The XRP price, like the rest of the crypto industry, continues to struggle against the bearish winds that have taken over. This has seen its price consistently decline in spite of bulls’ best efforts to prop it up. However, it seems all hope is not lost for the altcoin as expectations are that it will recover soon enough. More specifically, crypto analyst WalterMoon is particularly bullish on the XRP price, noting that it is possible that it will break out of its current pennant.
Analyzing The XRP Price Movement
To try and pinpoint where the XRP price is headed, the crypto analyst first analyzed the movement of the altcoin over the last few weeks. This analysis showed a consistent breakout trend, albeit short-lived, that suggests that the altcoin could be getting ready to mount another one soon.
One of these breakout trends took place last month in May when the price had entered a failing channel. Eventually, the XRP price was able to muster enough momentum, even after breaking below its support line below $0.5 and then made a run for $0.52.
Again, this is seen later in the month when the price once again fell into a falling channel. This decline saw it fall below support. But like the previous time, it was able to move upward inside this falling channel and eventually broke out of the channel.

Again, this is seen later in the month when the price once again fell into a falling channel. This decline saw it fall below support. But like the previous time, it was able to move upward inside this falling channel and eventually broke out of the channel.
Gathering Support Inside A Pennant
Crypto analyst WalterMoon has identified the XRP price inside a falling channel and as it continues to decline inside this pennant, the price has taken hit after hit. But given the performance from the last month, Moon believes there is still upside to come for XRP.
According to the analyst, there is a possibility that the altcoin can exit its current pennant by bouncing off the support at $0.533. In this case, it could send the price as high as $0.54, like it did the previous times. “Now, I think that Ripple can bounce up from support line to $0.5330, thereby exiting from pennant,” the analyst said.
Despite the bullish outlook, WalterMoon’s target is still conservative for all intents and purposes. The target still remains above the $0.54 level, which, unfortunately, doesn’t show much expectation for the $XRP price to cross $1.

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Notcoin is gearing up for a significant milestone with its NOT token set to be minted on The Open Network (TON).

The token will officially be listed on May 16, as confirmed by the project’s recent announcement.
This launch has captured the attention of major crypto exchanges, with Binance, OKX, and Bybit already on board. They are set to support the NOT token rollout.
Major Exchanges Rally to Support NOT Token Launch
In anticipation of the listing, OKX is initiating a promotional “Jumpstart” campaign on May 16th. This campaign is designed to reward users who stake their Toncoin by allocating a share of Notcoin tokens. 1.28 billion tokens, 1.25% of the total supply, will be distributed to campaign participants.

Following suit, Binance has unveiled its staking rewards program, which is even more generous. Binance plans to distribute over 3 billion tokens, approximately 3% of the token’s total supply, to its customers. This reward will be available to those who stake BNB or the FDUSD stablecoin on Binance’s platform. The specific details and start date of the claim process for these rewards have yet to be announced.

More About NOT
By contrast, Bybit has not disclosed any plans for a rewards program associated with NOT tokens. Additionally, details are still forthcoming regarding the claim process for Notcoin players. These players have accumulated NOT through the popular Telegram-based game associated with Notcoin.

Notcoin’s co-creator, Sasha Plotvinov, in a recent interview with Decrypt, shared insights into future plans for token holders. Plotvinov mentioned that players of the Telegram game will soon have options to transfer their NOT tokens to centralized exchanges or to withdraw them to self-custody wallets. This will offer them flexibility and control over their digital assets.
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$PEPE has been performing well on the charts, even as the rest of the market fought to defend support levels or sank into a short-term downtrend. In fact, since hitting its lows on 1 May, the altcoin has bounced by 35% at press time.
Its network growth has also hiked, implying greater usage and demand for the memecoin. The metrics AMBCrypto analyzed underlined accumulation and reduced sell pressure over the past week.
Is the PEPE buy signal still on?

The 30-day MVRV ratio fell below zero in mid-April while the mean coin age metric trended aggressively higher. This was when PEPE hit the low at $0.0000048. Since then, the altcoin’s price has rallied by 65%, with the MVRV ratio slightly positive too.
At press time, the mean coin age had not lost its uptrend yet. Comparing the 30-day MVRV with how it went in late February, it seems that the memecoin could post large gains soon, provided Bitcoin does not nosedive below key support levels.
Apart from the buy signal going strong, the dormant circulation did not see notable spikes in recent weeks. It had one on 4 April, and another smaller one on 1 May. This suggested reduced token movement between addresses, which likely outlines reduced selling pressure.

Additionally, the 3-day interval weighted sentiment has been positive over the past month. On the other hand, the social volume behind PEPE has been on a downtrend since early April. These conflicting signs showed that PEPE has a decent online presence with more bullish engagement than bearish.
Interestingly, the daily active addresses have slowly trended higher over the past three weeks. With network growth also rising, it could be a positive development that indicates a potential increase in demand.
Memecoin going strong, but…

The 12-hour price chart revealed a bullish bias. The local high at $0.000008 was beaten and flipped to support. The RSI stayed above neutral 50 and showed that upward momentum was dominant.
However, the CMF has been slowly declining and showed a reading of -0.08, at press time. This indicated significant capital flow out of the market, despite the bullish price structure.
Even so, considering all the factors together, it is still likely that the token would see gains on the charts.
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Ethereum’s network has been the home of many narratives throughout the years, and liquid restaking is undoubtedly one to look into.
You might be confused by the term liquid restaking, and that’s completely understandable. After all, another popular narrative is centered around liquid staking.
Before we dive into the intricacies of the Renzo Protocol, which is the ultimate purpose of this guide, it’s essential to understand a few fundamental principles first.

