Lưu trữ cho từ khóa: Meme coin

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Neiro, Immutable X, Arkham pumps as Bitcoin stalls

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Cryptocurrency prices were mostly flat on Sep. 23 as traders embraced a wait-and-see approach after last week’s Federal Reserve decision.

Bitcoin (BTC) rose to a multi-week high of $64,741 and then quickly pulled back to $63,377 while Ethereum (ETH) rose to $2,680.

This price action mirrored that of the stock market, as major U.S. indices like the Dow Jones, Nasdaq 100, and S&P 500 showed little movement.

Nevertheless, some popular cryptocurrencies continued to rally. Neiro (NEIRO), a widely known meme coin, surged to a record high of $0.0012, bringing its market cap to over $484 million. It has become the ninth-largest meme coin, surpassing the likes of Book of Meme, Cat in a Dog’s World, and Mog Coin.

Immutable X (IMX), a popular layer-2 network for gaming and non-fungible tokens, soared to $1.9481, its highest level since June 4. It has risen for seven consecutive days, more than doubling from its August low.

Immutable has rallied due to its growing popularity among game developers. Last week, Immortal Rising 2 was deployed on its zkEVM network, a significant milestone since the game has thousands of players globally.

Other newly launched games on the network include RavenQuest Phase 2, The Tree Verse, and Arise.

These games have led to an increase in NFT sales on Immutable. Data from CryptoSlam shows that total sales rose by over 16% to $3.4 million in the past seven days, led by Guild of Guardians Heroes, whose sales jumped by 17%.

Arkham (ARKM) was another top-performing cryptocurrency, rising to a high of $1.42, its highest level since July 19. The token has gained popularity due to the extensive data available on its ecosystem.

Arkham price chart | Source: TradingView

Arkham price rebounded after forming a double-bottom chart pattern on the daily chart. In technical analysis, this is one of the most bullish signs in the market. It has risen above its neckline at $1.40, indicating potential for further gains.

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Popcat records 22% spike, can bulls target the $1 mark?

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Popcat, a meme coin on the Solana blockchain, recorded an impressive run, making it the top gainer among the top 100 crypto assets over the past day. 

The recent 50-basis-point rate cut by the U.S. Federal Reserve has triggered bullish sentiment across the crypto market, which Popcat (POPCAT) has leveraged, recording a 22% rise in price in the past 24 hours. 

Popcat is trading at $0.8738 at the time of writing, extending its gains with a 39.03% surge in the last seven days. Its market cap now stands at $856.4 million, with a $135 million daily-hour volume signaling surging investor interest.

POPCAT 1D chart – Sept. 19 | Source: crypto.news

A pattern contributing to the surge was the rounded bottom formation on the daily chart, which often indicates a potential bullish reversal. Most of the rally occurred in the last trading session, with Popcat gaining nearly 19% yesterday, its largest intraday gain in a month.

The Fibonacci pivot points suggest resistance at various levels, starting at $0.88 and moving higher to the all-time high at $1.09. As the bulls look to again surpass the $1 price level, the $0.88 resistance threshold presents a formidable roadblock.

On the downside, immediate support lies at $0.75, with lower supports at $0.54 and $0.32. The price recently pushed above the critical $0.46 level, which was highlighted by analysts as a key indicator for a bullish breakout. 

According to an X post by the pseudonymous analyst Impulsive Dom, this breach signals a solid upward momentum, with the possibility of Popcat targeting the $2 to $3 range on a third Elliott Wave push, provided the momentum continues.

Additionally, the Williams %R indicator, which currently stands at -2.93, points to an overbought condition. Readings closer to zero indicate that the asset might be nearing a short-term top, and the market could face selling pressure soon. A pullback from this level is possible, given the recent sharp rise.

Looking ahead, if Popcat maintains its momentum, the $1 target could come into play. However, caution is advised, as failure to hold above $0.75 could lead to a retest of lower support levels near $0.54 and $0.32.

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Shiba Inu burn rate grows as a rare risky pattern forms

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Shiba Inu is stuck in a deep bear market after falling by over 71% from its highest level this year, making it one of the top laggards in the crypto industry.

Shiba Inu (SHIB) was trading at $0.000013 on Tuesday, Sept. 17, as third-party data showed its demand was waning.

According to CoinGecko, SHIB’s 24-hour volume was just $177 million, significantly lower than Pepe’s (PEPE) $747 million and Dogwifhat’s (WIF) $290 million. SHIB has also been outpaced by smaller tokens like Baby Doge Coin and Neiro, which had $205 million and $364 million in volume, respectively.

