Lưu trữ cho từ khóa: Meme coin

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Pepe price forms a frightening pattern, recovery at risk

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Pepe token price has risen for two consecutive days in a high-volume environment as traders bought the dip.

Pepe price is recovering

Pepe (PEPE), the third-biggest meme coin, was trading at $0.0000081 on Wednesday, up by over 38% from its lowest swing on Monday when stocks and most cryptocurrencies tumbled by double digits.

Its price action has mirrored that of other tokens like Stacks (STX), Bonk, and Solana (SOL), which have all formed a hammer pattern, one of the most popular reversal signs in the market.

Pepe had the highest volume among all meme coins, rising to over $1.43 billion, higher than Dogecoin’s (DOGE) $1.03 billion and Shiba Inu’s (SHIB) $356 million.

However, Pepe’s recovery faces a few key risks. First, it is happening in a low futures open interest environment. Its interest stood at just $71 million, down from July’s high of over $141 million. 

Pepe price | Chart by TradingView

Second, the token has formed a few bearish chart patterns that could hinder its recovery. The most important one is the head and shoulders pattern. It recently dropped from the right shoulder level at $0.000013 and crossed the slanted neckline at $0.0000066. 

Therefore, if the current recovery turns out to be brief or a dead cat bounce, there is a risk that Pepe could drop to as low as $0.0000020, which is about 75% below its Wednesday levels. This level was selected by measuring the distance between the head and the neckline.

Pepe token invalidated 5th Elliot Wave phase

Meanwhile, Pepe has likely invalidated the impulse Elliot Wave pattern by failing to complete the bullish fifth section.

The other potential risk is the one previously noted on Bitcoin, which could form a death cross pattern, a big bearish sign.

Finally, Pepe remains below the 50-day and 100-day Simple Moving Averages, which have recently formed a bearish crossover pattern. Therefore, the token will likely resume the downward trend and possibly retest this week’s low of $0.0000058. A break below that level will point to more downside.

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Stacks, Floki, and Bonk see gains, but a big risk awaits

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Altcoins like Stacks, Floki, Bonk, and Solana continued their recent rebound as traders bought the dip and as the crypto fear and greed index moved to the neutral point. 

Floki, Stacks, Bonk, and other tokens are rising

Floki (FLOKI) token rose to $0.0001370 on Wednesday, Aug. 7, 42% above its lowest point this week. Similarly, Solana (SOL) jumped to $154, 41% higher than its weekly low of $110 while Stacks rose to $1.4420. Other top gainers were altcoins like Popcat (POPCAT), Dogwifhat (WIF), and Bonk (BONK), which was up by 7%

These tokens rose as the recent fear among stock and crypto investors eased. The crypto fear and greed index rose to the neutral point of 43 from this week’s low of 38, while the VIX index, known as the fear gauge on Wall Street, retreated.

As a result, American, European, and Asian stocks have all bounced back in the past two days. The Dow Jones rose by 294 points on Tuesday and was up by 300 points in the futures market. Similarly, the S&P 500 and Nasdaq 100 futures jumped by 51 and 217 points, respectively.

Bitcoin price death cross is a big risk

Floki, Stacks, and Bonk prices also rose because of Bitcoin’s resilience as it jumped to over $57,000. It also formed a hammer candlestick pattern and a falling broadening wedge, pointing to more gains ahead.

However, the biggest technical risk for Bitcoin (BTC) is that it is about to form a death cross, where the 200-day and 50-day simple moving averages cross each other. A death cross leads to more downwards movement since it signals that bears have prevailed.

The last time Bitcoin did a golden cross – its opposite – was in October last year, the coin rose by over 110% afterward. Bitcoin (BTC) also formed a death cross in January 2022, which was followed by a drop from $48,000 to $15,700 in 2022.

Bitcoin price | Chart by TradingView

Other altcoins are also about to form a death cross if the current recovery doesn’t hold steady. Solana was trading at the 50-day and 200-day moving averages, while Floki will do the same, as shown below.

Floki price | chart by TradingView

If these coins retreat, it will mean that the ongoing rebound is a brief dead cat bounce, which is a common occurrence when cryptocurrencies are falling. 

