Cryptocurrency
Crypto Price Analysis June-07: ETH, XRP, BNB, SHIB, and DOT
![](https://letizo.com/wp-content/uploads/2024/06/crypto-price-analysis-june-07-eth-xrp-bnb-shib-anddot_6662fdbb20f6f.png)
This week, we take a closer look at Ethereum, Ripple, Binance Coin, Shiba Inu, and Polkadot.
Ethereum (ETH)
For the past two weeks, ETH has been hovering around $3,800. However, this consolidation under the key resistance at $4,000 might end with explosive volatility.
The current bias on this price action is bullish and may be just a pause before Ethereum resumes its uptrend. This will be confirmed as soon as the $4,000 level turns into a key support. So far, buyers always came when this cryptocurrency dropped under $3,800 which is acting as a support.
Looking ahead, market participants are getting impatient as they anticipate the next major move for Ethereum. If Bitcoin breaks above its current all-time high at $74K, then Ethereum will likely follow it and make new highs as well.
Ripple (XRP)
This cryptocurrency has been struggling to find its direction since the crash in April. The price has been flat and is just under the key resistance at 54 cents. To date, sellers have rejected all attempts to break above it, and the price is almost in the same place as last week.
This prolonged flat trend has made the price action quite unattractive and led to a decreasing volume since April. However, the momentum indicators are signaling that this sideways move may be approaching its end with the daily RSI about to go above 50 points.
Looking ahead, XRP really needs to break the key resistance if it wants to bring back buyers.
Binance Coin (BNB)
In sharp contrast to the previous altcoins, Binance Coin moved above $700 this week. This is a new all-time high for BNB after closing the past seven days with a 18% price increase.
Considering the dynamics across most of the altcoin space, this cryptocurrency is a rare gem that managed to defy most of the market. With such a spectacular performance, BNB joins a very exclusive club of coins that made a new ATH.
Looking ahead, the path is now open for Binance Coin to aim for a four-digit price or $1,000, which will likely be the next major resistance if this rally continues.
Shiba Inu (SHIB)
SHIB’s volatility continues to hinder the expectations for new highs, and the price closed the week with a 3% loss. Buyers are trying to move Shiba Inu above $0.000025, but they struggle to achieve a decisive breakout.
Even if buyers dominate in terms of aggregate volume, sellers continue to make their presence known and always appear when the price tries to escape higher.
Looking ahead, SHIB could be in a preparatory phase before a major move. A strong impulse above $0.000025 is required for a breakout to be successful.
Polkadot (DOT)
DOT’s price action is similar to SHIB and XRP. So far, it has failed to break the key resistance at $7.6 and closed the week with a modest 1.8% price increase.
Until the key resistance falls, it is unlikely for DOT to gather much attention. The volume is flat, and sellers appear to dominate at decisive moments.
Looking ahead, Polkadot appears ready to move higher, but the current volume does not have enough strength for such a breakout. Therefore, more sideways price action could follow before a major move.
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Cryptocurrency
Top 10 Solana (SOL) Ecosystem Projects by Development Activity
![](https://letizo.com/wp-content/uploads/2024/09/top-10-solana-sol-ecosystem-projects-by-developmentactivity_66dc47b18afea.jpeg)
TL;DR
- Due to recent growth, Solana and its projects have gained popularity.
- Ecosystem meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have seen significant declines after a substantial surge earlier this year.
The Unsurprising Leader
Solana and numerous projects built on it have brimming in popularity in 2024. Some factors that could have contributed to this might be SOL’s bull run at the end of 2023 and the beginning of 2024, the growing community, and innovations in the ecosystem.
The crypto analytics platform Santiment recently outlined the top 10 Solana-based projects in terms of development activity in the past 30 days.
Somewhat expected, the first spot belongs to Solana itself, which collected a score of 186.33. It is worth noting that the protocol’s native token – SOL – has been experiencing a downfall since the end of July, plunging by approximately 30% and currently trading at around $127 (per Coingecko’s data).
Wormhole holds the second position with a ratio of 90.5. It acts as a bridge connecting various blockchain networks, such as Solana, Ethereum, BNB Smart Chain, and others. It enables users to transfer digital assets and data across these blockchains without a centralized intermediary.
Pyth Network is third, with a score of 68. It operates as a decentralized oracle network where multiple providers contribute to a collective data feed.
JITO and Neon round up the top 5 list. The other Solana-based projects down the line include Drift, Orca, Helium IOT, Helium Mobile, and Metaplex.
The Missing Ones
It is interesting to note that meme coins, which are part of Solana’s ecosystem, did not make the list. Such tokens, including dogwifhat (WIF), Bonk Inu (BONK), and many more, were among the top-trending topics in the crypto space at the start of the year due to their skyrocketing prices.
