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Expert Says Holding 10,000 XRP Can Make You a Millionaire

Mark Brennan
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Holders of at least 10,000 XRP would become millionaires if multiple predictions of a rally to a three-digit price come to reality.

Following in the footprint of several other prominent analysts, crypto expert The Crypto Asset Guy has tipped holders of up to 10,000 XRP to become millionaires. His assertions insinuate that the XRPL native token would trade at a new all-time high sometime, possibly $100.

Notably, multiple analysts have predicted that XRP would trade at least at $100. For instance, market commentator Xena argued on last week that the surging bullish sentiments around the XRP community would propel the asset’s price to topple $100.

Analyst Zain Haider shares a sentiment similar to Xena’s. However, he pointed to a different reason for XRP’s potential surge to $100. According to him, the surging utility, partnerships, and market demand of the XRPL native token would see the asset hit three digits in a few years.

If XRP trades at $100, then holding 10,000 XRP would make one a millionaire, the assertion recently made by Crypto Asset Guy. Interestingly, acquiring 10,000 XRP at the current price would cost just $5,370. Such a gain would mark an 18,900% return for an XRP holder who buys at the current price.

An enthusiast who bought XRP at its lowest point this year would need just $4,198 to acquire 10,000 XRP. The asset fell to a yearly low of $0.4198 in early July, presenting investors with a buying opportunity. Holding 10,000 XRP at that price when it hits $100 would make a 24,000% return on investment.

XRP’s Recent Struggles

However, one could say XRP’s profitability in recent years has been underwhelming. Its last notable bull run was in 2018, having missed the previous bull cycle in 2021 due to regulatory hurdles. Meanwhile, the rest of the market advanced further.

For context, Solana grew 10,000% from its price late in 2020 to its all-time high of over $200, while Shiba Inu surged over 1,000,000% in this time frame. However, XRP peaked in the 2021 bull run after managing a near 800% increment from its $0.24 price in October 2020.

The XRP price continued to underperform despite the partial Ripple victory over the US Securities and Exchange Commission (SEC) earlier in August. The asset last traded above $1 in December 2021 and has ranged between $0.93 and $0.4 in recent years.

However, the asset had a history of outstanding performance before the regulatory tussle with the SEC. XRP pumped a staggering 138,000% from its all-time low of $0.002802 to its all-time high of $3.84. Notably, the high-utility asset has maintained its position in the top ten crypto assets by market cap, stamping its relevance in the sector.

XRP Gaining Bullish Momentum

The Ripple victory against the SEC has been a major driving force in the resurgence of the XRPL ecosystem. With the US regulator failing to classify XRP as a security, skepticism around its adoption has declined.

Ripple’s increasing relevance in the transactional settlement industry has also built bullish momentum around the XRPL and XRP. Ripple collaborated with the SBI Digital Community in August to boost the use of XRPL in the Web3 sector. The fintech firm also partnered with Futureverse to provide crypto custody services. 

Among other global adoptions, Ripple has also ventured into the stablecoin sector. Ripple’s CEO Brad Garlinghouse said that the stablecoin, RLUSD, would debut in weeks. 

Liquid Restaking Is Big Already, And It Could Get Much Bigger

Mark Brennan
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Liquid Restaking Is Big Already, And It Could Get Much Bigger

Ethereum’s DeFi scene has been buzzing again this year, with the emergence of a new kind of asset called “liquid restaking tokens” or LRTs promising to maximize investor’s yields like never before.

In the last year, billions of dollars of vale have flowed into liquid restaking protocols like Kelp DAO, Ether.Fi, Swell and Puffer Finance, and those platforms are locked in a turf war, vying to become the protocol of choice for adventurous DeFi investors.

The liquid restaking trend arose thanks to EigenLayer, itself a fairly recent protocol, which last year launched a novel “restaking” platform on Ethereum. EigenLayer has come up with a powerful mechanism for Web3 applications to inherit the strong security of Ethereum, which is backed by billions of dollars’ worth of “staked” capital. All told, EigenLayer has amassed more than $12.9 billion in capital, accounting for just over 1.5% of all ETH tokens in the world.

EigenLayer’s proposed restaking system provides a way for blockchain protocols to inherit the security of Ethereum’s proof-of-stake network, by enabling staked ETH deposits to be reused, or “restaked”. As such, dApps that utilize this mechanism won’t have to fight Ethereum itself for investor’s capital.

