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Sonic Chain Hits Major Block Milestone, Here Are Crucial Stats

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The Sonic Chain, a product from the Fantom team has inked a major milestone, just about four days after it went live on the mainnet. As announced by the protocol on its official X account, the chain has produced 1,000,000 blocks. With this impressive milestone, the community demands have increased with calls for a bridge to connect with other networks.

Sonic Chain by The Numbers

In an earlier update, the protocol shared the Transaction Per Second (TPS) recorded by early users thus far. Notably, core developer Andre Cronje spotlighted an 850 TPS despite the network not operating at full speed yet. However, sealaunch onchain explorers noted that the Sonic Chain scored a 1,620 TPS on December 18.

As Andre Cronje revealed, the “safety mode” is currently active for the new layer-1 scaling solution. This mode was introduced to let enough validators get onboarded to the network. In all, most of the figures are independently recorded and might change as the Sonic Chain matures.

The Sonic mainnet went live on December 18 after months of active development. This protocol is Fantom’s evolutionary response marked by the transition to Sonic Labs earlier in September.

With the official launch, the broader industry has kept a keen eye on what the protocol may have to offer. Top industry personalities including Ran Neuner have endorsed the chain as one of the fastest in the ecosystem.

To further turbocharge its growth, Sonic Labs has proposed that the Uniswap DAO allocate 250,000 UNI as liquidity mining rewards for its validators. As part of the proposal, this 250,000 UNI will complete its 500,000 S allocation for the same purpose.

Triggering Layer 1 and 2 Networks

The broader digital currency ecosystem is preparing for a new era in the crypto world that would be marked by more proactive policies. As such, every protocol hopes to capture as much of the market share as possible amid a pro-crypto led administration Donald Trump is courting.

Sonic Chain will look to compete with top rivals including Ethereum, Solana, XRP Ledger and Layer-2 gamechangers like Base Network. While it has received a good start, it remains uncertain how well it can catch up with protocol like Base that currently dominates the Ethereum TVL scene.

Prior to its launch, Andre Cronje has detailed plans to launch series of DApps to turbocharge the protocol.

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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.

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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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Ripple Transfers 90M Coins, What’s Happening?

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1 hour ago

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December 22, 2024

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XRP has regained its footing above the $2 support level, fueled by significant whale activity. In only 30 minutes, 90 tokens, worth approximately $202,5 million, were transferred to unknown wallets.

Ripple has emerged as one of the top post-election performers, quadrupling in value since November 5. This impressive rally, alongside gains in other cryptocurrencies, has spotlighted digital assets and fueled speculation about their potential trajectory heading into 2025.

XRP Whales Make Massive Moves, Sparking Price Speculation

XRP has regained its footing above the $2 support level, fueled by significant whale activity. In only 30 minutes, 90 tokens, worth approximately $202,5 million, were transferred to unknown wallets.

The unusually large withdrawals, flagged by Whale Alert, have sparked heightened interest among investors and increased speculation about the token’s future price movement.

Whale Alert reveals that the recent XRP transfers consisted of two significant transactions. The largest involved 50 million tokens, valued at approximately $112.5 million, moved to a newly created wallet. The second transaction saw 40 million tokens worth $90 million sent to a recently activated address.

The destination wallets are not linked to any known cryptocurrency exchanges, leading investors to speculate that high-net-worth individuals or institutional investors may be accumulating Ripple. This has fueled expectations of further price movement. Also, recently, renowned hedge fund manager Scott Melker has revealed that former President Donald Trump is actively accumulating XRP and HBAR tokens.

Crypto analysts think that large transfers to exchanges from unknown wallets are often a bullish indicator. This is a signal that the whales-the major holders-are moving their holdings to cold storage, which typically reflects a long strategy, rather than short-term selling. This can set up a positive outlook for the cryptocurrency’s price. However, the reversal situation results usually with reversal outcome so it’s interesting the price is still on the rise.

This development comes as a US appeals court announces the filing deadlines for the opening and reply briefs by Ripple and its CEO, Brad Garlinghouse.

