The Dogecoin price experienced a significant drop this week, sliding down more than 20% at times, from a peak of $0.1321 on Saturday to a low of $0.1026 by Tuesday. Despite this decline, on-chain metrics and expert analysis suggest a potentially bullish future for the popular meme coin.

Dogecoin Price Remains Bullish

On-chain analytics firm Santiment has provided a detailed breakdown of Dogecoin’s activity via X today, indicating robust participation from large-scale holders, known as whales, in the cryptocurrency’s network. “Dogecoin has retraced -18% from its top back on Saturday. But on-chain activity indicates that whales may not be done with all the bullish momentum of crypto’s top meme coin. Though they took profit just before the top, their activity remains very high on DOGE’s network,” Santiment reported.

The analytics firm also highlighted a surge in Dogecoin’s network activity, noting that Dogecoin just hit a 7-month high in address activity and 4-month high in whale transactions while retail transactions jumped out on the price dip.

Over the last three days, 63,689 DOGE addresses have transferred coins which marks the largest stretch since April 2-4. Moreover, 1,203 whale transactions (>$100,000) preceded the local Dogecoin price top on September 28th. This marks the highest whale activity since May 26-28.

Crypto analyst Ali Martinez highlighted the massive activity within the network via X. Martinez stated: “The Dogecoin network is experiencing significant growth! Over the past week, there’s been a 72% increase in new DOGE addresses, and just yesterday alone, 19,630 new DOGE addresses were created!”

The crypto analyst further bolsters the bullish sentiment surrounding Dogecoin with a technical analysis. Martinez points out that DOGE might be nearing a MACD bullish crossover on the weekly chart, a potential indicator of upcoming price increases. “The last two times Dogecoin DOGE had a MACD bullish crossover on the weekly chart, it rallied 90% and 180%, respectively. A new MACD bullish crossover could be forming soon!” he explained.

The MACD, or Moving Average Convergence Divergence, is a crucial tool in technical analysis. It consists of two lines: the MACD line, which is the difference between the 26-period and 12-period exponential moving averages (EMAs), and the signal line, which is the 9-period EMA of the MACD line. A bullish crossover, where the MACD line crosses above the signal line, typically signals a shift from a bearish to a bullish market trend, often interpreted as a buy signal.

Another renowned crypto analyst, Luciano, has pointed to a breakout from a descending channel on the daily chart. He advises his 2.2 million followers on X: “DOGE has had a decent run in recent times and looks like this will continue. In my opinion dips are for buying and DOGE will have a spectacular season this cycle. DYOR – NAFA”

At press time, DOGE traded at $0.1087.

Source: NewsBTC.com

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Bonk continues its bullish rally as ‘Uptober’ begins, sparking a bullish sentiment among investors after the recent fear of a major pullback. The memecoin sensation kickstarted its Q4 journey positively, reclaiming crucial levels, with investors and crypto analysts forecasting a green weekly close.

BONK Closes Q3 With 13% Surge

Bonk has seen a remarkable performance throughout the past two weeks, jumping 60% since September 15. The memecoin broke above the multi-month downtrend line after successfully reclaiming the $0.000022 resistance level last Friday, registering a 38% surge in the past week.

Additionally, the dog-themed sensation closed the month 48% above its opening price, revisiting levels before August’s Black Monday. The token also saw a 13% increase from its Q3 opening, trading around $0.000025 as October started.

This bullish price action propelled BONK’s price above $0.000026 momentarily before retracing back the $0.000024 support level, which some considered an extremely bullish signal for the token’s future price action.

According to crypto trader Astekz, BONK’s monthly reclaim meant that “any consolidation” above the breakout level is “giga bullish.” Moreover, the token had a 13% increase in daily market activity in the past day, registering a daily trading volume of $795.3 million.

Is A ‘Turbo Green Week’ In The Making?

Crypto analyst Bluntz noted that, alongside all the strong memecoins, BONK had a “swift” recovery from the weekly dip following a “perfect abc pullback.” This performance put the memecoin “in prime position for a turbo green week,” which he further predicted after its Monday performance.

To Bluntz, BONK is close to a breakout after spending three days of sideway moves. Additionally, the token reclaimed the 200-day Moving Average (DMA), which had been sitting above it for the past day.

The trader considered that the token’s next parabolic run could be “sustained” and target the $0.000035 resistance level soon. Other market watchers echoed this sentiment, highlighting BONK’s strength throughout the recent dips.

Another analyst noted that the memecoin has moved within a large symmetrical triangle since its March all-time high (ATH). The trader detailed that the token’s price is moving closer to the pattern’s resistance since forming a triple bottom at $0.000016.

A breakout from the multi-month pattern could send the token’s price to a potential 70% rally toward the previous ATH of $0.000045. Additionally, some investors believe that the cryptocurrency could be positively affected by the market’s general performance this “Uptober.”

Last October, the cryptocurrency started a massive rally that shredded two zeros from the token’s price, closing Q3 2023 at $0.00014, a 6,900% surge. However, the BONK registered a price decline in the last few hours following Bitcoin’s dip to $62,000.

As of this writing, the memecoin is trading at $0.00023, a 2.9% drop in the daily timeframe.

Source: NewsBTC.com

The post Bonk ‘In Prime Position For Turbo Green Week’ As Price Recovers Key Level appeared first on Crypto Breaking News.

Ripple’s XRP token amassed close to $1 billion in open interest over the weekend, while its price hovers around $0.61 at press time, data from CoinGlass shows.

What’s Different About XRP Price Action?

While the top two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have been down 1.5% and 2.3% over the past week, XRP has been up 4.1% during the same period. Several factors could explain XRP’s counter-trend price action.

For example, digital asset manager Grayscale Investments recently launched a closed-end XRP Trust in the US, enabling institutional investors to gain exposure to one of the top ten cryptocurrencies by reported market cap.

Grayscale’s Trust surged by more than 11% within a week, hinting at strong institutional demand for the seventh largest crypto-asset. 

The launch of the Trust has also fuelled speculations about the potential approval of an XRP exchange-traded fund (ETF) shortly. If the US Securities and Exchange Commission (SEC) approves an XRP-based ETF, it would become only the third digital asset with its own ETF.

Another key development in the Ripple ecosystem is the anticipated launch of its USD-pegged stablecoin, RLUSD. Currently, crypto analysts on X are closely watching the stablecoin in private beta testing on both the XRP and Ethereum networks.