What’s the difference between Liquid Staking and Liquid Restaking?
Let’s keep it simple. Both of these involve some sort of staking, which is the process of taking your tokens (we will use ETH as an example throughout the entire guide) and locking them within a protocol to serve a certain purpose. For this, you will receive a reward (in the form of interest).
Liquid Staking Tokens (LST)
Liquid staking is a process where you stake your ETH in protocols, which in turn mint a synthetic representation of your ETH – that’s called a liquid staking token (LST). The purpose of your ETH, however, is always to increase the economic security of Ethereum. It’s staked to validate and secure the Ethereum network. The term “liquid” comes from the fact that the synthetic asset that you receive can then be used in various DeFi initiatives that you find fit.
The base protocol here is Ethereum, and there are different LST protocols such as Rocket Pool, Lido, Binance ETH, Mantle ETH, and so forth.
Liquid Restaking Tokens (LRT)
With liquid restaking, the purpose of your staked ETH is to increase the economic security of external systems. These can be Oracle networks, Rollups, and whatnot. So, you will still stake your ETH within a certain protocol, and you will once again receive a synthetic representation of your tokens called a liquid restaking token (LRT), but the purpose is different.

The base protocol here is EigenLayer. Some of the top LRT protocols include Renzo, Eigenpie, Kelp DAO, Puffer, ether.fi, and others.

Important note: both LSTs and LRTs are pegged to ETH in a 1:1 manner, and you should always be able to redeem your synthetic tokens for the ETH you’ve staked.
Here’s a table to visualize the above:

What is EigenLayer?
Now that you know what LRTs are, let’s quickly explain the role of EigenLayer in all this. This is important for our guide because Renzo Protocol is essentially a Liquid Restaking Token and a strategy manager for EigenLayer. Don’t worry. It will make more sense in a moment.

EigenLayer is a protocol that’s built on Ethereum, and it was the first to introduce restaking as a primitive. Through that protocol, users are able to repurpose their ETH on the consensus layer. They are now able to opt-in to EigenLayer smart contracts and restake their ETH to increase the crypto-economic security of other applications on the network.

It’s essentially a middle layer where users agree to grant EigenLayer more enforcement rights on their staked ETH. This then allows the protocol to restake the ETH on other applications.

These applications can be rollups, oracle chains, or pretty much any application that is based on similar cryptoeconomic principles. They are called Actively Validated Services (AVS). These are very important to understand the purpose of the Renzo Protocol.
Understanding Actively Validated Services (AVS)
In essence, an AVS is any system that has a requirement for distributed validation for verification. These can be sidechains, bridges, keeper networks, data availability layers, oracle networks, and so forth.

To put it in very simple terms, your staked ETH is being restaked to secure these AVSs. But since each AVS is different and it might come with inherently variable risk profiles, the rewards are also different (you get rewards for staking and restaking, remember?) So, which AVS should you direct your tokens to, and what’s the best strategy?
This is where the Renzo Protocol comes in.
What is Renzo Protocol?
Renzo is a platform that’s built on EigenLayer and basically serves as an interface to its ecosystem. It uses a combination of operator nodes and smart contracts to make sure that its users get the best risk/reward restaking strategy.
We know this can be quite confusing, so let’s try to break it down even further.
Understanding restaking strategies
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HOME » CRYPTO NEWS » WHAT IS RENZO PROTOCOL? THE LIQUID RESTAKING PRIMITIVE EXPLAINED
What is Renzo Protocol? The Liquid Restaking Primitive Explained
Author: George Georgiev

Last Updated Apr 26, 2024 @ 10:12
Ethereum’s network has been the home of many narratives throughout the years, and liquid restaking is undoubtedly one to look into.

You might be confused by the term liquid restaking, and that’s completely understandable. After all, another popular narrative is centered around liquid staking.

Before we dive into the intricacies of the Renzo Protocol, which is the ultimate purpose of this guide, it’s essential to understand a few fundamental principles first.

renzo_cover

Quick Navigation
What’s the difference between Liquid Staking and Liquid Restaking?
Liquid Staking Tokens (LST)
Liquid Restaking Tokens (LRT)
What is EigenLayer?
Understanding Actively Validated Services (AVS)
What is Renzo Protocol?
Understanding restaking strategies
Understanding ezETH
Restaking with Renzo Protocol: step-by-step guide
ezPoints: everything you need to know
The REZ token in depth
Utility
Tokenomics
Token Distribution
Token Release Schedule
The Renzo (REZ) airdrop
The Team
Investors
Participating in the Binance Launchpool for Renzo Protocol (REZ)
That’s a Wrap
What’s the difference between Liquid Staking and Liquid Restaking?
Let’s keep it simple. Both of these involve some sort of staking, which is the process of taking your tokens (we will use ETH as an example throughout the entire guide) and locking them within a protocol to serve a certain purpose. For this, you will receive a reward (in the form of interest).

Liquid Staking Tokens (LST)
Liquid staking is a process where you stake your ETH in protocols, which in turn mint a synthetic representation of your ETH – that’s called a liquid staking token (LST). The purpose of your ETH, however, is always to increase the economic security of Ethereum. It’s staked to validate and secure the Ethereum network. The term “liquid” comes from the fact that the synthetic asset that you receive can then be used in various DeFi initiatives that you find fit.

