Altcoin
Pepe Coin Whales Offload Over 1 Trillion PEPE
Pepe Coin whales sent shockwaves across the broader crypto market by offloading over 1 trillion tokens recently. Data from numerous transaction trackers revealed that large-scale investors have embarked upon a PEPE-selling spree amid the ongoing crypto market slump. Particularly, whales are reflecting a panic-selling sentiment due to the broader market uncertainty caused by recent macro trends.
Pepe Coin Whales On Selling Spree Spark Concerns As Over 1T Tokens Sold
Lookonchain’s data on April 9 revealed that a whale sold 723.67 billion PEPE tokens for 4.63 million DAI. While this selloff sparked investor concerns, major institutional crypto liquidity providers also dumped massive amounts, adding to the market unease.
Spotonchain’s data suggested that market maker Cumberland deposited 247 billion coins to Robinhood recently. Also, renowned market maker B2C2 was recorded as depositing 163 billion tokens to Binance. Overall, Pepe Coin whales, including market makers, have offloaded nearly $7 million worth of tokens in just a day.
Why Are The Dumps Bearish?
Usual market sentiments remain highly negative in the wake of such whale dumps, underscoring the loss of market confidence and rising negative pressure on an asset’s dynamics. The dump transactions indicate potential selloffs, and thus bringing heightened token supply on exchanges. These aspects remain critically eyed by investors as they pose a severe risk to the price.
PEPE Price Action
As of press time, PEPE price continued its fall, dropping nearly 1% to $0.000006301. The coin swooped to a $0.000005814 low while also hitting a peak of $0.000006405 intraday. Notably, the weekly chart for the crypto shows a drop of over 14%. This broader waning action may be the catalyst for rising Pepe Coin whale dumps.
It’s worth pointing out that the frog-themed meme coin has lost nearly 70% since the start of this year, alongside broader market trends. The token that once traded at the $0.00002 price level in January is now down to unprecedented lows. As a result, broader market sentiments surrounding the meme coin remain uncertain. Further, the Trump tariff’s ripple effect has further swallowed hopes of a recovery in the short term.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
Crypto exchange Binance has recently revealed plans to delist a specific spot trading pair for the VIDT crypto, causing its price to plunge nearly 40% in just a day. The exchange revealed in an official announcement this Tuesday that it will delist the VIDT/BTC trading pair shortly, pushing investors to take a cautious approach while trading the asset.
Binance To Delist VIDT/BTC: Here’s The Timeline
According to an official Binance announcement dated April 15, the VIDT/BTC trading pair will be delisted at 08:30 UTC. The decision to delist this trading pair comes as the crypto exchange looks to protect its users from emerging market risks while also ensuring a high-quality trading experience.
Per the announcement, the spot trading pair mentioned above is being delisted after a thorough periodic review by the exchange. The VIDT/BTC trading pair reflects concerning factors, such as poor liquidity and trading volume, among other reasons that pose a risk to users.
In turn, usual market sentiments remain highly bearish in light of such delistings on one of the top crypto exchanges. Besides, it’s noteworthy that this delisting was initially scheduled to take place on April 16. However, Binance pre-poned the delisting, which caused a sudden shock to traders as the coin’s price promptly crashed severely.
As of press time, VIDT price saw a steep fall of roughly 38%, closing in at $0.001838. The DAO-based token fell from a high of $0.003024 in the past 24 hours. This price drop reflects market uncertainty in the wake of one of the top crypto exchanges delisting the crypto.
Meanwhile, it’s also worth pointing out that Binance offered clarity on OM price crash by revaling a statement recently. CoinGape reported that the crypto exchange titan blamed massive cross-chain liquidations as the primary reason for Mantra’s 90% price crash on Monday. The price crash in turn caused massive liquidations and OM selling, whilst the project also faced rug pull allegations.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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 Shiba Inu burn rate once again shot up by a staggering 2000% on Tuesday, reverberating market optimism surrounding its future price movements. Recent burn metrics revealed that over 20 million SHIB tokens were removed from the asset’s circulating supply in just a day. Now, crypto market traders and investors speculate if price gains loom, whilst a renowned SHIB community member further revealed that a “new pump wave is loading.”
