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Bonk Price Continues to Fall, Traders Backing New Solana Meme Coin Alternative

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As the crypto market jousts with strong selling pressure, Bonk has fared worse for wear, retracing by 7% today.

However, analysts are bullish on Sealana, a newly launched Solana presale which has recently surpassed the $250K total raised mark.

BONK Price Dips But Analysts Remain Optimistic On Longer-Term Outlook

Despite Bonk struggling today, traders anticipate that its higher time frame trajectory remains bullish.

Bonk is currently trading at $0.00002507, down 7% today, up 2.9% this week, and 8% this month.

It holds a $1.6 billion market cap and a $335 million 24-hour trading volume.

Trader Koz provided a higher time frame analysis of Bonk’s price action, illustrating that it recently reclaimed a key support/resistance level, laying the way for further upside.

The analyst described Bonk as having “One of the best-looking charts out there.”

Meanwhile, WebTrend Analytics speculates that Solana’s second-largest meme could be gearing up for a move toward $0.00005 in the coming weeks.

“BONK’s 4-hour chart exactly mirrors the previous local blow-off top. This is the craziest repeated pattern we have ever seen.“

They continued, “RSI, WSI, and price action are all exact matches. Compared to previous price action, it suggests we are moments away from another blow-off top.”

Meanwhile, commentator Gnarleyquinn expects Bonk to outperform Solana’s leading meme coin, Dogwifhat, looking ahead.

“WIF is the only Solana-based meme coin that has consistently outperformed BONK in 2024. I’m wondering if we’ve now seen the peak pair trade level. The top coincided with the Vegas Sphere,” the analyst wrote.

Granleyquinn then noted, “My thesis has always been that $BONK will outperform all in the long run.”

That said, other traders are exercising more caution in their Bonk predictions. While CryptoChed agrees that Bonk retains upside potential, he also underlines the significance of its price structure, noting that a retracement toward its range low of $0.000021 would be bearish.

“Bonk has been strong off the lows and is at local range high. A shallow pullback or breakout is preferable from here. However, retracing back to the range low would be a tough look,” the analyst explained.

Nevertheless, the broader Solana ecosystem continues to show strength today, and analysts tip Sealana as the next project that could explode.

New SOL Meme Coin to Watch: Can Sealana Continue After Raising $250K at Presale?

Sealana, a hilarious seal-themed meme coin inspired by the foul-mouthed cartoon South Park, has entered the market with a bang.

It is currently undergoing a presale and has raised over $250K in its opening days. This has caught the attention of leading market analysts and tier-one media outlets.

In a recent YouTube video, ClayBro speculated Sealana holds 10x potential and that it is “the latest Solana meme coin set to rally.”

However, ClayBro is not the only high-profile figure praising the new presale sensation. Despite its early stage, media juggernauts like Watcher Guru, Coinpedia, and CoinGape have all featured the project.

While its playful memetic allure has undoubtedly struck a chord with market participants, rumors that the Slerf team launched Sealana are another reason for its early success.

Slerf peaked at over a $450 million market cap in March and even eclipsed Ethereum in on-chain trading volume. As such, it would be overwhelmingly bullish if the whispers prove true.

Sealana swapped out his sea-dwelling lifestyle to pursue meme coin riches, driven by dreams of Lambos and outrageous gains.

The Sealana presale is ongoing, but the team has not announced a predetermined hard cap. This means that potential buyers must act quickly to avoid missing out.

Visit Sealana Presale

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Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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