Holding Steady at Key Support, Awaiting Next Move

XRP and the broader cryptocurrency market have remained relatively flat in recent days, with the token holding critical support levels that could spark a renewed uptrend. At the time of writing, XRP was trading at $2.25, reflecting a slight 0.35% rise over the past 24 hours.

If the bulls stay in control, Ripple may continue its upside, having key resistances between $3.62 and $4.30. A break above such a range could send prices towards $5.73. At 46, though, the RSI rests, showing that sellers have still managed to be at the helm and cap upside momentum. Increased buying pressure will, thus, be critical for resuming the uptrend.

The Awesome Oscillator supports a bullish divergence with the histogram bars turning positive, yet still remaining in negative territory. This indeed would hint at a possible reversal, though additional buying pressure needs to be generated to confirm the uptrend.

The critical support level that traders should watch is at $2.20. A drop below this might set off panic and send prices lower.

In spite of this uncertainty and the possible bearishness of it all, this token is still attracting a great deal of interest from institutional investors-a fact that points to its long-term potential.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of expertise in macroeconomics, technology, and the crypto and blockchain sectors.

She began her career in 2005 as a lifestyle writer for *Cosmopolitan* before transitioning to business and economic reporting for renowned outlets like *Forbes* and *Bloomberg*.

Inspired by thought leaders like Don and Alex Tapscott and Laura Shin, Teuta embraced blockchain’s potential, viewing cryptocurrency as one of humanity’s most transformative innovations.

Since 2014, she has specialized in fintech, focusing on crypto, blockchain, NFTs, and Web3. Known for her strong collaboration and communication skills, Teuta also holds dual MAs 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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How Low Will Ethereum Price Go By The End of December?

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4 hours ago

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December 22, 2024

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In a recent analysis, crypto analyst Justin Bennett provided insights into how low the Ethereum price could drop by the end of December. This came as the analyst revealed that buyers need to step or ETH could enter next week with a bearish outlook.

How Low Ethereum Price Can Go By Year-End

In an X post, Justin Bennett suggested that the Ethereum price could drop to as low as $3,027 by year-end. While analyzing ETH’s daily chart, the analyst stated that ETH needs to flip $3,541 as support to turn bullish next week. If that doesn’t happen, he remarked there is a decent chance that Ethereum drops lower. The analyst’s accompanying chart showed that ETH could even drop to as low as $2,560 if it loses the $3,027 support level.

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In an earlier X post, the crypto analyst stated that he is bullish on the Ethereum price based on the overall setup going into 2025. however, he believes that buyers still have work to do. He gave an example of how ETH needs to recover $3,540 on the weekly time frame to look bullish next week.

These buyers already look to be stepping in, as there has been an accumulation trend among ETH whales. Coingape reported that Ethereum whales are buying the dip as ETH eyes a quick rally to $4,000.

These whales have withdrawn 17,698 ETH worth $61.66 million from the crypto exchange Binance. Donald Trump’s World Liberty Financial has also gotten in on the act as the DeFi project accumulated more ETH on this dip.

Correction Might Be Over

In an X post, crypto analyst Titan of Crypto provided a more bullish outlook for the Ethereum price, stating that the correction might be over. The analyst made this statement based on his Ichimoku cloud analysis.

Titan of Crypto stated that Ethereum has retested both Tenkan and Kijun. He added that the worst-case scenario would be a retest of the Kumo Cloud SSB, Ichimoku’s strongest line.

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According to a CoinGape market analysis, this might indeed be the last dip before ETH hits five digits. There are predictions that the Ethereum price could hit $15,937 by May 2025.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

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 Below $97K, SOL Drops 7%, WIF Falls 13%

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7 hours ago

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December 22, 2024

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Crypto prices today are showing bearish momentum as Bitcoin (BTC) dropped below the $97K level, marking a sharp decline from its $108K all-time high earlier this week. The BTC price hit a low of $92K, reflecting significant volatility. Major altcoins followed the downtrend, with Ethereum (ETH) down 4% and Solana (SOL) dropping 7% in the last 24 hours. dogwifhad (WIF) became the worst performer, losing 13% in the same period.

