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PEPE Soars High, Investors’ Fortunes Amplify

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In the past few months, Pepe Coin (PEPE) has emerged as a strong contender in the market for meme-based cryptocurrencies. Since its debut in April, this digital asset has quickly gained widespread attention, becoming a viral sensation. Within just a month of its introduction, Pepe Coin’s market capitalization has soared into the billions, solidifying its position as a notable disrupter in the industry.

According to CoinGecko, PEPE currently ranks 72nd in terms of total crypto market capitalization. At present, it is trading at a price of $0.00000151, having experienced a 12% increase in value over the last 24 hours. However, the volatile nature of this asset has made investing in Pepe a somewhat unpredictable venture. Nonetheless, recent activity suggests a potential shift in sentiment.

The surge in investment activity surrounding the frog token indicates that investors have developed confidence in the long-term potential of meme coins. They perceive the coin’s previous success as more than mere chance or luck. While the token has been characterized by its inherent volatility, these recent developments point to a possible change in market sentiment. It will be crucial to closely monitor how this narrative unfolds.

The increased volatility of frog-based meme coin reflects the broader landscape of meme-based cryptocurrencies. As such, these recent developments may signify a shift in sentiment within the overall market. The progression of this story will undoubtedly be of great significance to observe and analyze.

Market Buzz Intensifies as Pepe’s Whales Act

According to recent data, the value of the frog-based token has experienced an upward trend, prompting a whale identified as “0xa54d” to deposit a significant amount of 3.94 trillion $PEPE (equivalent to $7 million) into Binance. This move allowed the whale to secure a profit of approximately $650,000.

Meanwhile, another whale known as “0x37df” has chosen a different strategy by continuing to accumulate 285 billion $PEPE (worth around $504,000). Currently, this whale holds a substantial sum of 890.6 billion $PEPE (equivalent to $1.56 million), with an average cost of approximately $0.0000014.

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The influx of investment and the notable actions of these whales raise questions about the implications and potential outcomes of these activities. The market movements surrounding the frog token continue to capture attention, warranting close observation as further developments unfold.

Bitcoin Options Expiry Looms: Impact On Market Momentum

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On July 14, the Bitcoin market is poised for a significant event as 25,000 Bitcoin options contracts expire with a notional value of $770,000. While this may not be deemed a substantial expiration event, it can contribute to the existing market momentum, which has already been influenced by Ripple’s activities and the performance of its associated digital asset, XRP.

The batch of Bitcoin options contracts about to expire reveals a put/call ratio 0.56. This ratio indicates approximately twice as many long (call) contracts as short (put) ones.

The 0.56 put-to-call ratio arises from the difference in open interest between the $470 million call options and the $250 million put options. However, the actual outcome is expected to be lower than the total open interest of $720 million due to overconfidence among bullish traders.

In addition to Bitcoin, today marks the expiry of 176,000 Ethereum options contracts, totaling $355 million in notional value, with a put/call ratio of 0.66. The max pain point for these ETH contracts is set at $1,900.

Greeks Live, a derivatives feed, noted that many whales are “waiting for a change in the market” after establishing significant positions earlier this month. Trading activities this week are primarily focused on adjusting positions rather than making substantial market moves. Greeks Live added:

“The current BTC call position is more than double the put position, and the ETH position is more than triple, so once the uptrend begins, the existing options pattern will be disrupted.”

The recent spot crypto market rally, with a value of $80 billion, may encourage derivatives traders to acquire more call contracts in anticipation of continued momentum and price gains.

As of now, the total capitalization of the crypto market has risen by 6.8% to reach $1.30 trillion. However, it’s important to note that the broader crypto market remains within a four-month sideways channel, with a long-term breakout yet to materialize.

The Battle For Bitcoin’s Trading Price

The ongoing debate centers around whether the bulls can support further gains and maintain Bitcoin’s trading price above $31,000 on July 14. The potential approval of a spot ETF is a key argument put forth by the bulls. However, recent comments from Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), have cast doubt on the likelihood of such approval.

