Altcoin
Pepe Coin Price Soars As VanEck Shares Cryptic Frog Meme Post
![](https://coin2049.io/wp-content/uploads/2024/06/PEPE-Price-Recover.webp.webp)
Pepe Coin (PEPE), a popular meme cryptocurrency, experienced a significant price surge recently. The latest Pepe coin rally follows a test at the bottom support level, hence, rebounding notably. This coincided with a cryptic social media post from investment firm VanEck.
VanEck Teases Discussions Around PEPE
On the platform X (formerly Twitter), VanEck shared an enigmatic frog meme, which also featured other animals who were seen sitting around a table. However, the frog stood on the table, grabbing the spotlight. The post caption stated, “Important topics were discussed at the board meeting.” This post generated considerable buzz and speculation within the cryptocurrency community.
![](https://coingape.com/wp-content/uploads/2024/06/20240628_181251.jpg)
![](https://coingape.com/wp-content/uploads/2024/06/20240628_181251.jpg)
In the immediate aftermath of VanEck’s post, PEPE saw notable volatility. Initially, there was a minor dip in its price, with a 1.5% decrease over 24 hours. Moreover, Pepe Coin hit a low of $0.00001213 just ahead of the post. However, the meme coin rebounded quickly, capitalizing on the hype and social media traction.
Furthermore, the price of Pepe Coin surged by approximately 11% over the past week, showcasing its resilience amid the recent bearish downturn in the market. In addition, the excitement surrounding Pepe Coin was further amplified by VanEck’s recent endeavors in the crypto space.
The firm, which is known for its traditional finance products, recently applied for a Solana ETF. Furthermore, the firm became the first ever ETF issuer in the U.S. to apply for another altcoin ETF after the Ether ETF application. Though it’s unlikely to see a Pepe Coin ETF anytime soon, VanEck’s post was enough to stir optimism in the PEPE meme community.
Also Read: Pepe Coin: Smart Money Offloads 118B PEPE With 11-Fold Returns, Has Price Maxed Out?
Pepe Coin Price Today
After the post, the PEPE price gained 3% from its low of $0.00001214 today with a price of $0.00001245 at the time of writing. In addition, the PEPE market cap soared to $5.25 billion. However, the Pepe Coin trading volume saw a slump of 11.80% to $500.55 million in the last 24 hours.
As the PEPE price rebounded, the short liquidations rocketed, according to Coinglass data. Shorts liquidated $1 million in the last 24 hours and are expected to exert buying pressure as they buy back their positions to minimize losses. This could potentially push the Pepe Coin price higher. However, longs also liquidated $715,610, which could limit the impact of this buying pressure.
The PEPE Coin price has fluctuated significantly since reaching its peak value of $0.00001725 on May 27th. Following this high, the price experienced a 44% decline, finding a support level at $0.00000968 on June 24th. Recently, PEPE has revisited this previous support level, which has now turned into a resistance point in the short term.
The technical indicators present a mixed yet generally positive outlook. The daily Relative Strength Index (RSI) is currently at 51, indicating a balance between buying and selling pressures with a slight inclination towards bullish activity, and still allows for further upward movement.
Additionally, the Moving Average Convergence Divergence (MACD) recently experienced a bullish crossover. The MACD line is now marginally above the signal line, hinting at growing bullish momentum.
On the 4-hour chart, Pepe Coin recently broke out from a bullish flag pattern that has been forming since late May. However, it encountered resistance from the larger ascending channel’s support level. This pattern suggests that while a minor pullback could occur in the short term. However, there is potential for a breakout if the bullish momentum continues to build.
According to IntoTheBlock data, 84% of current PEPE holders are in profit at the present price. Meanwhile, 5% holders at break-even and 11% at a loss. Hence, amid a price rise, long holders could sell their holdings to realize profits, potentially leading to high volatility and dip.
Also Read: Binance Lists ETHFI, MEME, PYTH Among 7 New FDUSD Trading Pairs
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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