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- A meme coin spikes 56,000%
A meme coin spikes 56,000%
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Solana's NVDA meme token soars 56,000% amid NVIDIA's record revenue
Key points:
NVIDIA’s revenue report drove an incredible run for a Solana meme token.
SOL’s price might bounce if it hits an oversold region.
News- NVDA, a meme token developed on Solana, registered an amazing 56,000% increase within 24 hours. Findings showed that developers, as well as degenerate traders, had capitalized on NVIDIA’s earnings to drive the hype.
NVIDIA is a world-leading Artificial Intelligence (AI) company, which revealed that its revenue jumped by 265%. Also, the NVDA meme token had the same ticker as NVIDIA’s stock.
These plays may not last long - While the rally positively impacted activity on the Solana network, it is important to note that the NVDA might not be a sustainable asset to hold for the long term.
In recent times, many tokens have been developed on Solana depending on trending narratives. In some cases, the prices of the tokens plummet after the hype around the said narrative fizzles out. However, more AI-themed memes might appear going forward because of the growing attention to the industry. If NVIDIA announces another milestone, another token might spring up and possibly replicate NVDA’s performance. But there is no guarantee.
Will SOL move? Despite the high network activity, SOL’s price failed to make a big bullish move. However, the Relative Strength Index (RSI) neared the oversold territory. This might be a sign that the price might decrease further.
But if the RSI hits the oversold level, SOL could bounce off the lows. Should this be the case, the price of the token could target a higher level than it had done this year. However, this might also depend on the sentiment in the market.
Kraken demands SEC lawsuit dismissal, cites ‘inadequacy’
Key points:
The exchange accused the SEC of towing a dangerous path.
Kraken’s CEO mentioned that the U.S. as a whole might lose out due to undefined regulations.
News- Almost a year after the crypto exchange Kraken and the US SEC reached a settlement, the parties are back at loggerheads. This time, Kraken is asking a San Francisco federal district court to dismiss the motion the SEC recently filed against it.
In November 2023, the SEC filed a lawsuit against Kraken, on the basis that it was operating as an unregistered securities exchange. However, Kraken’s latest response noted that it was not involved in any investment contract sale.
The SEC faces a double-edged sword- Furthermore, the exchange accused the regulator of not having enough evidence but went ahead to file a lawsuit. Kraken’s side of the story aligned with that of the CFAT.
The CFAT is an acronym for the Crypto Freedom Alliance of Texas. Like Kraken, the CFAT had filed a similar lawsuit against the SEC. Kraken also added that the SEC had no “limiting principle”
What did the CEO say? David Ripley, CEO of Kraken, also commented on the matter. According to his post on X, crypto exchanges do not have to face unnecessary onslaught from the SEC.
Ripley also mentioned that the US risked losing its place as a top innovative destination if the regulator continued to witchhunt exchanges. In conclusion, he called for clear regulatory policies in the country and called on Congress to do more in cautioning the regulatory agency.
XRP’s attempt to recover may be unlikely, indicators reveal why
Key points:
Active users decreased, indicating dwindling interest in XRP.
XRP’s price might decrease below $0.54 in the coming days
News- XRP, the native cryptocurrency of Ripple, might find it hard to reclaim $0.70, some technical indicators revealed. The last time XRP reached such heights was in December 2023. However, its performance since the new year began has ended in a 13.65% decrease.
A rally is not in the works - Signals from the On Balance Volume (OBV) indicated a stalemate. This suggested a lack of buying pressure. The Relative Strength Index (RSI) indicated a similar sentiment. But with the RSI, the reading decreases, suggesting a bearish momentum.
How is the matter on-chain? Active addresses on the Ripple network had been decreasing, implying a decline in crowd interaction. For XRP, this suggests minimal speculation around the token.
If the metric continues to decrease, XRP’s price might not enjoy a wave of accumulation anytime soon. A situation like this could bring the token to its knees, underscoring how difficult it could be to climb higher.
Is XRP already at its top? A look at the Funding Rate showed that XRP was trading at a premium perp price compared to the spot value. Funding Rate is the cost of holding an open position in the derivatives market.
Since the Funding Rate was positive, it implied that longs were paying fees to short-positioned traders to keep their positions open. However, the declining price and positive Funding Rate did not spell bullish signs for XRP.