Gensler expressed concerns about conflicting services offered by crypto exchanges and their limited risk monitoring practices, which make them vulnerable to market manipulation.

In light of the macroeconomic data supporting potential interest rate hikes and Gensler’s reservations about exchanges, bears may find an opportunity to break below the crucial $30,000 price support and secure a $120 million profit during the upcoming weekly options expiry.

Related Reading: | Europe’s First Bitcoin ETF Set To List On Euronext Amsterdam, Jacobi Announces: Report

Massive Ethereum Withdrawal: $13.8M Shifts From Binance

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Ethereum, being the second largest cryptocurrency, has gained prominence in the crypto market. Notably, there are several individuals with substantial amounts of ETH, commonly referred to as whales. Recently, a whale address identified as “0x882E” withdrew more than 7,000 ETH from Binance, one of the largest exchanges, according to Lookonchain, a crypto intelligence platform.

Based on information provided by CoinMarketCap, the value of the withdrawn Ethereum presently amounts to $13.8 million. At the time of reporting, ETH is being traded at $1,990, exhibiting a 5.47% increase in value within the past 24 hours.

Lookonchain’s data indicates that the whale has been actively involved in ETH transactions. In fact, the whale has withdrawn an astonishing 57,100 ETH, equivalent to over $108 million.

Following the withdrawals, the investor decided to stake a significant portion of their assets, specifically locking in 36,640 ETH, which is currently valued at an impressive $69 million. As a result, the price of ETH has experienced a surge from a low of $1,864 to a high of $1,969.

Ethereum Network Outshines Bitcoin in Daily Transactions

The crypto landscape is constantly evolving, with new assets emerging. Despite this, Bitcoin (BTC) has maintained its position as the top cryptocurrency in terms of value. While Bitcoin remains unchallenged, the network activity of other assets has been gaining momentum and displaying strength.

Although Ethereum (ETH) has a lower price and market capitalization compared to Bitcoin, its network is notably more active. This can be observed through the surge in daily transactions on the Ethereum network. According to IntoTheBlock’s data, Ethereum recorded around 944.5K daily transactions over a 30-day period, while Bitcoin processed a significantly lower number at only 507.5K.

Moreover, Ethereum is not the only network surpassing Bitcoin in transaction volume. The Algorand network recorded an impressive 540.9K daily transactions, once again surpassing Bitcoin’s transaction count. This is surprising considering the recent decline in ALGO’s price, which has decreased by more than 10.54% over the past seven days.

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The provided image highlights substantial transaction activity in Avalanche (AVAX) and Litecoin (LTC). The Avalanche network successfully handled a cumulative total of 384.4K transactions, while Litecoin stood out due to the excitement surrounding its upcoming halving event, with approximately 129.3K transactions recorded. The disparity between Bitcoin, Ethereum, Algorand, and these networks is significant.

Bitcoin Transaction Volume Surges, Igniting Hope For Sustained Momentum

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In the world of cryptocurrencies, Bitcoin, the pioneer digital asset, has recently displayed signs of resurgence. IntoTheBlock, a renowned blockchain analytics firm, has taken to Twitter to share an intriguing development.

According to their tweet, the daily transaction volume of Bitcoin, which experienced a downturn after reaching an all-time high of 586,000 on May 8th, is now regaining momentum. As of July 10th, the transaction count has climbed back up to an impressive 507,000. This upturn raises the question of whether this positive trend will be sustained in the coming days.

Adding to Bitcoin’s growing optimism, Glassnode, a well-known on-chain data provider, has reported that Bitcoin “HODLers” are actively engaged in accumulation.

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These dedicated individuals who hold onto their Bitcoin assets for the long term have been consistently absorbing coins at a rate of 27,100 BTC per month. This relentless accumulation by BTC HODLers showcases their unwavering confidence in the digital currency and its future prospects.