The base protocol here is Ethereum, and there are different LST protocols such as Rocket Pool, Lido, Binance ETH, Mantle ETH, and so forth.

Liquid Restaking Tokens (LRT)
With liquid restaking, the purpose of your staked ETH is to increase the economic security of external systems. These can be Oracle networks, Rollups, and whatnot. So, you will still stake your ETH within a certain protocol, and you will once again receive a synthetic representation of your tokens called a liquid restaking token (LRT), but the purpose is different.

The base protocol here is EigenLayer. Some of the top LRT protocols include Renzo, Eigenpie, Kelp DAO, Puffer, ether.fi, and others.

Important note: both LSTs and LRTs are pegged to ETH in a 1:1 manner, and you should always be able to redeem your synthetic tokens for the ETH you’ve staked.

Here’s a table to visualize the above:

lst_v_lrt_table
Source: CryptoPotato
What is EigenLayer?
Now that you know what LRTs are, let’s quickly explain the role of EigenLayer in all this. This is important for our guide because Renzo Protocol is essentially a Liquid Restaking Token and a strategy manager for EigenLayer. Don’t worry. It will make more sense in a moment.

EigenLayer is a protocol that’s built on Ethereum, and it was the first to introduce restaking as a primitive. Through that protocol, users are able to repurpose their ETH on the consensus layer. They are now able to opt-in to EigenLayer smart contracts and restake their ETH to increase the crypto-economic security of other applications on the network.

It’s essentially a middle layer where users agree to grant EigenLayer more enforcement rights on their staked ETH. This then allows the protocol to restake the ETH on other applications.

These applications can be rollups, oracle chains, or pretty much any application that is based on similar cryptoeconomic principles. They are called Actively Validated Services (AVS). These are very important to understand the purpose of the Renzo Protocol.

Understanding Actively Validated Services (AVS)
In essence, an AVS is any system that has a requirement for distributed validation for verification. These can be sidechains, bridges, keeper networks, data availability layers, oracle networks, and so forth.

To put it in very simple terms, your staked ETH is being restaked to secure these AVSs. But since each AVS is different and it might come with inherently variable risk profiles, the rewards are also different (you get rewards for staking and restaking, remember?) So, which AVS should you direct your tokens to, and what’s the best strategy?

This is where the Renzo Protocol comes in.

What is Renzo Protocol?
Renzo is a platform that’s built on EigenLayer and basically serves as an interface to its ecosystem. It uses a combination of operator nodes and smart contracts to make sure that its users get the best risk/reward restaking strategy.

We know this can be quite confusing, so let’s try to break it down even further.

Understanding restaking strategies
Now that you know what EigenLayer is and what LRTs are let’s attempt to simplify even more what Renzo does.

As we already explained, the AVSs in EigenLayer are any sort of decentralized service looking to inherit Ethereum’s security. A restaking strategy is, then, a position where you (the user) decide to secure any of the many available AVSs. You can also make all sorts of combinations. The number of possible strategies, however, increases with the number of available AVSs.
This makes it hard to choose the one which will bring the best risk/reward ratio. This is what Renzo does. It simplifies this process and makes the choice for you, ensuring the best R:R ratio.
Understanding ezETH
ezETH is the Liquid Restaking Token (LRT) of the Renzo Protocol. It represents the user’s restaked position at Renzo.

Users are able to stake native ETH or liquid staking tokens (LSTs), such as wBETH and stETH, and receive ezETH.

An important factor here is that ezETH is a reward-bearing token. As such, its value can increase relative to the underlying tokens, as it yields more rewards because of its usage in AVSs.

Renzo has also integrated with Pendle Finance, where a new token is created through a single contract – EIP5115 SY Token. It represents ezETH at a 1:1 ratio, but it can also be tokenized in principal tokens and yield tokens for those who want to do that.
Restaking with Renzo Protocol: Step-by-Step Guide
Now that you have a fundamental understanding of how the Renzo protocol works, let’s find out how to actually use it in practice.

Step 1: You will need some ETH (or LSTs such as stETH) in your MetaMask wallet.

Step 2: Visit the Renzo Protocol restaking dashboard and connect your wallet.

Step 3: You will be able to choose between the different ecosystems, as well as between native ETH or any other LSTs that are supported. These include wBETH (Binance Staked Ether) and stETH (Lido Staked Ether) for Ethereum.

Step 4: In our case, we will restake native ETH.

Step 5: Enter the amount you wish to stake and hit “Confirm.”

Step 6: Confirm the transaction from the interface.

Step 7: Confirm the transaction from your wallet.
Step 8: Head to the Portfolio tab where you’ll be able to view your earned points and rewards.
And you’re done!
Please note that withdrawals are currently disabled. Users will be able to withdraw their deposited ETH following a so-called cooldown period, to be determined by the team. However, ezETH is traded on secondary markets so you can always swap it on DEXs.
ezPoints: Everything You Need to Know
Renzo’s points (ezPoints) are designed to reward users who actively participate and contribute to the success of the protocol. Every participant receives points but their number varies based on the duration and the nature of this participation.

