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Solana Price Rebounds 9% After Network Outage, While Meme Kombat Presale Nears Conclusion

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Solana’s (SOL) price has rebounded over 9% in the past day, recovering from the network outage earlier this week.

The outage, which lasted almost five hours, highlighted concerns about the network’s stability and centralization.

In other news, the Meme Kombat (MK) presale is nearing its conclusion, with early investors having one final chance to acquire tokens before their Uniswap listing.

Solana Outage Causes Brief Turbulence, But SOL Quickly Recovers

Despite the outage on February 6, Solana has shown remarkable resilience in the days after.

Within hours of the network returning online, the SOL token erased all the losses that had been sustained.

This quick recovery highlights the crypto community’s faith in Solana’s long-term viability as a leading layer-1 blockchain.

The outage was linked to complications with the “Berkeley Packet Filter,” a vital component for smooth upgrades and program execution.

This marked Solana’s first major incident of 2024, but it’s the 11th outage overall since the network first launched – with one occurring every two months on average.

While frustrating for developers and network users, the Solana Foundation is conducting a complete post-mortem analysis to uncover the root technical issues and enhance error handling.

However, SOL traders seem undeterred, with spot trading volumes remaining relatively stable in the past 48 hours.

Massive SOL Transfers Suggest Growing Whale Bullishness

In other news, two mammoth SOL token transfers occurred last week that may signal growing institutional interest.

The first, a transfer of 659,283 SOL, worth over $67 million at the time, went from one unknown wallet to another.

However, the second batch has sparked more intrigue, with 150,000 SOL being moved from the cryptocurrency exchange Bybit to an unidentified wallet.

This transfer was valued at around $15.2 million when it was made.

While the recipient’s identity remains unknown, the fact that such a vast amount was transferred off of the exchange has been viewed as a bullish signal.

This is because crypto whales often move their assets off exchanges when they plan to hold them for an extended period rather than engage in short-term trading.

As a result, investor confidence is often buoyed by this type of behavior since it reduces the likelihood of a large SOL sale.

Overall, if these transfers are any indication, high-net-worth players are betting on Solana to be a dominant blockchain for years to come – which could be playing into SOL’s recent price action.

Meme Kombat Enters Final Presale Round Before Much-Anticipated Uniswap Debut

While the spotlight is on Solana once again, some crypto traders are opting to focus on tokens that are outside the blue-chip projects.

Meme Kombat is one of these tokens and has been attracting massive attention during its presale phase.

Capitalizing on the exploding popularity of GameFi, Meme Kombat allows users to bet MK tokens on fights between some of the most iconic meme coin mascots.

Featuring hilarious animated battles, Meme Kombat offers a fun and community-driven experience for new and seasoned investors.

With the presale now in its final stage before MK lists on Uniswap, the token has already amassed a vast online community.

More than $8.3 million in funding has also been raised, which will be used to develop the battle arena and launch viral marketing campaigns for MK.

Several YouTube influencers have also hopped on the bandwagon, touting MK for exponential growth once publicly listed.

For example, analyst Michael Wrubel, who has over 310,000 subscribers on YouTube, stated that it could be the “next 100x gaming meme crypto.”

Whether Wrubel’s bullish forecast proves accurate remains to be seen, but Meme Kombat is undoubtedly ticking all the boxes as a potential hidden gem in the altcoin market.

Visit Meme Kombat 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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BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations

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The price of Bitcoin (BTC) experienced massive volatility on Wednesday, soaring to nearly $64,000 before sinking again to $60,500 within one hour.

Amid the chaos, crypto traders have experienced $638 million in liquidation over the past 24 hours, including $391 million of liquidations in the past 4 hours alone.

  • According to Coinglass, about $55 million of liquidations in the last hour impacted a consortium of little-known altcoins, while $96 million was liquidated on BTC trades directly.
  • Meanwhile, ETH traders suffered $45 million of liquidations, and DOGE traders lost $29 million.
  • In the past 24 hours, a massive 168,988 traders were liquidated. The largest single liquidation occurred on OKX on a BTC-USDT trade for $9.45 million.
  • The price of BTC is $61,400 at writing time, up 21% within the past five days alone.
  • Many credit the asset’s recent surge to the launch of several bitcoin ETFs last month.
  • BlackRock’s Bitcoin ETF – the largest of all newcomers – now holds over $8 billion in BTC, and absorbed a record $520 million of flows on Tuesday.
Bitcoin / USD. Source: TradingView
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BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States

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BlackRock’s Bitcoin (BTC) ETF has cracked a new daily inflow record, helping push Bitcoin’s above $60,000 for the first time since November 2021.