Furthermore, a few days ago, there was a noteworthy revelation that BTC whales, referring to entities holding significant amounts of cryptocurrency, have amassed an astonishing 90,000 BTC in the past month alone.

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Considering the current market value, this accumulation is valued at approximately $2.52 billion. The actions of these influential players in the crypto space further accentuate the growing confidence and interest in Bitcoin.

However, the confluence of these reports paints a picture of renewed enthusiasm for Bitcoin. The revival in daily transaction volume, coupled with the steadfast accumulation by committed HODLers and the massive influx of BTC by whales, all contribute to the narrative of a resurgent crypto market.

Bitcoin Price Analysis

Bitcoin is experiencing a slight increase in its price. As of today, BTC’s price stands at $30,740, with a 24-hour trading volume reaching an impressive $52.16 billion. The current market cap for BTC amounts to a staggering $597.13 billion, while its market dominance remains strong at 49.51%.

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Source: CoinMarketcap

Over the past 24 hours, BTC’s price has witnessed a minor increase of 0.77%. Looking at the seven-day chart, the price has experienced a slight decrease of 0.24%. This decline comes as a notable development in the BTC market, potentially indicating a shift in market sentiment, while the Fear & Greed Index is showing 64 (Greed).

Related Reading | Crypto Heist: Former Tech Engineer Arrested For $9M Smart Contract Fraud

Terra: Seoul Authorities To Launch First-Ever Crypto Investigation Unit

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South Korean authorities, who are presently looking into the $40 billion Terra-Luna scandal, plan to create a special investigation unit for crimes involving digital currencies, as per an announcement by the spokesperson of the Seoul Southern District Prosecutors’ Office on July 11. Sources revealed the team would study legal concerns like the securitization of virtual assets and concentrate on crypto crimes like fraud.

Specialized investigators will also be trained, the prosecutor’s office revealed. This is a noteworthy step because it marks the establishment of an investigating division for crypto-related offenses in a prosecutor’s office in South Korea for the first time. The Seoul Southern District Prosecutor’s Office has accused Terraform Labs chief executive officer Kwon Do-hyeong and his associates of defrauding investors, among other charges.

A few days earlier, Daniel Shin, a co-accused in the Terra fiasco, and seven other former employees of the failed cryptocurrency project commenced their first court trials in South Korea. According to a statement in an email, Shin made the decision not to show up as it was a preliminary hearing.

He and nine other Terraform Labs employees were charged with defrauding investors by promoting the Terra stablecoin as a means of payment while being aware that such activities were forbidden. While Shin’s partner and prime accused, Do Kwon, is currently incarcerated in Montenegro, serving a four-month sentence, the jailed founder appears to be moving $18 million worth of USDC stablecoins.

Terra Kingpin Transferred $18M To ‘Unfreezable’ Tokens

On-chain data revealed that the amount was transferred on July 10 from a cryptocurrency wallet linked to the indicted Terraform Labs chief executive officer, said South Korean university professor Cho Jae-woo.

The USDC was changed into cryptocurrencies, per Cho, the director of Hansung University’s blockchain data lab, which could make it difficult for law enforcement to recover Kwon’s assets because some of the tokens are deemed “unfreezable.”

The transfers, first reported by Whale Alert on Twitter, happened on the same day that 5,292 Bitcoin worth over US$160 million were transferred from a wallet connected to the Luna Foundation Guard, a division of Terraform Labs, according to South Korea’s Blockmedia.

Tether & USD Coin Hold The Key To Crypto’s Future: Santiment Report

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In a world obsessed with Bitcoin’s every move, traders may be missing out on some crucial signals from stablecoins, specifically Tether (USDT) and USD Coin (USDC). According to a recent insights report from Santiment, these two stablecoins have historically provided valuable correlations that can hint at market-wide movements before they occur.

