The crypto market has recently seen an influx of celebrity meme coins, with the trend kicking off on the Solana network using the JENNER ticker.

Olympian and media personality Caitlyn Jenner began aggressively promoting this cryptocurrency on X shortly after its inception, which led to concerns that her account might have been compromised.

This guy made $488K in less than 5 hours by trading celebrity tokens $Jenner, a gain of 130x!

He spent 1 $ETH($3,762) to snip 429.28M $Jenner(43% of the total supply) on #Ethereum and sold 393M $Jenner for 89 $ETH($338K).

He currently has 36.3M $Jenner($150K) left.… pic.twitter.com/7hTVKSjUtB

— Lookonchain (@lookonchain) May 30, 2024

According to on-chain data from Lookonchain, one trader made a staggering $488,000 in less than five hours by trading celebrity tokens $Jenner, achieving a remarkable gain of 130 times their initial investment. 

This trader spent 1 ETH ($3,762) to acquire 429.28 million $Jenner tokens (representing 43% of the total supply) on Ethereum. They then sold 393 million of these tokens for 89 ETH ($338,000) and currently hold 36.3 million $Jenner tokens, valued at $150,000.

Many traders lost money by trading the celebrity token $jenner on #Solana, even the trader who previously made $3.7M in 5 days on $BOME .

This trader spent 2,620 $SOL to buy $BOME and sold it for 21,159 $SOL, making 18,539 $SOL($3.7M) on $BOME in 5 days.

Then he spent 1,208 $SOL… pic.twitter.com/qzytwOOhAo

— Lookonchain (@lookonchain) May 30, 2024

Some Losses Recorded In These Celebrity Tokens 

However, the venture into celebrity tokens has not been profitable for everyone. Many traders faced losses while trading the $Jenner token on Solana. This includes a trader who had previously made $3.7 million in five days by trading the $BOME token. 

This trader initially spent 2,620 SOL to buy $BOME and sold it for 21,159 SOL, making a profit of 18,539 SOL ($3.7 million).

Encouraged by this success, the same trader invested 1,208 SOL to buy $Jenner but could only sell it for 423 SOL, suffering a loss of 785 SOL ($133,400) within just one day. 

This scenario underscores the volatile nature of meme coins, particularly those backed by celebrity endorsements. While some traders manage to achieve extraordinary gains, others can incur significant losses. As always in the crypto market, careful consideration and risk management are crucial.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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After enduring its deepest correction since the FTX lows, with a decline of 20.3%, Bitcoin has rebounded, reaching $71,000 on May 20, 2024.

This remarkable recovery places Bitcoin near its all-time high and showcases a pattern reminiscent of the 2015-2017 bull market.

The pattern closely aligns with that of the previous bull market, highlighting a historical consistency in Bitcoin’s performance cycles.

One of the most reliable indicators of Bitcoin’s future price movements has been the behavior of wallets holding at least 10 BTC. Historically, when these wallets accumulate Bitcoin, it signals a market rise, while their liquidation often heralds extended bear markets. 

🐳📊 Historically, one of crypto's top leading indicators is the collective holdings of wallets with at least 10 Bitcoin (exchanges or otherwise). When they accumulate, cryptocurrencies rise. When they dump, extended bear markets come. What do you think about this chart? pic.twitter.com/U7ZBrdvaUi

— Santiment (@santimentfeed) May 30, 2024

Over the past five months, such wallets have added 154,560 BTC, suggesting strong confidence and a bullish outlook among large holders.

Bitcoin ETF Net Inflow Remain Positive For 12 Consecutive Days

Moreover, Bitcoin ETF net inflows have been positive for 12 consecutive days, totaling $28 million on May 29, 2024. However, the volume of these inflows has declined over the past two days. Grayscale’s GBTC has experienced outflows for two consecutive days, indicating a potential shift in investor sentiment. 

🚨 $BTC #ETF Net Inflow May 29, 2024: +28$M!

• The net inflow has been positive for 12 days but the volume has been low in the past 2 days ⚠️

• #Grayscale (GBTC) experienced outflows for 2 days in a row.

• The single-day inflow of #BlackRock (IBIT) dropped from $102.5M to… pic.twitter.com/A71rjByE9x

— Spot On Chain (@spotonchain) May 30, 2024

In contrast, BlackRock’s IBIT saw a significant drop in single-day inflows, from $102.5 million to $24.6 million, reflecting a more cautious market approach.

Despite these fluctuations, the overall trend points to a robust foundation for Bitcoin’s continued growth. The consistent accumulation by large holders and positive net inflows into Bitcoin ETFs underscore a strong market sentiment. 

As Bitcoin navigates these dynamics, the interplay between institutional investments and the actions of significant holders will be crucial in shaping its future trajectory. The current market conditions and historical patterns suggest that Bitcoin is well-positioned for further advancements, potentially reaching new all-time highs soon.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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In a stunning example of crypto trading prowess, an investor turned a modest $861 investment into a staggering $657,000 within just five hours.

The trader achieved this remarkable feat by purchasing 86.55 million $MOTHER tokens for 5.14 $SOL ($861), which accounted for 8.66% of the total $MOTHER supply.

The Trade Breakdown

The trader initially acquired 86.55 million $MOTHER tokens and later sold 80.41 million of these tokens for 3,035.5 $SOL, equating to approximately $509,000.

This transaction left the trader with 6.14 million $MOTHER tokens, currently valued at $148,000. In total, the trader’s quick moves resulted in a gain of $656,000, representing an incredible return of 762 times the initial investment.

In just 5 hours, this trader turned $861 into $657K, a gain of $762x!

He spent 5.14 $SOL($861) to buy 86.55M $MOTHER(8.66% of the total supply) and sold 80.41M $MOTHER for 3,035.5 $SOL($509K).

He currently has 6.14M $MOTHER left, worth $148K.

He should not be an insider.… pic.twitter.com/8mLAD8aGm8

— Lookonchain (@lookonchain) May 29, 2024

Not an Insider

What makes this story even more compelling is the trader’s background. Before making this profitable trade, the investor had a track record of trading nearly 700 different coins with a win rate of less than 25%, consistently losing money.

