The biggest winners in the recent bullish surge are new memecoins that have emerged over the past few months.
Beercoin, the effervescent Solana-based meme coin that promised a taste of financial freedom, is experiencing a hangover of epic proportions. After a meteoric rise in price earlier this month, Beercoin has come crashing down, plummeting by nearly 70% in a matter of days. This dramatic decline reflects a confluence of factors, including a broader crypto market correction, a hawkish Federal Reserve stance, and a concerning trend of insider selling. Related Reading: Metrics Signal Bitcoin Price Increase – But When Is Anyone’s Guess Fed Tightens The Taps The Federal Reserve’s recent decision to adopt a more hawkish monetary policy, prioritizing inflation control over economic stimulus, has cast a dark cloud over the entire cryptocurrency market. Bitcoin, the bellwether of the industry, dipped below $66,000 this week, dragging most altcoins down with it. This shift in central bank policy is particularly detrimental to highly speculative assets like meme coins, which thrive on easy money and investor exuberance. Meme coins, often lacking real-world utility or established fundamentals, are seen as the first to be dumped when risk aversion creeps into the market. Whales Jump Ship Adding fuel to the fire of Beercoin’s descent is a troubling trend of insider selling. Onchain analysis by LookOnChain revealed that several individuals with significant holdings, likely early investors who acquired Beercoin at a discount during pre-sales, have recently cashed out in large quantities. Another wallet related to the #beercoin team sold 5.43B $BEER for $1.13M! Although it has been transferred many times, we traced that the wallet received $BEER directly from the #beercoin team wallet “7yfvQX…o9v394” and “8VY4LF…fDd5G2”.https://t.co/vElDToYi5C pic.twitter.com/oYp41d3Naz — Lookonchain (@lookonchain) June 16, 2024 This mass exodus by insiders, who presumably possess a deeper understanding of Beercoin’s potential or limitations, raises serious red flags for retail investors. Their actions can be interpreted as a loss of confidence in the project, potentially signaling that Beercoin may not be the golden ticket to riches it was initially touted to be. Technical Indicators: Frothy Future Technical analysis, the study of price charts and historical data to predict future market movements, paints a similarly grim picture for Beercoin. The token has not only fallen below a key support level, but it also continues to trade beneath crucial moving averages, technical indicators used to gauge momentum and identify potential trend reversals. BEER Price Prediction Meanwhile, the current BEER price prediction suggests a significant upward trajectory, anticipating a 220% increase to $0.0₁₀5119 by July 18, 2024. Despite this optimistic forecast, technical indicators show a bearish sentiment, indicating potential caution among investors. The Fear & Greed Index is at 74, which denotes high levels of greed in the market, suggesting that the current bullish outlook may be driven by overenthusiastic sentiment rather than solid fundamentals. Related Reading: XRP Whale Goes On Shopping Spree: 27 Million Coins Snapped Up As Price Dips Over the past 30 days, BEER has experienced an unusual trend, recording 100% green days with zero price volatility, an anomaly in typical market behavior. This consistent upward movement without any fluctuations may indicate a highly manipulated or illiquid market. Featured image from Health | HowStuffWorks, chart from TradingView
The celebrity memecoin mania has added a new player with the recently launched Daddy Tate (DADDY). The token, promoted by the controversial figure Andrew Tate, has gained traction, surpassing Iggy Azalea’s MOTHER. However, Tate is now accused of some concerning activity for crypto investors. Related Reading: Dogwifhat To Tumble? Analyst Sets $1 Target For WIF Andrew Tate Endorses DADDY On June 11, former pro kickboxer and controversial online figure Andrew Tate started promoting a new memecoin. The DADDY token was marketed as the direct competition to Iggy Azalea’s MOTHER, the most successful celebrity launch. Before he endorsed DADDY, Tate stated he held zero tokens but was aware there were hundreds of memecoins related to his likeness. Days later, he invited popular crypto trader Ansem to fight him in a boxing match, claiming this was “his cycle.” He also suggested that the loser donates $10 million to a token of the winner’s choosing. Tate’s approach received mixed reactions from the members of the crypto community. Content creator Jakey jokingly claimed that Crypto Twitter was the new YouTube. Another user stated, “Every day we get further away from god.” On Tuesday, Tate promoted the Daddy Tate memecoin, which was also received with mixed feelings and some criticism. The promotional posts targeted Azalea’s MOTHER while making sexist “jokes” and using domestic violence as a punchline. I heard about a coin called mother so now I’m supporting a coin called $DADDY to flip it for the patriarchy. We’re bringing the Gs back make me a fucking sandwich females. Tate’s Memecoin Called Out For Insider Trading On Wednesday, crypto analytics firm Bubblemaps accused the token of having “huge insider activity.” According to the firm, they found suspicious activity before Tate started promoting DADDY. Bubblemaps revealed that insiders allegedly bought 30% of the token’s supply at launch. On June 9, Daddy Tate’s team sent 40% of the total supply to the former kickboxer, which he promised not to sell. Additionally, he bought $10,000 worth of DADDY and burned it. Despite this, the token seems to “have a catch.” Per the report, 11 wallets are holding 20% of the supply. These wallets were founded through Binance with “nearly identical amounts at the same time.” Moreover, they bought the tokens, worth around $30 million, on June 9, before the team started to promote the token on X. The firm claims that the timing and amounts “strongly suggest” the wallets belong to the same group. Similarly, two other clusters hold an additional 10% of the supply and seem to be linked through a third wallet. Bubblemaps urged investors to remain cautious as the insiders “seem to be active on $DADDY and are trying to cover their tracks.” The firm warned that “one of these wallets could nuke the liquidity pool.” DADDY Surpasses MOTHER After Tate’s post about DADDY, the crypto community called him out for his posts. Some users suggested he returned when the token was a MOTHER’s level. At the time, Daddy Tate had a $45 million market capitalization and was trading at $0.1499. Nonetheless, DADDY gained traction on Wednesday, surging to $0.36. In 24 hours, the token increased by 143% to a new all-time high (ATH) and reached a $280 million market capitalization. This performance saw the memecoin surpass MOTHER despite the controversial promotion and insider activity allegations. Since then, the token has retraced to the $0.24 price level, a 32% decline in the last 12 hours. DADDY had a market cap of $240 million at the time of writing. Meanwhile, MOTHER saw a 46% surge on Wednesday, which propelled the price from $0.15 to $0.22. In the following hours, the memecoin’s price declined 36% to the $0.14 range before recovering. Related Reading: FET, OCEAN, And AGIX Drop 8% After ASI Token Merger Delay As of this writing, Azalea’s token is trading for $0.17 and has a market capitalization of $169 million. Despite retracing nearly 40% since its June 5 all-time high, MOTHER still exhibits a 1,900% increase from its launch two weeks ago. Featured Image from Unsplash.com, Chart from TradingView.com
Celebrity memecoins have been the talk of the town for the past two weeks. A trend that resurged at the end of May quickly became one of the biggest narratives around the crypto community. Related Reading: GMX Soars 20% Amid Crypto Whale Frenzy, Is It Back In ‘Turbo Mode’? The industry has seen controversies, rug pulls, and Vitalik Buterin’s thoughts on the celebrity token frenzy. In the phenomenon’s most recent development, WWE wrestler Hulk Hogan beefed with Australian rapper Iggy Azalea. Celebrity Memecoins A Week Later Despite the trend starting around May 20 with influencer tokens, celebrity tokens didn’t gain mainstream traction until reality TV star and Olympian Caitlyn Jenner launched her JENNER memecoin. Alongside Jenner, rapper Rich the Kid joined the crypto community with RICH. However, both tokens were surrounded by controversy after it was revealed that alleged serial scammer Sahil Arora was involved in the launch. Several other artists and personalities joined the crypto space to launch their memecoins, including Lil Pump, Davido, Trippie Red, and MoneyBagg Yo. Some of these launches appear to be linked to Arora’s scams. A week later, most celebrity memecoins saw a significant price decline or ended up as a rug pull scam. JENNER, which kickstarted the celebrity mania, is currently 81% down from its all-time high (ATH) registered on May 27. The Olympian’s token, described as “the goddess of Solana,” went from trading around $0.04273 to $0.009072. This significant decrease has also cut its market capitalization from its $30 million peak to $7.5 million. Hulk Hogan Wrestles MOTHER And Dumps His Fans On Thursday, former professional wrestler Hulk Hogan took X to announce the launch of his Hulkmania (HULK) token. The memecoin