Holding ezETH, for instance, rewards ezPoints. Every ezETH holder receives 1 Renzo ezPoint per hour per 1 ezETH. Early participation is also rewarded, while users who hold more ezETH receive more points, based on different boosts such as these:

ezPoints determine the number of REZ tokens a user will receive following the token generation event, which brings us to the next point.
The REZ Token in Depth
Imperative to Renzo’s commitment to decentralization is the REZ token – a cryptocurrency that’s designed to power the governance of the protocol.
Utility
REZ is the native governance token for the protocol. Holders of REZ will be able to vote on governance proposals regarding various matters, including but not limited to:

Operator whitelisting
Actively Validated Services whitelisting
Frameworks for general risk management
Community and treasury grants
Concentration amounts, collateral assets, deposits, etc.
Tokenomics
The total supply of REZ tokens is capped at 10,000,000,000.
The initial circulating supply (listing on April 30th) will be 1,150,000,000.
Token Distribution
Fundraising: 31.56%
These tokens are for the project’s early investors.
Community: 32%
7% will be for Season 1 airdrop rewards based on the earned ezPoints.
Various community campaigns
5% allocated towards second season of incentives
Core Contributors: 20%
Distribution to Renzo Labs’ team and advisors
Foundation: 12.44%
Binance Launchpool: 2.5%
Liquidity: 1.5%
Token Release Schedule
The token release schedule looks like this:

The Renzo (REZ) Airdrop
The REZ airdrop has been a much-anticipated event for community members who have been farming ezPoints since their announcement.

As stated above, 7% of the total supply will be distributed for Season 1 airdrop rewards based on the user’s earned ezPoints.

Here are the airdrop eligibility criteria:

You need minimum 360 ezPoints per wallet.
Most of the eligible wallets, accounting for over 99% of the total, will be fully unlocked at TGE.
This doesn’t apply to larger wallets. Those who have more than 500,000 ezPoints will see 50% unlocked at TGE and the rest vested linearly over 3 months.
The snapshot date is April 26th, 2024, while the claim date will be on April 30th. The claim window will open an hour before the listing on Binance, which is at 12:00 (UTC).
There will also be a Season 2 with undisclosed dates for now. It will receive 5% of the total supply.
The Team
Lucas Kozinski is part of the founding team at Renzo Protocol. He comes with rich background in the crypto industry, having previously worked at lending and borrowing app Moonwell, TokenSoft, and the Tezos Foundation.

James Coole is another founding contributor at Renzo. He had previously co-founded TokenSoft, where he served as the Chief Technology Officer for five years.

Kratik Lodha is also listed as one of the founding contributors. His background consists of multiple analytic positions in various funds such as the Woodstock Funds, WorldQuant, Equity Research, and others.
Investors
In January 2024, Renzo disclosed a $3.2 million seed round led by Maven11. Other participants included IOSG Ventures, Figment Capital, SevenX Ventures, and more.

According to its official website, investors also include Binance Labs, OKX Ventures, Mantle, Edessa Capital, BODHI Ventures, Robot Ventures, Re7Capital, and others.
Participating in the Binance Launchpool for Renzo Protocol (REZ)
The Binance Launchpool campaign will last until April 30th. Trading will start at 12:00 (UTC).
Step 1: Locating the Launchpool Section
Once you have your account prepared, you will need to navigate to the Launchpad & Launchpool section from the top navigation menu (if you’re on Desktop).

Step 2: Selecting a Pool

Once there, the Renzo launchpool will appear as the latest one, and you will have to choose which pool you want to join. For REZ, there are two pools:

FDUSD Pool
BNB Pool
For the sake of this guide, we will choose the FDUSD Pool. You will be staking FDUSD to receive rewards in REZ.
Click on “Stake.”

Step 3: Staking the Selected Cryptocurrency

You will be taken to a new window, where you will be able to monitor all the information for the pool you’ve selected. This includes total pool rewards, maximum hourly rewards, how many people participate, how much is staked, and so forth. Here, you will also be able to track your rewards and claim once the claiming window opens.
You will once again have to click on “Stake.”

After that, all you need to do is input the amount you wish to stake and, you guessed it, click “Stake” again.

Step 4: Claim Your Rewards When Possible

Rewards are calculated hourly, so once enough time has passed, you will see the claimable amount appear under the “My Rewards” tab on the page. You can claim them, but you will only be able to trade REZ once the listing takes place on April 30th.

That’s a Wrap
Renzo Protocol has managed to attract a lot of attention through its considerable growth in a relatively short period of time. The liquid restaking narrative is also one of the more interesting trends in 2024, with EigenLayer booming in both usage and popularity.

The protocol provides an easy-to-use way to earn a yield on otherwise dormant tokens, but there are also certain risks involved.

While Renzo does what it can to ensure security, it’s also highly advisable for every user to do extensive research, assess their risk profile, and—if needed—even consult with a professional before making any financial decisions.
$REZ $ETH $BTC
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Ripple CEO Brad Garlinghouse unveils a disturbing trend in cryptocurrency scams, warning users of a fake YouTube channel impersonating Ripple. As XRP markets fluctuate, the scam's impact reverberates, prompting vigilance and caution among investors.

Ripple CEO Brad Garlinghouse recently took to Ripple’s official YouTube channel to address a growing concern within the cryptocurrency community: the proliferation of increasingly sophisticated scams targeting XRP users. During a video posted two weeks back, Garlinghouse emphasized the importance of vigilance in the face of these deceptive tactics, highlighting that Ripple would never request its users to send XRP for any reason.
He underscored the need for users to be wary of fraudulent schemes promising giveaways or doubling programs, which have become alarmingly prevalent. To illustrate the severity of the issue, Garlinghouse shared a demonstration video showcasing how scammers meticulously impersonate key figures within Ripple, including himself.