Shiba Inu Burn Rate Soars 2000% As 20M Tokens Burnt
According to Shibburn’s data on April 15, the Shiba Inu burn rate exploded by 2061.22% at the time of reporting. This surge in the meme token’s burn rate is in sync with 20.83 million coins removed from the asset’s supply intraday.
For context, the SHIB burn mechanism transfers tokens to a null address and makes their recovery impossible. This saga drastically reduces the dog-themed meme coin‘s circulating supply, a reason that many believe is driving SHIB’s relatively sluggish performance over the years.
Besides, a renowned Wall Street expert going by the name “wallstreetbets” on X has stated that “Despite burns, SHIB supply remains unchanged.” This statement has ushered an apprehensive sentiment among market participants who are anticipating price gains ahead in light of the constant burns. Intriguingly, CoinGape found that the total circulating supply rested at 584.37 trillion tokens at the time of reporting.
Can SHIB Price Pump Ahead?
CoinMarketCap’s data showed that SHIB token’s price rested at $0.00001193, down nearly 3% over the day despite the Shiba Inu burn rate surge. The meme coin fell from an intraday high of $0.00001239, even hitting a bottom of $0.00001182. Crypto market participants are currently uncertain about the coin’s future price movements, given broader market trends and a volatile price trajectory.
Nevertheless, renowned Shiba Inu community member SHIB Knight posted on X that a “new pump wave is loading.” Notably, a sustained break above $0.00001238 paves the way for a bull run, per the community member. Traders and investors continue to monitor the coin for further price action shifts ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
In the wake of the jarring incident around Mantra, community members are calling for Pi Network to glean valuable lessons from the black swan event. Pseudonymous cryptocurrency analyst Dr Altcoin wants the PiCoreTeam (PCT) to establish key guardrails to prevent a repeat of the OM incident for the Pi Network.
The OM Incident Is A Huge Lesson For Pi Network
Cryptocurrency expert Dr Altcoin has urged the Pi Network to learn valuable lessons from the grim Mantra (OM) incident. According to a post on X, Dr Altcoin called on the PiCoreTeam to lay a proper foundation to prevent steep price drops for token prices.
The price of Mantra (OM) fell from $6.32 to $0.57 in one steep drop that left investors scratching their heads. OM, once ranked among the top 50 cryptocurrencies by market capitalization, tumbled by over 90% in a day, stoking speculations of a rug pull.
While the official explanation puts the blame on liquidations, a consensus is forming that the steep drop is a “carefully orchestrated dump.” Market losses totaled $6 billion as a cohort of crypto traders lost $400 million after buying OM three days before the incident.
However, Dr Altcoin wants the PCT to speed up the development of ecosystem guardrails to prevent a repeat of the incident for Pi Network. Dr Altcoin has his eyes on the clock, urging the PCT to set up robust infrastructure before the transition to open mainnet.
“The OM incident is a wake-up call for the entire crypto industry – proof that stricter regulations are urgently needed,” said Dr Altcoin. “It also serves as a HUGE lesson for the PCT as we transition from the Open Network to the Open Mainnet.
Belief In the PiCoreTeam Is Waning
While a cross-section of community members will argue that the PCT is not scheming a rug pull, there is rising dissent in the ecosystem. Dr Altcoin remarks that faith in the PCT is waning given a trail of transparency issues facing the Pi Network in recent weeks.
“One thing is clear about the PCT,” wrote Dr Altcoin on X. “They are not transparent.”
Questions about the PCT’s transparency first reared its head over the murkiness of the locking and burning mechanism for Pi Coins. Furthermore, delays in issuing KYB approvals for projects leading to PiDaoSwap launching NFTs on the Binance Chain inflamed soured optimism for the PCT.
Dr Altcoin notes that if the PCT fast-tracks the KYB process for centralized exchanges, it will unlock the floodgates of demand for Pi ahead of the transition
At the moment, Pi miners are capitulating casting a shadow of doubt over the direction of Pi Coin price. Pi Coin is on the rise, climbing by nearly 30% over the last seven days to trade at $0.7404 but the specter of a drop to 0.3 hangs like a Sword of Damocles.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
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