skyrocketed 500% within two hours and quickly reached a market cap of $17 million. The launch turned sour when investors found Hogan had sold his HULK bag and deleted his posts mentioning the token. In minutes, the token’s market cap plummeted to $2 million. During the hours that Hogan’s X account promoted the token, the retired wrestler seemingly targeted Azalea and MOTHER. In an X post, Hogan replied to Azalea, saying, “You suck at pumping. $HULK has the real milk.” Additionally, he shared two now-deleted Instagram posts beefing with the Australian rapper. In one of them, Hogan Azalea’s profile picture and captioned it, “Sahil does it best.” Before deleting all his HULK-related posts, Hogan shared an Instagram story claiming that he had been hacked. According to the post, none of the publications came from him and soon would be removed. Later, his X account was wiped completely, and Instagram comments were limited. The crypto community grew concerned as the mention of Arora’s name suggested his involvement in the scam. However, it remains unclear whether Hogan’s website, Instagram, and X account were all hacked or if the retired wrestler’s team was involved. Vitalik Buterin Vs Koala Vitalik? Earlier this week, Ethereum’s founder, Vitalik Buterin, criticized the ongoing celebrity token phenomenon. On X, Buterin stated he is “quite unhappy” with the crypto space’s celebrity experimentation. Buterin explained his concern regarding the launch of tokens with no purpose other than being a get-rich-quick scheme. Additionally, he suggested some features that celebrity memecoins should have for him “to be more willing to respect it.” The list included a “public-good goal that it’s serving.” To his criticism, Azalea responded by claiming that Buterin “was just hangry.” Moreover, she seemingly named a Koala after Ethereum’s founder. The rapper uploaded a video announcing the donations saved another Koala. Its name? Koala Vitalik. Azalea launched a “MOTHER fund” to help save Koalas infected with chlamydia. For the past week, the rapper has received donations in memecoins and several cryptocurrencies for the Koala cause. Related Reading: Get Ready For Altcoin Explosion: Anlayst Reveals Key Months For Massive Gains Additionally, Azalea is giving her token utility. The rapper launched a Mother merchandise store that accepts MOTHER as payment. Ultimately, the token continued to soar after reaching new ATHs and recently breaking above the $200 million market cap. Featured Image from Unsplash.com, Chart from TradingView.com
Avalanche (AVAX), the token powering the smart contracts platform Avalanche, is stirring excitement in the crypto sphere. Bullish technical indicators and upcoming developments within the Avalanche ecosystem are fueling speculation of a significant price surge, with some analysts eyeing a potential rally above $100. Related Reading: Altcoin Alert: Notcoin (NOT) Poised For 5x Growth, Analyst Says Technicals Flash Green: A Bounce In Sight? Technical analysis based on historical data and chart patterns paints a promising picture for AVAX. Analysts point to a recent corrective phase that the token appears to have overcome, potentially setting the stage for a new uptrend. Charts on trading platforms like Binance depict a support zone between $9.45 and $10.00, suggesting a strong base from which the price could bounce higher. $AVAX looking for 100+ pic.twitter.com/GUXx2EeB5e — ᴀʟᴛꜱᴛʀᴇᴇᴛ ʙᴇᴛꜱ (@AltstreetBet) June 5, 2024 Avalanche ICO Season On The Horizon? Beyond technical indicators, the buzz surrounding Avalanche stems from exciting developments brewing within its ecosystem. The project’s developers are gearing up to launch Layer 1 blockchains (L1s) that inherit Avalanche’s secure and scalable consensus mechanism. This innovation could significantly simplify the process of launching new blockchains, similar to how ERC-20 tokens are built on top of the Ethereum network. Furthermore, Avalanche’s CEO, Emin Gun Sirer, recently teased a novel concept – Initial Chain Offerings (ICOs). Unlike the traditional Initial Coin Offering (ICO) model where individual tokens are sold, ICOs would involve offering entirely new blockchains to investors. This paves the way for a potential “Avalanche ICO season,” mirroring the ICO boom witnessed in the early days of cryptocurrencies. Market observers believe this could attract a surge of interest and investment into the Avalanche ecosystem, potentially boosting the price of AVAX. Key Resistance Levels To Watch Moving on to the price targets, analysts have identified key resistance levels at $50 and $60. Overcoming these hurdles could propel AVAX towards its ambitious long-term target of $100. However, the confluence of