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Whale Dumps Entire PEPE, FLOKI, and WLD Holdings, What’s Next For These Assets?
Published
2 months agoon
By
adminA crypto whale has sold his entire Pepe coin, FLOKI, and Worldcoin holdings amid the recent price surge in the market. The digital asset market notched increased sentiments following interest rate cuts by the Federal Reserve. However, some users point to profit taking which can reduce the projected uphill movement.
PEPE Whale Dumps Assets
A digital asset whale has sold his holdings in three assets raking in profit. On-chain data shows the trader has sold $3.2 million in PEPE, FLOKI, and WLD making a $200,000 profit. The whale raked in $110,000 from Pepe coin holdings while netting $45,000 and $44,000 from FLOKI and WLD respectively.
According to crypto analysts, the trader suffered losses at some point to due price swings after Bitcoin traded below $55K. The drop in Bitcoin price sparked a decline in altcoins and meme coins as the wider market faced a slight correction. Following the Federal Reserve’s decision to slash policy rates by 50 BPS on Sept 18, prices of crypto assets surged leading to traders looking to make a profit.
Generally, whale movements send a bearish signal to the market due to their total number of holdings with smaller traders moving in the same direction. Recently, the market has seen similar movements from traders to reposition assets amid price swings. This week, an Ethereum whale dumped $38 million worth of ETH sparking negative pressure.
What’s Next For The Assets?
The crypto market is soaring off the Fed’s decision to cut interest rates. Several traditional investors projected growth in the market after the September rate cuts as funds flow to risky assets. At press time, the total market cap is up 6% with the market cap hitting $2.1 trillion. In the last 24 hours, PEPE surged 13%, alongside other meme coins.
FLOKI price is up 10% in the same time frame while Worldcoin moved up 8%. Most commentators point to increased gains in the price of crypto assets as macro factors flip positive.
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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24/7 Cryptocurrency News
Trump Memecoins Tanked More than 50%: Is It The End or Just A Temporary Downfall?
Published
6 hours agoon
November 7, 2024By
adminWith Donald Trump’s win in the 2024 US elections, the crypto enthusiasts’ daydreams have come true, as the crypto market is on the uptrend. In the last 24 hours, the global market capitalization has surged to $2.52T, and trading volume is up to $174 Billion, clearly signifying the traders’ rising interest. More importantly, most crypto coins have achieved new gains, including Bitcoin, Ethereum, and more, but the Trump memecoins have plummeted heavily, concerning holders for its future.
Analyzing The Trump Memecoins 50% Drop
With Donald Trump’s win, the biggest impact was on the Bitcoin price, which hit an all-time high of $76,460.15. More importantly, other popular altcoins have surged to new highs, but the Trump memecoins plummeted heavily. However, it does not mean that these tokens missed the market rally. Interestingly, they were the first to jump, witnessing quite a surge.
There are four Trump coins to buy, MAGA (MAGA), MAGA (Trump), Dark MAGA (DMAGA), and Super Trump (STRUMP), and these are also the most favored by investors. However, all these had a significant rally before tanking 50% today. Here, the TRUMP token is presently trading at $2.22 despite its peak of $4.6 on November 6 after the US election result. Around the same time, MAGA recovered to $0.0002048 before falling to $0.00009533 today.
The biggest drop is in the DMAGA token price, as at one point, it surged to $0.02034, which was quite close to its all-time high of $0.0232. However, now it has dropped to $0.005401, disappointing its holders. Last but not least, the same is the STRUMP, which is now worth $0.002345 despite yesterday’s peak of $0.0084.
Overall, all the Trump memecoins had a 180 shift in the last few hours, which is not what the holders have been waiting for.
What Are The Reasons Behind All These Trump Token Dips?
As per Arkham intelligence, Donald Trump’s crypto holdings include $1.33M worth of TRUMP tokens. Many crypto analysts claim that it is a positive factor that could boost Trump-themed coins after the election win. However, instead of gains, they are facing a major decline, and the biggest reason behind this is that investors have shifted to other popular cryptos like Bitcoin, Ethereum, and others.
It is one of the most common trading practices, where investors flock to rising cryptos or to those that offer long-term investment benefits. This is how a dormant Ethereum whale made $30M today after returning to the market after 8 years.