According to a recent update, 480,000 RLUSD was minted at RLUSD Treasury, signaling active development of the stablecoin before its integration into Ripple’s services, including its cross-border payment products. The stablecoin can also be used in decentralized finance (DeFi) protocols across blockchains.

Implications Of Rising Open Interest

Data from CoinGlass indicates that open interest in XRP surged to more $1 billion over the weekend before it tumbled to roughly $945 billion at press time. Spot trading volume in the last 24 hours stands slightly above $2 billion.

A rise in open interest typically indicates increased market activity, suggesting that more contracts are being opened. This may signal expectations of a price move in either direction, depending on the prevailing market sentiment. Notably, XRP’s open interest was last recorded around the $1 billion mark in March 2024.

As for price action, crypto analysts have divided opinions on XRP. Ripple Labs’ recent legal victory over the SEC provided optimism for the altcoin bulls, with one analyst predicting that if the token overcomes key resistance levels, it could surge to between $16 and $20.

Meanwhile, another crypto analyst, Carl Runfelt, highlighted a multi-year bullish triangle pattern on the token’s chart. He noted that if XRP breaks the pattern and goes parabolic, it could rise by more than 200% within weeks.

On the contrary, XRP’s inability to break through the $0.60 resistance level decisively could lead the token to retest the $0.55 support level. XRP trades at $0.61 at press time, down 1.6% in the past 24 hours.

Source: NewsBTC.com

The post XRP Open Interest Climbs To $1 Billion: What’s Driving Interest In The Token? appeared first on Crypto Breaking News.

Dogecoin extended losses and traded below $0.1120 against the US Dollar. DOGE is now stable above $0.100 and attempting a rebound.

DOGE price started another decline below the $0.1150 and $0.1120 levels.

The price is trading below the $0.1120 level and the 100-hourly simple moving average.

There is a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair (data source from Kraken).

The price could start another increase if it clears the $0.1120 and $0.1175 resistance levels.

Dogecoin Price Trims Gains

Dogecoin price failed to continue to higher above the $0.1320 resistance zone. DOGE formed a high at $0.1320 and started a downward move like Bitcoin and Ethereum.

There was a move below the $0.1200 and $0.1150 levels. The price even dipped below the $0.1120 support. A low was formed at $0.1025 and the price is now consolidating losses. There was a minor increase above the $0.1060 level.

Dogecoin price is now trading below the $0.1150 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1095 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low.

The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward the $0.1175 resistance. There is also a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair.

The trend line is close to the 50% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low. Any more gains might send the price toward the $0.1200 level. The next major stop for the bulls might be $0.1320.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1095 level, it could start another decline. Initial support on the downside is near the $0.1060 level. The next major support is near the $0.1050 level.

The main support sits at $0.100. If there is a downside break below the $0.100 support, the price could decline further. In the stated case, the price might decline toward the $0.0950 level or even $0.0880 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1060 and $0.1000.

Major Resistance Levels – $0.1095 and $0.1120.

Source: NewsBTC.com

The post Dogecoin (DOGE) Falls to Support: Can It Avoid a Breakdown? appeared first on Crypto Breaking News.

XRP price extended losses and tested the $0.5785 support level. The price is now attempting a fresh increase and facing hurdles near $0.620.

XRP price declined further below the $0.6120 zone.

The price is now trading below $0.6250 and the 100-hourly Simple Moving Average.

There is a key bearish trend line forming with resistance at $0.6220 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair could start a fresh increase if it clears the $0.6220 and $0.6250 resistance levels.

XRP Price Eyes Fresh Increase

XRP price extended its decline below the $0.6320 level like Bitcoin and Ethereum. The price even declined below the $0.6000 support zone.

A low was formed at $0.5782 and the price is now consolidating losses. There was a minor move above the $0.6000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6640 swing high to the $0.5782 low.

The price is now trading above $0.6250 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.6220 level. There is also a key bearish trend line forming with resistance at $0.6220 on the hourly chart of the XRP/USD pair.

It is close to the 50% Fib retracement level of the downward move from the $0.6640 swing high to the $0.5782 low. The first major resistance is near the $0.6250 level.

The next key resistance could be $0.6320. A clear move above the $0.6320 resistance might send the price toward the $0.6500 resistance. Any more gains might send the price toward the $0.6640 resistance or even $0.6800 in the near term.

More Losses?

If XRP fails to clear the $0.6250 resistance zone, it could continue to move down. Initial support on the downside is near the $0.600 level. The next major support is near the $0.5920 level.

If there is a downside break and a close below the $0.5920 level, the price might continue to decline toward the $0.5780 support in the near term. The next major support sits near the $0.5650 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.5920 and $0.5780.

Major Resistance Levels – $0.6220 and $0.6250.

Source: NewsBTC.com

The post XRP Price Fights to Regain Momentum: Will It Break Through?? appeared first on Crypto Breaking News.

On-chain data shows Shiba Inu is among the altcoins that have enjoyed a sharp uptick in interest from the whales over the past week.

Shiba Inu Whale Transaction Count Has Just Seen A Massive Surge

In a new post on X, the on-chain analytics firm Santiment has discussed about the trend in the Whale Transaction Count for various top altcoins. The “Whale Transaction Count” here refers to an indicator that keeps track of the total amount of transfers happening on a given network that are carrying a value of at least $100,000.

Transactions of this scale are typically associated with the whale entities, so this indicator’s value tells us about what the activity from these large investors is like at the moment. When the value of this metric is high, it means the network is handling a high number of large transactions right now. Such a trend implies the whales have an active interest in trading the coin.

On the other hand, the indicator being low implies the whales may not be paying much attention to the cryptocurrency as they are not making too many transfers.

Now, here is a table that shows the ranking of the digital assets with at least a $2 billion market cap based on the latest weekly change in their Whale Transaction Count:

As is visible above, Injective (INJ), Wrapped Bitcoin (WBTC) on the Optimism blockchain, and Shiba Inu (SHIB) have been the top three coins in terms of this metric over the past week. Compared to one week ago, the indicator is up 455% for INJ, 420% for WBTC, and 360% for SHIB. These values are all clearly very significant, suggesting that the whales have shown a huge burst of activity on these networks.

