Market
Can Pepe Fork (PORK) Outshine Pepe (PEPE)?
Pepe Fork (PORK) surged to a two-month high of $0.00000023 during Thursday’s intraday trading session. Although it has since corrected, the meme coin still boasts double-digit gains over the past 24 hours.
PORK’s daily trading volume has also spiked by over 130% during this period. Currently at $7.02 million, PORK’s trading volume has reached its highest level since June 17.
Pepe Fork May Not Be Up to Par
Thursday’s surge in PORK’s value has sparked market speculation about whether it could soon outperform Pepe (PEPE) in the short term.
“$PORK 24-hour volume is just $0.5M less than $PEPE, yet PEPE’s market cap is 64x that of PORK. You really think PORK won’t flip PEPE again? It’s not a question of if. It’s when?” crypto trader Alex Gomez pointed out on X.
Another X user also drew attention to the comparison between PORK and PEPE’s 24-hour trading volumes, urging the market to “study” PORK.
Despite the optimism, the increase in market volatility that accompanied PORK’s recent upswing suggests that the meme coin could face a short-term decline.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Readings from PORK’s 12-hour chart revealed that during Thursday’s price rally, the gap between the upper and lower bands of PORK’s Bollinger Bands indicator widened significantly. This indicator measures market volatility and helps identify potential overbought or oversold conditions.
The upper band represents the higher range of an asset’s price movements, while the lower band tracks the lower range. A widening gap between these bands indicates increased market volatility.
Additionally, PORK’s Average True Range (ATR), which measures the degree of price volatility, has surged. As of now, PORK’s ATR stands at 0.0000000026, further confirming the heightened volatility surrounding the meme coin.
An increasing Average True Range (ATR) indicates that an asset’s price is experiencing massive fluctuations. This suggests that the asset is at risk of further price swings, highlighting the potential for continued volatility in the near term.
PORK Price Prediction: Meme Coin To Witness Further Correction
PORK’s declining momentum indicators suggest that the meme coin will experience a further correction. On Thursday, the token’s Relative Strength Index (RSI) peaked at an overbought level of 88, signaling a potential pullback.
At press time, the RSI has dropped to 64.89, indicating that while buying pressure remains high, selling activity has begun to take hold.
Read more: Top 9 Safest Crypto Exchanges in 2024
PORK’s value is expected to lose more of its recent gains as buying momentum continues to decline, with the next price target set at $0.00000012. However, if new demand for the altcoin surges, driving up its value, the price could rebound to $0.00000017.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
$1.6 Billion in Bitcoin and Ethereum Options Expire After Fed Cut
The crypto market is bracing for heightened volatility as nearly $1.6 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire today.
This event coincides with the Federal Reserve’s recent decision to cut interest rates by 50 basis points (bps).
Fed’s Decision Fuels the Crypto Market Rally Ahead of Major Options Expiry
According to data from Deribit, 20,037 Bitcoin options contracts worth approximately $1.26 billion will expire on September 20. These contracts have a put-to-call ratio of 0.85 and a maximum pain point of $58,500.
Similarly, Ethereum’s options market is set to expire with 125,046 contracts worth $308.16 million. Today’s expiring Ethereum contracts have a put-to-call ratio of 0.65, with a maximum pain point of $2,350.
Read more: An Introduction to Crypto Options Trading
In options trading, the maximum pain point refers to the price level at which option holders would suffer the largest losses. It is essentially the price at which the highest number of options (both calls and puts) would expire worthless, inflicting maximum financial “pain” on traders. On the other hand, the put-to-call ratio gauges market sentiment by comparing the number of put options (bets on price declines) to call options (bets on price increases).
Greeks. live’s recent analysis outlined the impact of the Fed’s decision to cut rates for today’s expiring crypto options contracts. The analysts noted that the Fed’s move was largely expected and aligned with macroeconomic forecasts.
“Implied volatility declined significantly across all major maturities, with ultra-short-term IVs falling by over 25%, as short-term short-selling expectations by large investors fell short,” they wrote.
Looking ahead, Greeks.live also noted that there will be another interest rate meeting on November 8 and December 19 this year, where the market expects a cumulative 100 bps rate cut. The next rate cut could coincide with the US election, increasing the likelihood of heightened market volatility.
BeInCrypto reported that this week’s rate cut has positively impacted the crypto market. Following the decision, Bitcoin surged from the $59,000 level to surpass the $63,500 mark.
Similarly, Ethereum also experienced a significant increase during the period. Data showed that ETH skyrocketed from $2,293 to as high as $2,482.
However, both assets have now stabilized. At the time of writing, Bitcoin and Ethereum are trading at $62,890 and $2,450, respectively.
Read more: 9 Best Crypto Options Trading Platforms
Despite the positive momentum, traders are advised to remain cautious. Historically, options expiration often leads to short-term instability in the market. The next few days will be crucial in determining whether Bitcoin and Ethereum can sustain their upward trends or if a period of correction is imminent.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Crypto Pundit Predicts Historical 9,468% Pump To $27
A new XRP price prediction by popular crypto pundit Egrag Crypto projects that the cryptocurrency could experience a historical price surge of about 9,468%. This predicted price gain would push XRP from its current price of $0.58 to $27, marking new All-Time Highs (ATHs).
XRP Price Forecasted To Pump To These Targets
Egrag Crypto has taken to X (formerly Twitter) to express his bullish outlook on XRP, predicting the cryptocurrency could surge as high as $27. On Wednesday, September 18, the crypto analyst shared a price chart illustrating a speculative breakdown of potential price movements for XRP using five distinctive color indicators to represent various price increase scenarios.