With this focus shift and heavy selling pressure on the Trump memecoins after sellers took advantage of the early rally, the tokens are following a downtrend. As a result, even Donald’s TRUMP holdings are facing a 27.3% drop, and the same is true with remaining holders. However, this might be a temporary consolidation, which happened after its sudden rise past Trump’s win.
More importantly, as the market is focused on bigger cryptos, popular memecoins like these might face high volatility for the next few days. Once the selling pressure cools off, these Trump tokens might regain strength, but the consolidation might continue for now.
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.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
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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24/7 Cryptocurrency News
Dormant Ethereum Whale Returned With Donald Trump’s Win Making $30M
Published
9 hours agoon
November 7, 2024By
adminNovember 6 was one of the biggest events in the crypto industry, as the polling results declared Donald Trump as the 47th President of the country. With that, the crypto trading market has witnessed quite a boost, leading to many dormant Ethereum whales returning to the market to benefit from the ETH price rally.
In the last 24 hours, the crypto market has seen a heavy boost, leading to a 9% surge in global market capitalization, currently at $2.43T. More importantly, traders’ enthusiasm has returned, guiding the trading volume to $180B. Overall, this was the outcome of the Bitcoin price hitting a new ATH of $76,460.15 just a few hours ago.
Dormant Ethereum Whale Made $30M With Crypto Trading
ETH price has surged 11% in the last 24 hours, attracting every crypto trading enthusiast towards itself, including this dormant Ethereum whale. As per the Lookonchain X post, this crypto whale has come out of dormancy after 8 years and instantly sold 11,005 $ ETH, making $30.56M with the Ethereum price of $2,777. However, this is not the only ETH whale that has dumped their tokens at the ongoing market rally. Another one sold $65.63 Million to Kraken earlier, which was concerning to many as such crypto whale involvement creates bearish sentiments.
However, despite this selling, the token is bullish and continuously moving up, currently at $2.8k, with a market capitalization and trading volume of $336B and $38B. It is impressive, especially after its earlier constant drop.
The Lookonchain post further revealed that the dormant Ethereum whale accumulated all these Ethereum tokens in 2016 when the ETH price was just $3.46. Since then, the value has surged more than 800X, making a heavy return for these crypto traders. However, if the whale had held for a little longer, it could have grabbed even better returns.
After the $ETH price rose, a whale dormant for 8 years sold 11,005 $ETH($30.56M) at $2,777 over the past 2 hours!
This whale accumulated 11,005 $ETH($38K at the time) from #ShapeShift at $3.46 per ETH in 2016.
The profit? $30.52M — an 802x return!https://t.co/f8CtLHvx2t pic.twitter.com/MKB15m19oR
— Lookonchain (@lookonchain) November 7, 2024
With this, the dormant Ethereum whale has showcased an impressive crypto trading strategy, i.e., holding for longer for heavier profits and never panicking, even if the price is down. This is because panic selling costs the opportunity to earn bigger. One prime example of this is this crypto trader who lost $454K in 40 minutes in panic selling after witnessing a downtrend in the crypto token.
What Is Coming Next For Ethereum Price Now?
With Donald Trump’s win in the US election, crypto analysts have anticipated the Bitcoin price rally to $90K or even higher. If that happens, the rest of the crypto market, including Ethereum price, might surge to new highs. Considering this and the strong buying pressure on the token, a few crypto trading analysts have anticipated a new ATH for ETH. However, considering its earlier weeks-long consolidation, there are doubts regarding its performance. Maybe, this is why, such dormant Ethereum whales exited the market early.
Ali, a crypto analyst, has recently shared his views about the ETH price, giving a better idea about the future. As per his post, the token has exhibited impressive performance so far and is moving parallel with his earlier prediction of Ethereum targeting new highs. He mentioned that the risk-to-reward ratio on this token is too good to pass up for a long position. Interestingly, others will also agree with that, as it is one of the most popular cryptos and has exhibited heavy gains in the past as well. And now, with the introduction of Ethereum ETFs, the expectations are way higher.
So far, so good: #Ethereum $ETH https://t.co/X4lodGGIVY pic.twitter.com/4jF3EauXUo
— Ali (@ali_charts) November 7, 2024
Before ending the post, Ali also mentioned that he has his stop below $1,880 and is aiming for a target of $6K, confirming the possible new ETH price ATH. Now, it is to see how this token will continue to cater to the holder’s crypto trading expectations.
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.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
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
12 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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