Additional data reveals that Shiba Inu’s open interest in the futures market has dried up. It stood at $24 million, where it has remained for the past few months, down from the year-to-date high of $137 million.

Shiba Inu’s price action is likely influenced by significant changes in the meme coin industry over the past 12 months. The biggest shift has been the launch of Pump.fun and SunPump, which have simplified the process for developers to launch their own meme coins.

Pump.fun meme coins have accumulated a market cap of over $500 million, while SunPump tokens have reached a valuation of over $514 million. Some of the most popular meme coins among traders are Sundog, Tron Bull, Dogwifhat, Bonk, and Brett.

Shiba Inu’s price has also lagged despite the network’s continued token burns. According to Shibburn, the burn rate in the last 24 hours jumped by 440% to over 28.2 million coins. As a result, the total number of burned coins has reached over 410 trillion. 

In theory, token burns are seen as positive catalysts for a cryptocurrency, as they reduce the number of coins in circulation.

Meanwhile, Shiba Inu’s underperformance is likely due to the weak growth of its ecosystem. Data compiled by DeFi Llama shows that Shibarium, its Layer 2 network, has attracted just $1.17 million in assets while ShibaSwap has $15.64 million. 

Shiba Inu forms risky pattern

Shiba Inu price chart | Source: TradingView

SHIB formed a death cross in July as the 200-day and 50-day moving averages made a bearish crossover, with the price dropping by over 30% since then.

Shiba Inu has also formed a descending triangle pattern, with the lower side at $0.0000126. In technical analysis, a descending triangle is considered a highly bearish chart pattern.

Therefore, there is a risk that the token will experience a bearish breakout as the triangle nears its confluence. If this happens, it could drop to the next key support level at $0.000010, its lowest swing on Aug. 5, which is 20% below the current level.

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Neiro looks to sustain momentum following 856% spike on Binance listing

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“First Neiro on Ethereum,” an Ethereum-based meme coin, is looking to sustain the bullish momentum it recorded following the Binance listing announcement. 

On Sept. 16, Binance announced that it would list Neiro (NEIRO) alongside two other assets in its spot trading platform. The listing sent the meme coin’s price surging, culminating in a massive 856% intraday gain yesterday.

Notably, the crypto asset touched an all-time high of $0.00044012 on Sept. 16 before facing a roadblock in its uptrend. Despite this slight resistance which pared some gains, it managed to stay in positive territory. 

NEIRO price and RSI – Sept. 17 | Source: crypto.news

NEIRO is now up 22.69% over the past 24 hours and is trading at $0.00040359 at the reporting time. The meme coin’s market cap has skyrocketed 748% in the last seven days alongside its price, currently at $166.76 million, with a 24-hour volume of $424.8 million.

Neiro is currently sitting above its upper Bollinger Band at $0.00028659. This position suggests a strong upward momentum but also indicates that the asset is in an overbought territory, which can signal a potential pullback or price correction.

However, market enthusiasm can sometimes sustain an overbought condition for longer periods. The current major resistance is now hovering at $0.0004401. If the meme coin maintains its momentum, further upward movement to these levels could be possible.

The Relative Strength Index at 84.63 is well above the overbought threshold of 70. Typically, such a high RSI value could indicate that the asset might soon face downward pressure as traders might start taking profits.

On the downside, the critical pivot point is at $0.00015806, which would act as immediate support in case of any price drops. A break below this level could lead to a test of the far lower support at $0.00001442.

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Baby Doge Coin spikes 57% following Binance listing

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Multi-chain meme coin Baby Doge Coin records a sharp increase in its price following a listing announcement from Binance. 

Binance, the world’s largest cryptocurrency exchange by trading volume, revealed today that it would list Baby Doge Coin (BabyDoge) alongside Neiro (NEIRO) and Turbo (TURBO) for spot trading. The disclosure generated renewed interest among traders, leading to a rapid price rally for BabyDoge.

According to Binance, trading for the 1MBABYDOGE/USDT pair would start at 10:00 UTC today. The exchange also opened deposits for the listed coins one hour prior to the start of trading, allowing users to prepare for the market launch. 

Per the announcement, withdrawals will be available starting tomorrow, Sept. 17, as scheduled. The platform noted that no listing fees were charged for the assets.

Following the announcement, BabyDoge saw a dramatic price rise, spiking by more than 86% this morning to reach the $0.000000002 psychological level for the first time in more than three months. 