bullish technical indicators and groundbreaking developments within the Avalanche ecosystem is undeniable. Related Reading: Banks Bust, Bitcoin Booms: Price Skyrockets 40% During US Banking Crisis AVAX Price Forecast Meanwhile, according to the latest analysis, the price of AVAX is expected to surge by an impressive 227%, potentially reaching $119 by July 5, 2024. The current market sentiment, as indicated by technical indicators from CoinCodex, is Neutral. This is in sync with the Fear & Greed Index, which stands at 75, indicating a prevailing sentiment of Greed among investors. Over the past 30 days, Avalanche has experienced 11 green days, constituting 37% of the period, with a price volatility rate of 5.59%. These factors suggest a relatively stable yet bullish outlook for AVAX in the near term. The high Fear & Greed Index indicates strong buying interest, which could drive prices higher. Despite the neutral sentiment, the significant projected price increase reflects positive market dynamics and investor confidence in Avalanche. Featured image from LinkedIn, chart from TradingView
Donald Trump’s crypto portfolio, as detailed by Arkham Intelligence, has seen a significant increase in value over the past three months, peaking at approximately $32 million due to a surge in memecoins. His holdings are diversified across several tokens, with notable holdings in TROG, TRUMP, ETH, and WETH. Trump’s largest holding is in the TROG […]
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BODEN appears to be the winner as first exchange open to U.S. residents lists the election-themed tokens.
Bitcoin flirted with $70,200 on June 3, but traders fear excessive leverage might be a double-edged sword.
Online payment company PayPal is set to integrate its PayPal USD stablecoin (PYUSD) into the Solana (SOL) blockchain, which is increasingly becoming the preferred choice for memecoin issuers. This move follows the successful launch of PYUSD on the Ethereum (ETH) blockchain and its subsequent addition to PayPal’s Venmo peer-to-peer (P2P) payments service. According to Bloomberg, […]
Open Interest refers to the total amount of pending derivative contracts that have not yet been settled. In a futures contract, for every seller, a buyer is required to settle the contract.
Turbo (TURBO), an AI-generated memecoin, has experienced a significant surge in value, rising 1,460.31% over the past 30 days to reach a market capitalization of over $500 million. This remarkable growth is attributed to its unique origin and the increasing interest in AI-driven projects within the crypto community. Turbo was created by digital artist Rhett […]
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A cat video filmed 20 years ago by former YouTube chief technology officer Steve Chen is now the basis for a memecoin with a market capitalization of more than $20 million.
The cryptocurrency market continues to navigate a sea of uncertainty, and Avalanche (AVAX) is no exception. While AVAX has displayed some resilience compared to its altcoin peers, a closer look reveals a market grappling with conflicting signals – a mix of cautious optimism and underlying unease. Related Reading: Shiba Inu On The Verge Of 600% Rally? Analyst Weighs In Bullish Whispers Or A Mirage? The future of AVAX remains shrouded in uncertainty. While some positive signs exist, like relative outperformance and pockets of bullish sentiment, they are countered by concerning metrics like dwindling market control and a significant drop in trading activity. Avalanche: Resistance Levels Loom Large A look at AVAX’s six-month chart reveals a rollercoaster ride, characterized by sharp peaks and troughs. This volatility highlights AVAX’s susceptibility to broader market trends and its dependence on specific developments within its ecosystem. Over the past few months, AVAX has exhibited a pattern of price spikes followed by equally sharp corrections. Currently, the altcoin seems to be consolidating around the $38 mark after a recent dip from April’s highs. If AVAX can maintain support around the crucial $35 level, there’s a possibility for a northward trajectory, especially if a broader bull run materializes in the cryptocurrency market. However, significant resistance awaits at $48 and $53 – price points that AVAX has repeatedly tested and failed to surpass in recent months. A sustained breakout above these levels would signal a significant shift in momentum, potentially propelling AVAX towards the $80 or even $100 mark by the third quarter. A Tale Of Two Markets: Where Do Traders Stand? The trading scene surrounding AVAX presents a curious dichotomy. Coinglass data reveals a staggering 60% drop in trading volume, signifying a