As Bitcoin approaches its all-time highs, the cryptocurrency community is divided, with significant movements of coins towards larger investors, according to on-chain analytics firm Glassnode.
These “Bitcoin whales,” entities owning over 1,000 BTC, are aggressively accumulating more Bitcoin, highlighting a stark contrast in investment strategies within the market.
The divergence in investor sentiment is evident from Glassnode’s analysis, which showcases a clear split between those with larger and smaller Bitcoin holdings.
This distinction was emphasized by Bitcoin Munger on X, noting a parallel between natural observations and market behaviors.
He pointed out that while whales and “sharks” (holders of 100 to 1,000 BTC) are increasing their holdings, “fish” (those holding 10 to 100 BTC) are distributing their assets differently throughout this period.
Whales have significantly expanded their portfolios, with a net increase of 84,000 BTC in the last 30 days as of March 17, based on transactions between their wallets and exchanges.
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Sharks have also notably increased their exposure, with a net position change of 244,000 BTC in the same timeframe. This movement underscores a stark contrast with the behaviors of smaller Bitcoin investors.
Bitcoin Munger’s commentary on this dynamic is telling: “Smart money is buying, while dumb money sells,” he stated, confidently predicting that the market is set to rise further.
His analysis suggests that we are yet to see the full excitement of this cycle, hinting that early sellers may regret their decision, echoing sentiments from past cycles but with a twist for the current market conditions.
Despite the ongoing struggles to establish new support levels at previous all-time highs and the transient nature of price discovery this month, institutional interest remains strong.
Bitcoin Munger remains optimistic, comparing the current market to previous cycles and suggesting that the real regret this time around will be selling too soon, encapsulating his outlook with, “This time is different.”
As the Bitcoin market continues to evolve, these insights provide a glimpse into the strategic moves of different investor classes, highlighting the ongoing battle for accumulation amidst a backdrop of potential price discovery and market flux.
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Shiba Inu, often referred to as the ‘Dogecoin Killer,’ is experiencing a significant resurgence, evidenced by a notable increase in token burn rates and accumulation by traders, indicating a positive shift in investor sentiment.
Recent data from Shibburn highlights an astounding 2,889.5% burn rate for Shiba Inu, with significant amounts of SHIB tokens being removed from circulation through burning processes.
Notably, a single transaction resulted in the burning of 167.6 million SHIB tokens, complemented by two other substantial burns of 16.7 million and 10 million tokens, showcasing the community’s commitment to reducing supply.
Adding to the intrigue, The Data Nerd reported on a whale’s strategic actions involving the creation of seven new wallets and the transfer of 71.55 SHIB tokens from Coinbase to each, culminating in a massive accumulation of 500.9 billion SHIB tokens valued at $14.35 million.
This move is seen as a strategy to enhance security and distribute assets more securely, following a significant transfer of three trillion SHIB tokens to a wallet associated with Robinhood earlier in March.
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Despite a recent 4% decline in its trading price, Shiba Inu has shown resilience with a price surge approaching $0.00003, even after experiencing a 17% decrease over a week.
Data from IntoTheBlock indicates a 38% increase in large transaction volumes, with transactions over $100,000 also seeing a rise, suggesting a growing interest in the meme coin.
Shiba Inu’s social media presence remains robust, with cryptic posts and teasers about future developments.
A notable tweet from Shiba Inu’s marketing lead, Lucie, hinted at exciting plans for the TREAT token, integral to the SHIB ecosystem and SHIB: The Metaverse, promising significant utility and rewards.
Despite fluctuations in value, Shiba Inu’s global interest remains high, with Google search trends showing peak interest in the meme coin over two years across ten countries.
This enduring popularity underscores the community’s enthusiasm and speculative interest surrounding Shiba Inu’s future prospects.
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In the ever-evolving crypto meme market, $BONK and $SHIB stand out as two of the leading tokens, especially with the crypto bull run propelling $BTC to new heights.
Despite their prominence, these tokens have seen a decline from their peaks as new meme coins gain popularity.
$BONK, launched on Christmas Day 2022 as Solana’s first dog-themed coin, quickly captured the crypto community’s attention.
Its value surged by over 30% within two days of its debut, eventually reaching an all-time high of $0.00004704.
However, it has since fallen by 35% from this peak, facing a substantial market correction. Despite this downturn, $BONK remains a strong player in the market, with potential for future rallies.
$SHIB, launched in 2020, garnered significant attention, partly due to endorsements from public figures like Ethereum co-founder Vitalik Buterin and Tesla CEO Elon Musk.
It experienced a staggering 40 million percent increase from its launch price, peaking at $0.00008845.
Currently, $SHIB is about 60% below its all-time high, but there is speculation about it reaching new highs later this year.
