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Jupiter Price Rallies 29%, Is $1.8 Next For JUP?

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3 days ago

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The recent rally in Jupiter price (JUP) has gained substantial attention in the cryptocurrency market, as the token climbed 29% within a week to reach $1.20. This sharp increase has raised questions about the potential for continued upward momentum, with indicators suggesting that further growth could push JUP Price towards the $1.8 mark.

Jupiter Price Gains 29% in One Week as Key Indicators Point to Possible $1.8 Rally

Recent data in the cryptocurrency market shows that Jupiter price surged by 29% in the past week, reaching the $1.20 level. This notable rally in a short period reflects heightened interest in the token, driving strong buying pressure in the market. Analysts have pointed to several factors contributing to this price rise, including positive technical indicators and a shift in market sentiment favoring JUP.

One of the prominent indicators supporting the Jupiter price rally is the consistent inflow of funds into JUP. The spot inflow and outflow chart reveals a trend of net inflows, indicating that investors are accumulating JUP tokens in anticipation of future gains. This accumulation phase suggests a bullish sentiment. With market participants actively buying and holding JUP, the price draws closer to the $ 1.8 mark.

Source: CoinglassSource: Coinglass
Source: Coinglass

Technical Indicators Show Sustained Bullish Momentum

The MACD (Moving Average Convergence Divergence) indicator on Jupiter (JUP) price chart also shows a bullish crossover, with the MACD line crossing above the Signal line. This formation, often called a “Golden Cross,” suggests a potential uptrend continuation in the market. 

Additionally, the MACD histogram, which represents the difference between the MACD line and the Signal line, shows green bars. This confirms the strengthening bullish momentum. The histogram bars are increasing, signaling that buying pressure is building up as the gap between the MACD and Signal line widens.

Source: TradingViewSource: TradingView
Source: TradingView

More so, the RSI for Jupiter has reached 70, indicating overbought conditions. While an overbought RSI typically signals a potential pullback, strong bullish trends can sustain these levels for extended periods. The continued upward momentum suggests that the cryptocurrency could test higher resistance levels if momentum persists.

Concurrently, JUP price rally is further reinforced by growing open interest in the futures market. Open interest represents the total value of active contracts and has shown a steady increase since early September. The rise in open interest alongside the price surge indicates confidence in sustained price growth.

Source: CoinglassSource: Coinglass
Source: Coinglass

Notably, a higher open interest in JUP futures reflects new capital entering the market, which is a bullish signal for Jupiter price. The growing interest from futures traders aligns with the accumulation trend in the spot market. This shows that both retail and institutional investors are preparing for further market gains.

At press time, Jupiter cryptocurrency market data shows high trading volume, with a 24-hour volume of over $308 million and a price surge of 10% in the last 24 hours. Elevated trading volume indicates strong demand and participation, validating the recent price movements. 

The increase in volume has contributed to the price rally, pushing its market cap to $1.63 billion. This robust trading volume further strengthens the outlook for JUP with $1.8 as a possible target if demand remains high.

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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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Shibarium Crosses 500 Mln Transaction Milestone, SHIB Reacts

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4 hours ago

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November 12, 2024

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Shibarium, the Ethereum-based Layer-2 scaling solution backed by the Shiba Inu (SHIB) ecosystem has recorded a huge mainnet milestone. According to data from Shibarium scan, the total transactions processed on the platform has crossed the 500 million milestone. As of writing, the total transaction is pegged at 500,623,178.

Shibarium and the Obvious Growth Catalyst

The Shiba Inu-backed layer-2 scaling solution launched in August 2023. For a protocol with a largely rocky start, the new milestone has sparked series of debates on X. Shibarium got a major boost less than a month ago when Shiboshi-linked NFT update triggered enhanced ecosystem adoption.

With the NFT bridge feature on the mainnet, transaction count jumped to millions per day from a few thousands. At the time of writing, the daily transaction count comes in at 4.69 million. Despite this figure, the protocol records at least 2,227 transctions in hours. The new milestone has triggered a comment from Kaal Dhairya, one of the ecosystem’s lead developers.

Per the Shibariumscan data, the protocol now have a total block of 7,849,660 with wallet adresses coming in at 1,889,496. With the consistent growth, the protocol hopes to match with some of its peers like Base and Optimism soon.

Shiba Inu Reacts, Will This Boost Market Value?

The memecoin has reacted to the update within the ecosystem as it underscore the relative growth overall. At the time of writing, SHIB price was changing hands for $0.0000264, down by 3.39% in 24 hours. Within this period, the token has traded within a low price of $0.00002457 and a high of $0.0000303.

While the token ought to print a rally, SHIB has recorded an extreme growth trend amid the boom in the price of Bitcoin. In the past week, the token has retained a more than 48% rally overall. With the token’s price largely linked to the broader market trend, it’s recovery might come faster than projected.

Meanwhile, lead developer Shytoshi Kusama has set his sight on his SH.I.B proposal to create the Silicon Valley destination for crypto. He recently pitched this idea to Elon Musk in a bid to get the Donald Trump administration to consider the prospects.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

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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How A Simple Wallet Error Cost $25 Million To This Crypto User?

Published

11 hours ago

on

November 12, 2024

By


In an unfortunate situation, a crypto user faced investors’ scariest dreams. He lost $25M worth of crypto while transferring from one wallet to the other. The user wished to transfer to the liquid restacking platform called Renzo. However, with a simple wallet error, the user transferred all the cryptos to the platform’s wrong address, bearing millions worth of losses.

