Cryptocurrency
Pepe Price Rebounds After Binance Promo Goes Live, While Sponge V2 Also Continues Rising
Pepe (PEPE) saw its price rebound over 19% earlier today after Binance launched a new promotion on its Simple Earn platform.
This promotion is enticing new demand for PEPE as traders take advantage of increased earnings potential.
Meanwhile, Polygon-based meme coin Sponge V2 (SPONGEV2) has extended its rally yet again – and is now up 126% since launching on February 5.
New Binance Promo Sparks PEPE Price Rally
PEPE’s price pump comes right after Binance, the world’s leading cryptocurrency exchange, launched a new series of promotions for the token.
Binance aims to boost PEPE demand with these promotions, offering both free tokens and higher interest rates.
The first part of the promo involves gifting 700,000 PEPE tokens to the first 50,000 people who learn about the project through an online quiz.
The second part of the promo allows all Binance users to earn up to 9% extra interest on top of the standard rate just for holding PEPE in the exchange’s flexible savings protocol.
Both of these elements incentivize investors to buy and hold more PEPE.
The result is that PEPE has experienced a wave of buying pressure, pushing the token’s price up to $0.00000140 earlier today.
However, since that intraday peak, PEPE’s price has dropped 8% as investors likely took profits.
Lack of Use Cases Presents Challenge for PEPE’s Future
While the promotions might spark short-term interest in PEPE, the token still faces long-term challenges around its utility.
Unlike meme coins on other blockchains like Solana, where integration with DeFi dApps or NFT projects is common, PEPE lacks a clear use case beyond speculation.
This raises the question of whether the token can sustain its value over the long run.
Several Solana-based meme coins with tangible utility have recently outperformed PEPE massively, even without exchange promotions.
For example, based on social media hype alone, dogwifhat (WIF) soared 168% earlier in February.
So, while Binance’s incentives may buoy PEPE’s price temporarily as investors chase short-term profits, the lack of functionality for the token could prevent it from capitalizing on these gains.
Unless PEPE’s developers unveil integration plans or a new business model, its revival may be short-lived.
Sponge V2 Builds Value with Staking, Gaming, & Community After Polygon Migration
While PEPE’s gains may hinge on promotions, other projects are building more sustainable value.
One example is Sponge V2, which has rallied 7% in the past two days.
In contrast to PEPE, Sponge V2 aims for real-world utility through integration with a play-to-earn (P2E) game that’s currently under development.
This racing-themed game will enable players to compete against their friends and earn more SPONGEV2 tokens through ranking on the monthly leaderboard.
As development on the game progresses, the buzz around Sponge V2 is steadily growing.
Additionally, Sponge V2 offers lucrative staking rewards, with the current APY set at over 880%.
Since migrating to Polygon earlier this month, SPONGEV2’s price has climbed 126% as users flock to the token.
More than 50,000 people now hold SPONGEV2 – with this figure rising daily.
The token has also built steady hype on YouTube, with influencer ClayBro speculating that it could have “100x potential.”
While meme coin hype can fade quickly, Sponge V2’s combination of P2E utility, staking rewards, and online community makes it an under-the-radar gem to watch.
Moreover, with the token’s market cap sitting at just $51 million and its fully diluted market cap at $189 million, SPONGEV2 appears attractively priced relative to its potential value.
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Cryptocurrency
Is Ripple (XRP) Gearing up for a Christmas Rally? (Analysts Weigh in)
TL;DR
- Ripple (XRP) fell from $2.50 to under $2 but recovered to $2.25, with analysts eyeing a substantial rally in the coming weeks.
- XRP whales bought 120 million tokens over the past week, reducing supply and potentially setting the stage for a price pump.
Final Push for the Year?
Ripple’s XRP was among the leading cryptocurrencies that were the worst affected amid the latest market correction. Its price tumbled from over $2.50 on December 17 to less than $2 three days later. The bulls managed to recover some ground in the past few days, with XRP currently trading at approximately $2.25 (per CoinGecko’s data). Still, that represents a 10% decline on a weekly scale.
