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It‘s been a huge week for Ethereum. How huge, you may ask? Ethereum started the week with a market cap of around $370B and in less than 24 hours reached a valuation of over $450B. That rise came equivalent to Solana’s entire capitalization…
ETH ripped up the charts to over $3,800 for a 30% rise from the depths of $3,000. which suspected that Ether’s stage is set.
The SEC approved eight spot Ethereum ETFs on Thursday. This monumental news comes after weeks of speculation and market anticipation. Here’s how it unraveled:
Ether's price surged over 10% after Bloomberg analysts increased their predicted chances of SEC approval for spot Ether ETFs from 25% to 75%.
The SEC requested Nasdaq, CBOE, and NYSE to revise their applications to list spot Ether ETFs, hinting at possible approval.
Major ETF issuers, including Fidelity and Ark Investment, have removed staking from their proposed spot Ether ETFs, aligning with regulatory concerns on centralization risks.
The SEC has approved Nasdaq, CBOE, and NYSE applications to list ether ETFs, surprising the industry. While final approval is still needed, this marks a major step towards trading these products. $ETH Wish you all the best 🌹❤️👊⬆️🌳#PEPE #BONK🔥🔥 #KAFA_NETWORK
Today is the deadline for the Ethereum ETFs, and it looks like the SEC is also dealing with the S-1 forms.
I would be surprised if they approve both the 19b-4 and the S-1 at the same time, as it would mean that trading could start immediately – just like with the #Bitcoin ETFs.
The analysis focuses on identifying current trends, potential bullish or bearish patterns, and key support and resistance levels.
Trend Lines and Patterns
Ascending Wedge Formation:
The blue trend lines indicate an ascending wedge pattern. An ascending wedge often signifies a bearish reversal pattern, where the price consolidates between upward sloping support and resistance lines.The price currently sits near the upper trend line, suggesting a potential breakout or reversal point.
Triangle Formation:
The green lines illustrate a symmetrical triangle pattern. This pattern forms when the price experiences lower highs and higher lows, consolidating towards an apex point.A breakout from the triangle, either upwards or downwards, typically indicates the direction of the next significant price movement.
Volume Analysis
The volume bars at the bottom of the chart show increasing volume during the recent upward price movement, which is a bullish signal. High volume often confirms the strength of the price action.
The analysis focuses on identifying current trends, potential bullish or bearish patterns, and key support and resistance levels.
Trend Lines and Patterns
Ascending Wedge Formation:
The blue trend lines indicate an ascending wedge pattern. An ascending wedge often signifies a bearish reversal pattern, where the price consolidates between upward sloping support and resistance lines.The price currently sits near the upper trend line, suggesting a potential breakout or reversal point.
Triangle Formation:
The green lines illustrate a symmetrical triangle pattern. This pattern forms when the price experiences lower highs and higher lows, consolidating towards an apex point.A breakout from the triangle, either upwards or downwards, typically indicates the direction of the next significant price movement.
Volume Analysis
The volume bars at the bottom of the chart show increasing volume during the recent upward price movement, which is a bullish signal. High volume often confirms the strength of the price action.
Analyzing the daily chart for PEPEUSDT, here are some observations and expectations:
Indicators and Chart Patterns:
MACD (Moving Average Convergence Divergence):
The MACD line (blue) has crossed above the signal line (orange) and is rising, indicating bullish momentum.The histogram is in positive territory and expanding, suggesting increasing bullish strength.
Candlestick Patterns:
Recent candlesticks show strong green candles, indicating bullish price action.The latest candle, however, has a long upper wick, which might suggest some selling pressure at higher levels.
Volume:
There has been a significant increase in trading volume recently, which often accompanies strong price movements and can be a sign of continued momentum.High volume on bullish days can indicate strong investor interest and confidence.
Support and Resistance Levels
Support:
The previous consolidation area around 0.00000100 could act as a support level.The moving averages (not explicitly shown here but inferred from typical analysis) could also provide dynamic support.
Resistance:
Immediate resistance appears to be around the recent high of 0.00000143.If the price breaks above this level, the next resistance could be around 0.00000150 or higher psychological levels.
Expectations
Bullish Scenario: If the bullish momentum continues, PEPEUSDT could test and potentially break above the immediate resistance level at 0.00000143. Sustained buying pressure could push the price toward higher levels such as 0.00000150 or beyond. The MACD and volume indicators support this possibility. Bearish Scenario: If the price faces significant resistance and selling pressure, it might pull back towards the recent support level around 0.00000100. Watch for any reversal patterns or a decrease in bullish volume, which could signal a potential correction.
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For any cryptocurrency to reach a specific price point, its total market capitalization must be taken into account. Market capitalization is calculated as the coin's current price multiplied by its total supply.
- **Bonk Coin:** Let's assume Bonk has a total supply of 1 trillion coins. For Bonk to reach $1 per coin, its market capitalization would need to be $1 trillion. - **Pepe Coin:** Suppose Pepe has a total supply of 500 billion coins. For Pepe to reach $1 per coin, its market capitalization would need to be $500 billion.
Given the current state of the cryptocurrency market, these figures are extraordinarily high. For context, Bitcoin's market capitalization, the largest and most established cryptocurrency, is approximately $500 billion as of early 2024.