The demo revealed how these bad actors clone not only the appearance but also the voice and gestures of their targets to gain the trust of unsuspecting victims. Such scams often promise XRP giveaways valued at significant amounts, ranging from 500 to 1000 XRP tokens, exploiting the market price of the coin, which was reported at $0.5137 at the time of the announcement.
Fake Ripple YouTube Account Perpetrates Scam
In a disturbing turn of events, a counterfeit Ripple YouTube account has emerged as a central player in the propagation of fraudulent activities. This fake account, boasting an astonishing 768,000 subscribers surpassing the official Ripple channel’s 54,700 subscribers, has been implicated in a widespread scam targeting unsuspecting viewers.

The modus operandi involves livestreaming fabricated events under the guise of Ripple, with one such event running for over 12 hours and amassing over 27,000 live viewers. What makes this scam particularly insidious is the use of advanced AI technology to create a looped video and audio broadcast, creating the illusion of a legitimate event. This deceptive tactic has led many viewers to fall victim to the ruse, highlighting the need for increased awareness and vigilance within the cryptocurrency community.
XRP Market Update Amid Scam Concerns
Despite the troubling developments surrounding the scam perpetrated through the fake Ripple YouTube account, the XRP market continues to experience fluctuations. As of the latest data, XRP’s open interest has seen a notable decline of 3.37%, resulting in a current valuation of $375.6 million.

The live price of XRP is reported at $0.5137, with a 24-hour trading volume reaching $943,142,592. Despite a decline of 1.42% in the past 24 hours, XRP maintains a relatively stable trading range, fluctuating between $0.5267 and $0.5116. Despite these market movements, concerns regarding the scam have undoubtedly impacted investor sentiment, underscoring the need for heightened scrutiny and caution in navigating the cryptocurrency landscape.
$XRP
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The sell-off was likely catalyzed by users looking to reclaim their ETH in low liquidity conditions and large liquidations of ezETH-collateralized positions.

Renzo restaked ETH (ezETH) crashed as low as $750 early Wednesday, trading at a massive discount to wrapped ether (WETH).The sell-off was likely catalyzed by users looking to reclaim their ETH in low liquidity conditions and large liquidations of ezETH-collateralized positions.
Renzo restaked ETH (ezETH), the liquid restaking token representing a user's restaked position at Renzo, experienced a brief crash early Wednesday, trading at a massive discount to wrapped ether (WETH) in a low liquidity environment.
MUFC v Spurs - ETH
Data from DEXscreener show that ezETH fell as low as $750 on Ethereum-based decentralized exchange Uniswap at around 02:45 UTC. The token deviated from its 1:1 peg with WETH, falling to a low of 0.27.
Renzo, the second-largest liquid restaking protocol, uses the Ethereum restaking protocol Eigenlayer to allow users to restake their ether (ETH) in return for Renzo's ezETH, which users can deploy across other decentralized finance applications to generate an extra yield.
MUFC v Spurs - ETH
Data from DEXscreener show that ezETH fell as low as $750 on Ethereum-based decentralized exchange Uniswap at around 02:45 UTC. The token deviated from its 1:1 peg with WETH, falling to a low of 0.27.
Renzo, the second-largest liquid restaking protocol, uses the Ethereum restaking protocol Eigenlayer to allow users to restake their ether (ETH) in return for Renzo's ezETH, which users can deploy across other decentralized finance applications to generate an extra yield.

On Tuesday, Renzo released the economic model and airdrop of its native token REZ, which users can receive on May 2. The first season of rewards is scheduled to end on April 26, following which the second season will begin. Users who sell ezETH before April 26 may not receive the airdrop.
According to observers, the sell-off was likely catalyzed by users looking to reclaim their ETH and deploy it in other liquid restaking platforms.
"People sold ezETH on Uniswap, and they had lower liquidity, so the slippage caused the price to drop to below $700, which caused massive liquidation on [generalized leverage protocol] Gearbox and [lending protocol] Morpho," Hitesh Malviya, founder of crypto analytics platform DYOR, told CoinDesk.

The initial price slide was likely aggravated by the liquidation of loopers or traders who repeatedly ezETH as collateral to borrow ETH to create leverage, according to pseudonymous observer Tommy.
Investor disappointment with the token supply chart was another reason for the price drop, DYOR said.
"Another issue was mainly a goof-up on the token supply chart, which indicated a 65% supply allocation to the team and investors. They later changed and deleted that tweet, which caused a massive hate spree among the community," Malviya told CoinDesk.
The crash was short-lived, and prices quickly recovered to above $3,000. At press time, ezETH changed hands at $3,172 on Uniswap, while ether traded at $3,281.
Attempts to contact Renzo were unsuccessful.
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Given the momentum and demand behind PEPE, further gains were likely and a retracement was improbable.

PEPE retained its higher timeframe bullish structure and was about to flip the H4 structure upward as wellThe boost in trading volume conveyed a bullish conviction
Pepe [PEPE] bulls showed they were no slouches. Despite the market-wide slump over the past two weeks, the meme coin saw a wave of buying that pushed prices higher by close to 70% in five days as of press time.