Still, there are some potential catalysts for Bonk, Floki, and Stacks. Broadly, these tokens will benefit from the potential monetary policy easing, which the market has priced in. Citi, JPMorgan, and Wells Fargo analysts expect the Fed to cut by 0.50% in September, while Jefferies sees it holding an emergency meeting and slashing rates this month.

The other likely catalyst is signs that more companies will apply for a spot Solana ETF. VanEck has already applied, and Franklin Templeton has hinted that it will apply. A Solana ETF would likely lead to more upside for some Solana tokens like Bonk and WIF.

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Popcat secures top gainer spot with 33% surge in 24 hours

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Solana-based meme coin Popcat champions the ongoing market recovery effort emerging as the largest gainer among the top 100 cryptocurrencies. 

The latest rebound follows a dramatic drop to a two-month low of $0.2580 on Aug. 5, where the token lost 20% in a day as the broader market collapsed. However, Popcat (POPCAT) has rebounded by 128% from its recent low and is trading at $0.5961 at the time of writing. 

POPCAT 1D chart – Aug. 7 | Source: crypto.news

Notably, Popcat’s current price position is above the lower Bollinger Band,$0.3648, but significantly below the upper band, $1.0792, and the middle band, $0.7220. This setup is rather unprecedented, considering the sharp price increase.

However, with the price significantly underneath the upper Bollinger Band, this indicates that while there has been a significant recovery, POPCAT has not yet reached an overbought condition. The gap between the current price and the upper band suggests there could be room for further growth before resistance.

Meanwhile, on the Directional Movement Index, the +DI line, which measures the strength of the upward movement, stands at 17.1423, while the -DI line, indicating the strength of the downward movement, is at 26.4183. 

The Average Directional Index, which shows the strength of the overall trend, is at 25.84. With the ADX above 25, the current trend is considered moderately strong, although the higher value of the -DI compared to the +DI suggests that bearish pressure could be mounting.

Popcat RSI suggests cautious outlook

The Relative Strength Index further supports a cautious outlook. With an RSI value of 48.07, POPCAT is neither overbought nor oversold. This neutral reading means there’s no immediate risk of a sharp reversal due to overvaluation.

POPCAT price and RSI – Aug. 7 | Source: crypto.news

However, the current RSI reading also does not signal a strong continuation of the uptrend. The current position indicates the potential for the price to move in either direction without being overstretched.

The recent surge in POPCAT’s price has been accompanied by increased trading volume, suggesting strong buying interest. However, if the volume starts to decline while the price remains high, it could indicate weakening momentum, potentially leading to a pullback.

It is important to watch for changes in trading volume and the DMI lines closely. A significant drop in volume or a crossover where the -DI surpasses the +DI could signal an impending correction. 

Conversely, sustained high volume and a strengthening +DI could support further gains. While the current rally has been remarkable, mixed signals from technical indicators suggest vigilance for signs of a potential reversal, indicating that the rally might not be fully exhausted yet, but caution is advised.

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TrumpCoin crashes 90% amid market chaos

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DJT plummets 90.8%, reflecting the volatile nature of meme coins in the crypto landscape.

TrumpCoin (DJT), a controversial meme token, has experienced a significant price decline, dropping 90.8% in only 3 hours.

At the time of writing, the token, which is not officially affiliated with Donald Trump, had a value of $0.0004581 per data from CoinGecko. At one point, the coin had gone as low as $0.0001203, marking a dramatic 95% drop.

4-hour DJT price chart, Aug. 6, 2024 | Souce: TradingView

Despite this sharp decline, the trading volume surged, reaching $1.79 million. This unusual increase in trading activity suggests heightened investor interest, possibly driven by attempts to either capitalize on the price drop or liquidate positions.

The broader cryptocurrency market has also been experiencing volatility. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen significant price reductions, contributing to a broader sell-off in the market. 

This market-wide downturn has been exacerbated by global economic factors, including disappointing tech earnings and weak employment data, which also impacted traditional equity markets.

Multiple reports about the token’s origins and affiliations have added to the confusion surrounding DJT. Controversial figure Martin Shkreli claimed involvement in creating TrumpCoin, sparking rumors of official connections to Donald Trump, which close Trump associates have publicly denied. These claims have muddled the market, leading to speculative trading and confusion among investors.

This uncertainty has fueled price volatility and led to significant bets on platforms like Polymarket, questioning the token’s origin and authenticity.

Interestingly, several other Trump-themed meme coins seem to be doing well, with MAGA (TRUMP) up nearly 20% in the last 24 hours.

Elsewhere, a meme coin playing on the name of Donald Trump’s Democratic opponent in the upcoming U.S. presidential elections, Kamala Horris (KAMA), also experienced a torrid 24 hours, with its price decreasing by 12.4%. 

It performed even worse over a seven-day period, dropping a massive 43% of its value, even as Harris tries to reset relations with the crypto industry.

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WIF open interest falls to 5-month lows, price down 40% in 7 days

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The newcomer into the meme coin space, dogwifhat, recorded a massive decline in its open interest amid increased price fluctuations.

Data shows that dogwifhat (WIF) is still down by 40.6% over the past seven days despite the recent 24% price rally. WIF is trading at $1.42 with a market cap of $1.417 billion at the time of writing. 

WIF price and RSI – Aug. 6 | Source: crypto.news

On Aug. 5, the meme coin plunged to a five-month low of $1.08 as the market wandered in uncertainty.

Following the price hike, WIF’s Relative Strength Index (RSI) surged from 26 (the oversold zone) to 52 (the neutral zone) over the past day. 

According to data provided by Santiment, the WIF total open interest dropped from $183.4 million to $141.2 million over the past two days. This level hasn’t been recorded since March 1.

WIF price, open interest and funding rate – Aug. 6 | Source: Santiment

The decline in the meme coin’s open interest shows that more traders are taking a small-risk approach due to market-wide fluctuations. This can lead to lower price volatility for dogwifhat since lower liquidations would be expected.

Data from the market intelligence platform shows that the funding rate aggregated by WIF on all exchanges rose from 0.001% to 0.003% over the past 24 hours. The indicator shows that traders are betting on WIF’s price hike.

However, major macroeconomic events could change the direction of the cryptocurrency markets despite bullish technical and on-chain indicators.

One of the most important events that triggered a market-wide downturn on Aug. 4 was the geopolitical tension between Iran and Israel, and the expectations of a potential war. 

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Theo Crypto News

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Meme coins oversold as the crypto fear and greed index slips

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Meme coins are imploding in a high-volume environment as the closely watched crypto fear and greed index slips to the fear zone.

The total market cap of all cryptocurrencies slipped by 25% in the past 24 hours to $29.8 billion. At their peak earlier this year, these tokens had a market valuation of over $63 billion, meaning that investors have lost $33.8 billion.

Dogecoin, Shiba Inu, Pepe and other meme coins are slumping

Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) crashed by over 23% on Monday. Other popular tokens like Floki (FLOKI) fell by more than 30%.

The meme coin sell-off happened in a high-volume environment, as many traders liquidated their positions. Data shows that the 24-hour volume rose by 170% to over $9.72 billion.

At the same time, their open interest in the futures market continued falling. Pepe’s open interest stood at over $93.61 million, down from last month’s high of $146 million. Dogecoin’s open interest also fell to $536 million after peaking at over $757 million in July. 

Dogecoin open interest | Chart: CoinGlass

The futures open interest of other meme coins like WIF, Bonk, and Shiba Inu also continued falling.

In most cases, meme coins are more volatile than Bitcoin since they are usually held by retail traders seeking quick returns. These traders pump them higher when Bitcoin is rising and then dump them when it is in a steep downward trend.

They also underperform the broader market when the fear and greed index is in the fear zone. This index retreated from over 90 earlier this year to the fear level of 35 as sentiment in the crypto industry continued to sour.

Still, there are a few positives to remember. First, this is not a crypto-specific sell-off; the stock market is also retreating. Nvidia, one of the largest companies in the world by market cap, dropped by over 14% on Monday while Apple, one of the most recognized brands in the world, was down more than 5%.

Therefore, since stocks always rise in the long term, there are chances that cryptocurrencies will rebound when this happens. Second, meme coins could benefit if the Fed starts to cut rates as inflation odds rise. 

Meme coins have become oversold

Pepe price | Chart by TradingView

Additionally, meme coins have become severely oversold, which could lead to a rebound in the coming weeks. Pepe’s Relative Strength Index has moved to the oversold level of 25 while the Percentage Price Oscillator has remained in the red area for the past six consecutive days.