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Nevertheless, as $BONK and $SHIB experience downturns, newer memes such as $GFOX, $WIF, and $CIF are stepping into the limelight.
In December 2023, Dogwifhat ($WIF) was introduced on the Solana blockchain, quickly becoming a top 50 cryptocurrency by market cap and creating millionaires within four months.
This has led to a wave of similar tokens like Catwifhat ($CIF), which saw a 1000% increase in a month, among others.
For investors seeking significant returns, exploring token presales might offer the best entry points.
Galaxy Fox’s $GFOX token stands out for its unique play-to-earn concept set in space adventures, distinguishing itself in the meme coin market.
$GFOX is essential for transactions within the game, offering staking rewards and a portion of transaction taxes back to the ecosystem.
This setup incentivizes players and investors alike, with the platform promising real monetary rewards for active participants and offering over 3000 NFTs for presale.
As the bull market continues, $GFOX represents a prime opportunity for those looking to capitalize on the meme coin craze with potential for significant returns.
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The cryptocurrency sphere experienced a significant event as Whale Alert, a renowned tracker of substantial crypto transactions, disclosed a massive movement of Shiba Inu (SHIB) tokens.
An eye-popping 1 trillion SHIB, valued at around $28,814,000, was transferred from an anonymous wallet to Gate.io, one of the top cryptocurrency exchanges.
This immense transaction created ripples across the cryptocurrency world, fueling widespread speculation about potential sales or substantial trading activities that could follow, thereby injecting volatility into the SHIB market and keeping traders alert.
In the midst of this upheaval, the Shiba Inu community received a wave of excitement with new updates on the eagerly awaited Shiba Eternity game.
“Departing from his usual cryptic responses, Kusama revealed plans for beta testing of the play-to-earn (P2E) version of the game in the upcoming quarter.”
This statement from Shytoshi Kusama, the project’s lead, during a Discord AMA session, heightened anticipation for the game’s beta testing phase, promising a significant milestone in the ecosystem’s evolution.
However, the SHIB market is currently navigating through a phase of uncertainty, marked by a notable 14.27% drop in prices over the last 24 hours, leading to an atmosphere of heightened vigilance among investors.
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Additional data from CoinGlass highlighted an increase in liquidations, totaling $5,280,000, with the majority being long liquidations amounting to $4,080,000 and $1,200,000 from short liquidations, further agitating the market sentiment.
Despite the recent price dip and the consequential unease within the community, SHIB has shown a remarkable ability to bounce back, registering a 194% surge in the past month after a significant rally.
Nevertheless, the massive transfer of SHIB tokens to Gate.io raises questions about the market’s future stability, leaving the community apprehensive yet hopeful for the potential growth opportunities the Shiba Eternity game may bring.
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John Deaton, an advocate for the cryptocurrency XRP, has declared his intention to contest against the long-serving Senator Elizabeth Warren in the upcoming Massachusetts Senate race.
Deaton, who has a significant following in the crypto community on social media, has urged his supporters to contribute to his campaign financially.
On the social media platform X, he informed his 324,100 followers of his $500,000 personal investment in his Senate bid, expressing his belief in his potential to unseat Warren despite her 11-year tenure.
He confidently stated, “I can win, some people mistakenly believe that Elizabeth Warren cannot be beaten in Massachusetts and it’s simply not true.
“I put in $500K of my own money because I know I can win.
“Please help me get to $1 million by March 31. Donate traditionally or through Crypto because freedom is on the line.”
The election, set for September 3, sees Deaton having already funded half of his campaign goal, calling on his followers to help raise the remaining $500,000, through either cash or cryptocurrency donations.
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“You must believe in yourself, if I could self-fund I would, because freedom is on the line. I need your help. I’m trying to raise $1 million by the end of the quarter,” Deaton emphasized.
Charles Hoskinson, the founder of Cardano, has shown support for Deaton’s campaign, highlighting the need for individuals who are prepared to challenge the status quo, particularly against banks’ influence over lawmaking and their impact on the crypto industry.
Deaton’s candidacy was officially announced on February 20, as reported by Cointelegraph, with a campaign focus on confronting “Washington elites” and criticism of Senator Warren for her lack of achievements for Massachusetts.
Despite Deaton’s strategic avoidance of crypto in his campaign discussions, the underlying tension between him and crypto-skeptical government figures like Warren is evident.
Warren, in December 2023, criticized the close ties between the crypto industry and Washington insiders, implying that some officials might be positioning themselves for future roles in digital asset lobbying while still in public service.
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Over the weekend, Bitcoin experienced a significant downturn, approaching $60,000 on March 17, amidst ongoing selling pressure.
