$PEPE Price Faces Headwinds Amid Declining Whale Activity, Breakout Uncertain
August 23, 2024, 13:00 GMT+5
$PEPE has seen a modest 11% increase over the past four days, but this uptick pales in comparison to the meme coinâs earlier performance. This sluggish growth can be attributed to diminishing interest from whale investors, which raises concerns about PEPE's viability as a worthwhile investment.
Whale activity, which has been a significant driver of PEPE's price movements, is on the decline, casting doubt on the coinâs ability to break out of its current descending wedge pattern. The lack of new investor incentives and reduced engagement from large wallet holders further dampen the prospects for a bullish breakout. Despite a positive Sharpe Ratio of 0.3, the figure remains low, suggesting that the returns on PEPE do not sufficiently compensate for the risks, making it a less attractive option for cautious investors.
Adding to these challenges, PEPE's average daily trading volume has nosedived by 60% in just a week, from $83 million to $33 million. This significant drop in trading activity could lead to increased volatility, making it harder for PEPE to sustain any potential upward momentum.
If the market sentiment does not shift, PEPE may struggle to surpass the key resistance level at $0.00001007, leaving its price trapped in the current range. However, should a positive change in investor behavior occur, there remains a chance for recovery, with a breakout potentially pushing the price towards $0.00001146, thereby challenging the bearish outlook.
#pepe⥠#BinanceLaunchpoolDOGS #CryptoMarketMoves #LowestCPI2021 #LowestCPI2021
Magic Eden to launch ME token for cross-chain trading
The ME Foundation introduces the ME token to enhance cross-chain trading, driving NFT platform expansion and DApp integration
The Magic Eden (ME) Foundation has announced the upcoming launch of the ME token, a new token designed to support Web3 consumer decentralized applications (DApps) via cross-chain digital asset trading.
According to a press release shared with Cointelegraph, the ME Foundationâs mission is to help develop the ME decentralized autonomous organization (DAO) protocols âwith community-led governance.â
The token is expected to be central to Magic Eden, a global non-fungible token (NFT) and Runes platform, which plans to be the first to officially adopt ME as its ecosystem token.
Speaking with Cointelegraph, Matt Szenics, director at ME Foundation, stated that the Foundation was âexcitedâ to introduce the new ecosystem token.
âBetween hosting the top cross-chain protocols and the upcoming Magic Eden mobile in-wallet claim, we see demand for DApps actually designed for users taking off.â
Cross-chain trading
The ME token is designed to improve the capabilities of DApps by facilitating cross-chain trading of digital assets.
Although Magic Eden started as a Solana (SOL)-based NFT platform, it now spans multiple blockchain platforms and intends to integrate the ME token to drive its ecosystemâs growth.
According to the press release, with Magic Edenâs mobile expansion and the inclusion of the ME token, users will be incentivized âto trade any asset on the biggest chains at any time.â
âAs the NFT and digital ownership ecosystem grows, other third-party DApps will continue to use these protocols and may formally adopt $ME.â
Magic Eden platform growth
The press release highlights the Magic Eden platformâs growth, stating that it âhas surpassedâ $6 billion in total trading volume and represents over 60% of all NFT revenue.
This growth can be evidenced by the platform overtaking of competitors Blur and Yuga Labs by April earlier this year.
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#KDAUSDT is currently hinting at a bullish continuation from a critical support zone at $0.40. Price follows a falling wedge pattern, and now it's gearing up to break above the descending resistance line. Internal resistance at $0.900is the next target for KDA .
If #KDAUSDT holds strong at this level, we could be on the verge of a significant bullish rally, echoing previous trends. A breakout above the key resistance at $0.900might set the stage for a run toward the next resistance zones and beyond.
However, caution is essential. If the momentum falters at this critical support, we might witness a rebound from the lower support area around $0.350â$0.400.
Shiba Inu price prediction: Whatâs next after SHIBâs 10% recovery? â analysis by AMBCrypto
Shiba Inu (SHIB)Â has seen remarkable whale interest during this weekâs recovery rally. The rally, which started on the 19th of August, reaching a 10% gain during the early New York trading session on the 22nd of August.Â
The recovery also coincided with a recent Shiba Eternity game launched on its Shibarium network. However, the recovery hit a short-term supply at the 61.8% Fibonacci retracement level.
