Deep-pocketed traders triggered a price crash over the weekend after depositing a huge chunk of an altcoin’s supply to digital asset exchanges.

According to blockchain tracking firm Lookonchain, whales in the Bounce (AUCTION) market have been greatly influencing the altcoin’s price action for the past week, causing massive swings in both directions.

Bounce Finance is a decentralized auction platform enabling auctions for various assets, such as physical assets tokenized on the blockchain and non-fungible tokens (NFTs).

AUCTION tokens are used for governance, staking, and fees for participating in auctions or creating NFTs on the platform.

Lookonchain says that in the last several days, whales sent over 14% of the circulating supply of AUCTION to Binance, the largest crypto exchange in the world by volume, and OKX. Those deposits presumably led to coins being sold on the open market, which ultimately caused prices to plummet.

Says Lookonchain,

“AUCTION Whales deposited 1.08 million AUCTION ($48.6 million, 14.26% of the total supply) into Binance and OKX again, causing the price to plummet by 50%.

Pay attention to price changes.”

At time of writing, AUCTION has not recovered, currently trading at $20.93 with a market cap of $137 million. AUCTION is ranked as the 363rd-largest crypto asset by market cap.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A popular crypto strategist believes that memecoins will have their day under the sun after getting crushed over the last few months.

Pseudonymous trader Altcoin Sherpa tells his 244,300 followers on the social media platform X that he expects meme tokens to eventually take center stage, highlighting that the crypto sector relies on trader attention.

But while the analyst believes that memecoins will make a comeback, he says those that have been around longer than others will likely lead the surge.

One asset on his radar is the Solana (SOL)-based token Bonk (BONK).

“Most memes got smashed overall but I think that they’ll eventually come back to some degree. Memes by nature are attention driven but I do think that some of the more ‘Lindy’ ones will have a better chance

You probably just go off ecosystem. When SOL is hot, coins like BONK are going to be decent bets (along with some others like Fartcoin and WIF and others). BONK being down 85% from highs to lows probably makes it an ok bet down here (I have a bag of it).”

The trader is referring to the Lindy Effect, a concept suggesting that the longer something has survived, the longer it’s likely to keep surviving.

At time of writing, BONK is worth $0.000012.

Another memecoin on the trader’s roster is the Ethereum (ETH)-based token Pepe (PEPE).

“Feels like PEPE is also around a bottom, too.

PEPE obviously an ETH beta but it’s also a good one if BTC starts going wild in my opinion.” 

Looking at the trader’s chart, he seems to predict that PEPE would either rally to a high of $0.000015 or collapse to a new 2025 low of $0.000001.

At time of writing, PEPE is trading for $0.000007.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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An Ethereum (ETH)-based altcoin is skyrocketing after gaining support from South Korea’s second-largest crypto exchange.

In a new announcement, crypto trading platform Bithumb says that it is now supporting the interoperable cross-chain bridge Across Protocol (ACX), triggering rallies for the digital asset.

News of the event caused ACX to surge, as it went from a March 21st low of $0.275 to a peak of $0.462 just a few hours later, a rise of nearly 68%. It has since retraced and is trading for $0.319 at time of writing, a 10% gain during the last 24 hours.

In its whitepaper, Across Protocol says it is the only cross-chain platform powered by intents.

Explains Across Protocol,

“Intents introduce a third party, a relayer (alternatively named filler, or solver), that does the job of delivering assets / executing user transactions quickly. An intent is a type of order where a user specifies an outcome instead of an execution path.

In practice, intents manifest as a combination of a cross-chain limit order and an action to execute, all encoded within a standardized order structure. Relayers compete on cost and speed to fill these orders, which can include on-chain actions as well as assets. Relayers deliver very quickly, without any messages.

From the user’s perspective, interoperability is solved. Their desired outcome is achieved.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney