Ripple (XRP), BONK and PEPE Could Suffer More Losses, Cryptocurrency Traders Protect Themselves with Hidden Ethereum Token

Audy Castañeda
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Ripple (XRP), BONK and PEPE Could Suffer More Losses, Cryptocurrency Traders Protect Themselves with Hidden Ethereum Token

CoinMarketCap data shows that XRP has fallen since last week. XRP is trading at $0.565, down 3.60% since last week.

Prominent tokens such as XRP (XRP), Bonk (BONK) and Pepe Coin (PEPE) are facing a bloodbath as the cryptocurrency market experiences turbulence.

In response to this, savvy cryptocurrency traders are looking for safer alternatives in order to hedge their investments. One such option is gaining traction: RCO Finance (RCOF), a lesser-known Ethereum-based token.

Amid Recent Downtrend, XRP Community Leader Exposes Misinformation

On August 14, 2024, a leading figure in the XRP community, Eri, denounced certain cryptocurrency publications for spreading misleading content that targets XRP investors. Eri, who hosts one of the leading YouTube channels on cryptocurrencies, criticized these media outlets for promoting questionable tokens like CFT through the publication of misleading reports. He highlighted a recurring false narrative that claims that the United Arab Emirates and India are using XRP to trade oil instead of the U.S. dollar.

Meanwhile, some experts are skeptical as XRP is trading near its 20-day EMA at $0.57, indicating it could swing either way. If the market turns bearish, XRP could fall as low as $0.540.

Baseball United Partners with BONK DAO for 2025 Season Amid Volatile Market Conditions

On August 16, 2024, Baseball United, the pioneering professional league focused on the Middle East and South Asia, announced BONK DAO as its official presenting partner for its inaugural 2025 season. As the Dubai-based league prepares to launch the region’s first major baseball competition, this partnership marks a significant step forward. Despite this news, BONK has been on the decline of late.

BONK’s price is currently down 14.09% from last week, trading at $0.0000176, according to data from CoinMarketCap. Despite BONK’s decline, trader interest is growing. The MACD technical indicator also shows that BONK could break out in the coming weeks, reaching $0.0000218.

On the other hand, as the Relative Strength Index (RSI) remains below its neutral line of 40, some experts have taken a bearish stance on BONK. According to them, BONK could fall to $0.0000167 in the near future.

Whale Traders Make Profits Amid Market Difficulties PEPE

Recently, several whales have sold their substantial holdings, turning their digital assets into significant profits. This trend is a reflection of a broader movement among large-scale investors to lock in profits in a volatile cryptocurrency market. On August 14, Lookonchain data revealed that a prominent trader sold 420 billion PEPE tokens, netting $3.16 billion.

Despite the impressive sell-off, the trader made a relatively paltry $30,000 after purchasing the token for $3.13 million earlier in the month. The move underscores the cautious approach some investors are taking. They are opting to take advantage of volatile market conditions rather than wait for potentially larger gains.

Meanwhile, PEPE has had a tough time in the market. It is currently trading at $0.00000719, down 14.73% from last week. Due to the recent symmetrical triangle breakout in a large red candle, some analysts expect PEPE’s struggles to continue. This implies a bearish breakout and PEPE could soon fall to $0.00000680.

RCO Finance Sparks Investor Interest

RCO Finance is disrupting the cryptocurrency world with a different vision of decentralized finance. RCOF aims to provide exceptional financial solutions that adapt to the changing needs of its users, unlike most other projects that simply replicate existing models. Recent reviews have highlighted RCOF as a promising investment, especially with its ongoing token pre-sale.

By Audy Castaneda

Vitalik Buterin Boosts Railgun’s Popularity and Registers a New ENS Domain

Leonardo Perez
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Vitalik Buterin Boosts Railgun’s Popularity and Registers a New ENS Domain

With a 400 ETH transfer to the Railgun privacy protocol and the registration of the decentralized Dacc.eth domain by ENS, Ethereum co-founder Vitalik Buterin grabs the attention of the crypto world. 