Related Reading
Each of these scenarios has been carefully analyzed, grounded on historical price trends and past price pumps. Additionally, the color indicators — white, yellow, red, blue, and green, are all arranged respectively to represent the ascending price potential of XRP.
The white color indicator predicts that XRP is set to witness a 932% pump from the analyst’s predicted cycle low of $0.28. While this scenario is relatively conservative compared to other projections, if XRP can achieve the predicted pump, its price could surge to $3, nearing current all-time highs.
The yellow color indicator foresees XRP increasing by 1,538%, potentially driving its price to fresh all-time highs of $4.85. While this target is much higher than the white scenario, it is still within the realm of possibility if the cryptocurrency maintains a positive momentum.
The red indicator projects that XRP’s price will jump to $6.22, marking a 2,035% increase. This massive surge would signal a strong bull run for the cryptocurrency, likely reflecting the influence of major external factors such as mass adoption and more legal clarity.
In the blue color scenario, XRP is set to reach a higher price of $7.68, representing a whopping 2,536% increase. At this price, XRP would likely be seen as a major player in the market with potential long-term viability.
Finally, the green color indicator predicts that XRP could witness a 9,468% price surge, potentially driving the cryptocurrency to a staggering $27. Although this ambitious prediction would be a historic achievement, it remains a far-fetched possibility with XRP’s current market dynamics.
XRP Community Express Skepticism
While Egrag Crypto’s bullish projections for XRP raise the hopes of investors who have been HODLing the coin for years now despite its low value and persistent consolidation phase, many have also expressed doubts. A few crypto members criticized the analyst, calling him out for his overly bullish forecasts for XRP.
Related Reading
Other members found the ambitious price predictions humorous, declaring that XRP is a “shit coin” and would remain so for a long period. Additionally, one crypto member underscored XRP’s long-term stagnant growth, highlighting that he had bought $1,000 worth of the cryptocurrency early last year but only accrued a profit of $100.
Featured image created with Dall.E, chart from Tradingview.com
Market
Crypto Brands Return to Sports Sponsorships With 26 Deals
Crypto sports sponsorship is cautiously rebounding in 2024, signaling a modest revival from the downturn following the boom in 2021. Despite these signs of recovery, the sector still falls short of reaching the highs witnessed during the peak year.
The increase in sports sponsorship also indicates a recovery of the crypto market. Brands are sponsoring sports teams because they have additional funds available for such marketing activities.
The crypto industry started heavily investing in sports sponsorship in 2021. During that year, the industry saw an unprecedented expansion with 42 new deals, representing 45.6% of the total 92 sports sponsorships from 2021 to 2024.
This growth was propelled by a bullish digital currency market, which led to significant agreements. Notably, Crypto.com secured a $700 million deal for the naming rights of Staples Center, renaming it to Crypto.com Arena.
Additionally, FTX entered into a $210 million sponsorship with esports group Team SoloMid. The aggressive sponsorship came as firms sought mainstream visibility and adoption.
Read more: 14 Best Crypto Marketing Agencies for 2024
However, the narrative shifted drastically in 2022 with the market’s downturn. The sector saw a severe reduction in new deals, dropping to 25. The collapse of FTX, previously a key player, led to canceled deals, including its partnerships with the Miami Heat and other sports platforms.
Despite the downturn, some firms like Bybit and Vechain managed to secure substantial agreements; Bybit secured a $150 million deal with Red Bull Racing, and Vechain signed a $100 million contract with UFC.
The downward trend persisted into 2023, with only 8 new sponsorships signed, though 14 existing deals were renewed. Amidst prolonged bearish market conditions and the FTX fallout, the industry remained cautious, limiting substantial financial commitments. However, OKX demonstrated resilience by securing a $70 million deal with Manchester City, illustrating that strategic investments could still thrive.
By 2024, the industry witnessed a gentle recovery, with 26 new sponsorships and 16 continuing from prior years. Noteworthy among these was Crypto.com’s sponsorship with the UEFA Champions League and BlockDAG’s $10 million deal with Borussia Dortmund (BVB). Additionally, Bitget announced a new partnership with LaLiga to enhance crypto adoption in Southeast Asia, Eastern Europe, and Latin America.
“The volume of new sponsorships has not surpassed the 2021 levels, but the uptick in activity suggests crypto firms are slowly re-entering the sports space,” CoinGecko said.
Read more: Top 5 Crypto Companies That Might Go Public (IPO) in 2024
Specifically, crypto sponsorships have primarily focused on football, with early adopters including prominent clubs like Manchester United, Chelsea, and Manchester City. The strategy extended to global events such as the UEFA Champions League and the FIFA World Cup, leveraging football’s massive international following.
Despite the market’s volatility, some partnerships, like Crypto.com’s diverse sponsorships and Bybit’s strong presence in Formula 1, have become long-term success stories.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
-
Market3 months ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Altcoin3 months ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation5 months ago
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
NFT3 months ago
New And Upcoming NFT Projects
-
Altcoin3 months ago
2.52 Million Altcoins Are Ruining Crypto’s Future
-
NFT3 months ago
BLUR Is Down 30%, And Whales Are To Blame–Here’s Why
-
Blockchain5 months ago
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Market3 months ago
Ethena (ENA) Whale Faces $13M Loss With 30% Token Drop