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Coinbase Brings Bitcoin to Solana with cbBTC

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3 weeks ago

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Coinbase has just announced cbBTC, the very first Bitcoin-backed token on Solana. The newly minted SPL token is backed 1:1 by Bitcoin and held in Coinbase custody. It provides an easy way for users to access BTC directly on the Solana blockchain.

According to the announcement on X, cbBTC by Coinbase brings the power of Bitcoin onto Solana’s high-speed network, expanding the availability of BTC to decentralized applications and traders worldwide.

Bitcoin Now Accessible on Solana with Coinbase’s cbBTC

Coinbase has officially launched cbBTC on the Solana blockchain to increase access to Bitcoin within Solana’s fast-growing DeFi ecosystem. cbBTC, issued as an SPL token, is backed 1:1 by native Bitcoin held by Coinbase.

The addition will join the variety of other wrapped options for Bitcoin on the chain. Some include tBTC, WBTC via Wormhole, and soon-to-be-listed zBTC and sBTC. This further rounds out the Bitcoin offering on Solana.

On the first day, it was integrated into major DeFi platforms, including Jupiter Exchange, Meteora, Kamino Finance, Jito Sol, PhoenixTrade, DriftProtocol, Raydium, Orca, Save Finance, ManifestTrade, and Loopscale Labs, where it also presents users with most of the liquidity and collateral opportunities presented on Solana’s DeFi applications.

In the meantime, Solana (SOL) price appears poised for a breakout as bullish momentum gains traction. It also lifts the cryptocurrency to a three-month high. Some experts think it could soon reach $300 and surpass BNB token.

cbBTC Making Inroads in Global Crypto Markets

On September 12, Coinbase introduced the cbBTC customers in Singapore, Australia, the UK, and the US – apart from New York. This is its wrapped Bitcoin product, first available on Ethereum and Base. It is fully backed at a 1:1 ratio by Bitcoin and held in Coinbase custody.

One more notable thing is that cbBTC will be operated without order books or trading pairs dedicated explicitly to itself within the Coinbase platform. This is how it makes its usage seamless over multiple chains.

According to CryptoQuant, cbBTC has emerged as the third most used wrapped Bitcoin asset in just one week. The token has leapfrogged long-standing competitors such as Huobi BTC, HBTC, and renBTC, RENBTC to compensate for lost ground in the wrapped Bitcoin market.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

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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Robinhood Lists Dogwifhat, WIF Price To $5?

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45 mins ago

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November 25, 2024

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Robinhood has added Dogwifhat (WIF), a Solana-based meme coin, to its cryptocurrency trading options, generating considerable excitement among traders and investors. Known for its limited crypto offerings, Robinhood’s inclusion of WIF signals the growing acceptance of meme coins within mainstream trading platforms. Following the announcement, WIF price surged by over 13% within an hour, reaching a weekly high of $3.655 before consolidating.

Dogwifhat WIF Price Could Hit $5 as Robinhood Expands Crypto Offerings

Following a recent announcement, Dogwifhat (WIF) on Robinhood’s platform has sparked optimism regarding the meme coin’s future price trajectory. This marks a notable expansion in Robinhood’s crypto portfolio, which has historically included only a few carefully selected cryptocurrencies. WIF is the second meme coin added by Robinhood this month, following the listing of Pepe, another highly popular project.

The WIF price reached a peak of $3.655 after the announcement, reflecting increased trading activity and market interest. Experts suggest that if WIF breaks key resistance levels around $3.75, it could see further growth. If the bullish sentiment persists, market analysts project a potential rise to $5.

Data from CoinMarketCap indicates that Dogwifhat experienced a 50% rise in trading volume within 24 hours of the Robinhood announcement. This surge in activity reflects heightened interest among investors and traders. The coin’s open interest also climbed by 9%, signaling strong participation in futures and options markets.

Technical Indicators Support The Possibility of Further Growth 

The Stochastic RSI on the chart indicates that the asset recently experienced overbought conditions near 80 and has since dropped to the 11-12 range, signaling oversold levels. This suggests a potential for a bullish reversal with current momentum. 