significant decline in market activity. This is further corroborated by a relatively balanced long/short ratio across various platforms, suggesting overall indecision among traders regarding AVAX’s future. However, a glimmer of bullish sentiment emerges from Binance, a prominent cryptocurrency exchange. Here, the long/short ratio skews considerably higher, indicating a potentially more optimistic outlook among individual traders on this specific platform. Meanwhile, with a 40% rating on the Fear and Greed Index, the current status of the AVAX market is characterized by neutral mood, indicating that investors have balanced opinions. Related Reading: Chainlink On Fire: Price Nears $18, Profit Ratio Blazes To 2022 Levels Losing Dominance, Waning Interest? AVAX’s struggles extend beyond trading. The altcoin seems to be loosening its grip on market share, with search interest also declining. This translates to a lack of market control and potentially waning general interest – not exactly the recipe for success for a token aiming for significant gains. Featured image from Summitpost, chart from TradingView
The crypto market is 5.1% up today, with a total market capitalization of $2.3 trillion. The recent pump has propelled different sectors, with memecoins being 9% up and Artificial Intelligence (AI) tokens increasing 11.2% in the last 24 hours. Related Reading: Crypto Analyst Shares Top AI Altcoin Investments This Month Fetch.AI (FET) is at the forefront of the AI sector with its remarkable 14.5% increase in the past day. Some analysts foresee a bullish breakout for the token soon. Are AI Tokens Taking The Lead? As reported by NewsBTC, many market experts consider Artificial intelligence tokens a contender for the cycle’s biggest narrative in round 2. Alex Wacy said the artificial intelligence industry is “on the brink of a multi-trillion-dollar boom” due to the increasing interest over the last year. As a result, the analyst considers the sector could create a market valued in the trillions, reaching $2 trillion by 2030. This week, AI tokens have performed strongly. Altcoin Sherpa pointed out that the sector is “looking decent overall,” with tokens like Arweave (AR), Ocean Protocol (OCEAN), and Fetch.ai performing the best. Renowned traded Daan Crypto considers the AI sector to be “bouncing the strongest” on this new market move, while memecoins seem to be the “weakest.” The trader shared his thoughts on Fetch.AI’s recent performance. Daan highlighted the token’s attempt to break above the diagonal trendline. Per the chart, FET is testing the diagonal resistance, with the $2.35 mark being the first resistance level to reclaim. A breakout above this level could be a “good start to a further trend change.” Moreover, the token broke “above the 4H 200MA/EMA already.” Per the trader, FET would need to test the $2.5 mark and remain above the $2.35 price range to “break the trend and head higher over the next couple of weeks.” Similarly, crypto trader Scient considers the token consolidating inside a one-day ascending bullish triangle. His chart highlights the $2.12 mark as support for the diagonal trendline. He forecasted a deviation below the trendline “towards 1D 100EMA” before reclaiming the $2.12 price range and moving back inside the triangle. If a retest and confirmation of the trendline reclaim occurred, the trader suggested he “would long it.” Analysts Forecast $4 For FET Crypto analyst World of Charts identified a “textbook” bullish pennant pattern on FET’s chart. The analyst expects an upside breakout soon, potentially leading to a 2x bullish wave. If the breakout is successful, the token’s price could move above the $4 price range. $Fet Formed Text Book Bullish Pennant Expecting Upside Breakout Soon Expecting 2x Bullish Wave Incase Of Successful Breakout #Crypto #Fet #Fetchai pic.twitter.com/Y3c0pqNFgN — World Of Charts (@WorldOfCharts1) May 15, 2024 Moreover, CryptoBoss seems to concur with this forecast. The trader shared a similar chart, signaling a possible breakout that could drive the token to double its price. In the post, he stated, “$FET 4$ exe loading…” Related Reading: By The Numbers: Over 1 Million New Crypto Tokens Launched Since April In the past 24 hours, the token has surged an impressive 14.5%, going from $2.04 to hover between the $2.3-$2.32 price range. This increase represents 7.5% and 13.2% in the weekly and monthly timeframes. Similarly, FET has seen a rise in market activity. Its daily trading volume increased by 102%, with $354.2 million traded on the last day. Featured Image from Pexels.com, Chart from TradingView.com
Politically themed memecoins defy the crypto market’s drab performance by rallying in excess of double-digit gains.