The cryptocurrency’s value dropped to new lows of $64,522 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView, following a week of achieving record highs.
This decline was marked by a series of lower lows and unsuccessful recovery attempts, with the sell-off accelerating ahead of the anticipated weekly candle close.
Skew, a noted trader, analyzed the market, highlighting potential buying zones between $60,000 and $64,000 on major trading platforms.
The trader pointed out on X that “Majority of the selling has been driven by takers (market selling),” with significant spot selling observed from major exchanges like Coinbase and Binance since Bitcoin hit $74K.
Despite the sell-off, there was notable dollar-cost averaging at lower prices, contributing to temporary rebounds.
This latest correction represented a 12% pullback in Bitcoin’s bull market, a modest dip compared to deeper retracements in past cycles while maintaining the overall upward trend.
READ MORE: Shiba Inu Burns Millions of SHIB Tokens, Aiming for Rarity Amidst Price Volatility
With U.S. spot Bitcoin exchange-traded funds (ETFs) set to resume purchasing on March 18, optimism remained in the air among some market participants.
Thomas Fahrer, CEO of the crypto-focused reviews portal Apollo, commented on X, “Yes, this is Bear Trap,” expressing confidence in the influx of liquidity into Bitcoin ETFs and suggesting substantial future allocations from real money.
Fahrer’s remarks hinted at potential large-scale institutional investment in Bitcoin in the near future.
As the week neared its close, attention also turned to the Bitcoin futures market, specifically the gap in CME Group’s Bitcoin futures.
The futures market closed on March 15 at $69,135, creating a “gap” with the spot price that some believed could catalyze a market recovery, as has been observed historically.
This gap, nearly $4,000 wide, and the anticipation of renewed buying interest from ETFs and possibly institutional investors, offered a glimmer of hope for a bullish reversal in the coming weeks.
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Reddit, the well-known social media platform, is currently under investigation by the Federal Trade Commission (FTC) of the United States concerning its practices of licensing data for the training of artificial intelligence (AI).
This probe surfaces as Reddit is on the brink of launching its highly anticipated initial public offering (IPO).
The company disclosed the FTC’s investigation in an updated Form S-1 registration statement to the U.S. Securities and Exchange Commission on March 15, 2024, following a notification from the FTC the previous day.
In the filing, Reddit expressed that the FTC’s inquiry did not come as a surprise, attributing it to the “unique nature” of its technology and business partnerships.
Despite this, Reddit maintains its stance of innocence, asserting it has not participated in any unfair or deceptive trade practices.
This investigation sheds light on the regulatory challenges Reddit faces amidst AI’s increasing integration and acceptance.
While the company is confident in its compliance with laws, it acknowledges the investigation’s potential to be drawn-out and unpredictable.
Reddit stated, “Any regulatory engagement may cause us to incur substantial costs, and it is possible for any regulatory engagement to result in reputational harm or fines, cause us to discontinue or modify our products, services, features, or functionalities, require us to change our policies or practices, divert management and other resources from our business, or otherwise adversely impact our business, results of operations, financial condition, and prospects.”
A significant aspect of the situation is Reddit’s $60 million annual deal with Google, established in February, which allows Google access to Reddit’s vast user data for AI training purposes.
This agreement not only enhances the relationship between Reddit and Google but also gives Reddit more visibility on Google’s platforms in exchange for its valuable data.
The use of user data for AI purposes has sparked concerns among privacy advocates and regulatory bodies.
Reddit acknowledges in its filing that its data licensing efforts are in their infancy and could be affected by changing regulations.
Reddit has been proactive in its approach to AI and cryptocurrency, revealing investments in Bitcoin and Ether as part of its financial strategy in preparation for its IPO.
The company also mentioned acquiring Ether and Polygon for virtual transactions on its platform.
As Reddit ventures into AI and cryptocurrency, it aims to leverage the growing market for these technologies.
Citing forecasts by the International Data Corporation, Reddit pointed out that the global AI market, excluding China and Russia, is expected to reach $1 trillion by 2027, with a 20% compound annual growth rate.
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In the last 24 hours, the value of Pepe has experienced a significant drop of 17%, bringing its price down to $0.000007162, alongside a trading volume decrease of 20% to $1.54 billion.
This decline follows a period of gradual growth for Pepe, which hit a new all-time high (ATH) on March 14, before facing a sell-off in the meme coin sector.
After achieving a sharp increase that exceeded its prolonged consolidation range, Pepe’s price formed a bullish pennant pattern, usually indicative of potential continued upward momentum.
However, the price has recently seen a downturn within this pattern.
This was after hitting resistance at its ATH of $0.00001086, leading to bearish pressure that pushed the price toward Pepe Coin’s support level at $0.0000066.
