Altcoin
Top Gainers Sui and Mpeppe Attracts Major Ethereum Investors For Quick Profits
The cryptocurrency market has been a rollercoaster in 2024, but amidst the volatility, Sui (SUI) and Mpeppe (MPEPE) are emerging as top gainers. Both projects have caught the attention of Ethereum (ETH) investors seeking quick profits and diversification. As Sui (SUI) spikes near the $1 mark and Mpeppe continues to gain momentum, Ethereum whales are eyeing these assets for their potential upside.
Sui (SUI) Price Surge: What’s Driving the Momentum?
Sui (SUI) has been on a bullish tear recently, surging by over 5% to reach $0.935 on Sunday. The main driver behind this price spike is the launch of Sui’s native stablecoin project, AUSD. This new addition to the Sui (SUI) ecosystem is designed to enhance DeFi operations by providing a more reliable and decentralized asset for borrowing, lending, and other financial transactions. The AUSD stablecoin has already started bringing more liquidity to the Sui (SUI) network, making it a key factor in the token’s recent rise.
Sui (SUI)’s Total Value Locked (TVL) has also seen a substantial increase, reaching $641 million, according to DefiLlama. This growth in capital inflow signals rising investor confidence in the project, further boosting Sui (SUI)’s bullish momentum.
From a technical perspective, Sui (SUI) has shown a strong recovery after finding support at the $0.80 level. On the daily chart, Sui (SUI)’s price action indicates a trend-reversal pattern, featuring an inverted head-and-shoulder formation. Despite persistent resistance at the 200-day EMA, the token has managed to break above the 50-day EMA, gaining 5% intraday.
Currently trading at around $0.9161, Sui (SUI) is poised for a possible breakout above $1. Analysts are eyeing resistance levels at $1.001, $1.43, and $1.72 as potential targets if the bullish momentum continues. The daily RSI line also supports this bullish outlook, hovering near the 60% mark, which indicates a positive trend.
Mpeppe (MPEPE) Casino: A New Frontier for Ethereum Investors
While Sui (SUI) has been grabbing headlines for its price surge, Mpeppe (MPEPE) has quietly been building a strong following among Ethereum whales. Mpeppe (MPEPE) is a decentralized casino platform built on the Ethereum blockchain that offers a unique combination of meme coin excitement and DeFi utility. The project has attracted significant attention from major investors looking to capitalize on its potential for high returns.
Mpeppe (MPEPE)’s casino ecosystem allows users to stake tokens, gamble, and earn rewards in a fully decentralized, transparent environment. All transactions are recorded on the Ethereum blockchain, ensuring fairness and security for users. The platform also offers the opportunity to earn passive income through staking, making it an attractive option for Ethereum investors looking to diversify their portfolios.
Ethereum whales are known for spotting early-stage projects with massive potential, and Mpeppe (MPEPE) seems to fit that profile. With its growing user base and increasing market buzz, Mpeppe (MPEPE) has positioned itself as a strong contender in the altcoin space.
Why Ethereum Investors Are Turning to Sui and Mpeppe
Ethereum (ETH) itself has been struggling to break the $2,400 resistance level, leading many of its investors to explore new opportunities for quick profits. The Ethereum network remains strong, but its recent price performance has been underwhelming, prompting some to look for alternatives that offer higher short-term gains.
Both Sui (SUI) and Mpeppe (MPEPE) present compelling cases for Ethereum investors. Sui (SUI), with its innovative DeFi solutions and strong technical setup, is on the verge of a breakout that could push its price past the $1 mark. The introduction of the AUSD stablecoin has added more liquidity to the platform, making it an attractive option for both retail and institutional investors.
Mpeppe (MPEPE), on the other hand, offers a unique blend of decentralized gambling and meme coin appeal, tapping into the viral nature of meme culture while providing a legitimate use case. Ethereum investors, especially whales, are drawn to Mpeppe (MPEPE)’s potential to generate high returns through its casino platform and staking rewards.
The Road Ahead for Sui and Mpeppe
For Sui (SUI), the next few days will be crucial. If the bullish momentum continues and the token breaks through the $1 psychological barrier, it could be headed toward higher resistance levels at $1.43 and $1.72. The support levels at $0.80 and $0.5728 will be key to watch in case of a pullback, but for now, the outlook remains optimistic.
Mpeppe (MPEPE) is also on an upward trajectory, with more Ethereum investors flocking to its decentralized casino platform. As the project gains traction, its value proposition becomes more evident. The combination of meme coin excitement and DeFi utility makes Mpeppe (MPEPE) a standout in a crowded altcoin market.