This history suggests that the trader did not have insider information but rather capitalized on a fortuitous opportunity.

Context and Implications

This exceptional trading success highlights the volatile and unpredictable nature of the cryptocurrency market, where significant gains can be made rapidly, albeit with considerable risk.

It also underscores the importance of timing and market awareness in crypto trading. The trader’s past performance and this singular success story serve as a reminder that even those with a history of losses can occasionally achieve remarkable profits.

The rapid profit from this trade will likely inspire other traders to look for similar opportunities in the ever-changing crypto landscape, though it also serves as a cautionary tale about the risks involved in such speculative investments.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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HashKey has recently deposited all 624,804 PENDLE tokens, worth $4.28 million, to Binance at a price of $6.765 per token. This move contributed to a 5% decline in PENDLE’s price over the past 24 hours. 

This latest transaction marks the conclusion of HashKey’s third PENDLE trade, netting them a massive profit of $7.21 million, reflecting a 263% gain.

13 hours ago, HashKey Capital deposited all 624,804 $PENDLE ($4.28M) to #Binance.

HashKey is a super smart PENDLE trader who often buys at lows and sells at highs 👇.

So far, the VC has realized an est. total profit of $9.94M (+350%) from 2 PENDLE trades.

When will HashKey buy… pic.twitter.com/UzlRFMSLAo

— Spot On Chain (@spotonchain) May 29, 2024

HashKey has proven to be a strategic PENDLE trader, adept at buying low and selling high. Their overall trading activities with PENDLE have yielded an estimated total profit of $9.94 million, showcasing a remarkable 350% return. Here’s a summary of HashKey’s performance with PENDLE:

First Trade Cycle:

   – Acquisition: HashKey vested 2.714 million PENDLE from Pendle Finance between July 2021 and April 2022 at an average price of $0.399, totaling $1.08 million.

   – Sale: They then deposited these tokens to MEXC at a price of $0.05, resulting in a sale worth $135,000 on June 9, 2022.

Second Trade:

   – Acquisition: HashKey withdrew 2.414 million PENDLE from Gate.io at an average cost of $0.042, totaling $102,000 on November 10, 2022.

   – Sale: These tokens were then deposited to Binance at $1.151 per token, amounting to $2.78 million on July 3, 2023. This trade realized a profit of $2.67 million, representing a 2,662% return.

Third Trade:

   – Acquisition: HashKey withdrew 1.825 million PENDLE from Binance at an average price of $1.502, with an estimated cost of $2.74 million between July 6, 2023, and April 30, 2024.

   – Sale: These tokens were deposited back to Binance at an average price of $5.455 on February 7, April 11, and May 28, 2024, during significant price surges, netting $9.95 million. This trade yielded a profit of $7.21 million, or a 263% return.

HashKey’s strategic approach to trading PENDLE highlights their expertise in timing the market, consistently capitalizing on price fluctuations to maximize profits. Their impressive returns from these trades underscore their position as a savvy player in the PENDLE market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Over the past week, memecoins have outshined Bitcoin, recording over 25% growth as a category. 

Memecoins have outperformed $BTC in the past 7 days, gaining over 25% growth as a category.

Let’s dig into the top 5 memes by market cap. 👇 pic.twitter.com/bxstXHZ483

— Cointelegraph (@Cointelegraph) May 27, 2024

Here’s a look at the top five memecoins by market cap:

Dogecoin ($DOGE ) – Market Cap: $24.8 billion

Created in 2013, Dogecoin remains the largest memecoin. Inspired by the Shiba Inu Kabosu, who recently passed away, DOGE faces significant resistance between $0.166 and $0.171, where 75,500 addresses hold nearly 10 billion DOGE. Overcoming this barrier could see DOGE doubling, with the next resistance at $0.322. 

#Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE . However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322 pic.twitter.com/p02Cks63EI

— Ali (@ali_charts) May 28, 2024

Shiba Inu ($SHIB ) – Market Cap: $15.2 billion

Shiba Inu, the second-largest memecoin, initially gained attention by giving 50% of its allocation to Vitalik Buterin. The ecosystem has expanded with the recent launch of Shibarium, a Layer 2 chain.  

PepeCoin ($PEPE) – Market Cap: $6.9 billion

PepeCoin, the third-largest memecoin, has surged 75% in the past week. Launched as a tribute to the Pepe the Frog meme, PEPE reached a record high on May 27.  

DogeWifHat ($WIF) – Market Cap: $3.2 billion

Ranking fourth by market cap, DogeWifHat is a Solana-based memecoin described as “literally just a dog with a hat.”  

Floki Inu ($FLOKI ) – Market Cap: $2.7 billion

Floki Inu, closely trailing DogeWifHat, has gained over 40% in the past week. Launched by SHIB community members and named after Elon Musk’s Shiba Inu, FLOKI recently flipped OP and BONK to become a top 45 project. Rumors of a Coinbase listing are fueling its rise.  

BREAKING: $FLOKI is up 18% in the last 24 hours and just flipped $OP and $BONK to be a top 45 project. It has outperformed $PEPE, $WIF, $DOGE , and $SHIB as the top major #memecoin this week. #Coinbase will list #FLOKI perps on May 30, which is fueling rumors of a Coinbase spot… pic.twitter.com/zdzgYlDkwM

— BITCOINLFG® (@bitcoinlfgo) May 28, 2024

Floki Inu’s impressive performance has led several analysts to predict it could be the main memecoin of this bull run. With Coinbase set to list FLOKI perpetuals on May 30, speculation about a potential spot listing is growing.

Memecoins continue to captivate the market, with each token bringing its unique charm and community-driven growth. As these tokens gain traction, their influence on the broader crypto landscape becomes increasingly evident.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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SUI has kicked off its first-ever global Hackathon, a move that’s poised to positively impact both its price and the projects within its ecosystem.

Historically, blockchain incentives like these tend to boost market sentiment and project development, and SUI appears to be following this trend.

