Altcoin
Whale Continues XRP Selling Streak, $0.42 Becomes Major Resistance Level
In the background of the crypto market’s bearish movement today, a renowned XRP whale has continued selling significant amounts of XRP. Notably, on-chain insights by Whale Alert reveal nearly 71 million coins dumped to exchanges over the past day, setting off discussions surrounding XRP’s future price action across the crypto industry.
XRP price currently takes the heat of the broader crypto market trend, slipping as low as the $0.39 price level. So, let’s gauge in on the market statistics for Ripple-backed asset.
On-Chain Data Flags Whale Dumps
According to data by Whale Alert, 70.9 million XRP, worth $31.29 million, was shifted to two exchanges in a couple of transactions. As per the data, the whale address, …Rzn, was recorded as shifting the abovementioned amount.
…Rzn shifted 35.8 million coins, worth $15.80 million, to Bitso, a Mexico City-based CEX. Simultaneously, it transferred 35.1 million coins, worth $15.49 million, to Bitstamp, a Luxembourg city-based CEX.
These dumps have presented XRP with increased selling pressure amid a bearish market, causing further downside pressure on the asset. Intriguingly, CoinGape Media earlier reported that the same whale address has been repeatedly dumping XRP into the Bitstamp & Bitso crypto exchanges. Aligning with this, a negative market sentiment sparked by the whale dump engulfs XRP.
Meanwhile, despite Ripple rolling out upgrades for the network and strengthening its case against the U.S. SEC, the native token, XRP, has continued its sluggish movement.
Also Read: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License
XRP Price Correction?
At press time, the XRP price chart showed a 10.15% dip in value to trade at $0.4056. Its 24-hour lows and highs were $0.3977 and $0.4532, respectively.
Intriguingly, in a post by the crypto market analyst Dark Defender today, it was brought to attention that the $0.39 price level serves as POC (Point of Control). This is where most trades have taken place since 2014, making it a vital support as of the current trajectory.
Whereas, after consolidating over the past week, the crypto tanked forming resistance at $0.42. The RSI was moving along 22, signaled an oversold territory for the asset. This could mean a potential price rebound ahead as the market recovers.
Also, pro-XRP lawyer Bill Morgan took to X today, spotlighting his XRP purchase with a strategic buy-the-dip sentiment. This has added to optimism on a price rebound ahead.
Also Read: German Govt Moves 500 Bitcoin, Another BTC Dump Imminent?
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 hype around the potential ETH ETF is causing investors to scout for Ethereum meme coins to invest in. Ethereum price prediction shows the ETF news is not yet priced in. Furthermore, ETH seems to be following Bitcoin’s trajectory following its ETF approval. BTC’s price retraced after its ETF news before surging to $73,000.
Ethereum is a huge network and meme coins are famous for being the best runners during impactful market news. However, not all meme coins are winners. Here are three meme coins to buy before the Ethereum ETF gets approval in July.
1. Ethereum Meme Coins – Turbo (TURBO)
Turbo is the first AI-scripted meme coin in the history of cryptocurrencies. The token, which was launched on the Ethereum blockchain, was created using only a budget of $69 and following guidance from OpenAI’s ChatGPT. The community came in later and crowd-funded the initial liquidity required to launch the project, as the previous $69 was not enough. Turbo is therefore a community token, riding both the meme coin and artificial intelligence (AI) narratives in this bull run.
The price of TURBO today is $0.004287, a 7% drop in the last 24 hours following Bitcoin’s sell-off. Turbo did well following its launch, hitting an all-time high of $0.009632 two months ago before retracing. TURBO’s market cap is currently at $294 million—enough to surge 10–20X and transform investors’ portfolios. TURBO’s 24-hour trading volume is down 28% as market participants refrain from trading during these market conditions.
The AI revolution in the crypto industry is picking up fast, and more so within the Ethereum meme coin ecosystem. Turbo and a few other AI based meme coins may be the first runners if Ethereum gets a win with ETF approval. The current price retrace sets TURBO in an optimal buy-in position.
2. Pepe (PEPE)
Pepe is among the top list of the giant Ethereum meme coins that started as a joke, before quickly garnering popularity. The meme coin was inspired by Pepe the Frog, an internet meme by Matt Furie. Furie is also the creator of several other memes on the Ethereum chain, namely, Landwolf, Andy (ETH), Bird-Dog, and Fofar. By extension, these meme coins have the potential to soar along with PEPE.