Source: TradingViewSource: TradingView
Source: TradingView

The Bull and Bear Power (BBP) indicator also shows positive momentum at 0.2377, suggesting bulls maintain control despite recent corrections. The bullish histogram reflects strong buying interest.

Robinhood’s decision to list Dogwifhat highlights the evolving role of top meme coins in the cryptocurrency market. Meme tokens like WIF have historically attracted new investors during bullish market conditions. With growing cryptocurrency options, Robinhood’s endorsement of WIF indicates increasing confidence in the meme coin sector.

Dogwifhat’s market capitalization is now $3.3 billion, making it the fifth-largest meme coin by valuation. This follows a recent analysis that highlights WIF price potential to hit its all-time high (ATH) this week.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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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Super Pepe Coin Whale Sells 130B PEPE, Shifts Focus To EIGEN

Published

11 hours ago

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November 25, 2024

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Amid a highly turbulent crypto market witnessed as the week kicks off, a super Pepe Coin whale shifted focus to EIGEN has sparked significant market discussions. Notably, on-chain data pointed out a massive 130 billion PEPE whale selloff, with the investor simultaneously diversifying his portfolio by buying over 200K of the Ethereum-based token.

This swap of positions, amid a slumping action witnessed by the meme coin and a gaining action seen by the EigenLayer ecosystem token, set off waves of speculations over the coins’ future tendencies.

Super Pepe Coin Whale Refocuses Investments, Buys EIGEN

According to whale data by Spot On Chain as of November 25, a super whale sold 74.07 billion in Pepe Coin worth $1.53 million for 448.1 ETH as the price dropped recently. The same whale was recorded offloading 130.2 billion of the meme coin, worth $2.71 million, for 891 ETH over the past three days. Although this massive selling caused market tension, it’s noteworthy that the super whale still holds 3.241 trillion Pepe Coin, with a 12.6x profit of $68.3 million.

However, the same whale also focused on buying EIGEN, swapping 181.3 ETH for 217,348 of the Ethereum-based token over the past two days. The whale currently holds 1.608 million of the EigenLayer token, worth $4.31 million, with an 11% profit. Overall, the trade swap sparked significant optimism over the EigenLayer ecosystem’s primary token, while market watchers monitor the leading meme coin closely.

PEPE & EIGEN Prices Show Mixed Actions

While the meme coin’s price slipped, aligning with the selloff by super Pepe Coin whale, the Ethereum-based coin rose, leveraging buying pressure. PEPE price was down 2% intraday and 5% weekly, trading at $0.00002026. Its 24-hour low and high were $0.00001918 and $0.00002086, respectively.

Whereas, EIGEN price soared nearly 7% intraday and 23% weekly, reaching $3.06. The coin’s 24-hour low and high were $2.56 and $3.07, respectively. While crypto market participants remain optimistic about the Ethereum-based token in light of the massive accumulation, the remaining massive PEPE holdings add a layer of intrigue to the leading meme coin’s price action ahead.

Intriguingly, a recent Pepe coin price analysis by CoinGape Media flagged that the meme coin eyes a $0.000025 target, with significant potential upside for further momentum. This optimistic projection comes against the backdrop of bullish technical formations on the frog-themed crypto’s price chart. Market watchers continue to eye both coins for future price action shifts as the broader market continues to showcase price fluxes.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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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BTC and Major Altcoins Pullback, SAND Soars 60%

Published

14 hours ago

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November 25, 2024

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The crypto prices today have triggered global investor speculations as Bitcoin (BTC) and major altcoins showed weakening price trends. Meanwhile, The Sandbox (SAND) and Decentraland (MANA) emerged as top gainers. The selloff is likely due to Bitcoin pullback.

The global crypto market value dropped 2% to $3.3 trillion, while total market volume declined 5%, now at $200 billion. Crypto market sentiment dropped to 82 ‘extreme greed’ from 94 last week.