#SUI has launched their first Hackathon, globally!

Every time a blockchain launches an incentive, it soon has a positive impact on both its price and the projects within it.

Let's wait and see what surprises will come to SUI 🚀https://t.co/SyPy3P4Ck4

— Sui Station (@Sui_Station) May 28, 2024

Amid the fluctuating market conditions, SUI’s Total Value Locked (TVL) has consistently grown, reaching a new milestone of over $1 billion. This steady increase underscores the network’s resilience and the attractiveness of its ecosystem to developers and investors alike.

Several top projects on SUI have been pivotal in driving this growth. Leading the pack is Navi Protocol, boasting a TVL of $261 million. Close behind are Scallop_io with $204 million and CetusProtocol with $164 million. 

Other Notable SUI TBL Contributors 

Other notable contributors include Suilend at $110 million, AftermathFi with $85.1 million, KriyaDEX at $51 million, FlowX_finance with $30.9 million, DeepBook at $29.3 million, HaedalProtocol at $27.7 million, and Turbos_finance with $26.6 million.

⚡️@SuiNetwork's TVL Exceeded $1 Billion@navi_protocol – $261M@Scallop_io – $204M@CetusProtocol – $164MSuilend – $110M@AftermathFi – $85.1M@KriyaDEX – $51.0M@FlowX_finance – $30.9MDeepBook – $29.3M@HaedalProtocol – $27.7M@Turbos_finance – $26.6M pic.twitter.com/oRpJ7kCSzi

— CryptoRank.io (@CryptoRank_io) May 28, 2024

The success of these projects reflects the effectiveness of SUI’s incentive program. Over the past month, these projects have seen consistent increases in TVL, highlighting their growing popularity and the potential of SUI’s ecosystem.

Despite the relatively low capitalization of many projects within the SUI network, their TVL often surpasses these values multiple times over. This indicates significant investor confidence and substantial locked assets, suggesting that holding these tokens could be a lucrative strategy. The potential for price increases remains substantial, making them attractive for long-term investment.

SUI’s inaugural Hackathon is set to drive further innovation and development within its ecosystem. As the event unfolds, the positive impacts on SUI’s market dynamics and project growth are anticipated to continue, reinforcing the network’s position in the blockchain space.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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$PEPE, the popular Ethereum-based memecoin, has surged another 6% in the past 24 hours, reaching a new all-time high (ATH) of $0.00001717. According to data from intotheblock, a remarkable 96.36% of $PEPE holders are now in profit, highlighting the token’s strong market performance.

BREAKING NEWS‼️

According to @intotheblock, 96.36% of $PEPE holders are in profits.

Bullish 📈 pic.twitter.com/78NTmsianm

— Vickado 🗽 (@VictorIwuegbu) May 27, 2024

In the past few hours, two newly created wallets withdrew 182.7 billion $PEPE (approximately $3.1 million) from OKX as the token hit its ATH.

Additionally, over the past five days, a whale withdrew 1.323 trillion $PEPE from Binance at an average cost of $0.00001378, amounting to an estimated $18.2 million. With the recent price surge, this whale’s holdings are now worth around $22.1 million, representing a 21% increase.

In the past 5 days, a whale withdrew 1.323T $PEPE from #Binance at ~$0.00001378 (est. cost: $18.2M).

Now, with the price surging 81% (7D) to a new ATH, the whale’s PEPE holding is worth $22.1M (+21%)!

Will the whale dump with these $PEPE soon? Follow @spotonchain and set alerts… pic.twitter.com/nsTpdLwlzu

— Spot On Chain (@spotonchain) May 27, 2024

A savvy trader, often referred to as “smart money,” made substantial gains from $PEPE. This trader spent $250,000 to acquire 160.62 billion $PEPE on December 6 and 7, 2023. The trader then sold all their $PEPE holdings for 644 ETH (valued at approximately $2.42 million) yesterday, realizing a profit of about $2.17 million and achieving a return on investment (ROI) of 867%.

The price of $PEPE has reached an all-time high again!

2 newly created wallets have withdrawn 182.7B $PEPE($3.1M) from #OKX in the past 40 minutes.https://t.co/KBx2mTy5SUhttps://t.co/aeSxN2JCz0 pic.twitter.com/1tAg3tg7PU

— Lookonchain (@lookonchain) May 27, 2024

More Profits In PEPECOIN And $JOE By Same Whale Trader 

Moreover, the same trader made significant profits with pepecoin and $JOE. They invested $25,000 to buy 139,822 pepecoin on December 6, 2023, and subsequently sold 25,000 pepecoin for 30.27 ETH (valued at $113,000), leaving 114,822 pepecoin worth $574,000. This resulted in a profit of $663,000 with an ROI of 2651%.

The price of $PEPE has reached an all-time high again!

2 newly created wallets have withdrawn 182.7B $PEPE($3.1M) from #OKX in the past 40 minutes.https://t.co/KBx2mTy5SUhttps://t.co/aeSxN2JCz0 pic.twitter.com/1tAg3tg7PU

— Lookonchain (@lookonchain) May 27, 2024

Additionally, the trader spent $63,400 to purchase 7.15 million $JOE between November 13, 2023, and December 4, 2023. Holding the $JOE tokens until now, they have seen their investment grow to $174,000, yielding a profit of $110,000 with an ROI of 171%.

Making $2.42M(+867%) on $PEPE!Making $663K(+2651%) on #pepecoin!Making $110K(+171%) on $JOE!

This smart money:

Spent $250K to buy 160.62B $PEPE on Dec 6, 2023 and Dec 7, 2023, then sold all $PEPE for 644 $ETH($2.42M) yesterday, making ~$2.17M, an ROI of 867%.

Spent $25K to… pic.twitter.com/U5oCORow5z

— Lookonchain (@lookonchain) May 27, 2024

These impressive gains underscore the potential profitability of strategic trading in the volatile cryptocurrency market. With $PEPE continuing to attract attention and investment, its future performance will be closely watched by traders and investors alike.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

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Amidst a rising cryptocurrency market, the FLOKI Coin team has taken a significant step forward by announcing a strategic token burn plan. Over the past week, the team has already burned more than 15 billion Floki tokens. 