While Bitcoin continues its price dance between $29.7k and $31.1k, stablecoins quietly hold potential clues about the future direction of the crypto sector. Santiment highlights several key metrics that traders should keep a close eye on.

One such metric is the Mean Dollar Invested Age, which serves as a “validator” metric. When this line starts to decline, it suggests that an upswing in crypto markets is being validated by previously dormant coins entering the market, potentially driving prices even higher in the future.

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Notably, the movement of older coins that have been sitting idly in wallets, particularly within top stablecoins, is a positive indicator. It indicates that these coins are being moved to buy other cryptocurrencies.

Absolute Holdings of Wallets: Tether’s Sharks & Whales

Another metric of interest is the absolute holdings of wallets holding $100k to $10m worth of stablecoins. This range is often scrutinized to assess the behavior of major stakeholders, or “sharks and whales.” When stablecoins are being exchanged for Bitcoin while its price rises, it indicates a bullish sentiment. 

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Conversely, when stablecoins are increasing while BTC prices decline, it suggests large stakeholders are selling off their cryptocurrencies and returning to stablecoins, signaling a bearish sentiment.

Monitoring the supply of stablecoins on exchanges as a percentage of the total supply is another critical metric. Rapid movements of Tether (USDT) and USDC supplies to exchanges have historically foreshadowed upcoming crypto price movements, as witnessed with USDC in March prior to market-wide price surges.

Additionally, analyzing the supply held by the top exchange addresses provides valuable insights. Comparing the top 10 largest addresses for both Tether (USDT) and USDC with the overall supply on exchanges reveals that most of the largest addresses are currently situated on exchanges.

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While stablecoins may not be the most thrilling aspect of the crypto world, anomalies in these metrics can be vital signals for traders seeking alpha opportunities. Staying attuned to these indicators could present lucrative chances to profit while others remain oblivious to these often-overlooked insights.

Related Reading | Polygon’s MATIC Sparks A Mini Bull Run With 30% Price Jump

Shiba Inu Makes A Comeback: Traders Show Renewed Interest Amidst 8% Price Surge

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In a recent tweet by Santiment, it has been observed that Shiba Inu, the popular meme-coin, is slowly regaining traders’ attention after experiencing a modest 8% price surge over the weekend. 

This development is a ray of hope for Shiba Inu enthusiasts, considering the significant downfall the coin has faced since its all-time high in October 2021, resulting in a staggering 90% decrease in its market capitalization.

Despite the long-lasting bearish sentiment surrounding Shiba Inu, notable indicators such as whale transactions and coin circulation have started showing promising signs.

It signifies a potential revival for the once high-flying cryptocurrency. Traders, who had perhaps put the meme coin aside due to its prolonged downtrend, are now once again taking note of its movements in the market.

Its market cap decline since its peak in October 2021 has been a cause for concern. However, recent data suggests that the coin might be turning a corner. Whale transactions, referring to significant movements of Shiba Inu tokens by large holders, have shown increased activity, indicating renewed interest in the coin.

Furthermore, the circulation of Shiba Inu coins has also witnessed positive developments. The rise in circulation implies that more holders are engaging in transactions, potentially signaling a growing user base and increased liquidity for the token. These encouraging signs offer a glimmer of hope for Its recovery.

Increase in New Daily Addresses for Shiba Inu Coin

Previously, Santiment shed light on the significant increase in new daily addresses created for SHIB. Over the past few weeks, the number of new addresses has consistently surpassed 2,500 per day. 

Its insight report highlights Shiba Inu’s impact on the market, as it garnered attention by being one of the tokens with the highest transaction fees. This surge in activity indicates heightened interest in the meme coin.

By analyzing the underlying trends, there are several positive factors for SHIB. These include network growth, network realized profit loss being underwater, and a decreasing supply of SHIB on exchanges.

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As per the insight report, despite the potential promise behind this meme-coin, it is crucial to evaluate the situation from two distinct perspectives.