Similarly, Dogecoin’s RSI has moved to 24 while the MACD and the PPO have moved to oversold levels. The same is true among other tokens like WIF and Popcat.

When an asset is oversold, it has two implications: the sell-off could continue due to the momentum, or it could bounce back as investors buy the dip.

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DeFi

Neiro meme coin plummets 60% following Vitalik Buterin’s token sell-off

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Neiro, a newly launched Ethereum-based meme coin, dropped by 60% early Monday morning following a massive sell-off by Ethereum co-founder Vitalik Buterin.

According to price data from CoinGecko, Neiro’s price fell from $0.022 to $0.013 before experiencing a minor recovery to $0.015. The meme token plummeted further and is now trading back at $0.013 at press time. 

NEIRO 24-hour rice chart | Source: CoinGecko

The crypto asset has a daily trading volume of $56.7 million, with its market cap standing at $13.29 million.

The fall in Neiro came after Lookonchain revealed that Buterin sold all 17.15 billion Neiro tokens he received from the Neiro team, which represented 4.08% of the total supply — making him the largest holder of the meme coin. The sale netted Buterin 44.53 Ether (ETH), equivalent to $112,500.

Journalist and blockchain blogger Colin Wu clarified to investors that the Neiro token on Ethereum is the one sold by Buterin, noting the existence of other tokens with the same name in the cryptocurrency market.

Launched at the end of July, the memecoin initially saw a value increase of 200% as it attempted to leverage Buterin’s fame by airdropping 4% of its supply to him on Aug. 4, claiming he was the largest holder. However, Buterin’s swift decision to dump the tokens led to a drastic price drop of 60%, causing widespread concern among investors.

Following the sell-off, the Neiro team posted on X, asking Buterin to donate part of the proceeds to a stray dog shelter, “Hey Vitalik Buterin, we see that you sold your Neiro bag. Our humble ask is that you donate part of the proceeds to a stray dog shelter. And thank you for building our playground.”

The Neiro project had created a strategic reserve to hold tokens for potential central exchange (CEX) listings and to make charitable donations to stray dog shelters and other animal abuse prevention foundations.

On Aug. 4, the project announced a donation of almost $1600 to a stray dog shelter in Japan, which houses the dog that inspired the Neiro memecoin.

Neiro memecoin, inspired by Kabosu, the sister of the famous Shiba Inu featured in the Doge meme, saw exponential growth after its launch, reaching an all-time high of $0.19 on Aug. 1 and achieving a market cap close to $200 million.

The latest incident occurred amid a broader downturn in the meme coin market, with the total meme market cap falling around 16% over the past 24 hours to $35.8 billion. Major memecoins such as Pepe (PEPE), dogwifhat (WIF), Floki (FLOKI), and Book of Meme (BOME) have all experienced significant drops between 18% and 20%.

Meanwhile, the global crypto market is also experiencing a drop of 13.8% in the last 24 hours. Bitcoin (BTC), the pioneering crypto asset, was down 12.7%, trading at $52,706, while Ethereum (ETH), the largest altcoin, was also down 18.5%, exchanging hands at $2,355.

Other altcoins that suffered the steepest losses of over 20% include Lido DAO (LDO), Chainlink (LINK), Bittensor (TAO) and KuCoin (KCS).

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HARRIS, KAMA meme coins soar as Kamala Harris pivots on crypto

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Two meme coins riding on the name of new Democratic presidential candidate Kamala Harris have seen notable fluctuations in the last 24 hours.

Kamala Harris (HARRIS) has experienced a remarkable 115.46% increase over the past day and is currently trading at $0.001936.

This surge is significant considering its market cap of $1.66 million and a 24-hour trading volume of $545,423.

HARRIS 24-hour price chart for Aug. 3-4: Source: CoinMarketCap

The token’s fully diluted market cap currently stands at $1.94 million, with a circulating supply of nearly one billion HARRIS tokens. However, the market has shown some caution, as indicated by a 16.06% decrease in its trading volume over the previous day.

Elsewhere, another Harris-themed meme coin, Kamala Horris (KAMA), has shown a contrasting trend, with its price currently at $0.01718, up by 26.7% in the past 24 hours. 