15.246 Billion Floki Tokens Successfully Burned

This move, aimed at controlling the supply in circulation, has significantly impacted the token’s value, causing it to rise by 41% over the past week and 23% today alone.

This week in #Floki / #TokenFi Weekly Recap:

✓ 15B+ $FLOKI burn✓ New TokeFi launchpads✓ $TOKEN on @UpholdInc✓ Floki perpetuals on @Coinbase ✓ $ETH ETF & the future of #tokenization✓ RIP KABOSU

All this, and more, on Sat, May 25, at 5PM UTC!👇 https://t.co/lbr4OerFwF

— FLOKI (@RealFlokiInu) May 24, 2024

Token burns are a method used by cryptocurrency projects to reduce the total supply of a token, which can help increase scarcity and potentially boost the token’s value. For FLOKI Coin, this calculated action addresses a critical issue for the token’s future growth, signaling a positive outlook for investors and the broader market.

One notable investor, known as theunipcs.eth, has seen substantial gains from their investments in FLOKI and another meme coin, MAGA.

Since April 8, theunipcs.eth has spent 276.4 ETH (approximately $863,000) to acquire 4.56 billion FLOKI tokens, which are now valued at around $1.1 million. Additionally, they spent 18.45 ETH (about $57,000) to purchase 6.27 billion MAGA tokens, currently worth $3.48 million.

Since Apr 8, theunipcs.eth spent 276.4 $ETH($863K) to buy 4.56B $FLOKI ($1.1M currently) and spent 18.45 $ETH($57K) to buy 6.27B $MAGA ($3.48M currently).

In less than 2 months, he earned $3.4M (+6005%) on $MAGA and 245K(+28%) on $FLOKI .https://t.co/KcHii3pdtt pic.twitter.com/rojnnhkH7K

— Lookonchain (@lookonchain) May 27, 2024

Growth In Both Floki Holdings And MAGA Investment 

In less than two months, theunipcs.eth has earned approximately $3.4 million from their MAGA investment, reflecting a staggering return on investment (ROI) of 6005%. Their FLOKI holdings have also grown in value, with a profit of $245,000, representing a 28% ROI.

These impressive returns highlight the potential for significant profits within the volatile cryptocurrency market, especially for those who can capitalize on strategic token burns and market movements. As the FLOKI Coin team continues to implement measures to control supply and enhance value, investors are closely monitoring the token’s performance for further opportunities.

The success of FLOKI and MAGA demonstrates the power of strategic investments and the potential of meme coins in the current market landscape. With continued innovation and strategic actions, these tokens could see even more substantial growth in the future.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

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In a bullish trading session, Ethereum’s largest capped memecoin, $PEPE, has surged 10% to reach a new all-time high of $0.00001577. This remarkable price increase reflects growing interest and investment in the memecoin.

Prominent investor James Wynn, known on Twitter as jwynn.eth (@JamesWynnReal), deposited 491 billion $PEPE, worth approximately $7.54 million, into Binance. Wynn has been vocal about his belief that $PEPE remains severely undervalued despite its recent gains.

His confidence is bolstered by his previous investment, where he spent just $8,524 to acquire 2.83 trillion $PEPE, now valued at $44.4 million, yielding substantial profits.

jwynn.eth(@JamesWynnReal) deposited 491B $PEPE($7.54M) into #Binance before saying that $PEPE is still severely undervalued.

He previously spent $8,524 to buy 2.83T $PEPE($44.4M currently) and made huge profits on $PEPE.

He has 476.8B $PEPE($7.48M) left currently. pic.twitter.com/9flTGYpNxw

— Lookonchain (@lookonchain) May 25, 2024

Currently, Wynn holds 476.8 billion $PEPE, valued at $7.48 million, maintaining a significant position in the memecoin. This strategic move underscores his continued faith in $PEPE’s potential for further appreciation.

Another Investor Makes $3.49 Million In Profits From $PEPE

Moreover, another savvy investor, dubbed “smart money,” has also profited significantly from trading $PEPE. This investor, who has made $3.49 million in profits, opened a position in $PEPE on May 14 at approximately $0.00001046. With the current price surge, their profits have soared to $1.83 million, representing a 43% gain.

这就是抄作业的快乐吗🤩

曾交易 $PEPE 获利 349 万美金的聪明钱于 05.14 建仓的 PEPE 已浮盈 43%🔥！其建仓成本约 $0.00001046（上次的有些偏差，在此更正），目前已浮盈 183 万美金

钱包地址 https://t.co/bIplGfGvCC https://t.co/ACmjsZJokI pic.twitter.com/T8Ey4XvJaD

— Ai 姨 (@ai_9684xtpa) May 25, 2024

The recent activities and statements from influential investors like Wynn are driving attention and speculation towards $PEPE, contributing to its price increase. As the memecoin market continues to evolve, $PEPE’s performance highlights the potential for significant returns, attracting both seasoned investors and newcomers alike.

In conclusion, $PEPE’s recent all-time high and the substantial investments from high-profile figures suggest a bullish outlook for the memecoin. However, as with all investments, caution and thorough research are advised to navigate the volatile cryptocurrency landscape effectively.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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The post Ethereum Memecoin $PEPE Hits New All-Time High appeared first on The Merkle News.

Bitcoin has experienced a sharp increase, surpassing $70,000 this week, and market sentiment is buzzing with speculation about its potential to set a new all-time high.

Despite this optimism, there is uncertainty among traders about how much further Bitcoin can rise.

One of the key drivers of this recent surge is the substantial net inflow into Bitcoin Exchange-Traded Funds (ETFs). On May 24, 2024, the net inflow summed up to an impressive $252 million, marking ten consecutive days of positive net inflows. 

Notably, BlackRock’s Bitcoin ETF (IBIT) recorded a robust inflow of $182 million, highlighting strong institutional interest. Meanwhile, Grayscale’s Bitcoin Trust (GBTC) saw zero flow after two days of small outflows, suggesting a stabilization in its activity.

