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Top 3 Whale-Favored Crypto to Rally 5X In Q4

Published

3 months ago

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The crypto market signals the continued correction as the falling Bitcoin and Ethereum breached crucial support of $55000 and $2500 on Friday, respectively. Despite the bearish momentum, the whales’ confidence in altcoins like Toncoin (TON), Optimism (OP), and Pepe Coin (PEPE).

How Whale Accumulation Signals Crypto Market Bottoms

Whale activity has been a crucial metric in the cryptocurrency market, often indicating large holders’ buying and selling behavior. Generally, an active accumulation trend by these smart money has coincided with major market bottoms, indicating key indicators for top crypto to buy.

Toncoin (TON)

Toncoin, the crypto associated with Telegram, has recently gained market attention following reports of Telegram founder Pavel Durov’s alleged arrest in France. On September 6th, Durov issued a statement criticizing the French authorities and the arrest drama. He clarified that the media misrepresented the events and emphasized that Telegram remains committed to privacy and neutrality.

By press time, the TON price had traded at $4.6 and held a market cap of $11.76 billion.

Despite the legal challenges, the whale interest in Toncoin remains stable, as addressed with 1 Million to 10 Million TON now accounting for a total of 3.18 million coins, according to Santiment data.

TON Supply DistributionTON Supply Distribution
TON Supply Distribution

Pepe Coin (PEPE)

The Frog-themed crypto PEPE shows a notable correction from $0.000017 to $0.000007— a 60% drop within four months. While this correction must have scared the short-term speculative traders, the large holders steadily accumulated this asset.  

Supply distribution data shows that whales holding 10,000,000 to 100,000,000 PEPE steadily increased their holdings to a peak of 3.64T coins.  This consistent accumulation signals that large holders anticipate a potential reversal in the PEPE coin. 

By press time, the PEPE price had traded at $0.0000069, boosting a market cap of $2.94 billion.

PEPE Supply DistributionPEPE Supply Distribution
PEPE Supply Distribution | Santiment

Optimism (OP)

Optimism (OP), a layer-two blockchain on top of Ethereum, projected an aggressive correction from $4.85 to $1.42— a 70% decline in six months. However, the downward trend gradually shifts sideways as the $1 psychological level sparks renewed demand pressure. 

According to Santiment data, whale addresses holding between 1M to 10M OP have significantly increased their holdings, reaching a peak of 672 million coins. This aggressive accumulation suggests growing confidence in the Optimism coin as it aims to strengthen its position above $1 support before the next leap.

With an intraday gain of 6%, the OP price trades at $1.4 and boasts a market cap of $1.68 Billion. 

Frequently Asked Questions (FAQs)

Whale activity is a key indicator of market bottoms and buying opportunities, with active accumulation often signaling a potential rebound in assets like TON, PEPE, and OP.

Whale holdings of 10M to 100M PEPE coins have peaked at 3.64T, indicating expectations of a price reversal after its 60% drop.

$1 level stands as crucial psychological support for OP price

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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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Altcoins

Analyst Outlines Massive Price Targets for Dogecoin, Predicts Parabolic Rally for Ethereum-Based Altcoin

Published

1 week ago

on

November 14, 2024

By


A closely followed crypto strategist believes that top memecoin Dogecoin (DOGE) is poised to spark massive rallies, en route to astronomical fresh all-time high levels.

Analyst Ali Martinez tells his 80,000 followers on the social media platform X that DOGE appears to be trading in a large ascending channel on the weekly chart.

An ascending channel is typically seen as a bullish structure as it suggests that an asset is printing higher highs and higher lows.

According to Martinez, Dogecoin looks to be gearing up for fireworks after respecting the diagonal support of the channel.

“A test of the middle or upper boundary of the channel puts Dogecoin DOGE at $2.40 or $18!” 

Image
Source: Ali Martinez/X

At time of writing, DOGE is trading for $0.383, suggesting a potential rise of 526% if the coin hits the trader’s first target and about 6,000% if it reaches Martinez’s second target.

Next up, the trader has his radar locked on the native asset of the Ethereum (ETH) scaling solution Optimism (OP). According to Martinez, OP appears to be mirroring a pattern that led to parabolic rallies last year.

“Optimism OP has a history of forming market bottoms with ascending triangles, often followed by rallies to the 1.618 Fibonacci retracement level. Today, we’re seeing a similar setup, pointing to a bullish target of $7.20 for OP – a potential 340% gain.”

Image
Source: Ali Martinez/X

At time of writing, OP is worth $1.68.