The Coinbase launch of the memecoin’s perpetual contracts played a part in its recovery. However, there was also reason to be wary of its gains.
The recent lower high was under attack by PEPE buyers

PEPE bulls managed to wrest control of the $0.00000581 level from the bears. This was the second sign of strength from the bulls in the past ten days. The first sign was their defense of the 61.8% Fibonacci retracement level.
The buyers did not allow a 12-hour trading session to close below the level. Combined with the flip of $0.00000581 to support, the bullish strength was too much to handle. PEPE exploded higher to test the local lower low at $0.00000796.

At press time, it was trading just below this key level. The RSI was at 70 and showed intense upward momentum. The CMF’s reading of +0.28 also reflected noteworthy capital flow into the market. Overall, further gains were more likely.
Will we see a short squeeze on PEPE?

AMBCrypto analyzed the liquidation heatmap of PEPE using data from Hyblock. The $0.000008-$0.00001 region was filled with liquidation levels of sizeable concentration. The closest and biggest liquidity pocket was at $0.0000084.

A PEPE move just beyond this level would trigger the short liquidation orders. Their market buy orders would force prices higher, hitting an increasing number of short liquidations.
It could quickly become a liquidation cascade and drive prices above $0.00001 at least momentarily.

Hence, traders need to be wary of short-term volatility. Given the momentum and demand behind the meme coin, further gains were likely and a retracement from $0.0000084 was improbable.
$PEPE
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Recent data shows a rise in large XRP investors.Supply distribution changes hint at increased whale activity.Significant purchases by whales may influence XRP prices positively.

When it comes to XRP, everyone’s attention once again turns to the market. Emerging on-chain data reveals that the number of large cryptocurrency investors has recently increased on the XRP side, which could potentially lead to a price rise for XRP.
The Status of Investors Holding Over 1 Million XRP
According to data provided by on-chain analysis firm Santiment, the number of XRP investors holding at least 1 million coins in their wallets has noticeably increased recently. A significant indicator in this regard was the “supply distribution” which points to different wallet groupings and emerged from tracking the total number of addresses.
Addresses are segmented into cohorts based on the current amount of assets they hold. For example, when referring to the 1 to 10 coin group, it draws attention to all investors owning between 1 and 10 XRP.
Returning to the current topic, addresses holding 1 million or more coins have always been noteworthy.
With current prices, a wallet holding mentioned 1 million XRP is valued at $544,300. Consequently, it is fair to say that investors in this group possess significant assets.

The graph below shows how the supply distribution for wallet addresses in this range has shaped over the past year:

As reflected in the graph above, the number of XRP addresses holding at least 1 million tokens has noticeably increased in the last few weeks. As of today, 2,013 wallet addresses fall within this range, very close to the value seen in June 2023.

The recent increase in value in the indicator shows that whales are turning their attention to this cryptocurrency. Naturally, this situation could indicate a positive outlook for the price of the cryptocurrency.
Analyst’s Comment on XRP
The trend observed in XRP can be interpreted in other ways, leading investors to look at the total asset amount held by whales. Ali Martinez highlighted this in a shared post, where wallets holding between 10 million and 100 million XRP appeared to be increasing their purchases.
Looking at the graph, it is evident that a significant part of the accumulation occurred after the recent drop in the price of the cryptocurrency, suggesting that whales aimed to turn this situation to their advantage.
Just last week, XRP whales made purchases worth nearly 17 million dollars, acquiring 31 million tokens. Following these purchases, there was a notable recovery in the XRP price, which might mean that earlier buying whales found what they were looking for.
$XRP
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El Salvador's Chivo Bitcoin wallet faces a major breach with source code and VPN details leaked, impacting nearly 5.1 million users.

Chivo, El Salvador’s state-owned Bitcoin wallet, has fallen victim of a cybersecurity breach, according to reports on April 23, 2024. Parts of the wallet’s source code and VPN access credentials were, as a result, published by a team of hackers, CiberInteligenciaSV
This is just another episode of the cyber security challenges facing the Chivo wallet, which emerged earlier this month when the personal information of about 5.1 million Salvadorians was published.

The hackers revealed the details on BreachForums, a rather infamous forum mainly used by individuals that engage in cybercrimes. The data exposed also comprises not only the code but also VPN credentials that could help an unauthorized person to access the network that controls the Chivo ATMs throughout the county.
El Salvador Government’s Response to the Breach
The Salvadoran government has not officially responded to the breach yet. This silence is causing greater worry among the public and observers regarding the measures that have been implemented to protect classified information.
The Chivo wallet was launched in September 2021 in line with El Salvador’s revolutionary plan to legalize Bitcoin as an official currency to promote financial inclusivity and reduce the dependency on traditional banking systems.
Although the Chivo wallet is an interesting approach, this digital wallet has encountered several technical problems since its release and the recent breaches have only added to the public’s worries about the safety and reliability of the government’s digital finance initiatives.
Impact on Salvadoran Users
Leaking of the codes and VPN details of the source poses a major threat to the integrity of the Chivo wallet system, making it possible for hackers to take control of or gain unauthorized access to the user’s accounts. Nearly the whole adult population of El Salvador is affected by the particularity of personal data exposed previously, which causes fear of possible identity theft and fraud among the population.
These breaches have been criticized by security experts, who advise users to be watchful and monitor their accounts in case there are any signs of an odd behavior. The implications that the incompetence of El Salvador’s financial ecosystem might take a significant hit are also considerable, as confidence in government-provided digital solutions may wane.
$BTC
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To make Bitcoin mining more eco-friendly, PayPal has proposed rewarding Bitcoin miners with extra BTC for using sustainable energy sources.Miners who use clean energy will receive “green keys,” which grant them advantages like lower fees and bonus Bitcoin.PayPal is partnering with Energy Web to verify miners’ green credentials and has successfully trialed the program with a mining company.