🚨 $BTC #ETF Net Inflow May 24, 2024: +$252M!

• The net inflow has been positive for 10 consecutive trading days 🔥

• #BlackRock (IBIT) recorded another strong inflow of $182M.

• #Grayscale (GBTC) had zero flow again after 2 days of small outflows.

Follow @spotonchain and… pic.twitter.com/hRCYzG6i1r

— Spot On Chain (@spotonchain) May 25, 2024

Steady Inflow Shows Strong Confidence Among Bitcoin Investors

This consistent inflow indicates sustained confidence from institutional investors, which is often seen as a bullish signal for the market. The influx of capital into ETFs supports the narrative that more mainstream investors are gaining exposure to Bitcoin, potentially driving prices higher.

However, the crypto market is notoriously volatile, and while the current trend is positive, market participants remain cautious. The question of how much higher Bitcoin can climb hinges on several factors, including regulatory developments, macroeconomic conditions, and the overall sentiment in the cryptocurrency space.

As Bitcoin hovers around the $70,000 mark, all eyes are on the next moves of institutional investors and the response of the broader market. The potential for new all-time highs is on the horizon, but as always with cryptocurrencies, the path forward may be unpredictable.

In summary, Bitcoin’s recent rally above $70,000 is fueled by strong ETF inflows, particularly from BlackRock, signaling robust institutional interest. While optimism is high, the market remains vigilant about potential volatility and the factors that could influence Bitcoin’s next milestone.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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The post Bitcoin Poised For New All-Time High Amid Strong ETF Inflows appeared first on The Merkle News.

Chainlink (LINK) has surged ahead of the broader cryptocurrency market, gaining 9% today and surpassing $17.50 for the first time in six weeks.

This impressive rally has been accompanied by a substantial increase in 24-hour trading volume, which is up by 78%.

🔗📈 #Chainlink has climbed well ahead of the #crypto pack, quickly surpassing $17.50 for the first time in 6 weeks. #Onchain today, there are 11 transactions in profit for every 1 $LINK transaction at a loss. This is the highest ratio since Dec. 8, 2022. https://t.co/nILlWsXWNh pic.twitter.com/joMV55V5x7

— Santiment (@santimentfeed) May 24, 2024

On-chain data reveals that there are currently 11 profitable LINK transactions for every one transaction at a loss. This 11:1 ratio is the highest observed since December 8, 2022.

This indicates a significant level of profitability among LINK holders, with a higher frequency of transactions occurring at prices above their acquisition cost.

Chainlink Response On The Growing Impact

In a recent tweet, Chainlink highlighted the growing impact of its Cross-Chain Interoperability Protocol (CCIP). According to Deloitte France, CCIP represents a major innovation with the potential to transform interoperability in the blockchain space.

The protocol is instrumental in driving the tokenization and migration of assets to the blockchain, supported by major financial institutions and infrastructure providers such as DTCC and Swift.

“Chainlink's Cross-Chain Interoperability Protocol (CCIP) is a major innovation that has the potential to transform interoperability,” noted @DeloitteFrance in a new industry report exploring DLT and capital markets.

Already, CCIP is driving “the tokenization and migration of… pic.twitter.com/YUw60r0RlM

— Chainlink (@chainlink) May 24, 2024

This development underscores Chainlink’s role in advancing blockchain technology and fostering greater integration across financial systems.

The increased trading volume and profitability ratio reflect growing investor confidence and interest in LINK, particularly as the market recognizes the value of Chainlink’s technological advancements.

As Chainlink continues to make strides with its CCIP, it is positioned as a key player in the blockchain industry’s evolution, enhancing interoperability and facilitating the seamless transfer of assets across different networks.

The current market performance and on-chain metrics suggest a bullish outlook for LINK, driven by both technological innovation and strong investor sentiment.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Amid concerns of another potential crypto market retrace, there is a comforting trend: the number of non-empty stablecoin wallets is on the rise.

In 2024 alone, USDCoin (USDC) non-empty wallets have grown by 13.9%, while Tether (USDT) wallets have seen a 15.7% increase.

💸 Concerned about another #crypto market retrace? You may be comforted by the fact that the amount of non-empty #stablecoin wallets are rising. In 2024, the amount of #USDCoin non-empty wallets has grown by +13.9%, and #Tether wallets have grown +15.7%. https://t.co/9K2y8UgOv9 pic.twitter.com/mxdkrgn36M

— Santiment (@santimentfeed) May 23, 2024

USDT continues to be the largest stablecoin in the cryptocurrency market. Analyzing its usage across various blockchain networks provides valuable insights:

Transactions

– Volume: USDT recorded over 18 million transactions last week, nearing its all-time high.

– TRON Dominance: TRON DAO (@trondao) dominates the USDT transaction count, holding a substantial 78.3% share.

– Polygon’s Position: Polygon (@0xPolygon) ranks as the runner-up, accounting for 8.6% of all transactions.

USDT is the largest stablecoin in the cryptocurrency market. Let’s take a look at how it’s used across blockchain networks👇

Transactions⚫️ USDT recorded over 18 million transactions last week, nearing its all-time high⚫️ @trondao dominates USDT transaction count, with 78.3%… pic.twitter.com/8BsI0FXaP4

— IntoTheBlock (@intotheblock) May 24, 2024

On-Chain Volume

– Total Volume: USDT recorded a massive $140 billion in volume last week across multiple chains.

– TRON’s Leadership: TRON leads in on-chain volume with an impressive 67.11% share, thanks to its low transaction fees and high availability on major exchanges.

– Ethereum’s Share: Ethereum follows with a 28.63% share, facilitating higher-value transfers despite its higher transaction costs.

Holders and Holding Time

– Unique Addresses: TRON leads with 36 million unique addresses holding USDT, followed by Ethereum with 5.2 million addresses.

– Holding Times: Longer holding times on Ethereum and TRON indicate that USDT is being used as a store of value.

– Transactional Use: On other networks like Avalanche and Optimism, USDT is likely used more for transactional and DeFi-related applications.

