Ethereum founder Vitalik Buterin suggested hosting Devconnect in Argentina after the LIBRA fallout. He tagged President Javier Milei, who enthusiastically responded to the proposal.

Buterin strongly warned against political meme coins very recently, calling them a “vehicle for unlimited political bribery.” It is unclear how he feels about Milei or LIBRA, but he remains optimistic about Argentina’s crypto scene.

Vitalik Buterin Reflects on LIBRA

Vitalik Buterin, co-founder of Ethereum, is interested in Argentina’s crypto community. Has has spoken positively about the nation’s space for years, claiming it’s a key example of crypto’s real use.

For its users, crypto is not just a gambling mechanism for the first world but a real tool for economic freedom. After the recent LIBRA debacle, Buterin spoke out about this community again:

“The energy and determination to build on Argentina’s current momentum and use crypto and other new technologies to build a prosperous 21st century society is real. The recent news should be taken not as a reason to give up, but rather as an example of why education is so important,” Buterin said.

Buterin claimed that he was still optimistic about the Argentinian crypto community despite LIBRA’s fallout. He proposed that the next Devconnect, a gathering of independent Ethereum developers, be hosted in the country. He also tagged Javier Milei, the President facing legal fallout from the LIBRA scandal, who quickly responded.

Milei didn’t mention LIBRA in his post, merely thanking Buterin for his compliments about Argentinians’ talent. He claimed that “it would be an honor for Argentina to host Devconnect” and said it would be a great opportunity for the country.

“Argentina’s Ethereum community is full of amazing builders, who have already contributed some of the most important software in the Ethereum ecosystem. I continue to be very optimistic about Argentina and Latam’s contributions and role in the space,” Buterin said.

However, it would be a real overstatement to suggest that Buterin approves of Milei or the LIBRA release. Last month, he strongly criticized TRUMP and other political meme coins, calling them “vehicles for unlimited political bribery.”

Considering that leaked texts from Hayden Davis strongly suggest similar acts of bribery, Buterin’s previous assessment of political meme coins was likely correct.

Still, Milei’s cooperation would be very useful in setting up an event like Devconnect in Argentina. Based on this brief interaction, it’s difficult to determine Buterin’s exact feelings towards Milei or the general situation.

Regardless, however, Buterin hasn’t let the LIBRA fallout color his optimism for the broader Argentinian crypto community.

Unlike highly anticipated airdrops such as Berachain and Pi Network, which were expected for years, KAITO’s airdrop caught many users by surprise. The token was launched by a crypto analytics platform with the same name.

On-chain data shows that top claimers quickly sold off their tokens, leading to strong selling pressure and bearish sentiment. However, if KAITO can regain community trust and capitalize on its plans to tokenize social media content, it may recover from its recent lows and challenge key resistance levels.

KAITO Top Addresses Already Sold Almost All Their Coins

On-chain data for KAITO reveals that the users who claimed the biggest quantities of the coin are no longer holders, indicating strong selling pressure shortly after the airdrop.

Notably, the top 12 claimers received approximately $2.1 million worth of KAITO, but 10 of them have already sold at least a portion of their tokens, and 7 have fully exited their positions.

Only 3 out of the 12 decided to stake their coins, reflecting a cautious approach toward long-term commitment.

This selling trend among the largest claimers suggests a lack of confidence in the token’s long-term value or a strategic move to secure profits following the initial distribution.

Claimers Are Not Holding Their Positions

The broader on-chain activity shows a similar pattern, with 76.7% of all users who claimed KAITO experiencing a balance decrease.

Although not all of them sold their entire holdings, the majority reduced their exposure, indicating a cautious or profit-taking sentiment.

Conversely, 22% of the claimers have not moved their tokens, reflecting strong holding conviction, while only 1.3% increased their holdings, showing minimal accumulation interest.

This distribution pattern suggests that the community’s criticism of KAITO’s tokenomics and airdrop approach might have influenced users’ behavior.

The low accumulation rate combined with the high selling pressure indicates a bearish outlook. The market sentiment appears to be more focused on short-term gains rather than long-term value appreciation.

KAITO Price Prediction: Will KAITO Recover From Recent Lows?

If KAITO can restore community confidence and generate interest through its plans to tokenize social media content using artificial intelligence, its price could continue recovering from the recent lows.

KAITO was hard hit in the first hours after its launch, as was the case with many recent airdrops, such as Berachain. If it can recover from the recent strong selling pressure, it could test $1.5 or even $2 very soon.

However, if selling pressure persists, it could face further declines, especially as Dune data shows that less than 30% of the total KAITO supply has been claimed so far.

This indicates that a significant portion of the tokens could still enter the market. That could potentially increase selling pressure and push prices lower.

If this scenario happens, KAITO could test the support at $0.89. If that level is breached, the price could drop below $0.8 or even $0.7.

The PEPE price is currently trading within a Falling Wedge pattern, a historically bullish indicator that suggests an imminent breakout. A crypto analyst predicts that a decisive move above key resistance levels could trigger a 150% rally towards new all-time highs for PEPE.   

Key Resistance To Ignite PEPE Price Rally

Over the past few weeks, Pepe, the popular frog-themed meme coin, has been stuck in a downtrend, consistently rejecting off of a descending resistance trendline. The meme coin had initially experienced significant gains earlier this year. However, with the recent volatility and the decline in the broader market, PEPE and many other cryptocurrencies have recorded severe losses. 

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Despite the bearish performance, a pseudonymous TradingView analyst called ‘MyCryptoParadise’ has shared a bullish forecast for the PEPE price. The analyst projects that it could experience a massive 150% price surge, pushing it to $0.00003 and marking new all-time highs. 

For this prediction to become a reality, Pepe will have to confirm a price reversal by breaking above the descending resistance and claiming a new support, as seen on the chart. The TradingView analyst has asserted that Pepe must surpass the $0.000015 resistance, claiming it as new support and a potential launch pad to the bullish $0.00003 target. 

While breaking above a key resistance may seem like an easy feat, the PEPE price has failed to do so over the past few weeks. The meme coin has rejected multiple breakout attempts; however, technical indicators reveal that Pepe’s current price fundamentals remain bullish.

Notably, Pepe is trapped inside a Falling Wedge on its price chart, a pattern known to precede significant upward momentum once resistance is broken. If demand from buyers successfully pushes PEPE above its $0.000015 resistance level, the analyst believes that a parabolic rally may be in store for the meme coin. 

Pepe also forms a bullish divergence on the histogram in its chart, signaling a possible shift in momentum to the upside. The analyst has indicated that for Pepe to reach its projected ATH target, bulls will have to take control, helping to push the meme coin above the Falling Wedge pattern.  

Currently, the asset is sitting at $0.000006 and $0.000012, where buyers have historically stepped in to defend prices and avoid further breakdowns. A surge from its current price of $0.00000945 to $0.00003 would represent an over 150% increase. 

Bearish Scenario Unveiled

While he shared his bullish projection for the PEPE price, the TradingView analyst also presented an alternative bearish outlook for the meme coin. The analyst urged traders to remain cautious, as failing to hold the $0.000006 and $0.000012 could invalidate the previous bullish setup. 

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The analyst predicts that if the meme coin fails to break this zone, it could trigger increased downside pressure, exposing the meme coin to more risks and possibly triggering a deeper sell-off that would put bears in complete control.

Featured image from LinkedIn, chart from Tradingview.com