On the 22nd of April, PayPal’s Blockchain Research Group announced a strategy to reward miners who opt for renewable energy sources with additional Bitcoin (BTC).
This new initiative, dubbed “crypto-economic incentives,” seeks to confront the environmental concerns associated with conventional Bitcoin mining practices, which frequently rely on fossil fuels for energy.
By incentivizing the use of renewable energy, PayPal hopes to contribute positively to environmental sustainability within the cryptocurrency ecosystem.
How it Works
The proposed system introduces a concept known as “green keys.” Miners who can demonstrate their commitment to using clean energy sources will receive these special keys. These keys will then provide them with advantages when processing transactions on the Bitcoin network.
These benefits include reduced transaction fees and an additional Bitcoin payout. This creates an incentive for more environmentally friendly mining practices and fosters sustainability within the cryptocurrency ecosystem.
Verification and Collaboration
PayPal has joined forces with Energy Web, a blockchain firm dedicated to sustainable energy solutions.
Together, they’re leveraging Energy Web’s “Green Proofs for Bitcoin” platform to verify miners’ use of eco-friendly energy sources. This partnership emphasizes transparency and legitimacy in ensuring environmentally responsible mining practices within the Bitcoin network.
Testing the Waters
This initiative is more than just a concept on paper. PayPal has already tested it with DMG Blockchain Solutions, a well-known Bitcoin mining company, and it was a success.
This trial proves that the program is feasible and opens up opportunities for more companies to participate in the future.
The Industry Impact of the PayPal Initiative
PayPal wants to motivate people to do eco-friendly Bitcoin mining by offering them money for it. They hope this will lead to a significant change in how Bitcoin is mined, making it much better for the environment.
This could solve a big problem people have with Bitcoin, which is its huge carbon footprint.
Although the proposal has received positive responses, it’s important to note that it’s still in the early phases of development. PayPal’s Blockchain Research Group is actively reaching out to industry experts to gather feedback and suggestions.
This collaborative effort aims to refine the program and ensure its effectiveness before implementation.
The Future of Green Bitcoin
PayPal’s new idea could change how Bitcoin is mined, making it more eco-friendly. If it works, it might lead to more people using Bitcoin and help make cryptocurrencies better for the environment.
$BTC
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Pepe token's value increased by over 35% in a week.
Recent MACD line crossover indicates bullish market sentiment.
Elder-Ray index shows dominant buying power in the market.
Solana-based meme token Pepe (PEPE) saw its value increase by over 35% in a week following the announcement by leading cryptocurrency exchange Coinbase that it would list the altcoin’s perpetual contracts for the first time. PEPE is currently trading at $0.000006692 according to CoinMarketCap, making it the fourth highest-gaining cryptocurrency over the past seven days.
Leveraged Trades in PEPE
An evaluation of PEPE’s daily chart performance reveals that bulls are emerging, and there is a significant drop in bearish sentiment. The MACD line for PEPE crossed above the signal line on April 22, indicating a shift from a bearish to bullish market sentiment. This transition often signals that a token’s market momentum might be gearing up for further increases.
Analysts often interpret this as a buy signal, prompting them to take long positions and exit short positions while expecting further price increases. However, while PEPE’s MACD crossover signals a shift from negative to positive market momentum, it remained below the zero line at the time of writing. This situation could indicate increased bullish pressure, though some bearish elements remain in the market.

Current Data on PEPE
Confirming the increase in bullish momentum, PEPE’s Elder-Ray index has turned to a positive value. This indicator measures the strength relationship between buyers and sellers in the market. A positive value suggests that bullish forces are dominating the market. PEPE’s mentioned index is at 0.0000014. Additionally, data from PEPE’s Directional Movement Index (DMI) shows that the positive direction index surpassed the negative index on April 22.
The upward crossing of the positive index over the negative index is also considered a bullish signal, as it indicates a stronger upward trend in the market rather than a decline. Despite the meme token’s steady value increase over the past week and a 3% price rise in the last 24 hours, PEPE’s funding rate on cryptocurrency exchanges remains negative. This situation could indicate that futures investors are increasingly opening short positions against the meme token as of April 23.
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Pepe Coin (PEPE) has experienced a significant price rally ahead of its perpetual futures listing on Coinbase

Pepe Coin (PEPE), the popular Solana-based meme coin, has been making waves in the cryptocurrency market, with its price rallying ahead of the highly anticipated perpetual futures listing on the Coinbase International Exchange. The surge in PEPE’s value comes despite a five-day delay in the listing, which was originally scheduled for April 18 but was postponed due to technical issues.
TLDR
Pepe Coin (PEPE) rallied nearly 5% ahead of its perpetual futures listing on the Coinbase International Exchange.
The listing, originally scheduled for April 18, was delayed due to technical issues and is now set for April 23 at 9:30 a.m. UTC.
The PEPE open interest surged 9.35% to $64.59 million, with shorts dominating liquidations, potentially propelling the price higher.
Analyst Max Schwartzman hinted at a Pepe Coin rally to $0.0001, citing the breakout from a multi-month re-accumulation phase and the 1.618 Fibonacci extension level.
Multiple signals, including technical indicators and the Coinbase listing, point to a bullish outlook for PEPE, with the coin outperforming its peers and large-cap cryptocurrencies.
The Coinbase effect, a phenomenon where the listing of a digital asset on the prominent exchange triggers a price rally, is on full display with Pepe Coin.