These trends highlight the growing utility and adoption of stablecoins, particularly USDT, across various blockchain networks. As more users turn to stablecoins for both transactional and storage purposes, the cryptocurrency market’s resilience and stability could see further reinforcement.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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In a decisive move that underscores the commitment of the Floki community, 15.246 billion $FLOKI tokens have been successfully burned following a vote by the Floki DAO.

This action received overwhelming support, with 99.84% of participants voting in favor of the burn.

The burning of $FLOKI tokens is a strategic measure aimed at increasing the token’s scarcity, thereby making it more deflationary compared to other top memecoins such as $DOGE, $PEPE, $SHIB, $WIF, and $BONK. By reducing the total supply of $FLOKI in circulation, the community hopes to enhance its value and appeal to investors.

15.246 BILLION FLOKI TOKEN BURN SUCCESSFULLY EXECUTED

Following the decisive vote by the #Floki DAO, 15,246,000,000 $FLOKI tokens have been successfully burned today.

This action reflects the community's overwhelming support, with 99.84% voting in favor of the burn.

TX:… https://t.co/aHBUmTepbD pic.twitter.com/xtvIf59ocj

— FLOKI (@RealFlokiInu) May 22, 2024

$FLOKI Price Action To Monitor 

Despite the positive sentiment surrounding the burn, $FLOKI has mirrored the performance of other major memecoins, experiencing a 4% decline in value today. This dip is in line with the broader market trend, reflecting the inherent volatility and speculative nature of the cryptocurrency market.

The successful execution of this token burn highlights the proactive measures taken by the Floki community to ensure the token’s long-term viability and attractiveness. By making $FLOKI more deflationary, the community aims to distinguish it from other memecoins, potentially setting the stage for future growth and stability.

As the cryptocurrency market continues to evolve, actions like these demonstrate the influence of decentralized governance and community engagement in shaping the future of digital assets. Investors and enthusiasts will be watching closely to see how these strategic moves impact $FLOKI ’s market performance in the coming weeks and months.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Yesterday, the popular Solana-based memecoin Dogwifhat ($WIF ) experienced a significant price surge, climbing from $2.80 to above $3.20. However, this rally was short-lived as large transactions by whales created notable volatility.

On-chain data from Lookonchain revealed that two major buyers purchased a combined total of 701,668 $WIF , valued at approximately $2.04 million. One whale, operating from wallet “37reKQ,” spent 1.31 million USDC to acquire 453,877 $WIF at $2.89 per token.

This transaction, occurring just two hours ago, left the whale with an unrealized profit of $161,000. Detailed transaction information for this wallet can be found on [Solscan](https://solscan.io/account/37reKQ).

WIF is pumping!

We noticed 2 whales bought 701,668 $WIF ($2.04M).

Wallet"37reKQ" spent 1.31M USDC to buy 453,877 $WIF at $2.89 2 hours ago and has an unrealized profit of $161K.https://t.co/OUYQOKx0tl

Wallet"8rWUUy" spent 4,036 $SOL($730K) to buy 247,791 $WIF at $2.95 in the… pic.twitter.com/up45IEJFgj

— Lookonchain (@lookonchain) May 22, 2024

Another significant purchase was made by the wallet “8rWUUy,” which spent 4,036 SOL (around $730,000) to buy 247,791 $WIF at $2.95. This wallet now holds 1.4 million $WIF , valued at $4.5 million, showcasing substantial interest and investment in the token.

$WIF Price Action Following Recent Happenings 

However, the price of $WIF quickly plummeted today after a whale sold all 2.36 million $WIF for 7.44 million USDC, achieving an average sale price of $3.155. This massive sell-off caused the price of $WIF to drop from $3.25 to its current trading price of $2.89, marking a 9% decrease.

A whale sold all 2.36M $WIF for 7.44M $USDC at an average price of $3.155 in the past 2 hours.

This caused the price of $WIF to drop from $3.25 to $3.05, a decrease of 6.2%.https://t.co/S9l5fo39L2https://t.co/OQJb6bHLVb pic.twitter.com/VRQ7x8gxXz

— Lookonchain (@lookonchain) May 22, 2024

The recent activities by these significant holders highlight the volatility often seen in the cryptocurrency market, especially with tokens that have garnered rapid attention and investment. While the initial surge in $WIF ’s price indicated strong demand, the subsequent sell-off underscores the impact that large transactions can have on market stability.

Investors and traders should remain vigilant, monitoring whale activities and market trends closely to navigate such fluctuations effectively.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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The post Solana Memecoin Dogwifhat ($WIF ) Sees Price Surge And Sharp Drop Amid Whale Activity appeared first on The Merkle News.

Ethena’s ENA token has experienced a dynamic week, rising 19% over the past seven days. However, recent market movements have seen GSR Markets, a key market maker for ENA, deposit 5.5 million ENA tokens worth $4.84 million into Gate. 

This action coincided with a 5.4% drop in ENA’s price over the past 24 hours and a 41% decline in trading volume.

过去 17 小时， ENA 做市商 GSR Markets 将 550 万枚 $ENA 充值进 #Gate，价值 484 万美金；过去 24 小时 ENA 币价已下跌 5.4%📉

GSR 曾在两月前收到 Ethena 项目方分发的 3750 万枚代币，做市规模在三个做市商中排名第一（还有 Wintermute 和 Amber Group）

钱包地址 https://t.co/HVQNamk31K https://t.co/M21rNK9iGW pic.twitter.com/rDHOBTp4fG

— Ai 姨 (@ai_9684xtpa) May 22, 2024

GSR Markets’ involvement with ENA has been substantial. Two months ago, Ethena distributed 37.5 million ENA tokens to GSR, making it the largest market maker for the token, surpassing Wintermute and Amber Group.

Despite the recent downturn, ENA maintains strong support at the $0.70 level, suggesting potential for a bullish trend that could drive its price to $1.54. 