The idea has caught on like wildfire, and ETH has poured into EigenLayer because it offers better yields than traditional staking. However, investors also have the option to deposit funds in EigenLayer indirectly by going through third-party liquid restaking protocols, enabling them to use those tokens yet again elsewhere in the DeFi landscape.

The likes of Kelp DAO, Ether.Fi, Swell and Puffer Finance aim to simplify the process of restaking on EigenLayer and provide strong incentives to boost their appeal. When DeFi investors go through them, they can receive what’s known as a “liquid restaking token” or LRTs for their EigenLayer deposits, thereby maintaining liquidity. So they can continue trading with their LRTs even after they have restaked their Ethereum derivatives.

Another key draw of EigenLayer is the concept of “points”, which are given to users by EigenLayer in return for their deposits. These rewards are currently of little value, though its believed and hoped that in future they may entitle holders to token airdrops later on down the line. With the arrival of points, the DeFi industry has given birth to yet more platforms, like Pendle Finance and Kelp, which enable investors to leverage those assets further.

The Rise Of Restaking

The restaking industry emerged as a result of Ethereum’s switch to a proof-of-stake consensus mechanism a couple of years ago. With that move, Ethereum attracted billions of dollars in funds from more than 900,000 validators, and countless more delegates who back them. These people participate in the Ethereum network by locking up ETH in a smart contract as a deposit to ensure they act honestly as they help to maintain the security of the network.

With billions of dollars in ETH sitting idle, it wasn’t long before the ever-innovative DeFi world came up with a use for those locked-up tokens. Restaking services like Lido act as a kind of middleman, staking ETH tokens on behalf of users and giving them back a kind of receipt token, called stETH in the case of Lido. Those derivative tokens earn interest the same as regular staked ETH does, and they can also be reused in various DeFi protocols, enabling investors to effectively double their yields

Lido has become incredibly successful, with more than $23.7 billion in TVL at the time of writing. Its stETH token often achieves trading volumes that exceed those of the original ETH on some of the biggest decentralized exchanges, borrowing and lending platforms.

Liquid Restaking Is Born

With liquid restaking, the same thing is happening again. With EigenLayer, investors can reinvent their deposits for a third time, once again increasing their rewards potential. EigenLayer is building a system that will enable other protocols to bootstrap using Ethereum’s security. When users stake their stETH tokens on EigenLayer, those assets are used to provide security for “actively validated services”, or AVSs built on EigenLayer.

While none of those AVSs are up and running yet, they will eventually include the Layer-1 blockchain Celo, a bridge infrastructure project called Omni, and EigenDA, which is EigenLayer’s very own data availability layer.

Because none of EigenLayer’s AVSs are up and running yet, depositors cannot yet earn interest for securing them. So what EigenLayer does instead is reward them with points, which are likely to represent some kind of reward in future – probably through some kind of token airdrop.

The liquid restaking protocols add in an extra incentive, giving users LRT tokens that can be deposited elsewhere, so restakers in effect can maintain their liquidity while earning those EigenLayer points.

As an example, Kelp DAO provides depositors with its native rsETH tokens, which can be redeemed at any time. Puffer Finance gives users pufETH tokens, while Ether.Fi distributes ETHFI to its investors.

Some liquid restaking protocols go even further. For instance, Pendle Finance splits liquid staking tokens into two separate tokens and gives them both to investors. It offers yield tokens and principal tokens, unlocking leveraged trading opportunities.

Meanwhile, Kelp DAO has come up with another clever incentive in the shape of its KEP tokens, which are minted and given to depositors in lieu of the EigenLayer points they would normally earn if they restaked directly.

KEP provides users with a way to trade those EigenLayer points and leverage them in borrowing and lending protocols, adding up to a fourth incentive. Investors can earn ETH yield, restaking yield and liquid restaking yield and then take their KEP elsewhere to earn even more rewards through another DeFi protocol.

Reasons To Be Wary

From the sounds of it, the ability to earn four separate yields on a single investment sounds insane, and there are many who believe that the entire liquid restaking movement is incredibly risky and speculative, and there are good reasons why they think that way.

EigenLayer’s main offering hasn’t even gone live yet, and there is a danger that its AVSs might not pay out the kinds of rewards investors are hoping for. If that happens, it’s likely that many will flee EigenLayer’s ecosystem in favor of more alluring protocols.

There’s also the risk that the EigenLayer points might ultimately flop. The planned airdrops have not yet been confirmed, and there is a danger that they might never happen. Alternatively, the airdropped tokens could well be flops – if that happens, the points would rapidly lose whatever speculative value they currently have. What’s even more dangerous is that EigenLayer’s points system lacks transparency as it’s not based on the blockchain, so there’s no way for anyone to track how many points are in circulation.

Some say the speculation around liquid restaking is similar to the yield farming boom that occurred during the last DeFi summer in 2021. At that time, billions of dollars of tokens flooded into protocols like Terra and Olympus, which promised incredible yields to investors, but ultimately fell flat on their faces.

A Game-Changer For DeFi?

Despite these very real concerns, proponents of liquid restaking believe that the current boom is built on more stable foundations, as EigenLayer has the potential to support an entirely new generation of blockchain networks and dApps with far greater security.

By enhancing liquidity, improving capital efficiency and unlocking new opportunities for investors, liquid restaking promises to be a powerful mechanism that will reinforce the value of the overall DeFi ecosystem.

The entire industry will be watching the progress of EigenLayer very closely, and if its proposed system works as it should, we might see an explosion of interest in liquid restaking that’s far bigger than what has occurred so far.

So, You Want To Invest In Memecoins. Here’s What You Need To Know

Mark Brennan
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So, You Want To Invest In Memecoins. Here’s What You Need To Know

Memecoins have surged in popularity since Elon Musk first tweeted about Dogecoin in 2019. Today, the total market cap for this burgeoning ecosystem stands at a whooping $39.9 billion, with notable names such as PEPE, WIF, and Shiba Inu racking up hundreds of millions in daily trading volumes.

What’s even more intriguing about the evolution of memecoins is that more and more people are now embracing them as actual investment items. Initially, it would have seemed absurd to put one’s funds in an investment with no fundamentals, but with the meme culture taking over the internet, the jokes now drive the markets.

If you’re looking to join memecoin bandwagon or increase your allocation, then you’ve come to the right place. The next section of this article will highlight some of the key factors that you should understand or conduct due diligence on before rolling that dice.

Strength of the Community

First and foremost, numbers matter! Memecoins are by design driven by internet natives who most likely share the ‘fun’ in a viral joke. The more people who find the joke funny, the bigger and stronger the community.

But how exactly do you measure the vibrancy of the community? Well, there are several factors; one of them is a project’s following on social media especially on X (formerly twitter); this is where most of the crypto ‘degens’ reside digitally. Another metric would be the project’s activity in ‘under the hood’ groups on Discord and Telegram (most crypto teams and communities operate from these two platforms).

For example, Dogecoin was started as a joke in 2013 to poke fun at Bitcoin and many more cryptocurrencies that were emerging at the time. Today, this pioneer memecoin enjoys one of the biggest crypto fanbases, with a following of over 3.9 million users on X. In addition, DOGE has been endorsed by prominent figures, including Elon Musk, alongside other key opinion leaders (KOLs) within and beyond the digital asset industry.

In contrast, there are some memecoin projects that have barely made it out of the hood. Apart from speculation and hype promising over 100x, the projects do not have an organic following on any social platform. These are the types of memecoins you want to avoid at all costs.

Sound and Incentive-focused Tokenomics

The economic model of a memecoin is another important factor that one should consider before making an investment. So, what exactly does tokenomics mean? In simple terms, it is the economic design behind a crypto token; the total supply, circulating supply, distribution of the token to various stakeholders, the rate at which new tokens are emitted or phased out of circulation, and how the token gains or maintains value within the ecosystem.

For starters, you want memecoin that is generous enough to allocate some extra ‘goodies’ to its stakeholders and the larger digital asset community in the form of airdrops. A good example is the LADYS memecoin which distributed over 8.8 trillion (1% of its total supply) tokens to all $PEPE and Milady NFT holders. This memecoin project has also set aside 5% to be allocated towards adding value to its ecosystem through CEX listings, bridges, and liquidity pools.

Besides incentive token rewards, sound memecoin projects will tend to follow a deflationary model rather than an inflationary approach. What this means is that less tokens should be added into circulation over time as opposed to a situation where the number of tokens keeps increasing almost perpetually. The concept is simple; law of demand and supply – the less tokens in circulation, the higher the value is likely to be and vice versa.

Deep Liquidity

Whether or not you can immediately cash out an investment is integral regardless of the market ecosystem. Memecoins are not special in any way; in fact, a good number of people have had to watch their investments trend down to zero simply because there was no one to sell to their tokens in the hour of need. This is what is meant by liquidity and accessibility; can the memecoin be liquidated with ease?