The price of PEPE today is $0.00000876, which represents a drop of 4.6% in the last 24 hours. Sitting at a market cap of $3.6 billion, Pepe has fallen by over 50% from its all-time high market cap. This is just an indicator of how volatile meme coins can be.
Despite this fall in price and valuation, the number of Pepe holders is up over 5% in the last month and $0.01% in the last 24 hours per Santiment.
Additionally, the 24-hour trading volume for Pepe just rose by 19%, signaling recent market activity. This means that even though there is blood in the markets, investors and traders feel comfortable continuing to invest in Pepe.
PEPE price showcased incredible price performance following the announcement of the approval of Ethereum ETF 19-4b forms. Even though this approval was not the real thing since it could be contested, Pepe’s price still soared and hit an all-time high price of $0.00001665 on May 28 before beginning to retrace.
3. Floki (FLOKI)
Floki is one of the older meme coins that came out right after Shiba Inu’s rise to popularity. Having been around for three years, Floki’s creation drew inspiration from Elon Musk but has since transformed from just a meme coin to a recognizable brand all over the world. Floki has over 480,000 holders and boasts multiple partnerships with sports clubs, DeFi protocols, and popular blockchain companies.
Floki price is trading at $0.0001436, a 1.4% price drop in the last 24 hours. The meme coin has had three major peaks in its lifetime, one in November 2021 and the other two within the March-June period. The price action of Floki formed a potential double top, which may result in a further drop in price to $0.00003500. If the current support holds, Floki may enter into a consolidation zone between $0.00033 and $0.00015.
Being an ERC20 meme coin with a large holder base, Floki may be one of the top Ethereum meme coins to run hard in the case of an ETF approval.
Bottom Line
The potential Ethereum ETF approval anticipation fuels interest in ERC20 meme tokens like Pepe, Floki, and Turbo. These tokens command attention for their ability to potentially return high rewards in a short period of time. As we approach the expected decision day, price volatility in the crypto market may increase.
Frequently Asked Questions (FAQs)
According to speculations, an ETH ETF approval is expected around mid-June.
Some analysts say that Ethereum can pump to 6,600 after ETH ETF approval.
The first Bitcoin ETF was approved on January 10, 2024.
Related Articles
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 Ronin Network has announced the integration of PHPC, a Philippine peso-pegged stablecoin, onto its platform. This development was shared on Ronin’s X (formerly Twitter) account, highlighting the technical collaboration with Coins.ph, a prominent Philippine crypto trading platform.
The introduction of PHPC follows its approval by the Central Bank of the Philippines in May, with the primary goal of facilitating more affordable remittances. Coins.ph, a Filipino crypto exchange, has partnered with Sky Mavis to launch PHPC on the Ronin blockchain.
This stablecoin is fully regulated and endorsed by the Bangko Sentral ng Pilipinas (BSP), the Philippine Central Bank. As part of its rollout, Coins.ph will pilot PHPC under the BSP’s Regulatory Sandbox Framework, ensuring a controlled and monitored introduction to the market.
Impact and Potential of PHPC in the Philippine Crypto Ecosystem
The introduction of PHPC marks a significant milestone for the Ronin blockchain, as it becomes the second stablecoin available on the platform alongside USDC. This development is particularly noteworthy given the Philippines’ substantial role in blockchain gaming, especially in popularizing Sky Mavis’ Axie Infinity game in late 2021.
Coins.ph, founded in 2014, boasts an impressive user base of over 18 million accounts, including 7 million monthly active users – representing about 6% of the Philippines’ 116 million population. Sky Mavis envisions PHPC on Ronin as a valuable financial asset for millions of web3 gamers in the Philippines, enabling them to cash out in-game earnings, transfer funds, and make in-store payments using crypto.
The implementation of PHPC is already underway, with deposits and withdrawals now active on both Coins.ph and the Ronin Wallet. Future plans include a potential listing of PHPC/RON on Katana, the Ronin-based decentralized exchange. PHPC is backed by cash and equivalents from Philippine banks, ensuring its stability and reliability. Initially launched on the Coins.ph platform, there are plans to expand its availability to other platforms, positioning PHPC as a peso-backed stablecoin for retail use, offering round-the-clock real-time transactions.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
Regulatory Landscape and Government Oversight in Philippine Crypto Market
While the crypto market in the Philippines is experiencing growth and innovation, it’s also facing increased regulatory scrutiny. In March, the National Telecommunications Commission (NTC) of the Philippines initiated efforts to restrict access to crypto trading platforms operating without proper licenses. This action was prompted by the Securities and Exchange Commission (SEC) and demonstrates the government’s commitment to protecting investors and combating illicit financial activities within the country.