KAMA has a market cap of $17.13 million and a 24-hour trading volume of $10.15 million. The token’s fully diluted valuation mirrors its market cap, with a total and circulating supply of nearly 995.5 million KAMA tokens.

Despite this positive movement, KAMA’s historical data shows a more volatile journey. Over the past seven days, KAMA has dropped by 25.4%, though it remains up by 55.8% over the past 14 days. 

This volatility could be a reflection of the market’s mixed reactions to the political shifts and the broader uncertainty in the crypto space.

The bigger picture: market sentiment and political influence

The overall sentiment towards the HARRIS and KAMA tokens highlights the impact of political developments on the crypto market. 

Harris is seeking to reset ties with the crypto community. Following President Joe Biden’s announcement of not running for re-election, she was positioned as the presumptive Democratic nominee. 

Since then, she has made efforts to rebrand the Democratic Party to be more crypto-friendly, especially with the industry facing regulatory scrutiny.

The U.S. Securities and Exchange Commission (SEC) and its Biden-nominated chair, Gary Gensler, remain points of contention for many in the crypto community.

Harris has reportedly initiated dialogues with major crypto firms like Coinbase, Circle, and Ripple Labs, to distinguish herself from the previous administration’s stringent crypto stance. 

The potential for her to attend major crypto conferences and engage with industry leaders could either bolster or hinder her campaign, depending on how convincingly she can separate herself from previous policies.

Harris’ opposition

Meanwhile, a meme coin tied to Republican nominee Donald Trump is on the downtrend.

The MAGA (TRUMP) coin witnessed a notable drop while the Harris-themed coins enjoyed an impressive rebound. 

See below.

TRUMP 24-hour price chart for Aug. 3-4: Source: CoinMarketCap

At last check, the coin was hovering at around $4.32, down more than 4.6% with a market cap of roughly $189.7 million.

The MAGA decline comes on the heels of a Trump rally at the Georgia State University Convocation Center in Atlanta.

During the Saturday event, Trump falsely claimed that he won the state of Georgia during the 2020 presidential election and leveled personal attacks against fellow Republicans, Georgia Governor Brian Kemp and secretary of state, Brad Raffensperger for being disloyal.

What’s next

Bloomberg reported that the Harris campaign is hosting a roundtable event on Aug. 5 that will feature prominent figures from both her election campaign and leaders from the crypto community.  

It’s the latest attempt from Democrats to reshape how crypto enthusiasts perceive the party ahead of Election Day on Nov. 5.

Crypto expert and ex-Binance adviser David Plouffe, who previously worked for former President Barack Obama, is reportedly advising Harris.

Plouffe is also a global strategic advisor to Alchemy Pay, a fiat-crypto payment solutions provider.

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BOME falls 14% as investors overselling amid market-wide FUD

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The eighth-largest meme coin, Book of Meme, witnessed a sharp decline as the broader cryptocurrency market witnessed a bearish storm.

The Book of Meme (BOME), a Solana-based meme coin, fell by over 5.7% in the last 24 hours to $0.00976, marking a 14% drop after reaching a six-week high of $0.0114 at 07:25 UTC on July 31, according to crypto.news data.

BOME price and RSI – Aug. 1 | Source: crypto.news

Despite the recent downturn, BOME is still the top gainer among the leading 100 cryptocurrencies by market capitalization over the last seven days.

BOME’s price drop brought its market cap down to $680 million, making it the 95th-largest digital asset at the reporting time. The meme coin also witnessed a 24.7% decrease in its daily trading volume, currently hovering at $282 million.

Data indicates that the BOME Relative Strength Index, which measures price momentum, is around 37 on a 100-point scale, suggesting that the meme coin is oversold at the current price level.

According to data provided by Santiment, BOME’s total open interest plunged from $109.58 million on July 30 to $76.76 million at the reporting time. With the decrease in trading volume and open interest, BOME is expected to experience lower price volatility due to fewer liquidations.

BOME price, open interest and funding rate – Aug. 1 | Source: Santiment

Data from the market intelligence platform shows that the number of trades betting on the meme coin’s price surge has increased again.

Per Santiment, the total funding rate aggregated by BOME dropped from 0.0052% on July 30 to 0.0021% on July 31 and is currently hovering at 0.0059%. The chart shows that traders are bullish on the meme coin despite the 3.1% decline in the global crypto market capitalization. 

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