Despite the fluctuations and the recent pullback, many analysts remain optimistic that XRP could experience a substantial rebound in the near future. Crypto Bitlord, an X user with almost 400,000 followers, thinks “the final pump for 2024 is loading.” The market observer predicted a price rally to as high as $12 next month, suggesting that “the rise starts now.”
JAVON MARKS was also among the bulls. They touched upon XRP’s 4-hour chart to envision the confirmation of a “Hidden Bullish Divergence” that could take the valuation to over 2.90 and a subsequent jump to a new all-time high.
For their part, CrediBULL Crypto claimed that “the XRP/BTC chart below looks absolutely fantastic” and “the most bullish-looking chart in the entire space.” As such, the analyst said they will look to open a long position once again for another trade in the following days.
Whales on the Move
The latest correction of the crypto market, which started shortly after the Fed announced another interest rate cut but also hinted at a pause of the policy for next year, seems to have been welcomed by XRP whales.
On December 20, X user Ali Martinez revealed that such large investors have purchased around 80 million tokens in the span of three days. Earlier today (December 24), he claimed that whales have stacked up on an additional 40 million coins.
Such actions reduce the circulating supply of XRP, which could be followed by a price rally (assuming demand stays the same or heads north). Massive whale purchases may also trigger excitement among smaller investors who could also hop on the bandwagon, thus creating further upward pressure on the price.
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Cryptocurrency
Veles Unveils Backtesting Solutions for Crypto Traders
[PRESS RELEASE – Dubai, United Arab Emirates, December 24th, 2024]
Veles, a leader in algorithmic trading solutions, has introduced a sophisticated backtesting toolset tailored for cryptocurrency traders. These tools empower users to evaluate and refine strategies by leveraging advanced technology to uncover market inefficiencies and enhance trading outcomes.
- Custom Strategy Configuration: For parameters to match specific trading goals.
- Comprehensive Historical Data: To conduct tests using minute-level datasets.
- Position Management: Optimization of entries and exits.
- Insightful Analytics: In-depth reports for strategy optimization.
- Advanced Indicators: To analyze market conditions, including volatility and volume.
Veles’ backtesting solutions offer traders the ability to optimize strategies while minimizing risks. The platform integrates with top cryptocurrency exchanges like Binance, Bybit, and OKX, ensuring seamless connectivity and comprehensive support for dynamic markets.
About Veles
Veles provides advanced tools for cryptocurrency trading automation. With a focus on enhancing efficiency and profitability, Veles equips traders with reliable solutions for navigating market complexities.
More details at veles.finance.
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Cryptocurrency
BYDFi Market Overview: UFD,HYPE and USUAL’s Growth, PENGU’s Stable US$1,800,000,000 Market Cap
[PRESS RELEASE – Mahe, Seychelles, December 24th, 2024]
On December 24, 2024, the BYDFi crypto exchange officially launched new tokens, including PENGU, HYPE, UFD, and USUAL. These are different Memecoins and DeFi tokens, enriching the categories of assets on the platform and giving global users more investment opportunities.
UFD’s Surge, PENGU on Hot List with $1.8B Market Cap
UFD, or Unicorn Fart Dust, is a meme coin in the Solana ecosystem that has been growing with the tag of a “social experiment.” A 54-year-old gold and silver trader was inspired to create his own meme token, UFD, based on Fartcoin, which had a market cap of $500 million. The creation of UFD symbolizes the innovative trend of the cryptocurrency market as well as the openness of the industry towards investors cutting across all age groups.
From GMGN data, on December 19th, UFD market cap has already passed $230 million , the 24-hour price increase was at 434%, and a 24-hour trading volume of $145.4 million.
According to Onchain Lens, one address that bought UFD early on changed $700 into $1.8 million in less than 7 hours. According to Lookonchain, a trader bought 12.98 million UFD tokens for 0.4 SOL two days ago. During the price spike, the trader sold over 80,000 UFD tokens twice, netting $4,500 while holding 12.9 million tokens in their account.