Axie Infinity co-founder loses almost $10M ETH in latest exploit
Key points:
Axie Infinity’s co-founder noted that the exploit did not take place via the Ronin bridge.
The hacker sent the funds to Tornado Cash, making it more challenging to trace the funds.
News- Jeff “Jiho” Zirlin, one of the co-founders of Axie Infinity has lost $9.7 million to a hack. According to blockchain security firm Peckshield Alert, the hacker stole 3,248 ETH across two wallets that belonged to Zirlin.
Was it through Ronin or not? Peckshield’s post mentioned that the funds were hacked through the Ronin bridge. The Ronin bridge is the network for transferring assets between Ethereum and Ronin, Axie Infiinity’s underlying blockchain.
But another co-founder of the project Aleksander Larsen posted that the information was wrong. According to Larsen, the exploit did not happen via Ronin, noting that the chain was safe and secure. Zirlin also reiterated Larsen’s points, affirming that the leaked keys had nothing to do with the Ronin chain.
The funds went through the usual route - Further investigation revealed that the funds had been moved to Tornado Cash. Tornado Cash is a crypto mixer, known for keeping its users anonymous. Moving it to the mixer implies that it could be difficult to trace the stolen assets or know the actual perpetrators.
RON feels the heat - As a result of the development, RON, the native token of Ronin tanked within minutes. At press time, the price had lost 5.56% of its value in the last 24 hours. But after initially hitting $2.82, RON’s price climbed back to $3, according to CoinMarketCap data. In the meantime, neither Larsen nor Zirlin had updated the community if efforts were being made to recover the funds.
More stories from the crypto ecosystem
Crypto scams uncovered
Without informing any of his 391,000 active traders, Faruk Fatih Ozer stopped operations of Thodex, a Turkey cryptocurrency exchange. It was later discovered that the CEO had scammed his users a mouth-watering $1.37 billion via a marketing campaign. Besides that, users could not access the funds trapped in the exchange, valued between $2 billion and $10 billion.
A 2023 independent investigation revealed that a Chinese group used a “pig butchering business” to scam unsuspecting cryptocurrency investors. One of the victims lost his life savings worth $2.7 million. About $90 million also flowed into the scam account between January 2021 and November 2022.
Hackers who identified a loophole on the Nomad bridge carted away $186 million from the platform. Though the perpetrators later returned some of the funds, it was less than 5% of what was looted.
Top 3 coins of the day
Cardano (ADA)
Key points:
A resurgence in altcoin dominance might help ADA’s price recover.
The inability to hold on the critical support might drive ADA down the charts.
What you should know - Red candlesticks on the 4-hour ADA/USD chart meant sellers were in control. However, the Supertrend, which identifies potential buying and selling, displayed a buy signal at $0.58. But a look at the Moving Average Convergence Divergence (MACD) suggested otherwise. The MACD’s negative reading indicated a bearish momentum, confirming sellers’ dominance. As of this writing, ADA appeared ready to slide to $0.55 which was a major support zone. If bulls can defend the $0.55 support, ADA might bounce off the lows. But a close below the region could invalidate the potential rebound.
Filecoin (FIL)
Key points:
Declining bullish momentum could force FIL below $8.
FIL’s price might hit double-digits if buying pressure returns.
What you should know - Despite an 11% jump in the last 24 hours, FIL signaled that it could head toward $12.82 as the 4.236 Fibonacci level positioned there. On February 21, FIL had broken out near the $6.95. Bulls were also able to breach the 7.75 resistance. However, the Relative Strength Index (RSI) hinted at a declining bullish momentum in the short term as the reading dropped. Should this be the case, FIL’s price could slip below $8. But if bulls return with intense buying pressure, the token could swing in the northward direction.
Shiba Inu (SHIB)
Key points:
SHIB’s price movement indicated the possibility of a further decline.
The reading of RSI indicated strong bearish momentum.
What you should know - SHIB has been unable to retest $0.000010 since February 16. From the daily chart above, it can be seen that the token was facing a hurdle at $0.0000099. However, SHIB might not beat the resistance anytime soon if selling pressure continues to pull the price down. If bulls fail to halt the sell-offs, the price could decrease to $0.0000088. Furthermore, at the time of writing, the RSI fell below the 50.00 midpoint, indicating that the trend was no longer neutral but in favor of bears.
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