The meme coin’s price soared nearly 5% on the day of the announcement, reaching $0.000006836 and boasting a market capitalization of $2.90 billion. The 24-hour trade volume for Pepe Coin also witnessed a significant increase, rising 12.33% to $1 billion.

Interestingly, the PEPE open interest surged 9.35% to $64.59 million, with shorts dominating liquidations. Out of the total $2.12 million in liquidations, $1.15 million came from short positions. These short liquidations could momentarily propel the Pepe Coin price higher due to the sudden buying pressure as shorts seek to minimize losses from the latest rally.

The bullish sentiment surrounding Pepe Coin is not limited to the Coinbase listing. Max Schwartzman, founder of Because Bitcoin, has hinted at a potential rally to $0.0001.

Schwartzman emphasized the importance of learning from rejections at key levels and highlighted the significance of breakouts.

He noted that PEPE has broken out of a multi-month re-accumulation phase, reaching the 1.618 Fibonacci extension level, which is seen as a positive development and implies potential for further gains.
Schwartzman also pointed out that the 2.618 and 3.618 Fibonacci extension levels are valid and in play, indicating a possible Pepe Coin price rally to $0.0004 and eventually to $0.0001.

He deemed PEPE’s future trajectory as “very bullish” and revealed that he hasn’t sold a single dollar of his holdings, expecting multiples to be accomplished over the next couple of quarters.

In addition to the Coinbase listing and technical analysis, multiple signals point to a bullish outlook for Pepe Coin.

The meme coin has outperformed its peers and even large-cap cryptocurrencies such as Bitcoin and Ethereum. While Bitcoin is trading at $66,300, up 4% in the last 7 days, and Ethereum, the blockchain on which PEPE is based, is up 2.5% in the same period, Pepe Coin has rallied by more than 33%, with its market cap reaching a little over $2.8 billion.

Technical indicators also support the bullish sentiment. PEPE’s price recently jumped above its average price for the past two months, signaling a potential comeback from the recent drop and a possible rise in price in the future.

The short-term average price is on track to climb above the 55-day exponential moving average (EMA55), forming a golden cross, which is seen by technical analysts as a strong confirmation of a bull market.

The Relative Strength Index (RSI) for Pepe Coin stands at 51, indicating no decisive control for either bulls or bears. Additionally, the Average Directional Index (ADX) sits at 20, suggesting a weak trend, which could mean that the recent price drop might be losing momentum, potentially paving the way for a reversal.

As the cryptocurrency market eagerly awaits the Coinbase perpetual futures listing of Pepe Coin, the meme coin’s price continues to rally, fueled by investor excitement and a range of bullish indicators.
$PEPE
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The leading crypto exchange, Binance has expanded its support for ICP, OMNI, PEPE, and others prompting speculation on potential price surges in the crypto market.
Binance, a prominent player in the cryptocurrency exchange realm, has sparked discussions among traders yet again with its recent announcement. This time, the buzz revolves around the expansion of support for select cryptocurrencies.
Meanwhile, the move, which encompasses notable names like Internet Computer (ICP), Omni Network (OMNI), Pepe Coin (PEPE), Ontology (ONT), and Yield Guild Games (YGG), has prompted speculation among investors regarding potential price surges in the crypto market.
Binance Extends Support For ICP, OMNI, PEPE, & Others
Binance, a trailblazer in the crypto exchange domain, recently stirred the pot with its decision to broaden support for a handful of cryptocurrencies. Among the beneficiaries are Internet Computer (ICP), Omni Network (OMNI), Pepe Coin (PEPE), Ontology (ONT), and Yield Guild Games (YGG).
Notably, Binance, in its announcement, unveiled plans to introduce new trading pairs and trading bot services for these assets, igniting a wave of anticipation among investors. The move, slated to take effect on April 24, 2024, at 14:00 (UTC), has reignited discussions on the potential market repercussions.
Meanwhile, the introduction of trading pairs such as ICP/USDC, OMNI/USDC, ONT/USDC, PEPE/BRL, and YGG/TRY, coupled with the provision of Trading Bots services, underscores Binance’s commitment to expanding its offerings and enhancing user experience. In addition, the announcement, crafted to bolster the trading choices available on Binance Spot, underscores the exchange’s proactive stance amid evolving market dynamics.
By facilitating trading in these assets, Binance aims to cater to the diverse needs of its user base, while also positioning itself as a frontrunner in the competitive crypto exchange landscape.
Speculation on Price Rally
The cryptocurrency market, known for its volatility and sensitivity to market developments, is abuzz with speculation following Binance’s latest move. Historically, announcements of this nature from major exchanges have often catalyzed price rallies in the crypto sphere.
Considering that, the market participants are eyeing the potential for an uptick in prices for the newly supported assets. Notably, this sentiment is further buoyed by Coinbase’s recent announcement of Pepe Coin’s perpetual futures listing on its platform, hinting at growing institutional interest and market traction for these assets.
Meanwhile, following Binance’s announcement, the Pepe Coin price soared 4.59% and traded at $0.000006712, while its one-day trading volume rose 10.91% to $1 billion. On the other hand, the OMNI price fell 7.20% to $24.34 at the same time, with its trading volume declining 13% to $68.50 million.

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