The rest of the coins on this list have also enjoyed a notable increase in whale activity during this window, but there is a large gap between them and the top three. While Shiba Inu isn’t number one, its surge in the Whale Transaction Count may still be the most impressive, considering that a coin like Injective is much smaller in market cap. Large coins generally already have significant whale activity, so room for percentage growth tends to be relatively small, which may be why some of the popular names are absent from the list.

The other two major memecoins, Dogecoin (DOGE) and Pepe (PEPE), are also present on this list, but Shiba Inu has left them in the dust as they have only witnessed Whale Transaction growths of 109% and 66%.

Generally, it’s hard to say anything about whether the indicator being high is bullish or bearish for an asset, since it only tells us about the total number of whale transfers and nothing about the split between buy and sell moves.

That said, the Whale Transaction Count being high does usually correspond to higher volatility. In Shiba Inu’s case, the coin’s price has surged recently, implying that the burst of whale activity may have been tending towards buying so far.

SHIB Price

At the time of writing, Shiba Inu is trading around $0.0000180, up more than 23% over the past week.

Source: NewsBTC.com

The post Shiba Inu Leads Whale Frenzy: Large SHIB Transfers See Massive 360% Spike appeared first on Crypto Breaking News.

Ethereum price is gaining pace below the $2,550 resistance. ETH is now trading above $2,500, but it might struggle to recover above $2,550.

Ethereum started a downside correction below the $2,550 zone.

The price is trading below $2,520 and the 100-hourly Simple Moving Average.

There is a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must stay above the $2,420 support to start a fresh increase in the near term.

Ethereum Price Dives 5%

Ethereum price remained in a bearish zone and extended losses below the $2,600 level. ETH traded below the $2,550 support to enter a bearish zone like Bitcoin. There was also a move below the $2,500 level.

A low was formed near $2,413 and the price is now consolidating losses. There was a minor increase above the $2,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low.

Ethereum price is now trading below $2,520 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,520 level. There is also a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD.

The first major resistance is near the $2,535 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. The next key resistance is near $2,550.

An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.

More Losses In ETH?

If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is near the $2,440 level. The first major support sits near the $2,420 zone.

A clear move below the $2,420 support might push the price toward $2,350. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,420

Major Resistance Level – $2,550

Source: NewsBTC.com

The post Ethereum Price Extends Losses: Is The Downtrend Set to Continue? appeared first on Crypto Breaking News.

Bitcoin price started a fresh decline below the $63,500 level. BTC is now consolidating above $60,000 and might face many hurdles on the upside.

Bitcoin is down over 5% from the $65,000 resistance zone.

The price is trading below $63,500 and the 100 hourly Simple moving average.

There is a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start another increase if it stays above the $60,500 support zone.

Bitcoin Price Takes Hit

Bitcoin price started a fresh decline from the $65,000 resistance. BTC broke the $64,000 and $63,500 support levels to move into a short-term bearish zone.

The price even dipped below $61,500. A low was formed at $60,281 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.

Bitcoin is now trading below $62,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,650 level. The first key resistance is near the $62,500 level. There is also a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair.

A clear move above the $62,800 resistance might send the price higher. The next key resistance could be $63,200. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.

A close above the $63,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $62,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,000 level.

The first major support is near the $60,500 level. The next support is now near the $60,000 zone. Any more losses might send the price toward the $58,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,500, followed by $60,000.

Major Resistance Levels – $61,650, and $62,800.

Source: NewsBTC.com

The post Bitcoin Price Falls To $60K: Is A Rebound Possible? appeared first on Crypto Breaking News.

Fenbushi Capital, a blockchain-centric venture capital (VC), appears to be cashing out after moving four tokens, including Aave (AAVE) and Compound (COMP), to Binance. The VC is moving these tokens to the exchange, possibly to sell and lock in their profits or cut losses when market participants expect prices to tick higher.

Fenbushi Capital Cashing Out? Sends AAVE, UNI, SNT, and COMP Tokens To Binance

After the series of lower lows after crypto prices peaked, mainly in Q1 2024, the consensus is that Bitcoin and Ethereum prices are ready to turn the corner. If Bitcoin breaches $70,000 and Ethereum soars above $3,000, shaking off recent weakness, they could lift other less liquid altcoins, including those Fenbushi chose to send to Binance.

According to on-chain data, the VC transferred 146,537 UNI worth $1.12 million, over 10.1 million SNT worth $244,000, 10,681 COMP worth $510,000, and 11,616 AAVE worth $1.89 million, to Binance. The VC secured over $1.20 million in profits, assuming they sold all these tokens at spot rates.

Of all these tokens, their AAVE holdings has seen them gain over $1.1 million in profits. However, at spot rates, they are in red from their COMP holdings. COMP is the native governance token of Compound, a lending protocol.

 

Fenbushi received these tokens nearly two years ago, in 2022, months after most of them had soared to record highs in the last DeFi and NFT-driven bull run. When writing, no statement from Fenbushi explained their decision to transfer most of these DeFi tokens to the exchange.

DeFi Rising And Protocols Building: Wrong Timing To Exit?

Whenever coins are moved to a centralized exchange could signal weakness and be seen as bearish. However, considering the current crypto sentiment, Fenbushi’s raises eyebrows and could slow down the uptrend.

According to DeFiLlama, the total value locked (TVL) across DeFi protocols is over $88 billion. At spot rates, TVL is up by over 100% from 2022 lows of around $36 billion.

Out of this, Aave, Uniswap, and Compound are some of the largest platforms. Aave manages over $12.7 billion of assets, while Uniswap controls over $4.8 billion.

Beyond the sharp uptick in total DeFi TVL, these protocols are also actively building. Uniswap, the decentralized exchange, plans to release its v4 in the coming months, while Aave actively attracts new users. By late September, the lending app had received close to $20 billion in user deposits, cementing its position in DeFi.

Source: NewsBTC.com

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Fenbushi Capital, a blockchain-centric venture capital (VC), appears to be cashing out after moving four tokens, including Aave (AAVE) and Compound (COMP), to Binance. The VC is moving these tokens to the exchange, possibly to sell and lock in their profits or cut losses when market participants expect prices to tick higher.

Fenbushi Capital Cashing Out? Sends AAVE, UNI, SNT, and COMP Tokens To Binance

After the series of lower lows after crypto prices peaked, mainly in Q1 2024, the consensus is that Bitcoin and Ethereum prices are ready to turn the corner. If Bitcoin breaches $70,000 and Ethereum soars above $3,000, shaking off recent weakness, they could lift other less liquid altcoins, including those Fenbushi chose to send to Binance.