Buterin has again turned to Railgun, a privacy protocol similar to the Tornado Cash cryptocurrency mixer, to transact ethers. On-chain data shows that Buterin recently transferred 400 ethers, valued at about $1.05 million, through this privacy protocol. In addition to this recent move, the Ethereum co-founder has also turned to the decentralized domain name protocol, Ethereum Name Service (ENS), registering the new domain “dacc.eth.”

Both moves have caught the attention of the crypto community at large, highlighting Buterin’s influence in the digital ecosystem, while also reflecting his commitment to privacy and responsible technological development.

Buterin Has Transferred Nearly $2 Million Through Railgun

As of August 19, the total transactions made by Vitalik Buterin through the Railgun privacy protocol is 662 ETH, which are valued at about $1.91 million.

According to SpotonChain’s data, which was shared via the social platform X, Buterin’s last transaction to Railgun was made on Monday. He posted the following on April 15, via X:

“Privacy is normal. Railgun uses the privacy pools protocol, which makes it much harder for bad actors to join the pool without compromising users’ privacy.”

10,000 Unique Active Users

For those who want to maintain the privacy of their tokens and cryptocurrency transactions, the cryptocurrency has embraced Railgun as an essential tool.

Buterin’s constant use and social media mentions have reportedly boosted Railgun’s popularity. So far, the cryptocurrency exchange has grown its userbase substantially, with more than 10,000 unique users. Railgun also highlights the importance of privacy in the cryptocurrency space by processing a total of $1.6 million in transactions.

Privacy A Priority in Cryptocurrency Transactions

The privacy of cryptocurrency transactions is a growing concern. Many users are looking for alternatives that allow them to trade without being tracked. Buterin’s recent transfer of ether to Railgun underscores his support for privacy and highlights one of the most pressing needs within the financial community.

As government agencies increase their efforts to monitor transactions and prevent illicit activity, the need for solutions that balance privacy and transparency has become critical for users. This has increased the popularity of protocols such as Railgun.

Buterin seems to be sending a clear message that privacy is not just a matter of anonymity, but a necessity to protect individual freedom in an increasingly digital world by choosing this protocol that allows for the creation of evidence to prove the legitimacy of funds.

New Decentralized Domain Registered: Dacc.eth

Vitalik Buterin’s latest move in the cryptocurrency world has been to register the domain “dacc.eth”, triggering a wave of speculation regarding his intentions. The domain name is related to the concept of defensive accelerationism, which Buterin has promoted as a response to the effective accelerationism that has dominated tech discourse in recent years, as several experts have pointed out.

In a blog post published in November, Buterin argued for a more cautious and democratic approach to developing technology, emphasizing the importance of maximizing benefits while mitigating risks.

The concept of Dacc (defensive accelerationism) centers on the idea that technological progress should be guided by ethical and democratic principles. Buterin has warned that an unfettered approach could lead to the centralization of power and ultimately the extinction of humanity, and has expressed concern about the risks associated with artificial intelligence and other emerging technologies.

By Leonardo Perez

DeFi Week: Industry Highlights

Audy Castañeda
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DeFi Week: Industry Highlights

All related sectors, including decentralized finance, continue to be impacted by volatility in the broader cryptocurrency market.

The world of smart contract finance is not having the best of times. As such, this week saw little change from previous weeks. The total value locked (TVL) of these protocols as a whole is $84.94 billion, according to DeFiLlama.

This is a far cry from the $100 billion barrier that separates good health from bad. Over the past month, the top 20 leading protocols remain in the red. Giants like Lido and EigenLayer remain at -22% and -19%, respectively, for the period. Within a week and 24 hours, the situation improves slightly, but still far from the previous figures.

This Week’s DeFi Sector Highlights

Taking into account the LTV data of the DeFi sector in the last 7 days, we review the news elements. Despite the sector’s bad moment from a trading point of view, some protocols and companies continued their development.

Thus, the second-layer protocol of Ethereum, Polygon, confirmed the launch of version 2.0 on September 4. This update will result from the migration of the MATIC token to a multi-yield token called POL. The goal of Polygon 2.0 is to unify the different scaling networks. This is achieved by applying zero-knowledge proof technologies. The result will be improvements in liquidity sharing and network composability.

