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PENGU and SPX6900 Prices Pump Despite Market Dip as New Meme Coin Wall Street Pepe Raises $35M

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Christmas seems to have come early for Bitcoin and Ethereum bears, as both leading crypto assets have dipped over the last several days. BTC has fallen by almost -13% since December 17, while ETH has dropped by a similar amount at approximately -15%.

Most altcoins have suffered more challenging fates, with many tokens dropping by -30% or more in recent days.

However, as the saying goes, it’s time to buy when there’s blood in the streets – and this is also a key time to find strongly-performing cryptos that continue thriving, even while the market panics. PENGU (the official token of the Pudgy Penguins NFT project) and SPX6900 (a meme coin that satirises the S&P 500) are two such examples.

Both meme coins have seen strong rises on the daily charts, while another new token called Wall Street Pepe is turning heads having just hit the $35 million mark in its ongoing presale.

More Success Incoming for PENGU?

Building on the incredible global success of the Pudgy Penguins NFT collection (a crypto-native project that’s turned into a mainstream entertainment brand), the PENGU token has been subject to some controversy. As soon as the token launched on December 17, the floor price of the Pudgy Penguins NFT collection plummeted by over 50%, wiping out the huge price gains the collection had made since the early days of this month:

As the value of NFT collections is partly dependent on exclusive access to a brand, and the introduction of the PENGU token now means that anyone can invest in Pudgy Penguins at a more accessible price level, this precipitous dip is understandable.

However, the PENGU token is making significant moves in the right direction, breaking out of a descending triangle chart pattern. PENGU is up over 30% in the past 24 hours alone.

As we’ll see in the price chart below, the key resistance level for PENGU ($0.07) is approximately double the token’s current price:

This looks like the start of a potential rally for PENGU, which is already a fantastic achievement under current market conditions. Time will tell exactly where the price action goes from here, but at least PENGU holders haven’t been left out in the cold.

SPX6900 Also on the Up

While PENGU does its best to take off, SPX6900 is continuing to consolidate while bullish signals begin to emerge. The token is up over 20% in the past 24 hours, but the big picture is best indicated by the chart below:

Symmetrical triangle chart patterns are usually considered ambiguous rather than bullish – but in this instance, we can see a recent deviation below the green diagonal support line. This indicates a bullish resurgence, which catapulted the price into its biggest pump since late November.

Since that deviation point, the SPX6900 price has remained volatile, undergoing yet another dip, followed by another pump. This is definitely not a token for the faint of heart, but many investors and traders will still find it preferable to the bearish price action currently afflicting most of the crypto market. $1 remains the most vital resistance point for SPX6900 investors to target – and if we zoom into a lower time frame, we’ll find another interesting insight:

Even on the one-hour chart, SPX6900 has formed another symmetrical triangle that indicates bullish strength. The price is also consolidating below a potential breakout level – and the current chart pattern has a deadline to resolve itself by exactly the point where 2024 ends and 2025 begins, right down to the hour of midnight.

While SPX6900 remains volatile, an interesting meme coin presale has emerged in recent weeks that some investors have been quick to pour into.

Wall Street Pepe Presale Hits $35M – Next Breakout Meme Coin?

While so many crypto traders and investors have been struggling against the market in the past couple of weeks, Wall Street Pepe ($WEPE) has been breaking records. Its recently launched presale has hit $35m in around just 3 weeks, making it one of the fastest-growing ICOs right now.

This unique new meme coin project will give token holders access to special trading insights, strategies, and alpha calls that could increase their chances of making better investment and trading decisions.

By joining the WEPE community, everyday traders – usually considered the “fish” at the mercy of large whales and major institutions – can become empowered and equipped with everything they need to get ahead and win.

Token holders will also be able to enter weekly trading competitions, join the WEPE Army (a private group of insiders), and stake their WEPE tokens to generate passive income with impressive APY rates (currently 37%).

Frog meme coin projects like Pepe and Turbo have already achieved explosive success, and many investors seem to believe WEPE might be next.

Visit Wall Street Pepe Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

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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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