Former President Donald Trump continued his advances toward the crypto community by hosting an event for holders of the Trump Cards NFT Gala on May 8 at his Mar-a-Lago resort in Palm Beach, Florida. During the event, Trump expressed his support for cryptocurrencies, announcing plans to accept digital asset donations for his potential re-election campaign. […]
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Shiba Inu's layer 3 blockchain aims to pioneer decentralized finance with a strong community backing, according to Cypher Capital Chairman.
The post Shiba Inu’s layer 3 blockchain set to power up blockchain real-world utility: Cypher Capital Chairman appeared first on Crypto Briefing.
Memecoins are underperforming Bitcoin today, which could be a sign that traders will pay more attention to BTC’s post-halving recovery.
The cryptocurrency market continues its wild ride in 2024, with established giants like Bitcoin facing headwinds while seemingly outlandish projects like Shiba Inu experience unexpected growth spurts. Related Reading: Slap On The Wrist? DOJ Faces Backlash For Letting Binance Founder Off Easy For AML Failures Bitcoin Struggles To Find Footing Bitcoin, the undisputed king of […]
Memes on Base have helped to onboard thousands of people to the layer-2 network and will be key for the next million, says Base creator Jesse Pollak.
Emin Gün Sirer believes memecoins have become an entertaining entry point for crypto-curious newcomers but remain risky investments.
On-chain data suggests Dogecoin is no longer the dominant meme coin in terms of its weekly active trader count. Here are the coins above it. Dogecoin Has Been Surpassed In Trader Count By Other Memecoins According to data from the market intelligence platform IntoTheBlock, DOG and DEGEN are the two assets that have managed to surpass the original meme-based cryptocurrency in terms of weekly trader count. A “trader” here refers to an investor who has been holding onto their coins since less than 30 days ago. These investors generally tend to move their coins often, as they play the role of active traders in the market. They are certainly not the HODLers of the sector. Related Reading: Bitcoin Back Above $70,000 Despite Negative Taker Volume When the number of these traders goes up for any asset, it means that some fresh interest is potentially coming into the coin. Price actions like rallies are only sustainable when they have an ever-increasing fuel coming in, so the trader count going up can perhaps be a bullish indication in this direction. On the other hand, the metric going down implies traders either are losing interest in the cryptocurrency or have decided to hold onto it in the long term, thus maturing past the 30-day threshold. Whatever the case be, though, a drawdown in the indicator does suggest a lack of new hands coming into the market. Now, here is a chart that shows the trend in the number of traders for the various meme coins in the sector: The data for the number of traders for meme-based tokens over the past couple of years | Source: IntoTheBlock on X As displayed in the chart, Dogecoin (in blue) has consistently remained number one in terms of the number of traders, which only makes sense as DOGE has generally been the most popular meme coin, as its market cap would indicate. Hype and excitement are usually the number one driver for attracting users to a cryptocurrency. It would appear, though, that DOGE has recently been falling off in this metric. “While DOGE has long dominated almost every metric in the memecoin market, it seems to be losing some of its dominance,” says the analytics firm. The interest behind the coin may thus not be at the same level anymore. As for which meme coins have overtaken the cryptocurrency so far, IntoTheBlock notes, “DEGEN currently leads with 129k active traders, followed by DOG with 126k.” Related Reading: Bitcoin 2 Months Through “Euphoria Wave,” How Long Was The Last One? Given this high interest in these memecoins, it’s possible they may be likely to go through some volatility in the near future as all these traders make moves at once. In theory, this volatility can take these coins in either direction, but as the intelligence platform explains, “a strong increase in traders usually coincides with bullish momentum.” DOGE Price Dogecoin had slipped below the $0.17 level last week, but the coin has since bounced back as it’s now trading just under $0.20. Looks like the price of the memecoin has gone stale since its recovery push | Source: DOGEUSD on TradingView Featured image from Kanchanara on Unsplash.com, IntoTheBlock.com, chart from TradingView.com