For example, if you’re scouting for memecoin to invest in today, a simple search on crypto data platform Coingecko would clearly show how much volumes are being traded on each of the featured memecoins. Currently, PEPE is leading with a daily trading volume of over $800 million while there are some memecoins which are barely hitting the $1 million mark. While it may be more far-fetched for PEPE to do a 100x compared to a low liquidity memecoin, the former is more resistant to volatility swings.

Timing is Everything!

A difference of five minutes or even less could make a significant impact in the memecoin world. However, most people tend to act out of impulse or FOMO and end up regretting when they should be actually bidding.

Let’s take a step back to when Elon used to hype DOGE; within minutes of a mention, the price would spike and drop within the same day. Some will say volatility is a gift but those who ignore the art of timing end up catching endless knives trying to get the right entry.

Whether you want to invest for a short period or go the long haul, the most optimal allocation is when the market is apathetic and cashing out when everyone is excited. Well, it is not as simple as it sounds, but the signs will always be there.

Wrap Up

Memecoins are here to stay and we will likely see more projects popping up as the digital generation is slowly integrated with the world of financial markets. That being the case, it is only prudent for any person who considers themselves a futuristic investor to do some more due diligence on the value proposition of this niche. The factors highlighted in this article are just the tip of the iceberg; the memecoin market is constantly evolving, and the only way to win is by keeping tabs.

Why ChangeNOW Can Be Your Go-To Platform For Swapping Meme Coins In 2024-2025

Albert Brown
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Why ChangeNOW Can Be Your Go-To Platform For Swapping Meme Coins In 2024-2025

From the launch of the first meme coin ever in 2014 to the rise of over 40,000 meme coin projects almost launched daily in 2024, this niche has proven to be a wild ride in the crypto landscape. And, while only a fraction of these projects have gained liquidity, meme coins made a splash in the recent bull market, racking up a whopping, remarkable sum of $70 billion in market capitalization.

As CoinMarketCap reports, meme coins have witnessed a steady upward trend, with market cap and volume reaching almost record highs during the most bullish months of 2024, and still maintaining elevated levels throughout their existence.

With the next wave of the bull market on the horizon, savvy investors should definitely keep an eye on meme coins as potential opportunities. Where to buy them? ChangeNOW, a platform well-known for its impressive array of cryptos and blockchain assets, parades an outstanding selection of meme coins. 

Okay, but which exact meme coins can you trade on ChangeNOW? The platform offers an assortment of choices, starting with high-profile stars like PEPE, which is currently among the top 30 cryptos. You’ll also find trending coins like Solana-based BRETT, WIF, BONK, and the super-popular CAT up for grabs.

But the fun doesn’t stop there! ChangeNOW supports lesser-known yet promising coins such as SNEK, PEW, KISHU, and many, many more.

However, ChangeNOW goes beyond its reputation as a meme coin exchange, offering a rich ecosystem of features and products tailored to crypto enthusiasts’ needs so now it’s a good thing to just go through its offerings.

Getting Started

ChangeNOW, which is a non-custodial exchange by the way, has earned a good reputation for security and ease of use. With no registration or KYC hassle and a solid track record in crypto fraud mitigation, users can confidently explore its offerings and build their portfolios without any single worry. 

But, even if you make a mistake, such as selecting incorrect tokens, choosing the wrong network, or inputting inaccurate amounts – the ChangeNOW support team has got you covered, successfully handling 99% of user issues.

This particular exchange is built for users to explore and grow without any barriers, allowing them to build their portfolio at their own pace and comfort level. With a low entry point of $2, users can get into crypto easily discover its unique offerings without feeling overwhelmed, while the fact that there is no upper limit simply means you can keep growing your crypto without any stopping point.

Available Pairs, Exchange Rates, Fees 

Supporting over 1,000 crypto assets and 1,000,000 trading pairs, ChangeNOW provides users with second to none choice when it comes to swaps and exchanges. Its impressive efficiency shines through with an average processing time of just 5 minutes. 

You’ll never be left wondering about rates or hidden fees either; since once transaction details are entered, you’ll receive an estimated rate, which ensures a transparent experience with this platform. In this way, ChangeNOW is so different compared to other exchanges with its consistent approach to fees and exchange rates, which allows users to benefit from potentially higher payouts.

Permanent Exchanges for Customized Experience

ChangeNOW offers a permanent exchanges feature designed for convenience that allow users to create custom shortcuts for their preferred crypto pairs. Having this unique address compatible with all future transactions, including cross-chain swaps, eliminates manual setups and provides better accessibility to all without registration, while, at the same time, maintaining a balance between simplicity and tailored experience.