MATIC broke out of a multi-month downtrend in July 2024. MATIC is currently trading at $0.4134. The layer 2 scalping token is likely to extend its gains by 20.90% and reach its target of $0.50. This is a key level for MATIC as it acts as a major support for MATIC between July 2023 and August 2024.

Other notable news has to do with UnitusFi’s integration with Chainlink Price Feeds to improve security. In doing so, they aim to improve trust in the DeFi lending sector. The collaboration aims to provide tempered data across multiple blockchain networks, including Polygon and Ethereum.

This integration will allow users to borrow money more safely and transparently. Chainlink’s pricing feeds are designed to earn the trust of users by increasing the accuracy and reliability of market data. Such collaborations in the cryptocurrency market point to a future where technology and security are paramount.

A third piece of news of great interest concerns the decentralized exchange, Uniswap. It announced a $2.35 million audit contest, the largest in the history of DeFi. Participants will have the opportunity to win substantial prizes for identifying critical vulnerabilities in Uniswap V3 smart contracts.

The contest is open to security professionals and hackers who can identify vulnerabilities in the Uniswap V4 code. Winners were determined based on the criticality of the vulnerabilities found and the quality of the report. This underlines the company’s commitment to security and stability, which will be priorities for the new version when it is officially released.

Uniswap V4 has introduced new “hooks” that can be used to enhance the placement of more specific liquidity pools for developers. These smart contract extensions that can update the configuration of a pool, and add variable fees tied to market events, or higher forms of a trade order, such as Time Weighted Average Price (TWAP). The flexibility provided by hooks opens up more opportunities for the development of highly specialized inverse trading models.

As mentioned above, the bad timing in terms of trading and activity does not diminish the development momentum of the DeFi sector.

By Audy Castaneda

Litecoin and Dogecoin Whales Move Huge Amounts Amid Market Whale Activities

Leonardo Perez
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Litecoin and Dogecoin Whales Move Huge Amounts Amid Market Whale Activities

Blockchain transaction data, which shows multiple instances​ оf large movements​ оf cryptocurrencies​ tо and from exchanges, reveals this level​ оf participation.

Over the past few weeks, the cryptocurrency industry has seen​ a notable increase​ іn activity from large holders, often referred​ tо​ as “whales.”

One​ оf the cryptocurrencies that has been particularly prominent​ іn this trend has been Litecoin. Specifically, since the last week​ оf July, cryptocurrency market intelligence platform IntoTheBlock has seen​ a spike​ іn large Litecoin transactions. More than $3.5 billion worth​ оf Litecoin was moved among large holders​ іn the last​ 24 hours.

“Every day, people rely​ оn the #Litecoin network​ tо move value quietly and effortlessly, adding​ up​ tо tens​ оf millions​ іn $LTCEIn the past​ 24 hours, more than $3500 million​ іn value has been moved​ іn large transactions alone,” Litecoin via​ X comments.

Significant Litecoin Whale Activity

Interesting movement among addresses holding large amounts​ оf Litecoin​ іs shown​ by IntoTheBlock’s “Large Transactions” metric. This metric​ іs designed​ tо track the total amount and value​ оf transactions worth $100,000​ оr more and classify them​ as whaling.

In the last seven days, according​ tо this metric, there have been such transactions with​ a cumulative value​ оf $17.5 billion. Considering that Litecoin has been largely quiet​ іn terms​ оf overall market sentiment, this​ іs very interesting.

The Litecoin network seems​ tо​ be gaining confidence among users​ tо move value quietly and effortlessly, according​ tо​ a social media post​ by IntoTheBlock. This movement recently peaked. 53.45 million LTC worth $3.43 billion were moved​ іn​ a 24-hour period. 

This increase​ іn whale movement could​ be due​ tо both selling and accumulation. However, recent price action suggests the latter. Most recently, Litecoin​ іs trading​ at $67.71,​ up​ 2% over the past​ 24 hours and 11% over the past week, even​ as the broader cryptocurrency market experiences​ a correction.