Â
After a massive dump on the 5th of August, SHIB has traded sideways between 61.8% ($0.000014) and 78.6% ($0.000012) Fib levels.Â
The recent recovery has reached the short-term range-high at $0.000014, which could trigger another sell-off as seen in the past.Â
Meanwhile, demand and buying pressure surged, as indicated by rising RSI (Relative Strength Index) and CMF (Chaikin Money Flow).Â
However, demand interest in the dog-themed memecoin was not above the average levels at the time of writing, which could make it challenging to cross the resistance at $0.000014.Â
So, if Bitcoinâs (BTC) price consolidation below $61K extends, SHIB could follow suit. Ergo, the short-term range highs and lows could remain key SHIB levels to watch in the short term.
#shiba⥠#MtGoxRepayments #CryptoMarketMoves #PowellAtJacksonHole
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Market Anticipation Builds Ahead of Fed Chairman Powell's Jackson Hole Speech
Federal Reserve Chairman Jerome Powell is set to deliver a highly anticipated speech at the Jackson Hole economic symposium today, amidst growing concerns that the Fed may be lagging in cutting interest rates. This speech is being hailed as the "most risky speech of the year" due to its potential impact on market expectations.
- Markets are eagerly awaiting Powell's speech, which may provide insight into the Fed's future interest rate decisions.
- The likelihood of an interest rate cut in September is high, but the magnitude of the cut (25 or 50 basis points) remains uncertain.
- Powell has historically avoided providing explicit details in his Jackson Hole speeches, adding to the uncertainty.
- Market predictions suggest a 100 basis point rate cut by year-end, implying a need for a 50 basis point reduction in at least one of the upcoming meetings (September, November, or December).
- Recent employment data revisions, showing 818,000 fewer jobs created in the 12-month period ending March 2024, have increased pressure on the Fed to lower interest rates.
- Investment bank Evercore suggests Powell may leave the door open for a 50 basis point rate cut in his speech.
Market Implications:
- Powell's speech has the potential to significantly influence market expectations and volatility.
- A clear indication of future interest rate cuts could impact bond yields, stock markets, and currency exchange rates.
- The speech may also provide insight into the Fed's assessment of the current economic landscape and its implications for monetary policy.
$BNB $RARE $ALPACA
#PowellAtJacksonHole #MtGoxRepayments #Write2Earn! #CryptoMarketMoves #BTC
$DASH /USDT
**Spot and Resistance: Key Concepts in Trading**
In trading, understanding "spot" prices and "resistance" levels is crucial for making informed decisions. The spot price represents the current market price at which an asset, such as a stock, commodity, or currency, can be bought or sold. It reflects the immediate value and is essential for traders looking to execute quick transactions.
On the other hand, resistance is a technical analysis concept that refers to a price level at which an asset faces selling pressure, making it difficult for the price to rise above that point. This level is often seen as a ceiling that the asset's price struggles to break. Resistance levels are identified by observing historical price movements where the asset repeatedly fails to move higher.
Traders use these concepts together to strategize their entries and exits. When an asset approaches its resistance level, traders might choose to sell, anticipating a price reversal. Conversely, if the resistance is broken, it could signal a strong upward trend, prompting traders to buy. Understanding these concepts can help traders optimize their profits and manage risks effectively in the volatile world of trading.#BinanceLaunchpoolDOGS #MtGoxRepayments #PowellAtJacksonHole #CryptoMarketMoves #BinanceBlockchainWeek
{spot}(DASHUSDT)
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U.S. authorities have seized almost $5 million worth of Tether allegedly associated with âpig butcheringâ scams.
The Tether was stolen using cryptocurrency investment scams, and the investigation team worked with Tether for its help in transferring the assets, said the U.S. Attorney for the Eastern District of North Carolina in a statement.
âAs criminal actors continue to evolve in the world of cyber-enabled fraud, the FBI and its law enforcement partners must also evolve,â said FBI agent Robert DeWitt.
âThis cryptocurrency seizure serves as an example of the FBI adapting to the changing criminal landscape and fighting for victims of cyber-enabled fraud schemes,â warns DeWitt.
In June, the U.S. Federal Trade Commission (FTC) warned consumers of the rise in pig butchering scams or romance scams involving crypto investments.
Pig butchering is a term that originated in Southeast Asia and comes from the Chinese phrase ShÄz HĆ« PĂĄn. This catfishing-inspired scam usually involves a slow-burning long-term fraud.