ChangeNOW Pro

ChangeNOW’s pro version brings something fresh to the table. With three distinct plans to choose from, including a free option, users have the flexibility to tailor their experience even more.

With ChangeNOW Pro, users get cashback on every transaction, which provides them with an extra incentive to trade and swap. They can even make more money with cashback and use ChangeNOW Pro’s auto-staking to turn funds into a passive income source.

Also, ChangeNOW Pro users have the option to store their balance within the exchange platform itself, enabling quick top-ups via cryptocurrency or card and speedy withdrawals during favorable exchange rate periods, eliminating the need for repeated deposits.

Lastly, users can also get crypto loans to try to make even more profit with the assets that they already have while the wide range of off-chain swaps across 1000+ currencies reduces fees for conversions and withdrawals, again, leaving them with more funds to invest.

NOW Family of Products

ChangeNOW has an entire suite of products for both individual users and businesses. 

NOW Wallet is a non-custodial crypto wallet offering storage, buying, exchanging, and staking options for over 40 crypto coins and thousands of popular tokens. Available on mobile and desktop, NOW Wallet facilitates connection to dApps on popular chains such as Ethereum, BSC, Polygon, AVAX C-chain, Optimism, Fantom, and Algorand through QR-code scanning.

Effectively managing a diverse portfolio requires more than just holding assets. NOW Tracker steps in as a one-stop solution for tracking crypto, stocks, and money and also provides data on charts, historical prices, and trading volume. It simplifies the process by auto-tracking hot or cold wallets through public addresses and connecting with custodial exchanges and wallets to fetch balances, among other things.

NOWPayments enables businesses to expand their payment options by accepting over 300 cryptocurrencies and 25+ fiat currencies, ensuring instant payouts while benefiting from competitively low 0.5% fees, among the lowest in the market.

NOW Custody is a crypto custody solution designed specifically for businesses and enterprises. It’s got everything they need to manage blockchain operations: a versatile API, support for 800 of assets, and top-notch security features to keep their funds safe and sound.

ChangeNOW for Creators

ChangeNOW offers two ways to monetize your network and ramp up your earning game. By signing up for their referral program and getting a unique set of links, your blog, website, or social media accounts can actually earn you some extra money. 

Alternatively, you can use NOW Solutions’s affiliate program (already attracted over 1,000 active affiliates, with more than $12,170,000 paid out in rewards) to connect crypto projects with NOW Solutions and earn up to 25%. 

Summary 

So, as the crypto market ebbs and flows, ChangeNOW can truly offer a solution for quick market moves, especially with trendy assets like meme coins. But, this platform is more than just meme coins – it’s a powerhouse with over hundreds of cryptos and other assets and 1,000,000+ trading pairs, with user-friendly features, mobile and desktop compatibility, plus handy tools like a portfolio tracker and more. So, ChangeNOW’s got the goods when it comes to crypto swaps and services, but it’s always smart to do your own research before jumping in. 

Bitcoin Mining Difficulty Hits Fresh Peak at 92.67 Trillion as Miners Dump $1.7B in BTC

Albert Brown
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On Wednesday, the mining difficulty of the Bitcoin network surged by 3.6% to set a new all-time high.

Specifically, the difficulty index reached 92.67 trillion at block height 860,832, surpassing the previous peak of 90.67 trillion set in July.

This jump reflects heightened competition among miners, driven by record-breaking hashrate levels over the past week. It underscores the network’s growing resilience and security as more computational power is required to mine Bitcoin and more miners enter the space.

Bitcoin mining difdiculty
Bitcoin mining difficulty

Impact of Rising Mining Difficulty 

As more miners join the Bitcoin network, the difficulty level automatically adjusts every 2016 blocks to maintain a consistent block time of approximately 10 minutes. This adjustment is essential for network stability and is based on the total computational power of the network.

A higher difficulty level means that miners need more energy and resources to successfully mine Bitcoin. Conversely, if the number of miners decreases, the difficulty level lowers, making it easier to find new blocks. The recent increase in difficulty highlights the growing competition among miners for the limited rewards available.

Increased mining activity also enhances the network’s security, as the additional computational power contributes to greater decentralization.

However, despite these benefits, a rise in difficulty can pose challenges for smaller or solo miners, who may struggle to compete against large mining pools with substantial computational resources.