DOGE Whales Accumulate

Litecoin​ іs not alone​ іn seeing​ an increase​ іn whale activity. Dogecoin, the “king​ оf meme coins,” has also seen​ a significant increase​ іn large-scale transactions​ іn recent days, according​ tо recent data from IntoTheBlock.

Specifically, over the past​ 30 days, there has been​ a 50% increase​ іn the number​ оf DODE holders holding more than​ 10 billion DOGE tokens.​ In the last seven days, this has contributed​ tо​ a negative net flow​ оf $14.05 million​ оn cryptocurrency exchanges.

A negative net flow indicates that more Dogecoin​ іs being withdrawn from exchanges than​ іs being deposited, which can often​ be​ an indication that holders are moving their assets into private wallets with the expectation​ оf holding them for the long term rather than selling them.

The number​ оf Dogecoin addresses with balances has also grown​ tо 6.56 million,​ a​ 20 percent increase from eight months ago, according​ tо blockchain data. DOGE​ іs currently trading​ at $0.1027 and has also seen gains​ оf 1.9% over the past​ 24 hours.

According​ tо CryptoPredictions, DOGE price for today (08/19/2024)​ іs predicted​ tо​ be​ іn the price range​ оf $0.08521680263921​ – $0.1253188274106. Dogecoin price for today​ іs forecast​ tо end​ at $0.10025506192848.

DOGE​ іs expected​ tо​ be priced tomorrow (08/20/2024)​ іn the price range​ оf $0.085216802639208​ – $0.1253188274106. Dogecoin​ іs expected​ tо start tomorrow​ at $0.10025506192848 and end the day​ at $0.099252511309197.

By Leonardo Perez

While Bitcoin’s Next Move Remains Uncertain, What​ Dо Past Trends Suggest?

Audy Castañeda
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While Bitcoin’s Next Move Remains Uncertain, What​ Dо Past Trends Suggest?

In this bull run, the historical correlation between bitcoin and the U.S. dollar​ іs about​ tо make another cameo appearance.​ As long-term holders accumulate more BTC, bitcoin​ іs approaching its fair price.

Price movement patterns often repeat themselves. This helps predict future prices​ оf assets such​ as bitcoin [BTC] and other cryptocurrencies.

An analysis​ оf the BTC/USD and DXY charts along with their correlation coefficient revealed​ a key pattern: when the monthly correlation​ оf BTC with DXY changes from positive,​ іt​ іs​ an indication​ оf​ a significant move, but the direction​ іs not certain.

In the past, this has led BTC​ tо the end​ оf​ a bull market 75%​ оf the time​ оr​ tо​ a crash during​ a bear market 25%​ оf the time.

Many analysts are unsure​ оf Bitcoin’s next direction, but AMBCrypto has the answer. Firstly, Bitcoin’s weekly dominance chart has broken out​ оf​ a downtrend line, indicating potential strength.

Despite recent price declines, bitcoin has regained the $60,000 level.​ In the meantime, the market capitalizations​ оf the altcoins appear​ tо have bottomed out and are now beginning​ tо show​ an upward trend. This indicates that bitcoin, and other cryptocurrencies, may​ be poised for​ a significant upward move.

However, the spot-perpetual price gap​ оn CryptoQuant’s Binance remained negative, indicating continued selling pressure​ оn bitcoin.

This gap, driven​ by aggressive liquidation and short positions, suggested that the price​ оf BTC was approaching fair value. This signaled​ a potential opportunity for investors​ tо buy, indicating that Bitcoin was likely​ tо rise.

Historical Bitcoin Risk Levels

A chart highlights​ a risk level for bitcoin, which helps establish long-term buying and selling points​ іn the market. The risk level was hovering around 0.5, indicating low risk and​ a favorable buying opportunity.

Before the risk level rises, indicating the need​ tо sell larger portions, traders and investors may want​ tо consider dynamic dollar cost averaging​ іn this area.

Finally, Bitcoin gained momentum over Ethereum. The BTC/ETH market cap ratio has been​ оn​ a steady rise throughout the month​ оf August,​ an indication​ оf further accumulation​ оf the queen coin. This trend was​ an indication that bitcoin was​ оn the verge​ оf further upward movement.