#laraxen #Laraxenteam #LaraxenFamily
Vice President Kamala Harris is stepping into the crypto spotlight with a strong message of support for the industry. During a Bloomberg News roundtable at the Democratic National Convention, Harris made it clear that her administration is committed to fostering growth in the cryptocurrency space. Senior campaign advisor Brian Nelson reinforced this by confirming Harrisâs dedication to ensuring that emerging technologies like crypto continue to thrive. This move has caught the attention of the crypto community, sparking both optimism and speculation about her true intentions.
On the other hand, former President Donald Trump is already a significant player in the crypto world. His âTrump 47â fundraising committee has raised over $4 million in cryptocurrencies, and Trump has disclosed owning $5 million in crypto assets, along with $7 million from his NFTs. The contrast between Harris's fresh support and Trumpâs established presence has led to mixed reactions, with some questioning the impact of Harrisâs new stance.
Meanwhile, Elon Musk stirred the pot with an informal poll on X, asking his followers who theyâd back in the upcoming electionâTrump or Harris. The poll saw over 5.8 million responses, with Trump leading by a wide margin at 73.2%, compared to Harrisâs 26.8%. This result has only added fuel to the ongoing debate about Harrisâs influence within the crypto community and her broader political strategy.
#kamalaHarris #Write2Earn! #BinanceBlockchainWeek #TraderRai #donaldtrump
Proof-of-Ink by Gavin Wood: The tattoo that secures your Web3 privacy
The Web3 individuality mechanism will require a unique, algorithmically generated tattoo to prove digital citizenship.
Parity Technologies is launching a Web3 individuality solution, which is a crucial missing element for mainstream Web3 adoption.
The new solution, coined Proof-of-Ink, will enable users to prove their digital individuality in a privacy-preserving manner through a unique tattoo serving as proof of digital citizenship.
Proof-of-Ink is set to launch in the fourth quarter of 2024, according to Gavin Wood, the co-founder of Ethereum, Polkadot, and Kusama.
Wood announced during a keynote speech at the Web3 Conference in Berlin:
âWe are able to deploy the baseline palette and launch the app at some point this year, hopefully in the final quarter⊠We are aiming to launch the other two mechanisms next year.â
While Wood teased that one of the additional two digital identity solutions is further in development, he shared no details about their mechanics.
Mainstream adoption is crucial for any technological paradigm. Experts like Wood hope that Web3 adoption will create a more decentralized and user-centric internet, envisioned as a free public good to help humanity.
Proof-of-Ink: What we know so far
Proof-of-Ink will require these algorithmically generated tattoos in a particular place of the body to add to the solutionâs privacy element, explained Wood:
âThe place is the same for everybody. This is part of guaranteeing individuality with all of that stuff that I just talked about privacy, through the idea of a unique design, signed onchain, using a trustless entity.â
For each new user tattoo, the blockchain will generate random numbers that create the algorithmically generated designs that are unique for all users.
Users will have to spend a small balance of PolkadotÂ
DOT
$4.72
 tokens or potential vouchers that may be shared within the Web3 community before the applicationâs launch this year.Â
This will serve as a type of Sybil resistance against spam.
**Bitcoin Eyes Jackson Hole for Market Cues**
Bitcoin (BTC) hovered around intraday highs on August 23, as traders awaited the U.S. Federal Reserve's Jackson Hole symposium. The spotlight is on Fed Chair Jerome Powell's speech at 10am ET, which could signal future financial policy changes.
Markets are betting on a 100% chance of interest rate cuts starting in September, with debates on whether the cut will be 25 or 50 basis points. However, some experts, like former Fed official Lou Crandall, suggest Powell may not provide clear guidance this early.
Historically, rate cuts haven't guaranteed immediate BTC price jumps. In 2019, BTC saw a slight decline during rate cuts, only to surge later due to the COVID-19 crash and subsequent monetary easing.
Currently, BTC/USD is testing resistance at $62,000. Analysts predict a breakout to $64K-$65K if it surpasses this level, but consolidation if it fails. Traders should stay cautious and conduct their own research.
Sony, Startale Unveil Blockchain Project in Latest Web3 Foray
The Sony Corp. logo hangs at the company's headquarters in Tokyo, Japan, on Wednesday, April 28, 2021. Sony Group Corp. is expected to post an impressive profit for the fiscal year ended March, but investors are expecting the firm to deliver cautious guidance for the current year as many markets move to a post-pandemic phase. Photographer: Toru Hanai/Bloomberg (Toru Hanai/Bloomberg)
(Bloomberg) -- A joint venture between Sony Group and Startale unveiled a new blockchain built on Ethereum, according to a statement.