According to on-chain data, the VC transferred 146,537 UNI worth $1.12 million, over 10.1 million SNT worth $244,000, 10,681 COMP worth $510,000, and 11,616 AAVE worth $1.89 million, to Binance. The VC secured over $1.20 million in profits, assuming they sold all these tokens at spot rates.

Of all these tokens, their AAVE holdings has seen them gain over $1.1 million in profits. However, at spot rates, they are in red from their COMP holdings. COMP is the native governance token of Compound, a lending protocol.

 

Fenbushi received these tokens nearly two years ago, in 2022, months after most of them had soared to record highs in the last DeFi and NFT-driven bull run. When writing, no statement from Fenbushi explained their decision to transfer most of these DeFi tokens to the exchange.

DeFi Rising And Protocols Building: Wrong Timing To Exit?

Whenever coins are moved to a centralized exchange could signal weakness and be seen as bearish. However, considering the current crypto sentiment, Fenbushi’s raises eyebrows and could slow down the uptrend.

According to DeFiLlama, the total value locked (TVL) across DeFi protocols is over $88 billion. At spot rates, TVL is up by over 100% from 2022 lows of around $36 billion.

Out of this, Aave, Uniswap, and Compound are some of the largest platforms. Aave manages over $12.7 billion of assets, while Uniswap controls over $4.8 billion.

Beyond the sharp uptick in total DeFi TVL, these protocols are also actively building. Uniswap, the decentralized exchange, plans to release its v4 in the coming months, while Aave actively attracts new users. By late September, the lending app had received close to $20 billion in user deposits, cementing its position in DeFi.

Source: NewsBTC.com

The post Is This VC Cashing Out? Moves UNI, COMP, AAVE, And SNT Tokens To Binance appeared first on Crypto Breaking News.

Recently, a CryptoQuant analyst using the pseudonym “datascope” provided insight into the relationship between Bitcoin price and the Long/Short Volume to Open Interest Ratio.

According to the analyst, this ratio is a key metric for understanding market behavior and investor sentiment, making it a valuable tool for predicting potential price trends.

The Long/Short Ratio And Its Role In Market Sentiment

As investor sentiment shifts between optimism and pessimism, the Long/Short ratio measures the balance of the market’s long (buy) and short (sell) positions.

The dynamic ratio indicates the prevailing sentiment—whether the market expects the price to increase or decrease. Understanding these signals is crucial as it can hint at potential price movements and market turning points.

To further understand the concept behind this indicator, the CryptoQuant analyst elaborated, noting:

The Long/Short ratio indicates the distribution of long and short positions held by investors. A high Long ratio means that investors generally expect a price rise, indicating positive sentiment, while a high Short ratio suggests expectations of a price decline.

Analyzing Bitcoin’s historical data, datascope pointed out how the ratio correlates with price changes. The chart provided in the analysis showed Bitcoin’s price trajectory, represented by a white line, along with the Long/Short ratio indicated by green and red lines.

The analyst used Red and green boxes to highlight periods of extremely long or short positions, providing a visual representation of when market sentiment reached heightened levels of either optimism or fear.

These extreme positions often serve as indicators for potential price reversals. For instance, when the ratio shows excessive long positions (highlighted in red boxes), it may signal that market optimism is too high, often leading to corrections as overly confident investors trigger a sell-off.

On the other hand, a rise in short positions (highlighted in green boxes) may suggest that fear and pessimism have peaked, often marking a turning point for a price recovery.

Current Bitcoin Market Shifts Using The Long/Short Ratio

According to the chart shared by Datascope, so far, Bitcoin’s long positions now appear to be excessive, thereby signaling a potential reversal to the downside.

However, datascope mentioned that it is essential to approach this ratio with caution. The analyst emphasized that although the Long/Short ratio is a powerful tool for understanding market sentiment, it should not be relied upon in isolation.

The CryptoQuant analyst concluded:

Investors should use market sentiment alongside other technical indicators for more reliable signals, as relying solely on this ratio can be misleading.

Featured image created with DALLE, Chart from TradingView

Source: NewsBTC.com

The post Is Bitcoin On The Brink Of A Reversal? Here’s What This Key Indicator Suggests appeared first on Crypto Breaking News.

Cardano has seen a strong 26% surge following the Federal Reserve’s interest rate cuts announcement two weeks ago, boosting optimism across the crypto market. 

Analysts and investors are questioning the sustainability of the recent surge. Despite the initial rally, Cardano’s price failed to close above a key resistance level, signaling potential weakness in the uptrend.

On-chain data from Santiment reveals a decline in demand for ADA, adding to investor caution. Decreased network activity and buying pressure raise doubts about the sustainability of the current rally. 

As the market awaits further developments, investors are closely watching for signs of a reversal or continuation of the uptrend, understanding that ADA’s next move could set the tone for its performance in the weeks ahead.

Cardano Indicator Shows Concerning Data

Cardano faces a significant risk of a 30% drop to its yearly low of around $0.27, as on-chain data from Santiment reveals rising selling pressure and diminishing demand. 

The warning signs for ADA’s price have become clearer, with its daily active-address (DAA) divergence showing a negative reading of -43.3% at the time of writing. This metric, which tracks the correlation between an asset’s price movements and changes in its daily active addresses, has remained negative since September 7, indicating a troubling trend for Cardano.

The negative DAA divergence suggests that much of ADA’s rally this month, following the Federal Reserve’s interest rate cuts, has been fueled more by broader market sentiment than by any specific demand for ADA itself. This lack of organic demand increases the likelihood of a steep correction shortly.

Without sustained buying pressure, Cardano’s price could drop sharply as traders begin to lock in profits, further driving prices downward.

If ADA fails to break above its current resistance level of around $0.41, analysts expect a deeper correction, potentially pushing the price back to the yearly low of $0.27. With weakening demand and increasing selling pressure, Cardano’s near-term outlook looks uncertain, and traders are bracing for further downside risk.

ADA Price Action: Testing A Crucial Supply Level

ADA trades at $0.38, following a 10% dip from its daily 200 exponential moving average (EMA) at $0.41. This level has become a crucial resistance area, as the price formed a new local high around this zone.

ADA must reclaim the $0.41 level and push above the next key resistance at $0.45 to confirm a bullish trend for the coming weeks. Successfully breaking past these levels would signal renewed strength, giving the bulls control and potentially leading to higher prices.

