Activity on the Solana blockchain has surged recently; however, despite this uptick, SOL’s price has experienced a decline. Market indicators suggest a weakening correlation between SOL and BTC (Bitcoin), with forecasts indicating a potential drop for SOL below the $160 mark.
In the last 24 hours, Solana saw a significant increase in Unique Active Wallets (UAWs) reported by DappRadar. Decentralized apps such as Jupiter, Raydium, and Magic Eden drove this surge. Jupiter Exchange led with 307,100 UAWs, up 251%. Raydium followed with 285,200 UAWs, focusing on NFTs, while Magic Eden saw a 178% rise in UAWs, showing increased activity on Solana’s platform.
Solana’s Memecoin-Driven Activity and Price Volatility
The surge in activity on platforms like Raydium and Jupiter appears to be linked to the increasing trend of memecoin activity in the market. This trend is influenced by GameStop (GME) and the actions of legendary trader Keith Gill, also known as “Roaring Kitty.”
On June 7th, derivative tokens associated with Gill saw a significant uptick, leading to staggering market caps for these Solana-based tokens in a short period.
This rise in memecoin activity also signaled an increase in demand for SOL. However, despite this demand, Solana’s price experienced a 5.44% decline in the last 24 hours, currently valued at $162.44.
It’s worth noting that SOL struggled to sustain its hike despite increased demand. Many traders, often referred to as “degenerates” in the crypto space, engage in buying memecoins with no long-term holding strategy. Instead, they quickly exchange these tokens for SOL when they reach certain gains, eventually converting it to stablecoins or fiat currency.
This pattern of pumps and dumps has become prevalent recently, suggesting continued price volatility for SOL as traders continue to engage in speculative trading practices.
Solana Price Forecast and Market Dynamics
Volatility measures the speed of price fluctuations. If selling pressure increases during periods of high volatility, the token’s price might decline.
Conversely, a surge in buying pressure coupled with high volatility could trigger a price breakout. However, current indications suggest that SOL may dip below $160 in the short term.
Another factor impacting SOL’s price is Bitcoin (BTC). Recent data from Santiment shows a declining correlation between Solana and BTC since June 6th, suggesting that their prices may not always move in tandem.
Therefore, even if BTC surpasses $71,000 again, there’s no guarantee that SOL will revisit $187. However, if market recovery becomes more widespread, prices may follow a similar trajectory.
Regardless of SOL’s direction, it’s unlikely to reach $200 in the coming week. However, long-term predictions suggest that SOL could eventually reach $1,000, contingent upon overall market improvement.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Solana #SOL

The constant inflows of the spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have come to an end after four weeks.

According to data provided by Farside Investors, spot BTC ETFs in the U.S. recorded $64.9 million in net outflows on June 10 — ending their four-week winning streak. The majority of the outflows belong to Grayscale Bitcoin Trust (GBTC) — registering $39.5 million in outflows.

The Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR) and Fidelity Wise Origin Bitcoin Fund (FBTC) each saw $20.5 million, $15.8 million and $3 million in outflows, respectively. 

On the other hand, only Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) recorded inflows of $7.6 million and $6.3 million, respectively. 

You might also like: MAGA, STRUMP memecoins tumble amid Trump Media’s new SEC filing

It’s important to note that the total net inflows of spot BTC ETFs in the U.S. have surpassed the $15.6 billion mark, thanks to the four weeks of constant inflows — recorded over $4 billion in net inflows between May 13 and June 7.

The bearish sentiment comes as investors take a cautious approach ahead of the U.S. CPI data release, scheduled for June 12. Last month, the CPI came at 3.4%, as expected, which eventually brought market-wide bullish sentiment.

Consequently, the global crypto market capitalization declined by 2.8% in the past 24 hours and is hovering at $2.59 trillion, according to data from CoinGecko.Bitcoin plunged to $67,600 and Ethereum (ETH) is closing down to the $3,500 mark. At this point, 94 of the leading 100 cryptocurrencies are wandering in the red zone.

Read more: Bitcoin, Ethereum exchange balances at 4-year low

Amid the frenzy surrounding the U.S. SEC's opposition to Ripple's motion and the passing of the FIT21 crypto bill, an XRP whale has dumped a notable amount of coins to the crypto exchange Bitstamp. This significant transaction has added to the volatility and speculation in the XRP market.
Whale Dumps XRP Amid SEC’s Opposition & FIT21 Frenzy
Following the U.S. SEC’s opposition to Ripple’s motion to seal remedies-related documents, a major XRP whale has been drawing significant attention. This whale has offloaded nearly 32 million XRP coins to a centralized exchange (CEX), potentially influencing the token’s price volatility.
On-chain data from Whale Alert reveals that this well-known XRP whale transferred approximately 31.8 million XRP, worth $16.87 million, to Bitstamp in the past 24 hours. This move has sparked widespread speculation about the future price movements of XRP, a cryptocurrency backed by Ripple Labs.
The crypto community is already buzzing with the uncertain implications of the FIT21 bill, a potential game-changer for the XRP lawsuit. The passing of the FIT21 crypto bill is seen as optimistic news for the Ripple community, as it provides clarity on the classification of cryptocurrencies as securities. However, the U.S. SEC’s recent opposition to Ripple’s motion to seal key documents adds another layer of complexity to the situation.
XRP Price Falls Amid Market Uncertainty
At the time of writing, XRP has seen a 2.05% dip in its price over the past 24 hours, currently trading at $0.5274. Derivatives data from Coinglass indicates a bearish sentiment among investors, with XRP’s futures open interest slipping 0.26% to $617.99 million and derivatives volume dropping 3.79% to $526.51 million. This reflects reduced investor interest in the asset.
The Relative Strength Index (RSI) for XRP is hovering around 50, suggesting that the asset is neither overbought nor oversold. This data, combined with the recent whale transaction and regulatory developments, has kept crypto traders and investors on edge, indicating potential uncertainty in the token’s future movements.
Conclusion
The recent actions of the XRP whale, coupled with regulatory pressures and market sentiment, have created a highly volatile environment for XRP. As the community awaits Judge Torres' decision and further developments related to the FIT21 bill, the future of XRP remains uncertain. Investors and traders will be closely monitoring these events, looking for any signs that could influence the token’s trajectory.
$XRP #XRP #Ripple

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

According to incomplete statistics from Odaily Planet Daily, there were 29 blockchain financing events announced at home and abroad from May 20 to May 26, an increase from last week's data (26). The total amount of financing disclosed was approximately US$338 million, a significant increase from last week's data (US$151 million).

Last week, the project that received the most investment was decentralized social protocol Farcaster ($150 million); Turkish fintech startup Colendi followed closely behind ($65 million).

The following are specific financing events (Note: 1. Sort by the amount of money announced; 2. Excludes fund raising and M&A events; 3. * indicates a "traditional" company whose business involves blockchain):