Solo Miner Secures Block Reward 

Remarkably, this latest development coincides with a rare event where a solo Bitcoin miner successfully mined an entire Bitcoin block, securing a reward of $180,000. This achievement comes as a surprise, given the dominance of institutional miners with advanced rigs. 

Solo miners typically face steep odds due to the immense computational power required. However, this success stands out against a record-high hashrate, demonstrating that individual miners can still achieve significant results, though such successes are infrequent.

Miners Dumping Bitcoin 

Elsewhere, recent market data shows a significant reduction in the Bitcoin supply held by miners. After maintaining a steady trend, the supply began to drop on September 8, with a sharp decline observed by September 11. 

Market watcher Ali Martinez highlighted that miners liquidated 30,000 BTC, valued at approximately $1.71 billion, since Monday.

This substantial sale suggests notable market movements, potentially driven by liquidity needs or concerns about future price trends.

Multiple Analysts Recommend Shorting Cardano, Targeting 33% Crash to $0.21

Abdulkarim Abdulwahab
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Multiple Analysts Recommend Shorting Cardano, Targeting 33% Crash to $0.21

While Cardano (ADA) recently benefited from the latest market recovery, multiple analysts are recommending a short position on ADA, projecting a potential decline to the $0.20 range.

On Monday, ADA rallied to $0.3484, recovering approximately 11% after having dropped to $0.3147 just three days earlier. However, these gains are quickly fading as Cardano struggles to maintain its upward momentum.

At press time, ADA is teetering near the critical $0.330 level, following a 3.09% decline over the past 24 hours. This downward shift adds to concerns, with analyst Lingrid reaffirming the bearish outlook.

Analysts Recommend Shorting ADA

In a recent update, Lingrid emphasized that ADA is showing signs of weakness as it consolidates below the key $0.35 resistance level. The analyst noted that the broader crypto market is moving sideways, and ADA’s inability to break out of its current range suggests increasing downward pressure.

Lingrid observed that ADA is trapped in a range between $0.30 and $0.34 on the daily timeframe. A doji candle has formed on the daily chart, indicating market indecision. According to Lingrid, this could lead to a retest of support levels around $0.325 as the market seeks stability.

Cardano chart
Cardano chart by Lingrid

While the sentiment remains bearish, the consolidation may present opportunities for traders as the price stabilizes within the current range.

However, according to Lingrid’s analysis, if ADA fails to hold above the $0.325 support, it risks falling further toward the $0.30 zone. Ultimately, Lingrid issued a short signal for ADA.

Another Expert Targets a 33% Collapse to $0.2

In a separate commentary, analyst FinancialFreedomGoals also pointed out a strong bearish outlook for ADA, noting that most altcoins, including Cardano, are stuck in a downtrend.

Recently, ADA broke out of its rising wedge with increased trading volume, but it was not the bullish breakout many had anticipated.

According to the analysis, Cardano remains stubbornly below the 200-EMA line on the daily chart, reinforcing the bearish sentiment. Moreover, it highlighted that the MACD line falling below the signal line has intensified the bearish sentiment.

Given these indicators, FinancialFreedomGoals is forecasting potential declines to key Fibonacci targets at $0.2506 and $0.2197. However, the analyst notes that a break above the $0.3815 resistance level could provide some hope for the bulls.

Notably, with ADA currently trading at $0.33, a decline to $0.2197 would represent a significant loss of approximately 33% for current investors. However, considering ADA’s price was $0.80 earlier this year, such a drop would amount to a more substantial 73% loss from its peak.

TRUMP Token Slumps 13.3%, While KAMA Rises 12.16% Following Presidential Debate

Sam Wisdom Raphael
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TRUMP Token Slumps 13.3%, While KAMA Rises 12.16% Following Presidential Debate

Following the presidential debate between Donald Trump and Kamala Harris, assets inspired by both candidates saw price fluctuations.

Meme tokens, MAGA (TRUMP) and Kamala Horris (KAMA), exhibited divergent price movements during and after the exchange, which was the first debate between GOP presidential aspirant Trump and the Democratic candidate Harris.

Debate Recap and Key Issues

The debate itself was a critical moment for both candidates, where they tackled key issues such as immigration, abortion, and the economy. 

Harris took the opportunity to criticize Trump’s stance on women’s rights, specifically highlighting his stance on a ban on abortion. Recall that Trump had okayed Florida’s six-week abortion ban. She also attacked Trump’s stance on immigration. 

Meanwhile, the Republican candidate criticized the current administration for the issues emerging from a weak border control policy. On the economy, Trump faulted the Biden administration for the inflation woes the country faces.