The regulatory crackdown began on February 21st when the NTC ordered internet service providers to block websites and apps associated with MiTrade and OctaFX. These companies were accused of conducting investment activities without obtaining the necessary licenses from regulatory authorities. This move signifies a tightening of control over the crypto market regulation in the Philippines, aimed at ensuring a safer and more compliant digital asset ecosystem.
Ronin Software Update
Ronin has rolled out version 2.4.0 of its Mobile Wallet for iOS and Android devices, introducing significant new features. The update includes custom RPC, gas fee, and nonce settings, giving users more control over their transactions. It also adds support for manual NFT addition and a new single-chain mode for streamlined usage.
The release enhances user flexibility and customization options, reflecting Ronin’s commitment to evolving its platform. Along with these major additions, the update includes various improvements and bug fixes to boost overall performance. Users are encouraged to download the latest version to access these new features and enhancements, improving their experience with the Ronin ecosystem.
Also Read:
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.
Astar Network recently announced a significant development on their X (formerly Twitter) platform. Following a community vote, the network has successfully destroyed 350 million ASTR tokens, representing 5% of the total supply of their multi-chain smart contract network.
This decision came after careful consideration and a governance process that involved the entire Astar community. The news of this token burn has had an immediate impact on the market, with ASTR’s price seeing a 3% increase in response.
Astar Network’s Token Burn, Community Governance and Implementation
The Astar Network token burn proposal underwent a thorough deliberation process before being put to a community vote. The high level of community participation demonstrated a strong interest in shaping the network’s future. The voting period lasted for one week, resulting in a clear victory for the burn proposal, with over 66 million ASTR tokens used in the voting process.
This burn of 5% (350 million ASTR) of the Astar genesis allocation showcases the effectiveness of community-driven governance in blockchain projects. The Astar Foundation executed the burn, marking a significant step in optimizing the network’s tokenomics.
In addition to the token burn, approximately 70 million ASTR tokens, which had accumulated as rewards, will be staked in the Community Treasury. This move will support the Unstoppable Community Grants initiative, further reinforcing the network’s commitment to community-driven development.
Also Read: EtherFi Foundation Buys ETHFI, Passes Major Staking Proposal On Ethereum Mainnet
ASTR Price & Future Market Outlook
Following the token burn, Astar (ASTR) is trading at $0.06574, with a 24-hour trading volume of $42.1 million. This represents a 3.14% price increase over the last 24 hours, although there’s been a 7.77% decline over the past week. With a circulating supply of 6.1 billion ASTR, the network currently has a market capitalization of $404.7 million. Also, the open interest of ASTR has surged by 6.47% and a current valuation of $6.1 Million.
This strategic move sets a strong precedent for future initiatives within the Astar ecosystem and emphasizes the importance of community involvement in the network’s development. Astar’s unique dApp staking mechanism continues to be a key feature, offering support to decentralized applications by distributing staking rewards directly to dApp developers and stakers. Through innovative staking models and tier systems, Astar aims to ensure fair and substantial rewards, driving ongoing growth and engagement within the network.
Also Read: German Govt Moves 1000 Bitcoin To Coinbase & Other Addresses
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 Whale Dumps $21 Million in Ethereum Before ETF Launch
Ethereum Meme Coins To Buy Before the ETH ETF Approval
DOGE Open Interest Falls to early Low, Price Holds at $0.10
Ronin Network Adds PHPC Stablecoin, Boosting Filipino Crypto Adoption
Phishing Group Pink Drainers Scammed
Bitcoin (BTC) Price Analysis Offer Optimistic Signs
New And Upcoming NFT Projects
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
TON Foundation’s Plan to Onboard 500 Million Users
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
New And Upcoming NFT Projects
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
TON Foundation’s Plan to Onboard 500 Million Users
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
NFT4 weeks agoNew And Upcoming NFT Projects
-
Blockchain2 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Market3 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Regulation2 months agoCFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Altcoin3 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation2 months agoTerraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Market4 weeks agoAvalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Altcoin3 weeks ago2.52 Million Altcoins Are Ruining Crypto’s Future
✓ Share: