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Pepe Coin Whale Dumps 330B PEPE; Wider Selloff Incoming?
Published
2 months agoon
By
adminA Pepe coin whale sold $2.53 million worth of PEPE at a loss amid the decline in crypto prices. The trader made a series of transactions involving the meme coin and still holds a large amount of the asset. This sparked diverse community reactions across social media spaces amid the present market sentiment.
PEPE Coin Whale Offloads Huge Assets
A Pepe coin whale sold a huge amount of assets recording a loss from the transaction. Data from Lookonchain shows the whale deposited 330 billion PEPE to crypto exchange Kraken leaving 1 Trillion of the asset worth approximately $7.57 million in the portfolio. Previously, the trader made a series of huge transactions drawing the community’s attention.
At first, whale sold 500 billion Pepe tokens and later purchased 828 billion tokens and a low price taking total holdings to 1.3 trillion assets worth $9.9 million. Amid all these with the latest asset movements, the trader lost over $3 million from the transaction.
A whale deposited 330B $PEPE($2.53M) to #Kraken at a loss 1 hour ago, and still has 1T $PEPE($7.57M) left.
The whale lost a total of ~$3.13M on $PEPE!https://t.co/akwClljHZW pic.twitter.com/CvZgb2XVzq
— Lookonchain (@lookonchain) August 30, 2024
The activities of crypto whales continue to influence market movements due to the size of their holdings. As a result, the wider community is keen on their transfers leaving an impact on the ecosystem. Similarly, sudden transfers to centralized crypto exchanges like Kraken, Binance, and Coinbase often lead to wider sell-offs.
Users Point to the Red Zone
Crypto users have suggested falling crypto prices as a major reason behind the sale. However, the whale still holds large amounts of Pepe coins. Meme tokens are affected by the activities of top assets as their price swings on sentiments and on-chain data. At press time, PEPE trades at $0.00000777, making a 1% growth in the last 24 hours despite the market downturn.
Crypto assets continue underwater as Bitcoin and other top coins fall in the 24-hour window. The price of the top asset by market cap slipped below the $59k mark before recording a slight uptick. Ethereum and Solana also traded similarly with price drops in the same period.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
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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Polymarket Faces French Ban After Massive Bets On US Election Results
Published
2 hours agoon
November 7, 2024By
adminPolymarket, a crypto-based prediction market, is likely to be prohibited by France’s gambling regulator, the ANJ, after a huge amount of bets were placed on the 2024 U.S. presidential election. Since the global audience engaged in prediction platforms, Polymarket experienced a record jump, with $450 million expected to be distributed to users following the victory of Donald Trump.
This increase of betting volume and large stakes has become a matter of concern for the French regulator because the platform offers unlicensed gambling services.
$450 Million in Payouts Expected After U.S. Election Bets
Prediction markets, which are expected to increase their payout to election bettors to around $450m following Donald Trump’s projected win, are attracting increasing attention.
Although conventional polls pointed to a closer contest, prediction markets such as Polymarket and Kalshi recorded a steep rise in Trump’s chances in the last few days, indicating a strong divergence with poll-based expectations.
Among the active users of Polymarket, a French trader called “Theo” made a $26 million bet on Trump’s win and won $49 million. This big bet made Polymarket popular, as the French authorities paid attention to the platform and its popularity among French residents, which led to concerns about the compliance of the platform with French gambling legislation.
France’s ANJ Considers Blocking Access to Polymarket
The ANJ has claimed that Polymarket is involved in gambling which is only allowed in France by licensed operators. According to local media, the regulator has the power to ban access to unlicensed gambling sites and is expected to restrict access to Polymarket soon.
An ANJ insider said: “Polymarket is just betting on something that is completely uncertain, which is exactly what gambling is.”
If put in place, the ban would prevent the usage of the application in France, despite the fact that users can still try to avoid the restriction by connecting to VPN. The ANJ could also try to influence media outlets and directories to stop advertising or linking to Polymarket and, thus, limit its audiences even more.
Regulatory Concerns Over Market Manipulation
The high level of activity on Polymarket has led to speculations that the platform may be used for market manipulation. Two blockchain analysis firms, Chaos Labs and Inca Digital, recently revealed that there was potential wash trading within Polymarket’s U.S. presidential betting market where the same assets are bought and sold to simply create a fake market. This type of trading is rather manipulative and can lead to the distortion of signals on the market and mislead other participants.
The US Commodity Futures Trading Commission also has concerns about prediction markets and put forward a rule in May aiming at stricter regulation of such markets due to the potential for manipulation.
Although no final decision has been reached, regulatory actions could impact Polymarket’s ability to operate freely in other markets, including the U.S.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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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Coinbase CEO Brian Armstrong Highlights Pro-Crypto Wins in U.S. Election
Published
5 hours agoon
November 7, 2024By
adminCoinbase CEO Brian Armstrong recently shared his perspective on the U.S. election outcome, framing it as a victory for the cryptocurrency sector. Armstrong emphasized that the election results have energized pro-crypto advocates and strengthened efforts to foster an economic environment more favorable to digital assets.
More so, Armstrong sees these political shifts as an opportunity to secure the crypto industry’s future.
Coinbase CEO Declares U.S. Election a Big Win for Crypto
In a recent post on X, Coinbase CEO Brian Armstrong expressed his view that the 2024 U.S. election represents a landmark win for cryptocurrency. With 257 pro-crypto candidates elected to the House of Representatives, Armstrong noted that the incoming Congress will be the most supportive of crypto-related policies.
Moreover, the CEO pointed out the bipartisan nature of this support, as pro-crypto candidates won in districts across party lines. Concurrently, the coinbase CEO also blamed the previous administration for trying to kill the crypto industry. He emphasized,
“The country fully repudiated the work of Senator Warren and Gary Gensler who tried for years to unlawfully kill our industry. They both should take their share of responsibility for the loss of their party (along with Biden and Harris for letting them run amuck).”
According to Armstrong, the crypto industry’s appeal to both sides of the aisle was a strategic advantage in the election. Armstrong also revealed that Coinbase and its advocacy groups focused on electing candidates who favor technological innovation and economic freedom.
Additionally, He highlighted that the message of economic freedom resonated with voters. Armstrong sees this trend as a foundation for bipartisan support for crypto legislation moving forward.
Fairshake Fund Boosts Pro-Crypto Efforts for 2026
To solidify these gains, Coinbase CEO Armstrong discussed the role of Fairshake, a pro-crypto fund, in supporting candidates who back the crypto industry. Fairshake, which is partly funded by Coinbase, has already secured $78 million for the 2026 election cycle. Most recently, Armstrong said there will be no slowdown in pro-crypto advocacy post-US election, committing an additional $25 million to Fairshake PAC.
The CEO noted that Fairshake’s financial commitment reflects the industry’s long-term strategy to secure a stable regulatory environment in the digital asset space. Similarly, StandWithCrypto, another initiative supported by Coinbase, is also set to expand, aiming to grow its network to 4 million members by 2026.
In addition, Brian Armstrong clarified that Coinbase does not charge projects a premium fee for listings. Addressing concerns on social media, Armstrong stated that the exchange supports fair access to its platform for emerging projects. He also suggested that decentralized exchanges can also provide alternatives to centralized listing hurdles.
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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Tether Provides Clarification On $2 Billion USDT Mint
Published
8 hours agoon
November 6, 2024By
adminTether’s CEO, Paolo Ardoino, recently commented on the latest on-chain data provided by Whale Alert. According to the data, the Tether Treasury added a total of 2 billion USDT newly minted on Ethereum in a single transaction.
However, Ardoino clarified that the notification was delayed and referenced recent post on X. The post explained that the company had coordinated with a prominent third-party exchange to perform a chain swap, which involved converting part of their USDT cold wallets from various blockchains to USDT on Ethereum.
Tether CEO Explains Recent USDT Minting on Ethereum
Tether CEO, Paolo Ardoino, recently addressed the latest on-chain data released by Whale Alert, which reported that the Tether Treasury had minted and added 2 billion USDT on the Ethereum blockchain in a single transaction. He explained that the notification was delayed and pointed out that the transaction was part of a larger strategy.
Ardoino also referenced a recent post on X, which outlined the company’s coordination with a prominent third-party exchange to perform a chain swap. This swap involved transferring part of the company’s cold wallets from various blockchains to Ethereum.
Very very delayed notification.
Context:https://t.co/3Ps3qUxsBq— Paolo Ardoino 🤖🍐 (@paoloardoino) November 6, 2024
The company will, therefore, retire USDT from several low-activity blockchains, consolidating those tokens on Ethereum via several significant wallet transfers. This move would be part of the consolidation effort to swap the external tokens back to the Ethereum network for better asset management with increased liquidity.
To avoid market confusion, Ardoino gave notice that such token movements would occur and underlined the procedural nature of the change as part of regular issuance operations. This primary issuer consolidation strategy is mostly about reacting to shifting user demand and focusing resources where the token activity was at its greatest. Recently, the company said it recorded a group net profit of $2.5 billion in the third quarter of this year. The stablecoin issuer has also recorded a profit of $7.7 billion over the first nine months of this year.
Swapping USDT Across Different Blockchains
Tether announced it will soon initiate a large chain swap with a leading exchange to migrate part of its reserves from several blockchains to Ethereum. This involves converting tokens held in cold wallets on TRC20, AVAX, NEAR, CELO, and EOS into Ethereum-based USDT.
A chain swap is a process where cryptocurrencies are transferred from one blockchain to another. The process enables traders to extend the use of their digital assets to various blockchains that support the cryptocurrency owned.
For instance, the token is available on several blockchains: Ethereum, Tron, Solana, and Liquid, among others. Using a chain swap, clients can access any of these networks using their USD₮. A trader can “swap” the blockchain on which their USD₮ is operating. For instance, it can move it from a blockchain such as Tron onto another such as Ethereum. It enables the end-user to utilize different blockchain ecosystems. It does that by further extending the liquidity and usability of their digital assets.
The total supply of USDT issued by Tether will not increase. Still, its balance across different networks will be rebalanced because of increasing market demand for Ethereum-based token.
Specific figures, according to the post, entail the swap of 1 billion USDT from TRC20. There is also a swap of 600 million from the Avalanche-Chain, 300 million from NEAR, 75 million from CELO, and 60 million from EOS.
This is part of a broader strategy by the company to optimize its liquidity across different blockchain ecosystems. Strategy? To make USD readily available to users where demand for it is most robust. It routinely performs such chain swaps to enhance its users’ usability and flexibility. It does that while maintaining a stable total supply across all networks.
The Dominance Continues Despite Supply Reduction
The token supply decreased from 120.7 billion to 120.4 billion and remained the largest liquidity supply source on market. When regular trading occurs, roughly 85% of the total available USD supply is utilized. The rest will be inoperable.
The recent Bitcoin (BTC) rally to new all-time highs made mass usage of USDT shoot well over $160 billion in trading volume in one day. That’s fully 132% of its circulating supply.
That was a significantly more significant spike in turnover compared with USDC, which recorded just 47% of its market cap in volume-though it did grow on chains like Base. However, USDC has not entirely usurped the top position that USDT enjoys in every use case.
Stablecoin expansion in 2024, combined with the bull market for BTC, seems to have made it possible for issuers to keep pulling in heavy earnings, such as Tether. It remains overcollateralized with fiat and fiat-like assets, though there were concerns about its reserves, further cementing its leading role in the crypto ecosystem.
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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