However, if ADA fails to push above these critical levels, the altcoin could face further downside pressure. A failure to reclaim $0.41 and surpass $0.45 would likely result in increased selling, triggering a potential 30% drop. In such a scenario, ADA would be at risk of revisiting its yearly low of around $0.27. 

Given the current market uncertainty and declining demand, traders are carefully watching ADA’s price movements, as the next few days could be pivotal for determining whether a bullish breakout or a deeper correction is on the horizon.

Featured image from Dall-E, chart from TradingView

Source: NewsBTC.com

The post Cardano (ADA) Faces Risk Of 30% Drop – On-Chain Metrics Confirm A Slow Demand appeared first on Crypto Breaking News.

With the start of the highly anticipated Uptober here, market experts have been super bullish on the Bitcoin future outlook. In line with this, a crypto analyst has identified a major catalyst that could propel Bitcoin to new all-time highs (ATHs) in the Fourth Quarter (Q4) of 2024. 

Bitcoin Sets Sights On New ATH In Q4

Bitcoin has been on a roll these past few days, with its price skyrocketing towards the end of September after experiencing a decline earlier. The cryptocurrency has been confirming analyst’s predictions of a bullish Q4 with its recent price movements. 

According to CoinMarketCap’s data, Bitcoin rose by about 1.03% in the past seven days, ending September on a bullish note. Given the cryptocurrency’s positive momentum in September, crypto analyst, Eric Crown has predicted on X (formerly Twitter) that Bitcoin could rise to new all-time highs in Q4. 

Crown has based his predictions on the historical performance of Bitcoin, particularly focusing on the months following September. He disclosed that historically, whenever Bitcoin closed a green September, it followed up with a bullish trend in Q4 every single time. 

Following this trend, Crown has surmised that Bitcoin closing September in the green was a major catalyst for a bullish surge. As a result, he predicts that the average return for Bitcoin in this current Q4 would be close to 170.42%.

If a few major “outliers” are removed, a modest return of 50% would be a more realistic expectation of potential gains. Calculating Bitcoin’s projected price using these percentage returns would see the cryptocurrency rising to $173,344 with a 170.42% return and $96,153 with a 50% return. 

While he remains generally bullish on Bitcoin’s price outlook, Crown has also disclosed in a more recent X post that the month of October has generally seen low momentum in Bitcoin during the first 10 days. This analysis is also evident in Bitcoin’s current price which has declined today by 0.69% and is trading at $63,976, as of writing. 

Considering this trend, Crown has projected that Bitcoin is likely to witness a price low at the beginning of the month, before starting its projected bullish rally to new highs.  

Analysts Confirm Green Q4 For BTC

According to crypto analyst Kaizen, Bitcoin’s price performance in October from 2013 to 2023 was 80% in the green. The analyst also disclosed that during every United States (US) election year, the months of Q4 were 100% green. Moreover, each year after Bitcoin closed positively in September, it always had a green October. 

Following this recurring historical trend, Kaizen notes that this Q4 could be extremely bullish for Bitcoin. He highlighted that not only is 2024 an election year, but Bitcoin has recently closed the month of September on a positive trend, as a result the cryptocurrency could be gearing up for a major rally. 

Source: NewsBTC.com

The post Major Catalyst That Could Drive Bitcoin To New ATH In Q4 Emerges appeared first on Crypto Breaking News.

What We’re Reading: HODL15Capital

Follow Nikolaus On X Here

For the past few weeks I have been keeping up with HODL15Capital on X, who has done a tremendous job at posting some of the quickest incoming market data regarding the U.S. spot Bitcoin ETFs. Recently, there have been two charts in particular he has posted that have caught my eye.

Nine months ago, the SEC approved spot Bitcoin ETFs for trading, and since then, the ETFs have seen huge inflows during eight out of those nine months. Since their inception, these ETFs have seen inflows of 312,488 BTC while miners have only created 169,942 new bitcoin.

Number of Bitcoin purchased by #Bitcoin ETFs each month$IBIT $FBTC $GBTC $ARKB $BITB $HODL $BRRR $EZBC $BTCW pic.twitter.com/mpeurOCUcR

— HODL15Capital (@HODL15Capital) October 1, 2024

These ETFs have been the fastest growing ETFs in history, like BlackRock CEO Larry Fink stated, with no real signs of slowing down, especially as we head into a period of time that has been historically bullish for Bitcoin. 

These ETFs are gobbling up all the available BTC leaving many thinking: Who could possibly be selling right now? And according to HODL15Capital, it appears to be smaller BTC holders, selling directly into the hands of the ETFs and institutions.

Small Bitcoin holders continue to sell to ETFs and $MSTR pic.twitter.com/hV42fDVlps

— HODL15Capital (@HODL15Capital) September 26, 2024

We’re seeing state pension funds, large institutions, wealthy investors and other major players buy and hold shares of these ETFs. Even ETF issuers like BlackRock are buying shares of its own Bitcoin ETF for their other funds. Long story short, I’m seeing smart money pouring into this asset class and, while that is great for the price of BTC, it pains me to watch smaller holders sell their bitcoin directly to the institutions.

Holding Bitcoin over the long term has been proven to be one of the best ways to build wealth. This is a real chance for those interested in investing for their future, who may not currently have proper savings, to start building up wealth in a sovereign way by accumulating BTC and holding the keys to their coins. Instead, these coins are being mostly “locked up” in these ETFs, where those who buy them can only redeem their shares for US dollars and don’t experience the benefits of the attributes that make bitcoin so unique (e.g, freedom to transact globally without permission from a third party).

Based on this data, I fear many of these smaller bitcoin holders are letting a great opportunity to build wealth via holding BTC slip through their fingers. Also, buy not buying bitcoin directly and holding it in self-custody, as opposed to purchasing shares of the ETFs, investors are missing out on what it truly means to own censorship resistant sovereign money. Such a feeling often has the effect of making investors hold bitcoin for the long-term as opposed selling in the short-term based on fear.

The smart money knows exactly what opportunity is here, and they don’t care too much about the freedom aspects of Bitcoin. They’re just filling their BTC bags in a vehicle that suits them better. 

Cheap BTC does not last forever. Major players will continue scooping up huge swaths of shares of the ETFs as we hit a new all time highs and beyond. If there’s one thing I leave you with today: Don’t sell your BTC to the corporations, and hold the keys to your coins.

