PEPE holders to go rekt?

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Bitcoin reserves hit a new low, signaling a potential price surge 

Key points:

  • Bitcoin reserves on exchanges have reached a new low.

  • This indicates reduced selling pressure and hints at a potential bullish momentum.

News - The amount of Bitcoin stored on cryptocurrency exchanges has reached a new low, potentially indicating reduced selling pressure and favoring a bullish market.

This development comes as analysts suggest that Bitcoin's price is likely to rally in the fourth quarter of 2024. CryptoQuant contributor Gaah highlighted that the decline in Bitcoin reserves on exchanges could signal a shift towards long-term holding, suggesting investor optimism about the asset's future.

Data hints at a bullish move -The data shows a 12.9% decrease in Bitcoin reserves on exchanges since 1 January, leaving only 2.62 million Bitcoin across major platforms.

Analysts and traders have been closely monitoring this trend, with many believing that the dwindling supply could lead to a significant price increase. The reduced availability of Bitcoin for immediate sale could make the market more resilient to panic selling and support a sustained uptrend.

Recent reports also indicate that long-term Bitcoin holders have been actively buying the asset, spending over $10 billion since its price declined from $69,000. This suggests that these investors are confident in Bitcoin's long-term prospects and are less likely to sell at current price levels.

Ethereum's DApp volumes surge, but price remains stagnant

Key points:

  • ETH’s price has increased but remains below expectations.

  • Ethereum's dominance in DApps remains unchallenged.

News - Ethereum has experienced a recent price increase, but its performance remains below expectations, particularly compared to its peers. Despite growing network activity and a decline in transaction fees, Ether has failed to reclaim its early June highs.

DApps remain a strong point - Meanwhile, Ethereum's dominance in decentralized applications (DApps) has remained unchallenged. The total value locked (TVL) in DApps has been steadily increasing. This indicates that developers and users continue to value Ethereum's ecosystem, even as other networks gain traction.

The recent increase in DApp volumes on the Ethereum network, particularly for decentralized exchanges like Uniswap and Balancer, further demonstrates its growing popularity. However, the competition from networks like Solana, which has seen stagnant DApp volumes, remains a challenge.

Besides its on-chain growth, the need for a more compelling price narrative is a key factor that will determine ETH’s long-term success.

Memecoin PEPE struggles to gain traction beyond existing holders

Key points:

  • PEPE's price is currently sideways, following broader market trends.

  • The lack of new investor interest is a significant challenge.

News - PEPE, the popular memecoin, is currently trading sideways, following the broader market trends. While existing holders remain optimistic about a price recovery and have been actively buying tokens, the lack of new investor interest poses a significant challenge to the altcoin's long-term growth.

Despite the recent accumulation of over 4 trillion PEPE tokens by existing holders, the memecoin's adoption rate remains stagnant.

What’s more? This indicates a lack of interest from new investors, which could limit PEPE's broader market appeal and its ability to sustain long-term growth.

While the accumulation of PEPE tokens by existing holders could help stabilize the price and signal confidence in its future, the lack of new investor interest raises concerns about its long-term viability. If PEPE fails to attract fresh capital, its momentum could falter, potentially leading to a price collapse.

PEPE is currently trading at $0.00000766, maintaining its position above the crucial support level of $0.00000756. The memecoin has successfully held above this support for the past 72 hours, revealing that the traders can expect a short-term bullish trend.

Solana’s staking market registers significant growth in recent days

Key points:

  • Major exchanges are hinting at introducing new Solana staking features.

  • The volume of staked SOL has increased significantly.

News - The Solana staking landscape has seen a surge of activity in recent days, driven by hints from major exchanges about the introduction of new staking features.

While this news initially boosted Solana's price, the token eventually succumbed to a downtrend.

Despite the price fluctuations, the volume of staked SOL has been on the rise. Three major cryptocurrency exchanges, Binance, Bybit, and Bitget, have teased the launch of Solana staking options on their platforms.

More details - This news has generated excitement among the community, as liquid staking allows users to earn rewards while maintaining liquidity.

The anticipation for new staking features has contributed to a significant increase in the volume of staked SOL. Data shows that the total staked SOL rose from around 378.3 million to over 380 million in just one day. This means that approximately 65% of the total SOL supply is now staked, with a total value locked of around $4.9 billion.

Liquid staking platforms, such as Jito, have played a significant role in boosting Solana's total value locked. Jito, for example, has a TVL of over $1.7 billion.

Did you know?

  • Many cryptocurrencies are limited in supply, designed to prevent inflation. For example, there will only ever be 21 million Bitcoin in existence. This scarcity can contribute to their rising value over time.

  • Smart contracts are self-executing contracts stored on blockchains. They can automate agreements and transactions without the need for intermediaries, introducing new possibilities for business and finance.

  • The world's first non-fungible token (NFT) was created in 2014. It was a tweet by Kevin McCoy that was permanently associated with a unique digital artwork. NFTs have since exploded in popularity, encompassing everything from art and music to collectibles and real estate.

Top 3 coins of the day

Avalanche (AVAX)

Key points:

  • AVAX bulls have been attempting a recovery since the lows of 5 August.

  • Reading of RSI revealed prevailing indecision in the market.

What you should know - Avalanche is trading at $22.97, with the price forming lower highs on the chart, indicating a bearish trend. The downward sloping trendline has acted as a significant resistance, with bulls recently attempting to break above it but failing to sustain momentum. The RSI is at 46.39, suggesting that AVAX is in neutral territory but leaning towards bearish sentiment. The price is currently approaching a support zone around $20. If this support holds, a bounce back toward the resistance near $28 could be possible. However, failure to maintain above this support level might lead to further declines.

Polkadot (DOT)

Key points:

  • On a macro-frame, DOT has been majorly trading sideways.

  • Buyers’ strength looked weak, at the time of writing.

What you should know - DOT is currently trading at $4.25, reflecting a period of downward pressure. The chart shows that DOT previously traded in a sideways range between $5.50 and $7.00, but has recently broken below this range, turning the former support around $6 into new resistance. The Awesome Oscillator shows bearish momentum, remaining in the negative territory, indicating that sellers still dominate the market. DOT needs to reclaim the $6 level for any bullish sentiment to resume. A failure to break back above this resistance could lead to further declines, potentially testing lower support levels near $4.00.

Kaspa (KAS)

Key points:

  • KAS increased by 2% in the past week even though the broader market was down considerably.

  • At press time, it was trading at $0.1661 with buyers in charge.

What you should know - Kaspa (KAS) is trading at $0.16640, reflecting a 0.53% increase. The price is currently range-bound, fluctuating between $0.160 and $0.170, as indicated by the Bollinger Bands, which are beginning to contract, signaling reduced volatility. The support zone around $0.150 is holding firm, providing a foundation for potential upward movements. The MACD is hovering near the zero line, suggesting a lack of decisive momentum in either direction. For KAS to gain bullish momentum, a breakout above $0.170 with strong volume is necessary. Conversely, a breakdown below the $0.150 support could trigger a further fall.

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