PENGU is the official token created by the Pudgy Penguins project, which contains 8,888 unique cartoon penguin NFTs. Each NFT generates randomly assigned qualities through the use of up to 150 hand-drawn components. These penguins have up to five different features, such as distinctive backgrounds, body shapes, clothes, and accessories.
PENGU is launched on the Solana blockchain in December 2024 with a total of 88,888,888,888 tokens. The overall market cap has crossed $1.88 billion, and the 24-hour trading volume is $360 million, with 62.86 billion tokens in circulation. The project intends to propel Web3 innovation through the Abstract public blockchain and developer incubator, and it has the support of the robust NFT community of Pudgy Penguins. Abstract recently raised $11 million, majorly coming from Peter Thiel’s Founders Fund, and hence offers a lot of support towards developing the PENGU ecosystem.
On-Chain Speed and Stable Ecosystem: Dual Innovations of HYPE and USUAL
HYPE is the native token of the decentralized derivatives protocol Hyperliquid and is the core asset of the high-performance L1 platform. With a latency of less than one second and complete transparency in its order book, trading, and settlement, Hyperliquid focuses on totally on-chain operations. The Hyperliquid platform is a rising leader in the DeFi industry, with a total asset value of $2.173 billion, according to DefiLlama data.
HYPE’s price has increased in 1345% since it was launched from $2 to $28.91. The 24-hour trade volume for HYPE has now surpassed $15 billion, according to data by @HyperliquidX, which marks a new record.
USUAL is the native governance token of the Usual protocol. It aims to create a secure and efficient stablecoin ecosystem backed by real-world assets, or RWA. Among its core functions are:
- Governance: Transparency in decentralized governance and community leadership is ensured by allowing holders to take part in crucial protocol decisions like earnings distribution and collateral management.
- Yield: The users can benefit from the RWA investments of the protocol with yields on US Treasury bonds by staking USUAL.
- Stablecoin Ecosystem: supports the main products of the protocol, being USD0, a stablecoin, which RWA supports and USD0++, a variant of liquid staking, and holders can share revenue via management or staking.
It also ties the issuance of USUAL tokens to total value locked, where increases in TVL reduce the token supply, thus constituting a deflationary mechanism that can boost long-term value. As of December 18, USD0 minting was seen reaching a record-breaking 190 million units with the total supply rising beyond 1 billion units netting 136 million units. It can be established that the high level of capital attraction of the Usual procedure is by reaching the Treasury revenue of $5.89 million. The increase of USD0 and USD0++ will enhance TVL by raising USUAL’s scarcity and value appreciation. At the moment of writing, the token’s price is $1.39, up 34.2% over the previous day. At $838,695,117, the trade volume is more than it has been in the past.
Meanwhile, BYDFi has simultaneously launched additional tokens, including FUEL, VANA, SEND, and ARCSOL. Users can visit the BYDFi official website or the BYDFi app to stay updated on the latest market trends and detailed information about these tokens.
About BYDFi
Founded in 2020, BYDFi is considered among the top 10 best crypto exchanges around the world according to Forbes, and trusted by millions of users all over the world. It currently supports more than 600 tokens for spot trading, with options for leverage from 1x to 200x to suit every investment strategy. Besides, BYDFi has also simplified the procedure of buying cryptocurrencies by working with world-class payment service providers like Banxa, Transak,and Mercuryo, enabling its users to purchase coins at a low cost.
In the future, the upcoming “BYDFi Copy Trading” feature will automatically suggest the top traders according to the user’s risk tolerance and account assets. Users can easily activate the copy trading mode using only a tap and replicate professional traders’ strategies. BYDFi aims to provide a world-class crypto trading experience for its users.
Contact BYDFi
For inquiries and support, users can reach them via the following:
Twitter( X ) | LinkedIn | Facebook | Telegram | YouTube
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