Also Read: Robinhood Plans to Introduce Crypto Futures In US and Europe Very Soon
YieldMax Seeks SEC Nod for Ether ETF
YieldMax has recently joined other firms seeking SEC approval for an innovative Ether-based product. Their proposed Ether Option Income Strategy ETF, intended for listing on the NYSE Arca, employs a synthetic covered call strategy designed to capitalize on the volatility of underlying Spot Ethereum ETFs. This approach aims to generate profits and provide additional income and risk management for investors through the sale of call options.
Meanwhile, firms like Franklin Templeton and VanEck have already disclosed their ETF fees, which are competitively set at 0.19% and 0.20%, respectively. This transparency could set a precedent for others in the sector, aligning with investor expectations for clear and upfront cost structures.
As the SEC review process continues, the market response has been mixed. Ethereum price has recently declined, dropping about 1.48% to $3,411.87, although it has risen by 50% this year. The cryptocurrency sector’s volatility remains critical for potential investors and regulatory bodies.
Also Read: Tether Inks MoU With BTguru to Boost Crypto Freedom in Turkey
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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