75%​ оf Bitcoins​ оn Hold for​ 6 Months

In other news, about three-quarters​ оf all bitcoin​ іn circulation has not moved​ іn the past six months​ оr more, according​ tо on-chain data.

The findings come from Glassnode’s Hodl Wave chart, which uses data from the blockchain​ tо provide​ a macro view​ оf bitcoin stored​ іn wallets according​ tо how long​ іt has been since they were last moved.

The predominance​ оf older coins suggests that long-term investors are increasingly retaining BTC​ as​ a store​ оf value, possibly anticipating future price appreciation.

The holding trend​ іs also leading​ tо​ a reduction​ іn the supply​ оf Bitcoin that​ іs available for trading.​ As demand increases and supply decreases, this could lead​ tо price increases.

BTC Forecast

According​ tо CryptoPredictions, The BTC price for today (08/19/2024)​ іs predicted​ tо​ be​ іn the range​ оf $50,103.481​ – $73,681.589. Bitcoin price​ іs predicted​ tо end today​ at $58,945.271.

The price​ оf BTC​ іs expected​ tо​ be​ іn the range​ оf $50,103.481​ – $73,681.589 tomorrow (08/20/2024). Bitcoin​ іs expected​ tо open tomorrow​ at $58,945.271 and close the day​ at $59,534.724.

By Audy Castaneda

Top Bitcoin Mining Industry News of the Week

Leonardo Perez
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Top Bitcoin Mining Industry News of the Week

There has been a significant amount of movement in the hard-hit bitcoin mining industry.

A new week closes in the turbulent world of cryptocurrencies and this market has behaved markedly volatile. In particular, it should be noted that the consequences of the halving can still not be considered a past affair. The latter, above all, visualizes that the BTC price remains in a neutral to negative position. Mining company profits remain remarkably low in this environment.

At the same time, the cost of production of each BTC continues to be well above the spot market price of the coin. Thus, many companies find it more profitable to provide AI-related services and buy BTCs with the proceeds.

Miners’ Capitulation Continues to Plague the Industry

The bad moment in the mining sector is spreading. Although the halving of the bitcoin price seems more and more distant, its effects continue to create chaos in the industry. This is compounded by the weak spot price of bitcoin and the increasing difficulty of networking due to new ASIC connections.

Among the miners, especially the small and medium ones, the combination of these elements leads to a high capitulation rate. This week, due to the constant problems with the BTC price, the rate was particularly high.

AI to the Rescue of the Digital Mining Sector

All is not lost, despite the problem of capitulation and low returns in the bitcoin mining industry. By providing AI-related services, large companies have found an alternative. Mining companies are using their resources to increase their profits, as there is a huge demand for the computing power of artificial intelligence.

It is worth looking at a recent report from VanEck to get an idea of this huge window that is opening up for the mining sector. Miners stand to make $38 billion from the AI market, according to this financial firm.

Over the next 13 years, they could earn more than $13.9 billion per year. A 20% shift in computing power from mining to AI and HPC services would do it all, they explain.

Mining Profitability Hits New Record Low

Without AI alternatives, mining companies are stuck in a dead-end situation. Praying for the price of bitcoin to rise in the coming months is one of the few hopes. Medium and small companies could stop surrendering if the currency’s exchange value exceeds the production price.

In any case, according to Bitbo data, the profitability of the sector has recently reached a new all-time low. JPMorgan Bank, on the other hand, points out that despite the increase by half, the hash price is still far from its pre-capitulation level. In this respect, it is about 30 EH/s lower than it is now. The hash price is 30% below its December level. It is -40% below its pre-halving level.

Mining Sector’s Hash Capacity Increases, But So Does the Bad News

The bitcoin mining industry has no choice but to run for the future. For companies, bad times in returns can only improve with expansion. That’s what the most capable companies do.

The computing power of mining companies is steadily increasing, according to data from CryptoQuant cited by the media. Large companies are trying to offset the decline in profitability with this increase in new equipment connections.

In spite of this, the cost of producing a BTC is still much higher than the price of the coin. This means that the sector is still operating at a loss. What would be worse, however, would be the cessation of expansion.

By Leonardo Perez

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