The iShares Bitcoin Trust (IBIT) absorbed another $520 million on Tuesday, bringing the fund’s total flows since launch above $6.5 billion. Furthermore, thanks to Bitcoin’s rising price during that period, the value of the firm’s Bitcoin stash has appreciated to over $8 billion.

BlackRock Breaking Record

By comparison, Fidelity’s Bitcoin ETF now holds $5.6 billion in BTC, but absorbed a much smaller $126 million flow on Tuesday.

Meanwhile, Grayscale – IBIT’s largest competitor – suffered another $125 million of outflows. Though Grayscale still bears a significant lead in total assets at $25 billion, BlackRock’s ETF is slowly gaining ground against the incumbent fund due to its much lower management fee.

According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s stellar inflow figure made it the number two ETF for inflows in the United States yesterday, only behind BlackRock’s iShares Core S&P 500 ETF (IVV).

“This means a good portion of that massive volume was new buying vs arb/algo,” Balchunas wrote to X on Tuesday.

The analyst also noted that individual trades for IBIT’s ETF surpassed those of both the SPY and QQQ. This suggests that a large component of buyers trading the ETFs are retail-based – an unexpected finding given the ETF’s popularity as an institutional trading ground.

Bitcoin ETFs And Surging Price

The price of Bitcoin has skyrocketed by over 25% in the past five days, now trading at over $63,000 at writing time. Many analysts credit its success to the launch of Bitcoin spot ETFs, which have collectively absorbed over $6.7 billion of flows since going live on January 11.

After 30 days, BlackRock and Fidelity’s Bitcoin funds had already broken records as the two most successful ETF launches in history based on flows. BlackRock also tapped a new daily high for trading volume on Monday, surpassing $1.3 billion and entering into the top 11 ETFs in the country by volume.

Bitcoin now approaches its all-time high of $69,000 USD, though, in some currency denominations, it has already broken its prior records. For instance, one BTC is now worth over 95,000 Australian dollars, compared to $87,000 at its peak in November 2021.

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3 Catalysts That Suggest More Gains for Bitcoin After Price Broke $60K

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Bitcoin surged above $61,000 on Wednesday, marking its highest level since November 2021. The rally seems fueled by significant inflows into US-based spot Bitcoin ETFs.

With bullish momentum building, all eyes are on the leading crypto asset’s trajectory, and data suggest that it might be able to break its previously established all-time high of $69,045.

MVRV Ratio Signals Buying Opportunity

The MVRV Ratio, derived from dividing an asset’s market capitalization by its realized capitalization, serves as a pivotal metric in cryptocurrency trading. When below 1, it indicates most holders are at a loss, signaling a potential buying opportunity.

On the other hand, a rising ratio suggests increased profit-taking, potentially leading to selling pressure and market corrections.

Historically, an MVRV Ratio nearing 4 signaled market tops, though this threshold has decreased in each cycle. According to Intotheblock’s latest observation, the value stands at 2.22, essentially hinting at a bullish market that is not yet excessively overheated.

Bitcoin MVRV. Source: ITB
Bitcoin MVRV. Source: ITB

Subdued Retail Crowd

Despite Bitcoin’s remarkable price movement, current data suggests an absence of retail investors. While there has been a rise in the number of new addresses, Intotheblock said it is likely attributed to active market participants engaging with Ordinals.

However, new addresses have since declined and remain relatively consistent. The same pattern is observed with active addresses. Both Google trends and app store data show no significant surge in retail interest yet.

On-chain volume is gradually increasing, reminiscent of the early phases of the 2021 bull market, but it has not reached the frenzy levels seen during the peak.

This implies that institutional investors might be driving this phase, with attention focused on ETFs as potential accumulators.

Meanwhile, those monitoring altcoins are speculating on whether renewed retail interest will shift Bitcoin’s upward trend towards broader market movements. However, the upcoming halving could change this dynamic and push the crypto asset to a new peak.

Bitcoin Halving: A Major Catalyst

The analysis from ITB suggests that the upcoming Bitcoin halving in April typically triggers a surge in price according to historical patterns. However, in the current cycle, the price rally has occurred earlier than anticipated.

This deviation may imply that investors are aware of the potential impact of the halving and are adjusting their investments accordingly ahead of time. In short, these market players are anticipating and acting upon the expected price movement associated with the halving event well before it actually takes place.

Bitcoin Price History. Source: ITB
Bitcoin Price History. Source: ITB
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