Top 7 Projects by Trending Searches on Major Crypto Aggregators 📅 May 22nd

CoinGecko: $PEPE $BRETT $PORK $DRIFT $APU $NOT $BDX

CoinMarketCap: $ENA $MEMEAI $PEPE $RETIK $NOT $ETH $NYAN

CryptoRank: $MERL $PYTH $STRK $NOT $MANTA $SUI $ETHFI pic.twitter.com/XRXS96yguU

— TOP 7 ICO | #StandWithUkraine🇺🇦 (@top7ico) May 22, 2024

This recent activity underscores the volatility that often accompanies cryptocurrency markets. Although today’s decline might raise concerns, ENA’s strong support at $0.70 and its status as a top trending search on CoinMarketCap indicate investor interest and potential resilience.

If the token can hold its ground at $0.65, it could mitigate some of the volatility and pave the way for future gains.

In summary, while ENA has faced some short-term challenges, its overall trajectory remains positive. Investors and traders will be watching closely to see if it can sustain its support levels and capitalize on the bullish sentiment. With substantial backing from market makers like GSR, the outlook for ENA appears promising, despite the inherent market fluctuations.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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The Hong Kong government has ruled that Worldcoin’s operations in the region violate the Privacy Ordinance, leading to an enforcement notice that demands the cessation of its iris scanning activities.

Worldcoin has confirmed that it conducted facial and iris scan authentication on 8,302 people in Hong Kong.

Worldcoin’s troubles extend beyond Hong Kong. Following similar complaints about the project’s data collection techniques, South Korea has launched an investigation.

Additionally, both Portugal and Spain have requested that Worldcoin halt its biometric data collection activities. These actions reflect the broader challenges Worldcoin is encountering globally.

WorldCoin WLD Token Price Action To Monitor 

The $WLD token has been in a continuous decline, dropping by 40.5% over the past 90 days, including a 4% decrease in just the past 24 hours. The global pushback against Worldcoin’s methods underscores the significant hurdles the project faces as it attempts to navigate complex privacy regulations and maintain trust among users.

The Hong Kong government ruled that Worldcoin's operations in Hong Kong violated the Privacy Ordinance and has issued an enforcement notice requiring it to stop using iris scanning devices. Worldcoin confirmed that it conducted facial and iris scan authentication on 8,302 people…

— Wu Blockchain (@WuBlockchain) May 22, 2024

Worldcoin’s situation illustrates the increasing scrutiny tech projects face regarding personal data collection and privacy. With governments worldwide becoming more vigilant, projects that rely heavily on biometric data must ensure they comply with local regulations to avoid severe repercussions.

In Hong Kong, the enforcement notice serves as a stark reminder of the importance of adhering to privacy laws. The Privacy Ordinance is designed to protect individuals’ personal data, and any violation can lead to significant operational disruptions and legal challenges. Worldcoin’s experience in Hong Kong may serve as a precedent for other jurisdictions considering similar actions.

As Worldcoin grapples with these issues, the continued decline in the $WLD token’s value reflects investor concerns over the project’s future. For Worldcoin, addressing these privacy concerns and adapting to the regulatory landscape will be crucial steps in restoring confidence and ensuring long-term viability.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Over the past week, $SAFE has experienced a notable 15% price surge, attracting significant attention from major players in the crypto market. Among them, Wallet 0x011, likely associated with Amber Group, has been particularly active. 

Recently, this wallet withdrew 499,995 SAFE, valued at approximately $1.09 million, from Gate.io at a price of $2.188 per token.

In total, Amber Group has reportedly withdrawn 1.077 million SAFE from both Gate.io and Bybit at an average price of $2.204, amounting to an estimated cost of $2.37 million within the last two hours alone. 

This aggressive accumulation has increased Amber Group’s total holdings since April 27, 2024, to an impressive 5.19 million SAFE. The estimated total cost for these holdings is around $11.09 million, with an average purchase price of $2.135 per token.

Wallet 0x011 (likely @ambergroup_io) further withdrew 1.08M $SAFE ($2.37M) from CEX in the past 3 hours.

Since Apr 27, Amber Group has allegedly withdrawn 5.19M $SAFE ($11.09M) from #Bybit and #Gate.io at an avg price of $2.135!

And currently holds these tokens across 2 wallets… https://t.co/R6OoYt7UCx pic.twitter.com/K3Lpdcm0qi

— Spot On Chain (@spotonchain) May 20, 2024

Amber Group Now Holds 5.19 Million SAFE Tokens

Currently, Amber Group holds these 5.19 million SAFE tokens, now valued at approximately $11.37 million, across two wallets: 0x011 and 0x63f. This strategic accumulation has resulted in an unrealized profit of approximately $284,000, representing a 2.57% gain.

Amber Group’s continued investment in $SAFE amidst its recent price surge highlights their confidence in the token’s potential. Their systematic accumulation suggests a long-term bullish outlook, as they maintain substantial holdings and show no immediate signs of liquidation.

The steady rise in $SAFE’s value, coupled with the significant investment from a prominent venture capital firm like Amber Group, could indicate further positive momentum for the token in the near future.

As the market continues to monitor these developments, Amber Group’s actions will likely be seen as a strong endorsement of $SAFE’s potential, encouraging other investors to follow suit.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Bitcoin is currently trading just above $68,000, a notable increase from its recent price of $66,100. Despite this positive trend, many small traders have continued to liquidate their holdings, contributing to a shift of coins from smaller to larger wallets. 

Historically, this behavior has been a bullish indicator for Bitcoin, signaling that larger, more experienced investors are accumulating the cryptocurrency.

🐟👋 #Bitcoin is dancing just above $66.1K as small traders continue to #liquidate their holdings despite the #crypto bounce over the past week. Historically, small wallets dumping their coins to larger wallets is an encouraging and #bullish sign for $BTC . https://t.co/wlz4XPhfMD pic.twitter.com/dTJAy5G6pL

— Santiment (@santimentfeed) May 19, 2024

Since the launch of Bitcoin ETFs, there has been a significant surge in the amount of Bitcoin held by addresses with over 1,000 BTC, commonly referred to as ‘whale’ addresses.