Firstly, the sudden attention on meme-coins, including SHIB, may serve as a toppish indicator, signaling a potential market top or peak. This renewed focus on SHIB could imply market saturation or even a future decline.

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On the other hand, this recent surge in interest could breathe new life into SHIB, which had previously operated under the radar. 

However, Santiment’s proprietary metrics reveal that daily active addresses for SHIB were lackluster before this sudden surge, indicating a newfound demand for the token.

Related Reading | Cardano Ascends: Development Teams Forge Ahead In Ecosystem Evolution

DEX Transaction Volume Mirrors Ethereum’s Price Surge, Analysis Reveals

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CryptoQuant, a prominent cryptocurrency analytics firm, recently shared an enlightening thread on the correlation between DEX transaction volume and the price of Ethereum. This comprehensive overview sheds light on the significant impact of DEX trades on the soaring value of the world’s second-largest cryptocurrency in 2023.

Since the advent of the new year, the volume of Ethereum ($ETH) traded on decentralized exchanges (DEX) has been steadily on the rise. However, it was in the tumultuous month of March that the U.S. Securities and Exchange Commission (SEC) imposed stringent sanctions on centralized exchanges, triggering a flurry of activity on DEX platforms. 

This regulatory intervention played a pivotal role in driving the largest surge in Ethereum trading volume witnessed to date. This surge in DEX trading volume can be considered a contributing factor to the noteworthy surge in the price of Ethereum during this period. 

Notably, it also indirectly propelled the emergence of the meme coin season, capturing the attention and imagination of crypto enthusiasts worldwide.

Nevertheless, an in-depth analysis of the current scenario paints a different picture. Following the March surge, the volume of Ethereum being swapped on DEX exchanges has experienced a consistent and gradual decline. 

As this downward trend continues, the pertinent question that arises is whether the current price of Ethereum will sustain its upward trajectory or if it signals a potential bottom, presenting an opportune moment for savvy investors to seize a favorable buying opportunity.

However, CryptoQuant’s insightful analysis serves as a reminder that the dynamic nature of the crypto market necessitates vigilance and astute decision-making for those seeking to capitalize on this ever-evolving digital landscape.

Ethereum Price Analysis

Ethereum is experiencing a slight dip in its price. As of today, ETH’s price stands at $1,860.98, with a 24-hour trading volume reaching an impressive $12.12 billion. The current market cap for ETH amounts to a staggering $224.12 billion, while its market dominance remains strong at 18.89%.

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Source: CoinMarketcap

Over the past 24 hours, ETH’s price has witnessed a minor decline of 0.56%. Looking at the seven-day chart, the price has experienced a broader decrease of 4.93%. This decline comes as a notable development in the ETH market, potentially indicating a shift in market sentiment.

Considering the current market sentiment, the Ethereum price prediction sentiment leans towards a bearish outlook. Furthermore, the Fear & Greed Index, a renowned indicator for gauging market sentiment, currently stands at 56, indicating a state of greed within the market.

Price predictions suggest that its price could decrease by approximately $9.66 over the next seven days, potentially reaching $1,851.62 by July 17, 2023. However, in the short term, machine learning algorithms have determined that ETH is presently experiencing a neutral trend. 

Related Reading | XRP’s Price Surge: Whales Splurge, Bulls Emerge

Ethereum Network Experiences Quiet Surge In Growth Signals Potential Market Cap Boom

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Santiment, a renowned blockchain analytics firm, took to Twitter to highlight an intriguing observation regarding Ethereum’s network growth. According to their tweet, this growth has steadily increased, albeit with minimal fanfare. 

Notably, a surge in the creation of new addresses has caught their attention, which they consider to be a promising sign of future market capitalization expansion. 

This bullish divergence has piqued the interest of market observers who are closely monitoring Ethereum’s progress as it hovers just below the $1,900 mark.

Interestingly, Ethereum’s price movement has been closely tied to that of Bitcoin in recent times. However, recent notable transactions suggest that Ethereum may soon break away from this correlation and establish its independent trajectory.