When the rest of the market is busy grabbing all the gains, as Bitcoin surpassed Silver after a new ATH, this one user is bearing a loss.

Crypto User Sent Cryptos To The Wrong Wallet Address

The person lost $25 Million on Sunday while transferring the Renzo Restaked ETH to Renzo’s safe wallet. However, instead of the safe wallet, which is a primary wallet that allows full access to funds, the users pasted the wrong address link,  which led to the transfer to a safe module. As a result, all those tokens are now locked in a Smart Contract and cannot be retrieved due to the transaction’s decentralized nature.

Urgent Request for Help!

To all skilled hackers and white hats out there: I’ve lost a significant sum of funds in a contract and urgently need help recovering it. If you can successfully retrieve the funds, I’ll immediately offer a 10% reward, which is approximately $2.5 million…

— 我有一个狗王梦 (@qklpjeth) November 10, 2024

The user has approached people on X, describing his story to the community members. He has pleaded with hackers and white hats to help with this situation in return for a 2.5% reward ($22.5M), which is quite high. Many people have replied to support, and a few even attempted to recover, but the person has sent it to the safe module, making it almost impossible to retain these tokens without changing the Smart Contracts code.

A few readers have advised reaching out to the platform’s team and conveying the needed changes to retrieve the assets. Even the DeFiLlama founder 0xngmi has suggested that the crypto user should connect with the Renzo team to edit the contract code and retrieve his tokens.

Renzo Fails To Help Due to Compliance Issues

Renzo is a staking platform designed to simplify restocking on popular blockchains like Ethereum and Solana. Despite the possibility of updating the code, the team has declined to assist in this matter. The crypto user explained that Renzo could not help due to compliance issues.

A few community members further advised the victim to take legal action to solve this issue. This is because, on many occasions, the court has ordered to resend the cryptos in case of hacks and similar situations. However, the crypto user has declined to do so due to his good relations with the company, saying,

I haven’t considered the legal process. I’m good friends with the Renzo team and don’t want to go through legal procedures.

How To Protect Your Crypto?

This unfortunate event is a big-time reminder that trading in digital assets comes with multiple challenges other than thefts and hacks. Even a minor mistake could lead to losing your crypto forever, as this crypto user did, as he sent all the tokens to a safe module instead of a safe wallet. As a result, the user has lost $25M worth of Renzo Restaked ETH and is approaching crypto hackers to retrieve the tokens. Till now, no solution has come out, and even Renzo’s team failed to help out on this due to compliance issues. With this, it has become an important lesson to double-check the details and understand the platform protocol to protect cryptos. More importantly, every user should have a strategic trading strategy to help with losses and grabbing profits, as this crypto investor turned $1.2M to $9.36M.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

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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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Bitget Re-Launches UK Platform With Over 150 Tokens Ready for Trading

Published

14 hours ago

on

November 12, 2024

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Bitget cryptocurrency exchange and Web3 provider has announced the re-launch of its platform in the UK, now offering British users access to a wide selection of digital assets. The re-launch is in line with the Financial Promotions Regime, and the exchange’s offerings exceed 150 tokens, making it one of the most comprehensive crypto platforms in the UK.

Bitget Launches in the UK, Doubling Token Access For Crypto Traders

Bitget has officially re-launched its UK website, providing British users with access to over 150 tokens for trading. This extensive offering surpasses the token variety available on many global exchanges. It is a reflection of the exchange’s commitment to delivering a broad range of options for UK crypto investors. 

More so, the diverse token selection positions the Seychelles-based platform among the top exchanges in the UK.

The re-launch comes in response to the growing demand for diverse digital assets within the UK. Bitget’s expansion aligns with the UK Financial Conduct Authority’s (FCA) Financial Promotions Regime, ensuring all promotional activities meet transparency and fairness standards. 

Additionally, the exchange’s offerings demonstrate the platform’s strategy to provide UK crypto investors with ample choice within a compliant framework.

Archax Approval Enables Custody Services for UK Crypto Users

With Archax’s approval, Bitget users in the UK now can access a range of cryptocurrency trading and custody services, including tokenized real-world assets. Archax, a regulated digital securities exchange will provide the necessary local endorsement that allows operations within the UK’s regulatory environment. 

Moreover, the endorsement will facilitate Bitget’s UK entry, as it meets the requirements of the Financial Promotions Regime for offshore exchanges operating in the region. Archax’s role in vetting offerings strengthens the exchange’s efforts to maintain a high standard of security for UK users.

Notably, the Head of Regulation at Archax, Julia Loder, emphasized their support stating, 

“We are dedicated to upholding high standards of the Regime, providing UK investors with access to a transparent trading experience.”

This re-launch reflects the platform’s approach of incorporating local compliance requirements into its expansion plans. Gracy Chen, CEO at Bitget, added, 

“At Bitget, compliance is the core of our expansion strategy. The entrance into the UK market under the regime allows us to bring users a wide variety of digital assets within the ever-changing crypto landscape. This launch is a step towards establishing Bitget as a long-term, compliant partner in diverse markets, providing investors with a platform to explore digital assets.”

More so, the extensive range of digital assets addresses and the diverse interests of UK investors highlight market adaptability. The UK crypto market, known for its advanced financial environment will solidify the exchange growth in the crypto sector. With over 45 million users in more than 150 countries, this expansion adds to Bitget’s global presence. 

Meanwhile, the crypto exchange recently launched the “Pitch n Slay” initiative under its Blockchain4Her program to support women entrepreneurs in Web3. With up to $100K in funding, the program provides mentorship, guidance, and exposure. 

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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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