Source: Bitcoin Magazine

The post NIKOLAUS: Retail Keeps Selling Bitcoin to ETFs, Don’t Sell Your BTC To Whales appeared first on Crypto Breaking News.

XRP is back in the limelight once again, catching a rising tide of bullish vibes in the cryptocurrency marketplace. The token went steadily up last week but managed to make an even bigger leap over the weekend.

This resulted in an increase in its value by a whopping 13%. The price jumped from $0.5889 to $0.6622 and reached a six-month high. Quite a lot of buzz has been seen in the crypto world, and the community feels this rally might just be the beginning for Ripple’s native currency.

While the rest of the crypto market has cooled down a bit, XRP continued in its movement and was greatly noticed by investors and traders. Despite having pulled back a bit, the token still remains strong and is trading at $0.6518 at the time of writing.

According to CoinCodex, a cryptocurrency analysis tool, XRP will continue its bullish path and gain by around 19.60% in the coming quarter. On the basis of this optimistic outlook, which reflects growing market confidence in the token, the price may reach $0.743019 by the 31st of October in the year 2024.

Big Things Coming For XRP

Well-known trader Anup Dhungana recently hyped up the excitement with his statement that XRP may be set to see some major price actions in the coming months. On X (formerly Twitter), he said he believes that XRP is placed for a proper breakout.

Big things could be happening for $XRP soon!#XRPHolders https://t.co/XHAaVRwXwB pic.twitter.com/QM7ChskTNv

— Anup Dhungana (@CryptoAnup) September 29, 2024

According to Dhungana’s research, the coin might reach the $3 mark in the midterm—a price level XRP has not seen in almost seven years.

Other experts shared Dhungana’s enthusiasm and projected XRP would reach $3 before Christmas. The token would have to skyrocket 360% from its present value if such is to occur. More analysis, however, holds the belief that the $3 mark will not be a top but a new floor to continue the move upwards into 2025.

Price Forecast Points To Growth

Technical study supports XRP’s forecast. CoinCodex predicts a 20% growth by October, boosting hope on this platform. XRP has had 16 of 30 green days in a month, demonstrating momentum.

Given a Fear & Greed Index of 50, which denotes a neutral market attitude, there is possibility for more consistent development as the market negotiates its present state.

In addition, the price volatility for XRP has been pretty low in the last 30 days at 4.80% and thus traders have chances to gain from slight fluctuations in prices. Such moderate volatility paired with increasing market confidence highlights the perspective on long-term developments.

Featured image from Moneycontrol, chart from TradingView

Source: NewsBTC.com

The post Could XRP See A 360% Surge By Christmas? Experts Think So appeared first on Crypto Breaking News.

XRP tests a crucial supply level after days of choppy price action, showing signs of strength as it prepares for a potential breakout. The price has surged approximately 13% since Friday, putting it within striking distance of the key psychological level at $0.65. Reclaiming this level would signal the start of a new bullish cycle and renewed market optimism.

Analysts and investors closely watch this price movement, hoping XRP will break above $0.65 in the coming days. With the broader crypto market pushing for higher prices, there is a growing sentiment that XRP will follow suit and continue its upward trend.

If momentum continues, surpassing this level could set the stage for a more significant rally, with expectations of new highs. 

However, failure to break through could lead to further consolidation or even a retracement. The next few days will be pivotal for XRP as it attempts to solidify its bullish trajectory.

XRP Testing A Crucial Resistance 

XRP is at a critical turning point as it nears the crucial $0.65 mark, a level it hasn’t consistently closed above since March, aside from a brief breakout. Investors and analysts closely monitor the price action, speculating about potential outcomes as the market remains uncertain. The inability to close above this resistance level has kept XRP in a consolidation phase for months, leaving traders anxious for a clear direction.

Prominent crypto analyst Crypto Tony has weighed in on the situation, sharing a detailed technical analysis on X, highlighting this price level’s significance. According to Tony, reclaiming $0.65 would signal that bulls are back in control, setting the stage for a potential rally. 

In his analysis, Tony suggests that if XRP breaks through this resistance, it could push the price to a new target of $0.92—a significant 40% surge from current levels.

The $0.65 level holds substantial psychological and technical importance, and a successful breakout would likely shift market sentiment in favor of a sustained uptrend. However, until this level is decisively reclaimed, uncertainty remains. 

All eyes are on XRP to see if bulls can drive the price to new highs in the coming weeks.

Price Action: Key Levels To Watch 

XRP is trading at $0.63 after months of volatile price action marked by aggressive pumps and discouraging dumps. The $0.65 level has acted as a daily resistance since early 2023 and was previously a key demand level, offering support from April 2021 to May 2022. However, this level has flipped into a challenging resistance zone for XRP.

If bulls want to regain control and push higher, XRP must break past $0.65 and confirm it as support. A successful breakout would signal strength and potentially set the stage for a larger rally. 

However, failure to break through this level would lead to a correction toward the daily 200 moving average (MA) at $0.54, representing a 12% drop. This scenario could also result in further sideways consolidation for XRP, extending the uncertain price action for the coming months.

With the market pushing higher, XRP’s next moves will determine whether it can keep up the bullish momentum or consolidate. For now, the $0.65 mark remains the key level to watch.

Featured image from Dall-E, chart from TradingView

Source: NewsBTC.com

The post XRP Price Bullish Potential Grows – A Surge Above $0.65 Will Triger Buyers appeared first on Crypto Breaking News.

The Bitcoin mid-September rally has slowed down leading up to the end of the month. Although it ended September at a green monthly candle close, the cryptocurrency has fallen below the psychological $65,000 price mark again, with the fear and greed index returning from greed to neutral sentiment. This seems to have caused some second-guessing among Bitcoin investors. However, CryptoQuant CEO Ki Young Ju is not entertaining any such thought.

According to Ki Young Ju, Bitcoin is still in the middle of a bull cycle. This is positive news for Bitcoin investors, as the crypto industry is now transitioning into a historically bullish fourth quarter of the year. 

Bitcoin Bull Market Not Over

CryptoQuant CEO Ki Young Ju is part of fervent Bitcoin investors who remain unfazed by the recent price fluctuations. However, his stance isn’t just based on speculations but is backed by technical price data and analysis. Ki Young Ju draws his bullish outlook on the Bitcoin growth rate difference, which presents an interesting outlook on the cryptocurrency. Essentially, the Bitcoin growth rate difference compares the market cap of Bitcoin to its realized cap in order to gauge its bullish or bearish strength.

