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Justin Sun Transfers $14.7 Million Worth of ETH Out of Binance, Sponge V2 Related?

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Crypto billionaire and Tron founder Justin Sun recently transferred $14.7 million worth of ETH from the Binance exchange to a private wallet address, sparking speculation that he may be preparing to invest in the Sponge ecosystem.

Sun has previously invested in the original Sponge (SPONGE) token, so this latest transfer has fueled rumors that he may be considering a substantial investment in Sponge V2 (SPONGEV2).

Justin Sun’s Wallet Transfer Sparks Speculation of Imminent Sponge V2 Purchase

According to a tweet from PeckShield, Sun moved 6,166 ETH to an unknown wallet address, which currently holds crypto assets valued at over $270 million.

This move has sparked speculation that he may be gearing up to invest in meme coins, given that he already owns over $6 million worth of Shiba Inu (SHIB) and has holdings in other top tokens, like Floki (FLOKI).

Notably, one of Sun’s wallets, tagged “Justin Sun 4” on Etherscan, holds just over $43,000 worth of Sponge V1 tokens.

This makes Sun the 14th largest holder of SPONGE globally.

Now, with the upcoming launch of Sponge V2, analysts are speculating that Sun may be looking to increase his SPONGE investment before the token bridge occurs.

His recent massive wallet transfer could be in preparation for such a purchase, which may indicate his intention to increase his exposure to the meme coin market.

In fact, Sun tweeted back in May that he had decided to “begin actively trading meme coins” and would donate any profits to charity.

Ultimately, these rumors about Sun potentially readying to buy Sponge V2 have ignited significant interest in the SPONGE community, which now boasts over 8,000 active members on Telegram.

SPONGE Token Upgrades to V2, Bringing P2E Gaming & High Staking Yields

SPONGE is a meme coin launched in May 2023 as a tribute to the popular SpongeBob SquarePants cartoon character.

The project saw massive success right out of the gate, hitting a market cap of $100 million within weeks and delivering almost 100x returns for early investors.

At its peak, the token was valued at $0.0023 and regularly experienced millions of dollars in daily trading volume.

Although SPONGE is down significantly from May’s all-time high, Etherscan data shows there are still over 11,800 unique holders.

Sponge’s developers have been quiet in recent months before returning to announce a major upgrade – Sponge V2.

This new version aims to transition the original SPONGE token into a multifaceted ecosystem complete with its own play-to-earn (P2E) game.

The upgrade also introduces a novel Stake-to-Bridge protocol, allowing SPONGE holders to earn yields in the form of SPONGEV2.

At the time of writing, yields are set at 617% per year, with over 2.6 million SPONGE tokens pledged already.

With meme coin mania hitting the crypto market once more, the timing of this ambitious upgrade has the potential to reignite interest in the project.

Could SPONGEV2 Be the Next Meme Coin to Explode in Value?

The recent colossal rises of Bonk (BONK) and Gorilla (GORILLA) highlight how hot the meme coin sector is right now.

Both tokens have soared over 1,000% in the past few months, delivering outsized returns for holders.

Additionally, the original SPONGE token has rocketed 130% in the past seven days following the development team’s upgrade announcement.

Now, some investors speculate that SPONGEV2 could be the next low-cap meme token to erupt.

Once the token goes live and gets listed on exchanges, there’s a growing belief it could attract the same wave of speculative interest that propelled BONK and GORILLA to record highs.

Moreover, the crypto market as a whole looks poised for a bull run in 2024, given the high likelihood of a spot BTC ETF being approved.

When the market enters a bullish phase, meme coins tend to benefit disproportionately – which has led to increased anticipation surrounding SPONGEV2’s launch.

With its dedicated community, ambitious roadmap, and rumored accumulation from Justin Sun, Sponge V2 checks all the boxes required for a potential breakout in the meme coin space.

Visit Sponge V2 Website

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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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