Technical analysis shows Pepe’s price dropping below the 50-day simple moving average on the 4-hour chart, while bulls strive to maintain it above the 200-day SMA, now a key resistance level.
The Relative Strength Index (RSI) suggests a possible turnaround from the oversold condition, signaling a bullish outcome if momentum increases.
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Despite facing resistance at its ATH, the presence of a bullish pennant hints at a potential price rebound and another bull run.
Nonetheless, if bearish trends persist, Pepe could fall to the pennant’s lower boundary at $0.00000661, or even further to a support zone at $0.00000389.
In parallel developments, the new virtual reality project, 5thScape, is nearing its $2.5 million funding target, with $1.45 million already secured.
This pioneering VR/AR mixed-reality platform aims to bring together leading minds and has promised to release several VR games compatible with popular headsets.
The project’s staking feature allows investors to earn rewards and access special features, supported by a liquidity pool that’s expected to grow with increased player engagement.
Crypto analyst Michael Wrubel has expressed optimism about 5thScape, predicting significant growth potential post-launch.
With the 5SCAPE token priced at $0.00215, investors are encouraged to act quickly before the price increases to $0.00248 in just over six days.
To participate in the presale, transactions can be made with ETH, MATIC, USDT, BNB, or directly with a bank card on the official website.
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The pending spot Ether ETF applications have an 85 percent chance of being approved by the SEC in May, according to an analysis by My Betting Edge.
The analysis is restricted to the current pending Ether ETF applications in the US, and does not cover future applications that may be filed.
My Betting Edge also emphasized that these percentage odds are for at least one of the ETFs being approved, not all of them.
In early February, the U.S. Securities and Exchange Commission (SEC) postponed making a decision regarding a proposed spot ether (ETH) exchange-traded fund (ETF), a collaboration between Invesco and Galaxy Digital.
The new financial product aims to offer professional investors a direct avenue to invest in spot ether, providing an alternative to the current method of investment through ether futures listed on the Chicago Mercantile Exchange (CME), which has been one of the few options for regulated investors and funds in the U.S. to invest in the growth of Ethereum.
James Seyffart, an analyst at Bloomberg Intelligence, commented that the postponement by the SEC was anticipated.
Earlier in January, the SEC had also deferred its decision on a similar application by Grayscale Investments, which sought to transform its Ethereum trust product (ETHE) into an ETF, as well as on an application for an ether ETF by BlackRock.
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The cryptocurrency market is witnessing significant fluctuations, particularly affecting meme coins, with Pepe’s value dropping by 14% to $0.00000898 as of 04:34 EST.
This downturn mirrors the broader market trends, as Bitcoin also sees a near 8% decline.
Meme coins, in general, are experiencing sharp drops, with Dogecoin and Shiba Inu each falling by 12%, and Floki Inu, previously a top performer, now facing a 17% reduction.
This market movement follows a notable shift away from meme coins, spurred by large investors moving their holdings to exchanges, signaling potential sales.
PeckShield’s report of Justin Sun transferring 7 billion FLOKI tokens to the Poloniex exchange underscores the sell-off.
The volatile nature of meme coins is highlighted by a statement from analyst @Coinmamba on X, comparing investing in them to a “modern-day Ponzi scheme.”
Despite the current market conditions, Pepe’s price finds some support at the 78.6% Fibonacci retracement level.
Technical indicators suggest the potential for further declines, with the Relative Strength Index (RSI) and Awesome Oscillator (AO) signaling a weakening bullish trend.
A breach below the 78.6% Fibonacci level could lead to further drops, potentially testing lower Fibonacci levels.
Conversely, a market rebound could elevate Pepe’s price, potentially surpassing previous highs.
READ MORE: Bitcoin Dips Below Weekly Lows Amid Market Optimism, Traders Eye Bullish Trends Despite Pullback
The meme coin Sponge V2, despite the market’s overall downturn, is capturing attention with promises of significant growth, buoyed by a successful predecessor and innovative features like a new staking model and a Play-to-Earn game.
Sponge V2’s upcoming listings on major exchanges and its impressive staking returns position it as a promising investment, according to experts and influencers like Jacob Bury.
Sponge V2’s revival, following an attack on its liquidity pool, includes a transition to the Polygon network and aims to capitalize on the meme coin market’s dynamics.
The project’s focus on absorbing liquidity and offering competitive annual percentage yields showcases its strategy to stand out in the crowded meme coin space.
The addition of a Play-to-Earn racer game further engages the community, offering $SPONGEV2 tokens as rewards for gameplay success, illustrating the project’s multifaceted approach to growth and investor engagement in the volatile cryptocurrency market.
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