According to data from IntoTheBlock, these addresses have added an impressive 250,000 BTC to their holdings. This accumulation has brought their total Bitcoin holdings back to levels seen before the FTX collapse in November 2022.

https://twitter.com/PinnacleCrypt/status/1792520816120250680?t=1M405kcy1H512CEUaWp_TA&s=19

Renewed Interest As Whales’ Activity Continues On Bitcoin 

The increase in whale holdings suggests a renewed interest and confidence in Bitcoin among institutional investors, exchanges, and high-net-worth individuals.

This trend indicates that large-scale investors are increasingly seeking exposure to Bitcoin through ETFs and other investment vehicles, reflecting a shift in market sentiment towards a more bullish outlook.

With over 530,000 $BTC transacted at $66,250, this is a crucial support level! If it holds, #Bitcoin has strong potential for further gains. pic.twitter.com/9e9Y939Hn3

— Ali (@ali_charts) May 20, 2024

Additionally, Bitcoin’s recent transaction volume has been substantial, with over 530,000 BTC transacted at the crucial support level of $66,250. If this support level holds, Bitcoin has strong potential for further gains, bolstered by the increasing confidence of large investors and the stability provided by ETF-related purchases.

Overall, the recent surge in whale accumulation and the stabilizing price of Bitcoin above key support levels suggest a positive outlook for the cryptocurrency. As institutional interest continues to grow and more investors seek exposure to Bitcoin, the market appears poised for continued strength and potential upward momentum.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Despite the recent plunge in the price of $GME, which has declined by over 42% in the past week, one strategic trader has capitalized on the fluctuations to realize significant profits.

This trader recently spent 3,059 SOL, equivalent to $526,000, to purchase 78.57 million $GME at a price of $0.0067.

This is not the first time the trader has engaged with $GME. On February 15 and 16, the same individual invested 1,409 SOL, or $165,000, to acquire 68 million $GME at a notably lower price of $0.0024.

Holding onto the tokens for three months, the trader saw an opportunity as $GME’s price began to rise. On May 13 and 14, they sold 35 million $GME for 3,447 SOL, amounting to $503,000, at a significantly higher price of $0.0144.

Since the price of $GME dropped, a trader spent 3,059 $SOL($526K) to buy 78.57M $GME at $0.0067.

This trader spent 1,409 $SOL($165K) to buy 68M $GME at $0.0024 on Feb 15 and Feb 16.

After holding it for 3 months, $GME ushered in a rise.

He sold 35M $GME for 3,447 $SOL($503K)… pic.twitter.com/CKzT3XvzIM

— Lookonchain (@lookonchain) May 20, 2024

Currently, the trader holds a substantial 111.57 million $GME, valued at approximately $781,000. This strategy has resulted in a total profit of around $593,000, demonstrating the trader’s adeptness at navigating the volatile market conditions.

$GME Price Action To Monitor 

Interestingly, $GME has seen a resurgence, with its price increasing by 8% today. This uptick further underscores the potential for savvy traders to profit even amid broader market declines. The trader’s ability to identify buying opportunities during dips and capitalize on subsequent price increases highlights the importance of strategic timing and market analysis in cryptocurrency trading.

As $GME continues to experience fluctuations, this trader’s success story serves as a reminder of the opportunities that exist within the volatile crypto market for those who can accurately predict price movements and act decisively.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Litecoin continues to assert its dominance in the cryptocurrency transaction space, holding the top spot for transactions on BitPay for the fifth consecutive month.

Averaging over 40% of all transactions this year, Litecoin’s transaction volume surpasses the combined total of the next three most-used cryptocurrencies on the platform.

Litecoin is by far #1 for transactions, actually for the fifth month in a row, on @BitPay. Averaging this year with over 40% of all their transactions. Actually, more than the next three combined. 🤯

But, there's a new chart to track, Payouts! And $LTC is tied for the top spot.… pic.twitter.com/1jmQY8HErg

— Litecoin (@litecoin) May 20, 2024

This significant usage underscores Litecoin’s growing acceptance and utility in the digital payments ecosystem. Alongside its transaction prowess, Litecoin has also seen substantial interest from large-scale investors, commonly referred to as whales. Over the past month, these whales have accumulated $2.75 million worth of Litecoin, totaling a staggering $230 million.

🐋Litecoin whales have amassed $2.75M worth of $LTC , totaling $230M over the past month.

📌Notably, 900K $LTC were acquired in a single day on May 10th.

With #Litecoin currently trading at $83.39, what might this signify for its future trajectory? 📈 pic.twitter.com/mDoRzshsXD

— TheNewsCrypto (@The_NewsCrypto) May 20, 2024

In a particularly notable instance, on May 10th, Litecoin whales acquired 900,000 LTC in a single day. This marked the highest daily net inflow since February, highlighting a strong surge in institutional and large-scale investor interest. According to data from Intotheblock, a total of 2,751,633 LTC were accumulated by whale addresses in the past 30 days.

Litecoin whales accumulated 2,751,633 LTC in the past 30 days.

On May 10th, these addresses had a net inflow of over 900k $LTC , the highest daily amount since February. pic.twitter.com/oDR4QG1Xjt

— IntoTheBlock (@intotheblock) May 20, 2024

Good Sentiment Around Litecoin Following Whales Accumulation 

The accumulation trend among Litecoin whales signals strong confidence in the cryptocurrency’s future prospects. This strategic buying behavior not only supports the price of Litecoin but also indicates a belief in its long-term value and utility.

As Litecoin continues to lead in transaction volume on BitPay and attract significant whale investment, its position in the cryptocurrency market appears increasingly robust. These developments suggest that Litecoin is not only a preferred choice for everyday transactions but also a valuable asset for large investors looking to secure their holdings in a reliable and widely-used cryptocurrency.

With its combination of high transaction volume and substantial whale accumulation, Litecoin is well-positioned to maintain its prominence in the digital currency landscape. As more investors and users recognize its advantages, Litecoin’s influence and adoption are likely to grow even further.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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The post Litecoin Dominates BitPay Transactions As Whales Amass $230M In LTC appeared first on The Merkle News.