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Kraken bags $42.5m from Optimism, Glow Labs raises $30m

Published

3 weeks ago

on

November 2, 2024

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This week, crypto exchange Kraken stole the show with its $42.5 million grant raise from Optimism.

Kraken has disclosed its latest decision to launch Ink, a layer-2 on the Optimism (OP) blockchain. As a part of the deal, Optimism has announced that they will offer $42.5 million, or 25 million OP tokens.

This has brought the exchange’s funds raised to date to $164.8 million. Crypto.news dug deeper into the firms that raised the most capital from Oct. 27 to Nov 2.

Here are the firms that bagged million-dollar amounts during this period, according to data from Crypto Fundraising.

Glow Labs, $30 million

  • Glow Labs is a community-powered platform that aims at ramping up global solar energy adoption.
  • The firm raised $30 million from Framework and Union Square Ventures.

Nillion, $25 million

  • Nillion has raised $25 million from investors like Hack VC.
  • So far, the decentralized network for secure storage has raised $50 million.

Ellipsis Labs, $21 million

  • The platform that builds sustainable and efficient DeFi protocols has raised $21 million from HAUN.
  • Ellipsis Labs has raised a total of $23.3 million to date.

Chainway Labs, $14 million

  • The blockchain infrastructure company focused on Bitcoin, Ethereum, and Zero Knowledge technology has raised $14 million in a Series A round from Founders Fund and other investors.
  • Chainway Labs has raised $16.7 million so far.

Gelato Network, $11 million

  • Gelato Network has raised $11 million in a Series A round led by HACK VC.
  • The decentralized backend for web3 has raised $23.2 million to date.

Sapien AI, $10.5 million

  • Sapien is a gamified Web3 platform where users play and train AI by completing various challenges.
  • The firm has raised $10.5 million in a seed round led by Variant.

PumpBTC, $10 million

  • The liquid staking platform has raised $10 million in a seed round.
  • Lead investors include SevenX Ventures, Mirana Ventures, etc.

BitSmiley, $10 million

  • BitSmiley encompasses a stablecoin, a lending platform, and a derivatives protocol.
  • The firm raised $10 million from various investors like Nxgen, IBC Group, etc.

Notable crypto VC funding rounds under $10 million

  • Spire Labs raised $7 million in a seed round.
  • Alliance Games raised $5 million in a Series A round.
  • 81Ravens raised $4.5 million in a seed round.
  • Phylax Systems raised $4.5 million in a pre-seed round.
  • Nitro Labs raised $4 million in a seed round.
  • MagmaDAO raised $3.9 million in a seed round.
  • Native raised $2.6 million in a seed round.
  • Axal raised $2.5 million in a pre-seed round.
  • Streamflow raised $1.9 million.
  • Cap Labs raised $1.9 million in a pre-seed round.
  • KRNL Labs raised $1.7 million in a pre-seed round.

Have a peek at last week’s column here.





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Succinct and OP Labs team up on ZK rollups

Published

2 months ago

on

September 12, 2024

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Succinct Labs and OP Labs have collaborated on a zero-knowledge proofs solution that significantly improves transaction finality and gas costs compared to optimistic rollups.

On Sept. 11, Succinct Labs announced its partnership with OP Labs, a startup contributing to the development of the Optimism (OP) protocol, to create OP Succinct.

OP Succinct by Succinct Labs and OP Labs

Paradigm-backed Succinct and OP Labs’ collaboration on OP Succinct combines the general-purpose zero-knowledge virtual machine SP1 with OP Stack to deliver a zkEVM rollup.

With this new solution, upgrading OP Stack chains to utilize zero-knowledge proofs is now cheaper and faster. According to Succinct Labs, OP Succinct is also highly customizable.

“The modular design of the OP Stack makes it easy to convert an OP Stack rollup to a ZK rollup. OP Succinct’s two-step integration requires minimal code and easily fits into existing deployments–including rollup-as-a-service setups,” Succinct Labs posted on X.

Fast finality and lower gas costs

The ZK rollup development adds to the growing layer 2 scaling solutions ecosystem, with off-chain transaction proofing offering fast finality and reduced gas costs.

OP Labs and Succinct Labs, which secured $55 million in Paradigm-led funding rounds in March 2024, are bringing this to the market with OP Succinct.

Being able to upgrade an OP Stack to use ZKPs within an hour vastly improves the fraud-proof window of seven days applicable to standard optimistic rollups. Proving costs are also at 0.5 to 1 cent, compared to higher costs of 1.34 cents on OP Mainnet and 1.11 cents on OP Sepolia.



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