Market
Solana Outflows Peak on SOL-Based Meme Coins Woes
Solana (SOL) took the hardest hit as crypto investment products saw modest inflows of only $30 million last week. Ethereum recorded just $4.2 million in inflows, while Bitcoin led with $42 million.
The recent CoinShares report attributes this muted performance to recent macroeconomic data, which suggested the Federal Reserve is unlikely to cut interest rates by 50 basis points (bps) in September.
SOL Suffers Its Largest Outflows on Record
Amid the poor inflows, Solana experienced outflows of $39 million, marking its largest negative number on record. This sharp decline followed the previous week’s inflows of $4.5 million, indicating a notable shift in investor sentiment toward SOL.
According to CoinShares, the record outflows in Solana were accompanied by a sharp decline in trading volumes of SOL-based meme coins. The report suggests that waning demand for these assets played a key role in Solana’s downturn.
“Solana saw outflows of $39 million, the largest on record, as it faced a sharp decline in trading volumes of meme coins, on which it heavily relies,” an excerpt in the report read.
Read more: 11 Top Solana Meme Coins to Watch in August 2024
Indeed, CoinGecko data reveals a 4.4% drop in the market capitalization of Solana meme coins. The top three — Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME) — have declined nearly 5% since Monday’s session began.
Dwindling trading volumes for these tokens, coupled with speculation about a potential ETF denial, contribute to the negative trend for SOL flows. Meanwhile, Tron-based tokens have surged following Justin Sun’s announcement of SunPump, a token generator launched by Sun.io, causing trading volumes and revenue metrics for newly created tokens to skyrocket.
Tron Could Steal Solana Meme Coins’ Thunder
Tron’s SunPump enables the creation of meme coins on the Tron blockchain. It has already launched over 5,500 meme coins and generated significant TRX revenue. With this record of success, SunPump positions itself as a direct adversary to Solana‘s popular pump.fun platform. The latter recently recorded a surge in transaction fees to $5.3 million within 24 hours.
As chatter around SunPump continues, there is speculation that Tron meme coins could replace Solana meme coins, with Justin Sun highlighting a massive liquidity pool.
“For me, when it comes to the whole “Why TRON, why SunPumpMeme?” thing, the biggest flex is that $60 billion in TRON USDT. No other blockchain protocol has a liquidity pool this massive. Meme coin platforms live and die by liquidity, and TRON’s got it in spades,” Sun noted.
Undoubtedly, Tether’s USDT stablecoin on TRON boasts a circulation far more massive than any other blockchain protocol. Solana, which currently stands as the most dominant chain on metrics of meme coin activity, only has about $1.9 billion of USDT circulating on it. Conversely, up to $60 billion worth of USDT circulates on the TRON blockchain.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Tron and SunPump have committed $10 million to the Meme Ecosystem Boost Incentive Program to reawaken the meme coin narrative by supporting new projects. Despite this initiative, concerns remain due to platforms like pump.fun, which attracted criticism for allowing bad actors to launch meme coins and carry out rug pulls.
Critics argue that these schemes can bypass Tron and SunPump’s “rigorous vetting process,” enabling malicious activities while undermining the credibility of the meme coin ecosystem.
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
GOAT Price Sees Slower Growth After Reaching $1B Market Cap
GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.
However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.
GOAT BBTrend Is Negative For The First Time In 4 Days
GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.
BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.
GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.
However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.
GOAT Is In A Neutral Zone
GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.
The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.
RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.
This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.
GOAT Price Prediction: A New Surge Until $1.50?
If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.
Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.
However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.
Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.
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
Ripple (XRP) Price Hits 109% Monthly Gain as Indicators Weaken
Ripple (XRP) price has experienced a significant rally, rising 51.33% in the last seven days and an impressive 109.09% over the past month. This strong momentum has propelled XRP into a bullish phase, with key indicators like EMA lines supporting its upward trajectory.
However, signs of weakening momentum, such as a declining RSI and negative CMF, suggest that caution may be warranted. Whether XRP continues to push higher or faces a steep correction will depend on how the market reacts to these shifting dynamics.
XRP RSI Is Below The Overbought Zone
XRP’s RSI has dropped to 60 after nearly hitting 90 on November 16 and staying above 70 between November 15 and November 17.
This decline indicates that Ripple has moved out of the overbought zone, where intense buying pressure previously drove its price higher. The drop suggests that the market is cooling off, with traders potentially taking profits after the strong rally.