Here’s a quick snapshot of the top cryptocurrencies by market cap and their price movements today, November 25.

Crypto Prices Today: BTC, ETH, SOL, and XRP Drop

Today, the BTC price dropped significantly, briefly hitting $96,000. Similarly, ETH, SOL, and XRP mirrored the trend with declining action. SAND and MANA emerged as the top gainers.

Bitcoin Price Today

BTC prices dropped over 1% in the past 24 hours, currently trading at $97,601. The 24-hour low and high were $95,788 and $98,546, respectively. BTC’s total market cap stands at $1.93 trillion, with a 24-hour trading volume of $52 billion and a market dominance of 58.16%.

Veteran trader Peter Brandt predicted a BTC selloff ahead despite remaining overall optimistic about BTC’s long-term trajectory, sparking market discussions.

Ethereum Price Today

ETH price plunged nearly 3%, currently trading at $3,344. Its 24-hour low and high are $3,288 and $3,435, respectively. With a market cap of $402 billion and a 24-hour trading volume of $28 billion, ETH holds a 12% market dominance, ranking as the second-largest cryptocurrency by market cap.

Solana Price Today

SOL price dropped nearly 4%, currently trading at $250. Its 24-hour low and high are $243 and $259, respectively. With a market cap of $118 billion and a 24-hour trading volume of $5.33 billion, SOL holds a market dominance of 3.58%, ranking as the fourth-largest cryptocurrency by market cap.

XRP Price Today

XRP crypto prices fell by 7% today and currently trading at $1.38. Its 24-hour low and high are $1.30 and $1.49, respectively. With a market cap of $78 billion and a 24-hour trading volume of $12 billion, XRP holds a market dominance of 2.4%, ranking as the 6th largest cryptocurrency by market cap. Moreover, Ripple the company behind XRP, revealed a blueprint to defeat Gary Gensler’s war on crypto.

Meme Coins Performance Today

DOGE price dropped nearly 6% in the last 24 hours, currently trading at $0.4199. Its 24-hour low and high are $0.40 and $0.44, respectively. DOGE has a market cap of $61 billion and a 24-hour trading volume of $11.4 billion.

Similarly, SHIB Inu (SHIB) is currently trading at $0.00002529, down 7% in the last 24 hours. Its 24-hour low and high are $0.00002441 and $0.00002714, respectively. SHIB has a market cap of $15 billion and a 24-hour trading volume of $1.90 billion.

Meanwhile, PEPE, BONK, and FLOKI have all declined by almost 6% to 12% amid the massive liquidation.

Top Crypto Gainer Prices Today

The Sandbox

SAND price surged by 70% in the past 24 hours, currently trading at $0.83. Its 24-hour low and high are $0.51 and $0.84, respectively. Trading volume has shot up by 650%, indicating massive buying.

Decentraland

MANA is trading at $0.75, up by 30% in the past 24 hours. Its 24-hour low and high are $0.5592 and $0.7574, respectively.

Axis Infinity

AXS is trading at $8.50, with a 16% increase in the last 24 hours. Its 24-hour low and high are $7.187 and $8.909, respectively.

Top Crypto Loser Prices Today

Stellar

XLM is trading at $0.52, down by 16% in the last 24 hours. Its 24-hour low and high are $0.44 and $0.58, respectively.

Algorand

ALGO is trading at $0.27, with an 11% decline in the last 24 hours. Its 24-hour low and high are $0.2568 and $0.3262, respectively.

Hedera

HBAR is down by 10%, currently trading at $0.1412. Its 24-hour low and high are $0.1365 and $0.1547, respectively. Trading volume is down 50%.

Besides the hourly time frame, charts indicate that BTC and ETH are recovering, showing positive momentum. SAND price continues to jump higher. Overall, the market outlook appears bullish, which could be encouraging for investors. Crypto prices today reflect this shift, with BTC and ETH, starting to regain strength, signaling potential growth in the coming days.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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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