Whale Alert, a platform that tracks large cryptocurrency transactions, reported a substantial transfer of 25,264 ETH, valued at approximately $48 million. The funds were moved from an undisclosed wallet to Coinbase, a leading cryptocurrency exchange.

While such significant transfers can sometimes signal an impending uptrend, they can also introduce short-term volatility into the market. These movements often serve as indicators of possible changes in price sentiment.

It is worth noting that alongside the aforementioned transfer, another substantial transaction involving 30,000 ETH was also recorded. This sizable amount was transferred from an anonymous wallet, adding further intrigue to the unfolding Ethereum landscape.

Ethereum Price Analysis

According to the latest data from CoinMarketcap, ETH is currently trading at $1,853.13, with a decline in both daily and weekly charts. As per the data, in 24 hours, the coin decreased by 3%, while in the seven-day chart, there was a 2.70% decline.

ETH 1D graph coinmarketcap 4
Source: CoinMarketcap

Due to various factors, ETH’s price rally was halted after reaching the $1,970 level on July 3. These include the possibility of more interest rate hikes and stricter regulations in the cryptocurrency market. 

The Ethereum network also experienced withdrawals from its smart contract applications, which affected the June rally. Investors are now questioning whether the demand for a Bitcoin exchange-traded fund has diminished, potentially leading to a correction in ETH’s price. 

Regulatory developments, such as the European Union’s Data Act and Binance Australia’s derivatives business investigation, have contributed to the challenging environment. 

The Ethereum network’s total value locked (TVL) has decreased, indicating a decline in investor interest or a shift to layer-2 alternatives. 

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Source: DefiLlama

Professional traders have increased their leveraged long positions in Ether futures, but other indicators suggest a balanced demand for call-and-put options. Overall, these factors present significant obstacles for Ethereum bulls in breaking the $1,970 resistance level.

Related Reading | Bitcoin: BlackRock’s Fink Addresses Crypto Benefits

Litecoin’s Millionaire Addresses Surge Ahead of Upcoming Halving

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Santiment, the leading cryptocurrency analytics platform, has just revealed through a Twitter post that the number of millionaire addresses in the Litecoin (LTC) network is on a steady rise. 

As the much-anticipated halving event looms closer, scheduled to occur within a month, investors and enthusiasts are keeping a close eye on this exciting development.

While the Litecoin market experienced a temporary correction during the 4th of July break, Santiment warned that a subsequent rally may be imminent, fueled by the growing accumulation of LTC by significant players known as whales. 

These powerful entities, with substantial holdings in the digital currency, are positioned to make a considerable impact on the market as they navigate the waters of crypto trading.

The surge in Litecoin’s millionaire addresses indicates that the allure of the upcoming halving event has enticed more wealthy individuals to embrace LTC as a potentially lucrative investment. 

However, as the countdown to the halving continues, market analysts foresee a potential LTC rally on the horizon. The accumulation of LTC by these wealthy entities sets the stage for a significant shift in market dynamics, potentially propelling the digital asset’s value to new heights. 

Litecoin Makes Strong Gains, Trading at $105.05 Despite Daily Dip

As per the latest data, LTC is currently experiencing a marginal decrease of 0.73% on the daily chart. However, this setback fails to overshadow the remarkable gains Litecoin has achieved over the past seven days, with its price surging by an impressive 25.27%.

Litecoin’s upward trajectory is further highlighted when we analyze its monthly performance. Over the course of the past month, Litecoin has demonstrated an overall increase of 11.33%, showcasing its resilience and potential for sustained growth in the market.

Renowned crypto trading expert Michaël van de Poppe, CEO & Founder of MN Trading, has examined the recent chart patterns of LTC. His analysis leads him to predict that Litecoin will likely continue its impressive performance. 

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He has expressed particular interest in an add-on opportunity in the $99-102 range, suggesting that this could be a favorable entry point for investors.