The market cap of a cryptocurrency is the total value of all coins in circulation, calculated by multiplying the current price by the total supply. In contrast, the realized cap takes into account the actual value paid for each BTC in circulation based on the price at which each coin last moved. A higher market cap growth rate suggests the spot price of the average coin has increased compared to the last it was moved.

According to a Bitcoin technical chart he shared on social media platform X, Ki Young Ju noted that Bitcoin’s market cap is still growing faster than its realized cap, which continues to point to a bull cycle. Notably, the analyst has mentioned in an earlier analysis of the growth rate difference that this trend, which started in late 2023, typically lasts for an average of two years. 

What Does This Mean For BTC?

Going by past bull cycle trends, which Ki Young Ju noted typically lasts for about two years, Bitcoin is expected to continue in a bull cycle for at least more than a year going forward. Furthermore, current fundamentals point to steady growth for Bitcoin as inflows continue to pour in from institutional investors.

Speaking of institutional investors, Spot Bitcoin ETFs, which ended last week with the largest inflow ($494.27 million) since July 22, have begun the new week on a positive note. Particularly, they registered $61.3 million in net inflows yesterday, which is a sign of good things to come. Institutional involvement, especially through vehicles like Spot Bitcoin ETFs, is a crucial factor in BTC’s sustained price growth.

At the time of writing, Bitcoin is trading at $64,080.

Source: NewsBTC.com

The post Bitcoin Bull Market Not Over: CryptoQuant CEO Reveals Where We Are This Cycle appeared first on Crypto Breaking News.

Company Name: Bitrefill

Founders: Sergej Kotliar + others

Date Founded: 2014

Location of Headquarters: Stockholm, Sweden

Amount of Bitcoin Held in Treasury: Undisclosed

Number of Employees: 76

Website: https://www.bitrefill.com/

Public or Private? Private

Since 2014, Bitrefill has been helping users spend their bitcoin and other cryptocurrencies on everything from gift cards to mobile phone top ups to eSims.

One might think that, after a decade, the company’s leadership has uncovered the secret to growing Bitrefill with relative ease. However, one of Bitrefill’s co-founders and its CEO, Sergej Kotliar, says that the company still faces a number of challenges in broadening its user base.

“The main difficulty continuously in our company is finding customers,” Kotliar told Bitcoin Magazine.

“It’s difficult because it’s still a niche. Especially people who use some kind of internet money in a wallet app on a regular basis is some small percentage or even a fractional percentage spread out across the world,” he added, referring to the less than 10% of the world’s population that owns crypto, and even fewer who use it regularly.

“You need to figure out how to reach them.”

While Kotliar and the team at Bitrefill may not yet have reached every potential customer out there, they’ve learned a lot about what to do and what not to do to keep a crypto company alive through multiple bitcoin epochs.

In my conversation with Kotliar, he shared with me some of the lessons he’s learned.

Lesson 1: Don’t Believe The Hype

Kotliar claims that one of the biggest illusions in the bitcoin and broader crypto space is that communities of crypto enthusiasts and users are bigger than they actually are. This becomes particularly dangerous when founders of crypto startups get lured into believing the hype on social media about their company.

“There is definitely a phenomenon where a startup launches, they get cheers on Twitter, they very quickly sort of manage to convey their message and their value proposition to that audience who might be inclined to use their thing and are able to convert them — and then they hit the wall,” explained Kotliar.

“The people that they acquired in that way are also very opinionated, which makes it difficult to go outside of that group. Companies get stuck because they become captured by their initial audience, which, in the best case scenario, are customers, but, in the mid scenario, are just fans — people on Twitter that don’t really need whatever the company is offering,” he added.

For this reason, Kotliar focuses less on what people have to say about Bitrefill on social media and more on providing the best possible customer experience.

This includes constantly adding more items and services people can purchase with bitcoin and crypto via the site as well as developing new products like the Bitrefill Card, which lets users spend their crypto just like a traditional debit card lets users spend fiat.

According to Kotliar, avoiding the crypto echo chamber and focusing on solving real problems for customers has been key to his company’s success.

Lesson 2: Stay Alive — Without Requiring VC Funding

Bitrefill has survived for 10 years because it’s capable of standing on its own two feet financially, without requiring repeated doses of venture capital funding to remain afloat.

“There are companies that are default dead, and there are companies that are default alive,” he explained.

“This means if the current trajectory continues, is it going to be a dead company with no extra funding or is it going to be a live company? When you reach that ‘we’re default alive’ point, it lets you focus more on the things that matter and less on the things that will attract investment,” he added.

Kotliar went on to share that “things that attract investment in our industry often are not necessarily the things that require customers,” alluding to the fact that hype tends to drive investment in the crypto space more than a company meeting certain qualitative standards.

Focusing on the things that matter, like helping customers easily spend their crypto on gift cards for almost anything as well as other services, has been essential in keeping Bitrefill in business for ten years, despite the inherent waves of volatility in the Bitcoin and crypto space.

Lesson 3: Ride The Waves And Learn To Swim

One of the secrets to surviving as a Bitcoin or crypto company is learning how to keep a business afloat during market downturns. It’s easy for crypto companies to keep their doors open and even thrive when the bull market is in full swing, but only the strong survive when the bear market comes around.

“During a bull market, we grow very rapidly, and during the bear market, we manage to stay flat,” Kotliar explained.

“A lot of companies in our industry, in a bear market, will go under and fire people. We’re not like that, but it definitely takes a lot of swimming to remain in the same place,” he added.

The fact that Bitrefill serves customers in over 180 different countries also helps to keep it alive, as new waves of adoption happen in different countries at different times for a variety of different reasons.

Kotliar says Bitrefill often experiences “regional waves” of adoption.

“There’s currently a wave going on in Argentina,” he said. “There is this 30% tax on foreign transactions, and so some Argentinians are using Bitrefill to buy games and stuff like that to avoid the 30% tax.”

Lesson 4: Be Where The People Are (Or Where They Might Be)

Despite the fact that Bitcoin and crypto have become more mainstream in the 10 years that Bitrefill has existed, Kotliar comes back to the point that to be successful as a company you have to aim to serve everyday people versus solely the Bitcoin enthusiast.