Conclusion
As Ethereum struggles to break through its current resistance levels, top gainers like Sui (SUI) and Mpeppe (MPEPE) are attracting the attention of ETH investors looking for quick profits. Sui (SUI)’s recent price surge, driven by the launch of the AUSD stablecoin, has positioned it as a strong contender for further gains. Meanwhile, Mpeppe’s (MPEPE) decentralized casino platform offers a unique investment opportunity for Ethereum whales seeking high returns.
With both projects showing strong potential, Sui (SUI) and Mpeppe (MPEPE) could continue to outperform in the short term, making them top picks for investors looking to capitalize on the next big altcoin rally.
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Altcoin
Ethereum Foundation Launches Pectra Tesnet ‘Mekong’, ETH Price Set For $4000
Ethereum Foundation on Thursday announced launch of its first short-lived Pectra testnet ‘Mekong.’ This testnet includes all the EIPs proposed for the upcoming Pectra upgrade on the Ethereum network. Will this trigger ETH price rally to $4000 as the price jumped 8% in the last 24 hours?
Ethereum Foundation Introduces Mekong Tesnet for Pectra
In an official announcement by Ethereum Foundation on November 7, the first short-lived Mekong testnet was introduced after scoping the Pectra fork and four DevNet events
The foundation said the Mekong testnet consists of all the EIPs proposed for the next major Pectra upgrade. It includes changes such as UX changes via EIP-7702, staking changes via EIP-7251, changes to the deposits and exit mechanisms via EIP-6110 and EIP-7002.
The Mekong testnet is focused on wallet developers to engage with UX changes and for stakers to gain confidence in the upcoming changes. This is a short-lived testnet but the features included will make it into existing public testnets and finally the mainnet.
In addition, Ethereum developer Tim Beiko reveals ethPandaOps has introduced this short-lived Pectra testnet Mekong to introduce major changes in mainnet. Also, this helps the crypto community try out EIP-7702, MaxEB consolidations, and more.
Moreover, Ethereum Foundation developer Parithosh recommended wallet teams to try Mekong testnet at the DevCon Week, which will run the entire week of November 9-17.
If you want something to hack on at DevCon, try out the Mekong testnet!
All the pectra EIPs are live: so you can brainstorm your EIP-7702 wallet user flows, deposit a validator to use MaxEB and exit a staking pool validator with a smart contract! https://t.co/GXEqhjrDjS
— parithosh | 🐼👉👈🐼 (@parithosh_j) November 7, 2024
ETH Price to Hit $4000
Bullish sentiment surrounding Donald Trump’s win and DevCon event has triggered the rally. Moreover, the launch of the Mekong testnet to fuel ETH price further. Notably, analyst Benjamin Cowen predicted Ethereum price rally after a bottom formation confirmation in the ETH/BTC pair above the 50 DMA.
Popular analysts Michael van de Poppe and Ali Martinez said Ethereum is in the early bull run stage. With the Pectra upgrade expected to take place in early 2025, whales are likely to buy the dip. Michael van de Poppe suggested that the markets are rotating and ETH will see a massive pump. Notably, a higher-low formation will bring much-awaited upward momentum.
Also, Ali Martinez added that MVRV Momentum crossing its 180-day has historically signaled a period of outperformance for ETH price. The cross hasn’t happened yet and gives an opportunity to buy the dip for more upside ahead for the $4000 psychological level.
ETH price today jumped 8% to a 3-month high, with the price currently trading at $2,800. The 24-hour low and high are $2,611 and $2,878, respectively. However, the trading volume has decreased by 6% over the last day.
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.
Altcoin
Why Bitcoin Users Are Moving to Altcoins? As Ethereum Price Jumps 11%
Although the Bitcoin price rally has paused above $75,000 a day after Donald Trump’s victory, altcoins have continued their strong show with the Ethereum price taking the lead with 11% gains all the way to $2,850 levels. Investors have a lot of questions as to does this mark the beginning of the much-awaited altseason moving ahead.
Altcoins Steal the Limelight from Bitcoin?
On the day of Donald Trump’s victory on November 6, the Bitcoin price touched its all-time high levels surging all the way to $75,000. While the bulls try to defend these levels, altcoins seem to grabbing the investors’ focus.
The Ethereum price has managed to pull off 12% gains moving all the way to the $2,850 level and eying further rally to its all-time high levels. This comes despite strong selling pressure from Ethereum whales. Popular crypto analyst IncomeSharks noted that the ETH price has given a crucial breakout from the downward trendline slope, which opens the gates for a 75% rally from here to new all-time highs.