However, their progress has stalled as of late. WIF – the biggest Solana-based meme coin in terms of market capitalization – currently trades at around $1.52, representing more than a 70% decline from the ATH registered in April.
BONK (the second-largest) is worth approximately $0.00001666 as of the moment, or 60% less than the peak in May.
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Cryptocurrency
These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)
![](https://letizo.com/wp-content/uploads/2024/09/these-altcoins-bleed-out-as-bitcoin-btc-price-fell-by-4kin-hours-weekend-watch_66dc47b73b311.jpeg)
Bitcoin’s nosedives continued in the past 24 hours as the asset slumped from an intraday high of $57,000 to under $53,000 within hours.
The altcoins are also in the red, and the total crypto market cap has dumped to $2 trillion for the first time in over a month.
BTC’s Troubles Keep Coming
The primary cryptocurrency lost the coveted $60,000 level last week, and the true downfall followed suit. Aside from a brief attempt to overcome that line on September 3, the bears have been predominantly in control, which culminated yesterday.
Before that, it was rejected a couple of times and marked lower daily highs. A relief rally came on Friday when the US released the job report for August, which showed that there was a slight decline in the unemployment rates.
BTC reacted quickly with a price increase from $55,500 to $57,000. However, that turned out to be a false breakout, and the cryptocurrency headed south immediately after. In a matter of minutes, it plummeted to $54,000 before the bears initiated another leg down that pushed it to a monthly low of $52,700 (on Bitstamp).
Despite recovering to just over $54,000 now, it is still 4% down on the day and more than 8% in the past seven days. Its market cap has plunged to $1.070 trillion, while its dominance over the alts is down to 53.5%.
Alts in Red Yet Again
The bearish scenario repeated once again, and the altcoins are back in red. Ethereum is among the leaders in this adverse trend, having lost over 4% of value. As a result, it now struggles at $2,250. BNB is down by 3%, XRP by 3%, and SOL by 2.5%.
DOGE has dumped the most from the larger-cap alts. The OG meme coin has seen 5% of its value evaporate over the past day and is below $0.1.
Further losses come from the likes of TON, BCH, SHIB, LTC, OKB, XMR, and many others.
The total crypto market cap has declined by another $50 billion and is down to $2 trillion on CG.
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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.
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Cryptocurrency
Vitalik Buterin Pledges L2 Tokens to Support Public Goods in the Ethereum Ecosystem
![](https://letizo.com/wp-content/uploads/2024/09/vitalik-buterin-pledges-l2-tokens-to-support-public-goods-inthe-ethereum-ecosystem_66dc47bce1201.jpeg)
Ethereum co-founder Vitalik Buterin has pledged to donate all Layer 2 (L2) tokens he holds to support public goods within the Ethereum ecosystem or broader charitable causes.
This announcement comes a few days after accusations that he had sold millions in Ether (ETH) for personal gain.
Vitalik Buterin Denies Profit Motive
Buterin was quick to respond to the allegations, emphasizing that he has not sold any ETH for personal profit since 2018. Instead, he clarified that any proceeds from his ETH sales have been directed toward projects that contribute to the Ethereum ecosystem or other charitable initiatives.
In a September 5 update, he expanded on his stance, pledging to donate all L2 tokens he holds, including not-yet-liquid assets, to support similar causes.
He wrote, “All proceeds will be donated, again either to support public goods within the Ethereum ecosystem or broader charity (e.g., biomedical R&D). I also do not intend to invest into L2s or other token projects in the foreseeable future.”
He explained that his aim in funding projects is to support initiatives he believes are important, particularly in situations where other parts of the ecosystem may not fully recognize their value.
The Allegations
On August 30, an X user accused him of selling over $2 million worth of ETH shortly after posting a positive update about Ethereum’s future.
Later on, Lookonchain also revealed that Vitalik had transferred 800 ETH, worth around $2 million, to a multi-signature wallet. Shortly after, the wallet swapped 190 ETH for 477,000 USDC.
Further analysis from Lookonchain indicated that on August 9, he had moved an additional 3,000 ETH, valued at over $8 million, to the same multi-sig wallet.
These transfers fueled speculation that the Ethereum co-founder was liquidating his Ether holdings to realize profits.
Buterin had previously disclosed that his entire Ether holdings came from the Ethereum pre-mining period, which allocated 11.9 million ETH (about 10% of the total supply) to early contributors. As one of them, he received 700,000 ETH for his role in the network’s creation.
According to blockchain tracker Arkham Intelligence, his current holdings amount to approximately 240,000 ETH. This is a reduction of around 460,000 ETH from his initial stash.
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