“The world doesn’t care,” said Kotliar about Bitcoin ideology.

“In the Bitcoin world, some parts of it care more about which features you don’t offer as opposed to which features you do offer, which is strange. Nobody would go to a store and be like, ‘Hey, you also sell this stuff!’” said Kotliar, referring to the notion that some Bitcoin enthusiasts have taken issue with the fact that Bitrefill accepts other cryptocurrencies.

Kotliar argues that users tend to be indifferent to what other technologies do and don’t offer, so long as they serve the purpose they need them to serve.

“You seem to care about the Riverside [FM],” said Kotliar, referring to the app I used to record my interview with him, “but I don’t know if you would go to a conference about it or get into an argument with someone over a feature that it has or maybe a feature that it should not have.”

He went on to explain that Bitrefill accepts different cryptocurrencies for different reasons, one of which is meeting the consumer where it’s at, a core tenet of Kotliar’s approach. He shared that the core of Bitrefill’s strategy is getting the product in front of people who otherwise wouldn’t seek something like it out. He wants people to stumble upon it, which he claims “doesn’t always happen by itself.”

“The big takeaway is that it’s not enough to be at the Bitcoin conference,” he said. “You need to be in where people are, especially the people that do not particularly care about Bitcoin.”

Lesson 5: Listen, Don’t Speak

Some of Bitrefill’s growth has been fueled by its being receptive to feedback from users.

“We get a lot of feedback, and we have all kinds of channels open,” said Kotliar. “I think that the main function of marketing is actually to listen more than to speak.”

Kotliar also noted that this process requires some discretion.

“We try to listen in every channel, but then also try to figure out — to sift,” he explained, pointing out the company gets its fair share of messages from people pushing certain tokens.

“[We] find out what the real requests are, and if you get enough real requests, you get a sense that this is real,” he added, referring to the suggestions that the company ends up taking seriously.

What’s Next For Bitrefill?

After 10 years, Bitrefill’s mission remains the same: focusing on what best serves customers (and ignoring the noise in the process).

“We have a whole team now that’s working on adding gift cards,” said Kotliar, “and we’re still putting a lot of effort into the Bitrefill Card.”

While Kotliar believes that Bitrefill is “the best in the world at everything Bitcoin payment related,” he and his team are currently looking into adding functionality for stablecoins on Lightning.

Other than that, it’s business as usual at Bitrefill.

“Our aim is to be the, you know, the one stop shop for everything day to day usage of cryptocurrency in the real world,” said Kotliar.

“That’s where we’re putting our attention.”

Source: Bitcoin Magazine

The post Lessons From Running Bitrefill, Premier Bitcoin E-Commerce Platform appeared first on Crypto Breaking News.

The long-anticipated trading of Eigenlayer’s EIGEN token began today, following the lifting of transfer restrictions that had been in place since the token’s launch in May. Major cryptocurrency exchanges including Binance, Kraken, Coinbase, ByBit, and OKX have listed EIGEN, providing liquidity to holders of the token, many of whom received it through airdrops earlier this year.

In a statement released through X, the Eigen Foundation highlighted the importance of this milestone: “We’re thrilled to announce the unlocking of the EIGEN token, a big step for the Eigenlayer ecosystem. This opens up new possibilities for open innovation, shared security, and participation across the network.”

They added that the unlock enables developers to build Actively Validated Services (AVSs) using EIGEN staking, enhancing protocol security and functionality. “The unlock of EIGEN marks the beginning of broader engagement. It acts as a catalyst for economic expansion, governance, and protocol development, driving growth and strengthening the decentralized ecosystem,” the Eigen Foundation added.

Buy Or Sell Eigenlayer (EIGEN)?

Market sentiment has been mixed on the first day of trading. Lookonchain reported significant purchases by whales, indicating strong interest from large-scale investors. One transaction involved an address purchasing 383,672 EIGEN at $4.05, totaling $1.55 million. Another address spent 1.31 million USDC to acquire 318,651 EIGEN at $4.10.

2 whales bought 702,324 $EIGEN($2.86M) in the past 4 hours!

0x2dcd spent 588 $ETH($1.55M) to buy 383,672 $EIGEN at $4.05.https://t.co/QtcgQQJfSR

0xb112 spent 1.31M $USDC to buy 318,651 $EIGEN at $4.1.https://t.co/qy5SoAuuru pic.twitter.com/Dzt65tYwJT

— Lookonchain (@lookonchain) October 1, 2024

Despite these buys, not all activity has been bullish; notable crypto whale GCR was reported to have sold a significant amount of EIGEN shortly after the unlock, depositing over 250,000 EIGEN into Binance. “GCR (@GiganticRebirth) claimed an airdrop of 253,946 EIGEN($1.06M) through 7 wallets and deposited all of it into Binance 40 minutes ago. #GCR“ Lookonchain reports.

Crypto analyst Aylo offered a comparison of EIGEN’s market performance relative to other tokens via X: “EIGEN launched exactly in line with the pre-market price, sitting at $7B FDV. A few coins with bigger FDVs than EIGEN currently include OP ($8B), ONDO ($7.9B), UNI ($7.7B), FIL ($7.6),BCH ($7.2B),” he noted, suggesting that EigenLayer’s role in Ethereum’s ecosystem could be a critical factor in its valuation.

“EigenLayer is the innovation on Ethereum this cycle, and has had more coverage than almost anything else in the EVM in the last year. Really does feel similar to the conditions that TIA launched in. Does the PA play out the same way? No unlocks for a year too…,” Aylo noted.

Daan Crypto Trades, another prominent analyst, remarked on the market dynamics: “EIGEN Launched today. I think many market participants will be watching the price action develop to gauge overall market strength and sentiment. So far, price has held up, and even gone up slightly, even though there’s a lot of airdrop participants selling their tokens.”

He speculated on the potential for EIGEN’s market valuation to rise, indicating that the current conditions might be more favorable than in recent months. “If the market keeps trending from here I’m assuming EIGEN can go much higher than $7B FDV. Earlier this year it was estimated to launch at $20B+ (in better market conditions). Having said that, I don’t own any right now but I’d definitely be a buyer at $2-3 and I think many would. So not sure if it gets there at all if it doesn’t do so in the first few days of airdrop selling,” Daan concluded.

At press time, EIGEN traded at $4.127.

Source: NewsBTC.com

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