$ETH – Breakout. 75% move from here to an all time high. $3k first. pic.twitter.com/29KJzgk4Ex
— IncomeSharks (@IncomeSharks) November 7, 2024
Furthermore, after hitting the lower lows over the past few months, the ETH/BTC trading pair has notched up a bit. “With ETH/BTC at 0.035 it definitely makes sense to start hedging,” added Cowen. However, he added that for the bottom formation confirmation, the ETH/BTC pair must end above the 50 DMA.
I would watch #ETH / #BTC here.
If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed. pic.twitter.com/dXNYj2sDvY
— Benjamin Cowen (@intocryptoverse) November 7, 2024
Apart from Ethereum price surge, other altcoins like Solana made strong gains on Donald Trump’s victory. The Solana price has surged to $188 once again as talks about the approval of spot Solana ETF in the Trump presidency gain traction. As a result, analysts predict an SOL surge to $300 levels from here.
Will BTC Lose the Grip Over the Market?
Some market analysts state that it is still early to call the altseason and expect Bitcoin dominance to grow even further. Also, this could just be the beginning of the next major Bitcoin bull run.
Veteran trader Peter Brandt shared an optimistic outlook for Bitcoin, suggesting it has entered a “sweet spot” in the current bull market halving cycle. According to Brandt, Bitcoin is on track to peak between $130,000 and $150,000 by August or September of next year, marking a potential new high for the cryptocurrency.
Echoing similar thoughts, crypto analyst Ali Martinez noted that the next BTC top usually happens after 8 to 12 months following a monthly close above the previous all-time highs. Thus, he expects the next BTC top to happen anywhere between July to November 2025.
Historically, #Bitcoin has reached market tops roughly 8 to 12 months after achieving a monthly close above its previous all-time high.
If this pattern continues, the next potential market top for $BTC could occur between July and November 2025. pic.twitter.com/aWBZDBpUea
— Ali (@ali_charts) November 6, 2024
According to blockchain analytics firm CryptoQuant, Bitcoin’s recent all-time high doesn’t signal an overvaluation relative to its cost basis. The firm’s data on the MVRV ratio suggests that BTC remains well below peak levels. Additionally, Bitcoin’s price is close to traders’ average purchase cost, indicating that the market is not currently overheated. These insights point to the potential for continued growth in Bitcoin’s value.
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.
Altcoin
XRP Price At Risk As Ripple Moves $250M?
The XRP price has come under the spotlight following Ripple’s recent $250 million XRP transfer. This comes amid bullish predictions for the coin, with analysts saying that its price could enjoy a parabolic rally following Donald Trump’s win.
The XRP Price At Risk With Ripple’s $250 Million Transfer
The XRP price is at risk of a decline following Ripple’s transfer of $250 million worth of XRP to an unknown wallet. Onchain data shows that the crypto firm transferred 470 million XRP to this wallet (rP4X2…sKxv3). This unknown wallet has since transferred 100 million XRP to another wallet (rhWt2…E32hk).
The purpose of the $250 million transfer remains unclear. However, it could relate to Ripple’s On-Demand Liquidity (ODL) services or the ongoing SEC appeal case.
This development comes just a day after XRP whales moved $814 million, indicating whale accumulation. While the Ripple transfer is unlikely to impact the XRP price since it will likely be done over the counter (OTC) if it is a potential sale, it could still create a bearish sentiment among XRP investors.
However, crypto analysts are confident that XRP is currently in bullish territory following Donald Trump’s win in the US presidential elections. The coin could surge up to 3,336% as crypto analyst StephIsCrypto predicted a major above $2 following Trump’s victory.
A Price Surge Above $20 By Year-End
In an X post, Crypto analyst Amonyx made a bold prediction, stating that the XRP price will rise above $20 by year-end. In another X post, the analyst suggested that he was confident that this price surge would happen with the US SEC chair Gary Gensler set to be removed following Donald Trump’s victory.
Gensler’s removal is bullish for the XRP price because he has spearheaded the long-running legal battle against Ripple. The legal battle could have negatively impacted XRP all this time, creating doubts in investors’ minds.
However, with Gensler gone and the Ripple SEC lawsuit likely to end, investors could again become bullish on XRP and look to invest more in the crypto. Crypto analyst Ross Vandermeer also predicted that the XRP price could eventually rise to $1,000 thanks to Donald Trump’s US election victory.
Ripple CEO Brad Garlinghouse recently called on the US president-elect to fire Gary Gensler on day 1, just like he promised. Meanwhile, Ripple chief legal officer (CLO) Stuart Alderoty urged Trump to end the regulation-by-enforcement approach to position the US as the crypto capital.
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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