The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 60, XRP’s RSI reflects a still-positive momentum but shows a more balanced sentiment compared to the previous surge.
While the uptrend remains intact, the lower RSI could indicate a slower pace of gains, with the possibility of consolidation as the market stabilizes. If buying pressure returns, XRP price could extend its upward movement, but a further decline in RSI might signal a weakening bullish momentum.
Ripple CMF Is Now Negative After Staying Positive For 14 Days
XRP Chaikin Money Flow (CMF) is currently at -0.12, after showing positive levels between November 5 and November 19. That is also its lowest level since October 31. This shift into negative territory reflects increased selling pressure and a potential outflow of capital from the asset.
The transition from positive CMF values earlier this month signals a weakening in bullish momentum as more market participants reduce exposure to Ripple.
The CMF measures the volume and flow of money into or out of an asset, with positive values indicating capital inflow (bullish) and negative values showing capital outflow (bearish).
XRP’s CMF at -0.12 suggests that bearish sentiment is beginning to gain traction, potentially putting pressure on its price despite the recent uptrend. If the CMF remains negative or declines further, it could indicate sustained selling pressure, challenging Ripple’s ability to continue its upward movement.
Ripple Price Prediction: Biggest Price Since 2021?
XRP’s EMA lines currently display a bullish setup, with short-term lines positioned above the long-term lines and the price trading above all of them.
However, the narrowing distance between the price and some of these lines suggests a potential slowdown in bullish momentum. This could signal that the uptrend is weakening, leaving XRP price vulnerable to a shift in market sentiment.
If a downtrend emerges, as indicated by the weakening RSI and negative CMF, Ripple price could face significant pressure and potentially drop to its support at $0.49, representing a substantial 56% correction.
On the other hand, if the uptrend regains strength, XRP could climb to test the $1.27 level and potentially break through to $1.30, which would mark its highest price since May 2021.
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
Trump Media Files Trademark for Crypto Platform TruthFi
Trump Media & Technology Group is exploring the development of a crypto payment platform, as revealed by a recent trademark filing.
The application, submitted by Donald Trump’s social media company on Monday, outlines plans for a service named TruthFi. The proposed platform aims to offer crypto payments, financial custody, and digital asset trading.
Following the trademark announcement, Trump Media’s stock rose approximately 2%. At the time of writing, the stock was trading at $30.44, up by nearly 75% this year.
However, details about TruthFi remain scarce, including its timeline or operational specifics. This initiative suggests an effort by Trump Media to expand its business model beyond Truth Social.
The social media platform was established back in 2022, after Trump was banned from Facebook and X (formerly Twitter).
Nevertheless, launching a large-scale cryptocurrency platform could require Trump Media to acquire additional resources or partner with an established firm. This is because the firm currently has a small workforce of less than 40 employees.
“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform,” US Trademark Attorney Josh Gerben wrote on X (formerly Twitter).
As reported by BeInCrypto earlier, Trump Media is also in discussions to purchase the b2b crypto trading platform Bakkt. Shares in Bakkt surged by nearly 140% since the news earlier this week.
Meanwhile, the President-elect’s crypto plans seem to be in full swing even before he takes office in January. He is also reportedly considering the first-ever crypto advisor role for the White House, and interviewing several potential candidates.
Earlier today, the current SEC chair Gary Gensler announced his resignation before Trump’s term begins. Gensler’s resignation boosted the crypto market, as it signals a major change in the SEC’s regulatory stance.
Notably, XRP surged 7% to its highest value in three years. Bitcoin also neared $99,000, as the overall crypto market cap reached $3.4 trillion.
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.
-
Market23 hours ago
This is Why MoonPay Shattered Solana Transaction Records
-
Ethereum20 hours ago
Fundraising platform JustGiving accepts over 60 cryptocurrencies including Bitcoin, Ethereum
-
Market24 hours ago
Steady Climb Toward New Highs
-
Market20 hours ago
Cardano’s Hoskinson Wants Brian Armstrong for US Crypto-Czar
-
Altcoin22 hours ago
BTC Reaches $97K, Altcoins Gains
-
Market16 hours ago
South Korea Unveils North Korea’s Role in Upbit Hack
-
Altcoin21 hours ago
SHIB Burn Rate Surges 2200%, Shiba Inu Eyes Parabolic Rally Ahead?
-
Altcoin14 hours ago
Sui Network Back Online After 2-Hour Outage, Price Slips