âą Sony Block Solutions Labs, the joint venture, announced the development of a new layer-2 blockchain named Soneium
âą Soneium aims to attract app developers spanning sectors including entertainment, gaming and finance, it said in statement
âą The project has launched a testnet through a partnership with Astar Network
âą NOTE: Sony Rebrands Crypto Business It Purchased From Amber Last Year
BTC Dominance - Altcoins What's The Connection ?
Who remembered this ?? đ 20 Days ago I warned about BTC.D check the chart and previous update.
Perfect Predicted hit 37.50 and dumping/ soon breakdown this rising wedge then Altcoins will flying... đđż
If you've been explorimg the crypto world for a bit, youâve probably heard people talking about âBTC dominance.â But what does it mean, and how does it affect altcoins? Letâs talk about this & explore this connection with Altcoins!!
Before we start let's show me your support by cast your voteđ.
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What is BTC Dominance?
BTC dominance is a measure of how much of the total cryptocurrency market value (market cap) is made up of Bitcoin. When BTC dominance is high, it means Bitcoin is holding a larger share of the total market compared to other cryptocurrencies, known as altcoins (alternative coins)
How BTC Dominance Affects Altcoins?
1ïžâŁ When BTC Dominance Increases:
As BTC dominance rises, altcoins often struggle to gain value. Investors may be selling altcoins to buy more Bitcoin, causing altcoin prices to drop or stay stagnant.
2ïžâŁ When BTC Dominance Decreases:
A decrease in BTC dominance might mean that altcoins are gaining popularity. Investors could be moving their money from Bitcoin into altcoins, which can drive altcoin prices up.
3ïžâŁ Market Cycles:
Sometimes, we see shifts in dominance depending on the market cycle. For example, during a âbull marketâ (when prices are generally rising), altcoins might see huge gains as investors look for higher returns outside of Bitcoin now it time to bull market đ?
Bitcoin is currently dancing between $60K and $62K, setting the tone for the entire crypto market. With altcoins likely to mirror Bitcoinâs cautious moves, itâs a time of watchful waiting for many traders. This is the kind of moment where the market holds its breath, waiting to see which way the winds will blow.
Market Pulse:
1. Bitcoinâs tightrope walk: Hovering in the $60K-$62K range, Bitcoin is in a consolidation phase. Itâs neither soaring nor sinking, leaving traders on edge as they await the next big move.
2. Altcoins following the lead: As Bitcoin sets the pace, altcoins are likely to move sideways too, lacking clear direction until Bitcoin breaks out of its current pattern.
3. Sentiment check: The current lack of strong momentum suggests weâre in a choppy market phase, with reduced trading volumes and no clear trend.
What to Watch:
- Bitcoinâs next leap: A push above $62K or a dip below $60K could trigger major shifts, pulling the rest of the market along with it.
- Altcoin behavior: Keep an eye on whether altcoins continue to mimic Bitcoinâs moves or start to chart their own courseâthis could signal a change in market dynamics.
#Write2Earn! #TraderRai #CryptoMarketMoves #BinanceBlockchainWeek #CryptoWatchMay2024
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What you need to know before Fed
chairman Powell's speech today.
Markets await Fed chairman Jerome
Powell's speech at Jackson Hole. It is
described as "the most risky speech of the
year".
This talk will take place in an environment
where concerns that the Fed is late for
interest rate cuts are growing and this
situation is increasing the pressure on the
Fed. According to the Washington Post,
Powell will give the riskiest speech of the
year.
Whether the Fed will cut interest rates in
September is no longer a question. What is
not known is whether this interest rate
reduction will be 25 or 50 basis points.
Powell avoided giving important details in
his past Jackson Hole speeches. While
Fed president can give messages that an
interest rate cut will be made in
September, he can stay away from hinting
about the size of the cut.
As of today, the markets predict that the
Fed will reduce interest rates by 100 basis
points by the end of the year. We have
three meetings ahead of us, September,
November and December. Therefore, in
order for the market to be expected, a
discount of 50 basis points is required in
one of these meetings. Fed officials, on
other hand, have closed the door to this
possibility in their speeches so far.
#MtGoxRepayments #PowellAtJacksonHole