BabyDoge price – Sept. 16 | Source: crypto.news

This represents a substantial recovery after the token had been under pressure since mid-June, along with much of the broader cryptocurrency market. Despite facing resistance at the $0.000000002 level, the coin has managed to maintain a 57% gain over the past 24 hours.

Notably, BabyDoge currently trades at $0.0000000017060, up 59% this morning, with its price breaking through the upper Bollinger Band at $0.0000000013246. 

This current position suggests that BabyDoge’s price has significantly deviated from its typical range, showing high volatility in response to the Binance listing announcement. However, this also suggests that the token is currently overbought, and a retracement could be on the horizon.

Further, The Commodity Channel Index for BabyDoge has also surged to 549, confirming the strong upward momentum. Such a high CCI reading suggests that BabyDoge is experiencing heightened buying pressure, with volumes spiking to levels last seen in late August.

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DeFi

Flappy Bird’s alleged crypto reboot disputed by original creator

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Dong Nguyen, the creator of the viral mobile game Flappy Bird, has refuted claims of his links to a reboot of the game that has alleged ties to crypto and web3.

Flappy Bird was a simple yet addictive mobile game that took the internet by storm back in 2013. Downloaded over 90 million times, it was raking in a staggering $50,000 per day in ad revenue at its peak.

Created by Dong Nguyen, the game’s sudden rise to fame was as meteoric as its abrupt disappearance when Nguyen pulled it from app stores, citing concerns over its addictive nature. Fast forward a decade, and Flappy Bird is flapping back into headlines—this time wrapped in a controversy that even has its original creator stepping in to set the record straight.

Last year, Gametech Holdings LLC, the firm behind the foundation, filed an opposition to Nguyen’s Flappy Bird trademark, arguing that Nguyen had abandoned it, a Sept. 12 Forbes report noted. In January, the United States Patent and Trademark Office (USPTO) sided with Gametech, terminating Nguyen’s claim to the trademark.

Ngyuen’s response came after the foundation announced plans to re-release Flappy Bird, claiming they had acquired the legal rights and hinted at a collaboration with the original creator.

In a Sept. 15 X post, Nguyen called out The Flappy Bird Foundation, declaring that he had not sold any rights to the foundation and is not involved with their project, adding, “I don’t support crypto.”

Undisclosed ties to crypto

According to a report by cybersecurity researcher Varun Biniwale, some hidden pages on The Flappy Bird Foundation’s website hinted at plans to integrate crypto elements into the game. 

Although the pages have been deleted, it mentioned features like a “$FLAP token,” a “Web 3.0” version of the game on the Solana blockchain, and a “play and earn” model. There were also references to staking mechanisms, free airdrops, and a “flap-to-earn” event exclusive to Telegram users.

Flappy Bird loading screen hinting at Ton-based cryptocurrency ‘Flap’ | Source: Varun Biniwale

Biniwale also uncovered an already active leaderboard system that featured the names of several crypto influencers and their scores, hinting that the game be maybe available as a part of a closed early release. Some of these influencers are reportedly already following the game’s X page.

This discovery has led to speculation that the game’s revival might be leveraging Flappy Bird’s nostalgic appeal to promote crypto-related offerings. Biniwale called the project “shady” and speculated it was quietly looking to “make money from cryptocurrency and Web3 integration.”

The game surfaces at a time when the crypto sector is experiencing a surge in blockchain-based gaming, especially on Telegram, and its associated blockchain The Open Network (TON). The messaging app has become a fertile ground for “tap-to-earn” games like Hamster Kombat and NotCoin, which have taken the crypto community by storm.

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Popcat déjà vu: analyst models 5,000% surge to $40

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Popcat, the popular Solana meme coin, continued rising this week as the mood among traders improved and as its futures open interest jumped. 

Popcat (POPCAT) rose by over 13% on Sept. 12, reaching an intraday high of $0.6812, its highest level since Aug. 29. It has surged by over 152% from its last month’s low.

The token rebounded as data from the futures market showed that open interest was in a strong uptrend. It jumped to a high of $63 million, its highest level since July 27, and much higher than last month’s low of $17 million.

Its volume on exchanges is also rising. Data shows that the volume stood at over $139 million, its highest level since Aug. 24. This indicates strong demand for the coin.

A good example of this is a whale who swapped Dogwifhat (WIF) worth $800,00 to Popcat. He then swapped his Solana (SOL) for the token. Another trader initiated a dollar-cost averaging trade worth $4 million.