The global crypto market capitalization fell by approximately 2%, now at $3.34 trillion. Trading volume also dropped significantly and down by 44% to $170 billion. The Fear and Greed Index currently reads 59, indicating a neutral market sentiment despite the recent declines.

Crypto Prices Today: BTC Slumps, ETH, SOL, and XRP See Significant Declines

BTC price saw a sharp decline this week, falling below $97K. XRP dropped by 3%, while Solana (SOL) emerged as the worst performer in the top 10 coins. Meme coins also followed Bitcoin’s bearish path, with losses ranging from 3% to 5%.

Bitcoin Price Today

BTC price was trading at $96,760, showing a decrease of approximately 1% in the last 24 hours. Its 24-hour low and high were $96,457 and $99,538, respectively. The market capitalization stands at $1.91 trillion, with $50 billion in trading volume, and Bitcoin’s market dominance is at 57.60%. Despite the recent drop, Bitcoin ETFs saw an inflow of $449 million this week, according to SoSo Value.

In a significant development, Senator Cynthia Lummis confirmed that the U.S. will hold a strategic Bitcoin reserve for at least 20 years as part of efforts to reduce the national debt. This move is expected to have long-term implications for both the market and Bitcoin’s role in global finance.

Ethereum Price Today

ETH price was trading at $3,321, marking a 4% drop in the last 24 hours. Its 24-hour low and high were $3,294 and $3,554, respectively. The market capitalization stands at $400 billion, with $30 billion in trading volume. Ethereum ETFs saw an inflow of $62 million over the past week. Crypto analyst Justin Bennett has also shared insights on how low Ethereum’s price could go by the end of December.

XRP Price Today

XRP price was trading at $2.20, down 3% in the last 24 hours. Its 24-hour low and high were $2.10 and $2.38, respectively. The market capitalization stands at $126 billion, with $14 billion in trading volume. In other news, Ripple transferred 90 million XRP coins to an unknown wallet, raising speculation within the crypto community.

Solana Price Today

SOL price was trading at $182, reflecting a 7% drop in the last 24 hours. Its 24-hour low and high were $178 and $201, respectively. The market capitalization stands at $86 billion, with $5 billion in trading volume. Solana’s significant decline makes it one of the worst performers among the top 10 cryptocurrencies. In other news, a Solana whale has accumulated 1.7 million SOL after the recent dip in the crypto market.

Meme Crypto Prices Today

Meme coins also showed bearish momentum in crypto prices today, with the top meme coin DOGE down by approximately 3%, trading at $0.3179. Shiba Inu (SHIB) price dropped by 4% in the same period, trading at $0.00002166. Crypto analyst “Dollars Maker” shared insights into a potential 235% surge, projecting SHIB to reach $0.00005816. Other notable meme coins, including PEPE, BONK, and WIF, also saw declines ranging from 3% to 12% in the last 24 hours, following the broader crypto market trends.

Top Crypto Gainer Prices Today

Hyperliquid

Hyperliquid (HYPE) price became the top performer today, rising 8% in the last 24 hours. It was trading at $34.67, with its 24-hour low and high being $30 and $35, respectively. Hyperliquid token achieved another major milestone, as within three weeks of its launch, the HYPE price surged to $34.71, pushing its market cap to $10 billion.

Top Crypto Loser Prices Today

dogwifhat

The dogwifhat (WIF) token became the worst performer for today in crypto prices today, experiencing a 13% drop in price. It was trading at $1.88, with a 24-hour low and high of $1.80 and $2.24, respectively. The market capitalization stands at $1.88 billion, highlighting the significant decline in its value during this period.

Ethena

Ethena (ENA) price dropped by 11% in crypto prices today, now trading at $1.02. Its 24-hour low and high were $0.99 and $1.21, respectively. The market capitalization stands at $3 billion, with a trading volume of $820 million, reflecting a significant decline in its value. In related news, Arthur Hayes sold his ENA tokens sparking further market speculation.

Additionally, the hourly chart looks bearish, with both Bitcoin (BTC) and major cryptocurrencies like Ethereum (ETH) and XRP down by half a percent in the last hour, continuing the downtrend seen in crypto prices today.

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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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