The debate didn’t address cryptocurrency directly, but economic policy is of significant importance to crypto investors. Notably, The Crypto Basic confirmed earlier today that Trump’s odds on Polymarket dropped 3% before rebounding.

Trump’s push to deregulate crypto and Harris’s ambiguity on the subject set the stage for a post-debate market reaction. Traders flocked to crypto markets, especially meme tokens representing the two candidates. 

TRUMP Token Slumps 13%

Before the debate, the TRUMP (MAGA) token had been consolidating between $3.10 and $3.46, unable to break through the $3.50 resistance level. 

However, once the debate was underway, the token faced a sharp sell-off. Within two hours, TRUMP’s price plunged by 9.19%, as sentiment around Trump’s performance in the debate soured among investors. 

TRUMP 1D Chart
TRUMP 1D Chart

Over a four-hour span, the decline deepened, bringing the total loss to 13.3%. TRUMP bottomed out at $2.83, its lowest price in five days.

Despite a brief rebound attempt to retest the $3 level, the token faced renewed selling pressure. This led to another drop, pushing the token to $2.861. At the time of reporting, TRUMP is down 13.82% compared to its pre-debate levels.

KAMA Token Rises 12%

On the flip side, the Kamala Harris-inspired KAMA token, which had been languishing earlier in the week, saw a dramatic turnaround during the debate. 

Hours before the event, KAMA had dropped to $0.00725, reflecting a slump in sentiment. However, during the debate, the token surged by as much as 17.12% within two hours, hitting a peak of $0.00910.

KAMA 1D Chart
KAMA 1D Chart

Yet, this rally was short-lived. The token faced a correction just hours later, shedding 6.26% of its gains. Despite the pullback, KAMA still remains 12.16% higher than its pre-debate low, currently trading at $0.00813. 

Shrinking Bitcoin Supply on Exchanges Sparks Hopes of a Price Breakout

Albert Brown
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0
Shrinking Bitcoin Supply on Exchanges Sparks Hopes of a Price Breakout

Recent data points to a significant decrease in Bitcoin reserves on exchanges, which has often been a precursor to price rallies. 

According to recent data by CryptoQuant, this trend suggests that investors are transferring their Bitcoin holdings to cold storage, reducing the available supply in the market.

When Bitcoin reserves shrink, selling pressure tends to decrease, creating favorable conditions for a potential price increase. The current reduction in Bitcoin supply mirrors past patterns that have led to notable upward price movements.

Increasing Stablecoin Reserves 

While Bitcoin reserves continue to drop, stablecoin reserves on exchanges are experiencing a rise. This shift reflects increased liquidity as traders prepare to re-enter the market. 

Stablecoins serve as a readily available resource for investors, signaling that many are poised to capitalize on potential buying opportunities. The growing stablecoin supply further emphasizes the readiness of the market to support future buying activity, possibly leading to a strong price breakout.

Consistent Exchange Withdrawals 

Supporting these observations, IntoTheBlock’s netflow data indicates a persistent withdrawal trend in Bitcoin over multiple time frames. In the last 24 hours, Bitcoin experienced a net withdrawal of 8.03K BTC, with a 7-day netflow showing a withdrawal of 6.29K BTC.

BTC Exchange Reserves / IntoTheBlock
BTC Exchange Reserves | IntoTheBlock

Over the last 30 days, the netflow remained negative, further emphasizing the consistent withdrawal trend. The continuous removal of Bitcoin from exchanges strengthens the notion that investors are holding their assets, potentially awaiting a more favorable market condition for selling.

Economic Factors Shape Bitcoin’s Trajectory

Additionally, an analysis from analyst Benjamin Cowen showed that current economic conditions are playing a crucial role in shaping Bitcoin’s performance. Similarities between the current cycle and the 2019 Bitcoin cycle have emerged, with monetary policy being a key influence. 

According to him, the Federal Reserve’s rate hikes and quantitative tightening measures are impacting Bitcoin’s growth trajectory, slowing its rise compared to previous halving years.

While these policies continue to exert pressure, Cowen suggests that future rate cuts could eventually support Bitcoin’s price rebound, although the timing may extend longer than anticipated due to the prolonged period of high interest rates.

Court Sets Sentencing Hearing Date for Former FTX Exec Caroline Ellison 

Lele Jima
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Court Sets Sentencing Hearing Date for Former FTX Exec Caroline Ellison 

A Manhattan federal court schedules the sentencing hearing date for former FTX and Alameda executive Caroline Ellison. 