DeFi is a game of narratives. However, these narratives are constantly changing, and the trends within them continuously evolve. Keeping up with the latest trends requires in-depth knowledge of what these narratives are and how they rapidly evolve in the crypto market. This analysis is based on data from Dune Analytics, specifically from @cryptokoryo, who […]
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According to crypto analyst Ali Martinez, Polygon (MATIC) is poised for major gains amidst a wider correction in the past seven days. Polygon is currently down by 9.2% in the past seven days, but the analyst pointed out that MATIC is printing a textbook buy signal on the daily chart. In a recent analysis posted […]
The price of Near Protocol’s native token, NEAR, has been on an upward momentum recently, with a crypto analyst projecting further price increases and suggesting that the coin could see a surge to more than $10 soon. Related Reading: Solana Primed For Takeoff? Expert Analysis Points To Buying Opportunity Near Protocol Price Poised For $10 Surge Popular crypto trader and analyst, identified as Bluntz on X (formerly Twitter) has unveiled a major price prediction for NEAR. The analyst disclosed that the price of NEAR is exhibiting historical patterns indicative of a bullish rally, potentially surpassing $10. $near turbo sends here imo pic.twitter.com/4o28UEsfE1 — Bluntz (@Bluntz_Capital) April 3, 2024 Bluntz, a pseudonymous analyst known for his eerily accurate prediction of Bitcoin (BTC) in June 2018, forecasted that the price of BTC would hit a bottom out at $3,200 after reaching an all-time high of $20,000 at the time. True to his foresight, Bitcoin dropped to around the projected price target by December of the same year. Now, using technical analysis based on the Elliott Wave principle, Bluntz has shared a price chart displaying Near protocol’s potential rally to over $10. NEAR market cap currently at $7.4 billion. Chart: TradingView.com The Elliott Wave theory, developed by Ralph Nelson Elliott is a technical methodology that analyzes recurrent and long-term price patterns related to persistent changes in investor sentiment and psychology. This technical tool is used to predict the price movements of cryptocurrencies based on greed and fear. Bluntz provided two charts depicting Near Protocol’s price movements against Tether (USDT) and another against Bitcoin. In both charts, Near Protocol had undergone a sequence of price fluctuations, moving between green and red zones before exhibiting strong price fundamentals that could potentially propel its price above $10. The crypto analyst has pinpointed a projected timeline for this price surge around mid April, specifically before the 15th. Insights Into NEAR’s Recent Price Movements Over the past month, the price of Near Protocol has been on a steady upward trend, boasting an impressive 26% increase. Moreover, the cryptocurrency’s total market capitalization has risen by over 6%, accompanied by a 25% increase in its 24-hour trading volume. Related Reading: Trouble Ahead? Binance Coin Futures Market Under Pressure With Negative Funding Rates At the time of writing, Near Protocol is trading at $7.09, reflecting a significant increase of 5.89% in just one day, according to CoinMarketCap. These developments highlight the increasing appeal and demand for the popular token within the dynamic crypto space. Illia Polosukhin, co-founder of Near Protocol has also commended the NEAR team’s consistent efforts in maintaining the cryptocurrency’s steady growth and development over the past few months. Polosukhin noted that due to the team’s dedication, Near Protocol’s capacity has surged by 50%, ensuring a more effective network to serve users. Featured image from Pexels, chart from TradingView
MadFi, a developer team focused on blockchain innovations, has secured a $1 million angel funding round for its BONSAI token — a memecoin on the Lens Protocol, according to an April 5 announcement. The investment propels the total market cap of BONSAI to nearly $100 million on a fully diluted basis. The token’s integration into […]
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Stablecoin supply on the layer-1 blockchain network Solana has increased steadily since the beginning of the year, crossing the $3 billion mark during the past week. Data from the blockchain analytical platform Artemis shows that the stablecoin supply on the network has increased by 55.72% in the last three months to reach $3.12 billion. Notably, […]
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More memecoins might also mean more scams.