#Factors Influencing the Potential for Reaching $1
1. **Community and Viral Potential:** - **Bonk:** If Bonk continues to garner strong community support and viral momentum, it could see significant price appreciation. However, reaching $1 would require sustained and massive community growth, continuous viral trends, and possibly endorsement from major influencers. - **Pepe:** Pepe coin also relies on its strong cultural footprint. The broad recognition and viral nature of Pepe memes can drive value. Yet, like Bonk, it would need to overcome immense market capitalization hurdles.
2. **Market Sentiment and Speculation:** - The cryptocurrency market is highly speculative. While meme coins can experience sharp price increases, such as the cases of Dogecoin and Shiba Inu, sustaining such high values is challenging. - Market sentiment can shift rapidly, leading to volatile price movements. For both Bonk and Pepe to reach $1, they would need to maintain prolonged positive sentiment and avoid significant crashes.
3. **Regulatory Environment:** - Increasing regulatory scrutiny on cryptocurrencies can impact market dynamics. Meme coins, often seen as speculative assets $BONK $PEPE
$BONK have been created and backed by #SolanaStrong Solana’s Team and it was the AirDrop of Solana first smart phone which sold out in a few a hours after launching. A lot of posts here says that BONK created by Anonymous team and that’s not true. #BONK🔥🔥 #pepe⚡
Here're 5 Things That Big Players Hide From You, But You Need To Know To Make Money In Crypto
Only 1% actually makes money in crypto, while the rest lose money to whales and VCs. Just a few principles distinguish winners from losers. Here're 5 things that big players hide from u, but u need to know to make money in crypto 🧵👇
Before I begin, I have a favor to ask... I spent a lot of time writing this thread, trying to make it genuinely useful for you, so if it's not too much trouble, please SAVE it, REPOST, leave a comment, or simply hit like 🤍 ➮ Crypto is far from a fair game, and 99% of crypto investors/traders will just become exit liquidity for leading major players/whales How to avoid it? Study the crypto market principals Here are 5 principles that whales/insiders don't want you to know: 1/➮ DeFi protocols don't need a token ✧ Most projects have the following token model: facilitates governance division or boosts liquidity and supports the development of a 2ndry market ✧ Ideally, this is the case, but in reality, many projects end up creating a token just so the team can profit from it. So how to avoid such projects?
➮ Here are a few things you should make sure of before buying a project's token: 1. Price increase corresponds with user growth 2. Addresses a market demand 3. Edge over similar protocols 4. Serves a purpose beyond profits for holders This is what a good project should have 2/➮ Many projects are nothing ✧ In crypto, there are thousands of projects, and obviously, not all of them are truly useful. ✧ Many have a beautiful cover with incredible plans/roadmaps that will never happen. So, how do you distinguish a facade from a truly good project?
➮ Here are a few things you should ask urself before buying a project's token: 1. Is the team real and who are these people, what experience do they have? 2. Who backed the project? 3. Is their valuation reasonable and what problems does the project solve? 3/➮ VCs make money by investing in private sale rounds ✧ Always keep in mind that VCs make their money by investing early in token seed and private sale rounds. ✧ You might think u're entering at a low price, but VCs entered at price 20x lower Let me explain 👇
➮ Private and seed rounds are an integral part of any project that helps it get off the ground and start developing its product ✧ What's bad? This can create large selling zones when investors begin to dump their bags & most will become exit liquidity. So how to avoid this? ➮ Here are a few things you should check before buying a project's token: 1. Unlocking Events 2. Tokens allocations 3. Vesting Schedule Always monitor the unlock dates before investing 4/➮ Whales do opposite of the market ✧ Everyone has heard "Buy the fear and sell the greed", but few manage to do so ✧ This is what whales do; they build their positions while everyone is selling in panic and fear, and accordingly, they take profits when greed sets in.
➮ Thanks to such a rule, whales manage to accumulate positions during the dip and sell at the ATH. ✧ They simply understand the basic people psychology that governs the market. Here's the rough pattern:
5/➮ APR is designed to boost liquidity ✧ Let's take the real world as an example, where companies offer various types of promotions at launch to incentivize people to spend money and get accustomed to their products. ✧ Something like: 40% off for the first 100 users, etc.
➮ In crypto, it works similarly: ✧ But instead of discounts, there is the token emissions to boost liquidity of the token at an early stage. ✧ This model generally shows success initially, but the subsequent path of the token often ends with a significant drop. ➮ A good example might be the case with $LUNA, where unclear tokenomics and emission led to over-dilution ✧ Holders should get profits through fees, not emissions ✧ As it turned out, the start of the project was promising, but it all ended in a collapse How to avoid this?
➮ Here are a few key points, the presence of which would make such a scenario impossible: 1. High fees through emissions 2. Real users + big volumes 3. Strong token 4. The true usefulness of token This way, you won't be holding a token that is being printed like a dollars ➮ Liked this ARTICLE? I write educational CONTENT daily, so don't forget to: ✧ Follow me @Crypto PM
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In the world of cryptocurrencies, new projects pop up all the time, claiming to solve everyday problems. But a lot of them don't actually have a real purpose or practical use. It's important to be careful and choose projects that have clear goals and are likely to make a real difference in the world, rather than just following hype.
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