Meanwhile, Cryptonary, a crypto analysis firm, maintained its bullish view on Popcat and upgraded its price target to $40. With the coin trading at $0.6812, it means that it needs to rise by almost 5,800% from the current levels.

Historically, some meme coins have had similar parabolic moves in the past. Dogwifhat jumped by over 5,000% between its lowest and highest points this year. Popcat also surged by over 1,000% between its lowest point in April and its all-time high in July.

One of the popular bullish cases for Popcat is that its ownership is spread widely. According to CoinCarp, it has over 49,000 holders, with the top ten biggest holders accounting for just 15%, and the top 50 accounting for 22% of all tokens in circulation.

In contrast, Brett’s (BRETT) top ten wallets hold 71% of all tokens. Pepe’s (PEPE) top ten accounts hold 45% of all tokens. Therefore, manipulating Popcat by whales is harder than the highly concentrated Brett and Pepe.

Popcat has formed a risky pattern

Popcat price chart | Source: TradingView

Technically, there is a risk that Popcat could pull back in the near term before resuming its uptrend. On the 4-hour chart, it is forming a head and shoulders pattern, one of the most popular bearish signals. It is about to complete the right shoulder, meaning that it may experience a deep reversal in the near term.

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Whales bought over 400m DOGE, on-chain signals look bullish

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Whales have started accumulating Dogecoin as bullish on-chain signals surfaced for the largest meme coin.

According to data provided by IntoTheBlock, the Dogecoin (DOGE) large holders’ inflow increased by 970% on Sept. 11 — rising from 46.25 million to 493.15 million DOGE. The token’s whale outflow plunged from 442.12 million to 78.17 million DOGE.

DOGE whale net flow – Sept. 12 | Source: IntoTheBlock

Data shows that the large holders’ net inflow reached 414.97 million DOGE, worth $42.46 million, yesterday. The movement shows that whales have started accumulating Dogecoin and the selloff has cooled down.

Notably, Dogecoin is mostly dominated by large holders with 62% of its supply sitting in whale addresses. The amount of transactions consisting of at least $100,000 worth of DOGE reached $942 million over the past week.

Per ITB data, the asset’s exchange net inflow also declined from 84.83 million to 33.42 million DOGE on the same day. Decreasing exchange inflow usually leads to lower selling pressure.

DOGE is up 1.6% in the past 24 hours and is trading at $0.1024 at the time of writing. The meme coin’s market cap is hovering at $14.9 billion, making it the eighth-largest digital currency. 

DOGE price – Sept. 12 | Source: crypto.news

At this point, DOGE is down by 86% from its all-time high of $0.73 in May 2021.

On Aug. 31, Elon Musk, Tesla’s billion CEO, showed interest in bringing the meme coin back to the automotive company as a form of payment. Musk’s claim came a few days after a U.S. court decided to dismiss the $258 billion lawsuit against the billionaire and his companies.

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GME meme coin dives as GameStop stock falls 15% after earnings

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The GME token continued its downtrend after GameStop’s stock experienced heavy selling pressure following weak quarterly results.

GME (GME) retreated by 11.4% to $0.0041, bringing its total market cap to over $28 million, down from $157 million in May. 

The token’s drop came after GameStop, which had risen on Friday after Roaring Kitty’s return to X, fell by over 15% to trade below $20.

GameStop reported that its quarterly revenues dropped to over $798.3 million in the second quarter, down from $1.16 billion in the same period in 2023. This decline occurred as more customers opted to purchase video games online rather than in its stores.

The stock also dropped after the company hinted at raising cash by selling shares to bolster its balance sheet and fund potential acquisitions. GameStop holds over $4.1 billion in cash and has no debt.

The GME token tends to have a close correlation with GameStop stock. On Friday, the token rose to $0.0055, up by over 110% from its lowest point earlier in the week. GameStop also reached a two-month high after Roaring Kitty, the trader popular in Wall Street Bets, posted on X for the first time in months.

GME token vs GameStop stock have a close correlation | Source: TradingView

Before that, the GME coin rose to a record high of $0.03230 in May as the GameStop shares jumped to its 2021 high of $64 after Kitty returned to social media after a long hiatus. The two then dropped by double digits as the hype eased. 

GME’s retreat also coincided with the gloomy mood in the stock and crypto market after the latest US inflation report. The Dow Jones and the S&P 500 indices dropped by over 0.50% while Bitcoin (BTC) fell to $56,400. 

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