Ellison’s sentencing hearing will be held on September 24 at 3:00 PM (EDT). Notably, it will take place in the same courthouse where FTX founder Sam Bankman-Fried’s (SBF) trial occurred.

Third FTX Exec to Undergo Sentencing 

Ellison will be the third major FTX executive to face sentencing. It bears mentioning that FTX founder Bankman-Fried and Ryan Salame of FTX Digital Markets have already witnessed their sentences. Both SBF and Salame received sentences of 25 years and 7.5 years in prison, respectively. 

Additionally, the court will sentence two other FTX-associated executives, Nishad Singh and Gary Wang, on October 30 and November 20, respectively. 

Ellison Counsel Seeks No Jail Term for Client 

Meanwhile, Ellison’s lawyers request that the court refrain from sentencing their client to prison, citing her guilty plea and extensive cooperation with authorities. 

In 2022, Ellison pleaded guilty to her involvement in the fraudulent operations that led to the devastating collapse of FTX. The Alameda Research CEO contributed immensely to the sentencing of SBF. Notably, she testified against SBF, stating that the FTX founder instructed her to commit fraud.

Without cooperating with authorities, Ellison would have faced extensive prison time that could surpass a decade. However, her lawyers are using her cooperation with the authorities to argue for time served and release under supervision. 

According to the court papers, Ellison’s lawyers boosted their arguments by citing a report from the Probation Department, which recommended three years of release under supervision. This report also recommended that the court absolves Ellison of any fine.  

In addition, the filing also detailed her background, her isolation during the COVID-19 pandemic, and her unstable romantic relationship with SBF, among others. The late Tuesday filing also included diaries from her family and friends supporting her. 

However, Ellison’s lawyers redacted most of these names, arguing that the individuals risk being harassed or doxed. 

Mixed Reactions Trail FTX Upcoming Repayment 

Recall that the FTX debacle sent shockwaves across the crypto market in 2022, leading to a massive plunge in crypto prices. Interestingly, victims expect to receive full compensation later this year, with the company preparing to repay them $16 billion.  

As reported earlier, the payment could come from November to December 2024. The upcoming repayment has stirred mixed reactions within the crypto community, with some users speculating that the move could be bullish for the market. 

Conversely, others think crypto prices could take a major hit if FTX repays its creditors in cryptocurrencies, which they would likely liquidate.

Coinbase Resumes Polygon Support After POL Migration

Mark Brennan
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Coinbase Resumes Polygon Support After POL Migration

Coinbase announced it has restored services for Polygon on its platform under the new POL ticker.

Leading American exchange Coinbase has enabled transactions for Polygon’s native token, POL, after a ticker change from the project. The US-based firm stated today that it would now allow users to send, receive, and trade the asset under its new ticker.

Furthermore, Coinbase added it had enabled the same support it offered Polygon under its former ticker, MATIC. This meant users in the region where MATIC was traded could still transact with the layer 2 chain under the new POL ticker.

The reinstatement came after Coinbase announced it would support the network in its decision to change the ticker of its native token. In an August 21 tweet, the exchange stated it would pause transactions relating to Polygon to facilitate the migration.

Per the announcement, Coinbase disabled sending, receiving, or trading Polygon’s MATIC on August 26. It earlier stated that it would resume services to users under the new ticker yesterday. Following the re-addition, Coinbase noted it has also restored services that allow users to send and receive VOXEL, USDC, CBETH, and WETH on Polygon.

Polygon’s Migration to POL

The September 4 integration saw Polygon switch its governance token from MATIC to POL. This meant all transaction fees on the Ethereum layer-2 would be paid for in POL instead of MATIC. 

Also, POL would become the official staking token on Polygon’s Proof-of-Stake (POS). However, MATIC stakers would continue earning staking rewards until their cycle elapses.

The upgrade to POL was an initiative from the community, which was part of its roadmap to upgrade to an aggregated blockchain (AggLayer). Notably, MATIC and POL will coexist in Polygon until the community decides on a deadline for MATIC holders to upgrade to POL.

POL Fails to Impress

Meanwhile, Polygon has continued to underperform despite the recent upgrade. POL’s price surged over 10% following the news that Coinbase would support its upgrade. Since then, it has been on a downward spiral with the rest of the market.

POL is down 12% in the past month and 71% from its yearly high in March. At the time of writing, POL ranks 30th in market cap with $2.5 billion. The asset trades at $0.368, down 3.42% in the past 24 hours.

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