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Whale Scoops Up 77,270 AAVE at $135 as Open Interest Spikes

Albert Brown
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Whale Scoops Up 77,270 AAVE at $135 as Open Interest Spikes

Whales are accumulating AAVE tokens after its recent weekly and monthly gains. 

AAVE, the native token of the decentralized lending platform, has witnessed notable purchases from several large holders, as seen in data provided by Lookonchain. These actions come amidst a price increase, with whales making acquisitions in multiple consecutive transactions.

Series of Whale Transactions

One whale, for instance, purchased 77,270 AAVE at $135 each, spending 4,000 stETH worth $10.4 million in the process. 

The whale executed this series of transactions across various wallets within minutes. Among the notable transactions was a single purchase involving 19.4432 stETH, valued at $51,142.59, in exchange for 359.7 AAVE tokens.

Other transactions included 10.7273 stETH ($28,216.48) for 198.45 AAVE and 7.3288 stETH ($19,277.33) for 135.58 AAVE. In addition, smaller transactions like one involving 1.2768 stETH resulted in 23.62 AAVE tokens. This whale’s actions follow a broader trend, with multiple whales engaging in large AAVE buys over the same period.

Additional Whale Purchases

A separate whale identified as 0xa923 made another significant purchase, buying 50,908 AAVE for $131 per token. This transaction involved 2,575 stETH, totaling $6.65 million. Another whale, 0x0945, spent 563 ETH ($1.45 million) to acquire 11,101 AAVE at $130. 

On August 20, Lookonchain reported that two more whales bought a total of 31,407 AAVE worth $3.92 million. Notably, whale 0x3737, who holds a large amount of PEPE, spent 813 ETH ($2.18 million) to buy 17,690 AAVE at $123. Meanwhile, the other whale, 0x1D15, withdrew 13,717 AAVE from Binance, holding 19,373 AAVE tokens at the time of the report.

Surge in Open Interest

Amid the whale activity seen on AAVE, open interest for AAVE futures contracts has seen a sharp spike in early August 2023, climbing to $395.26 million. This surge in OI mirrors levels not seen since April 2022, when AAVE was trading around $176. During that period, open interest was approximately $121 million, indicating a strong market interest. 

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AAVE OI | CoinGlass

The current OI surpasses that figure significantly, highlighting an increased commitment from market participants. The rise in open interest often correlates with price trends, suggesting a higher number of traders are entering positions.

Historically, a rise in open interest has been tied to bullish price action. In the current case, as OI rose throughout early August, AAVE’s price increased from around $80 to its current range of $130-$140. This suggests that the growing interest in AAVE futures is fueling further price growth, potentially driven by institutional players like whales.

Bitcoin Sudden Shakeout Wipes Out $120M in Open Interest; Warning Against Excessive Leverage

Albert Brown
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Bitcoin Sudden Shakeout Wipes Out $120M in Open Interest; Warning Against Excessive Leverage

Bitcoin recently experienced a sudden market shakeout, erasing $120M in open interest as the market recovered from the week-long sideways movement.

According to data from CoinGlass, about 2,000 BTC in open interest was wiped out when Bitcoin’s price fell from approximately $62,000 to just around $59,900 earlier today. This sudden drop exposed the vulnerability of over-leveraged long positions, leading CoinGlass to warn traders to lower their leverage. 

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BTC 30-min chart / CoinGlass

The price action during this sharp drop, which was followed by a weak recovery, signaled continued market fragility. Although BTC has since bounced slightly to $60,912 during this press, the recovery lacked momentum to reach the initial levels.

This suggests that while the market found temporary support, buyers have not yet regained control. Notably, the trading volume remained muted during the rebound, indicating limited buying interest, which leaves the door open for further instability. 

Market Over-Leveraging

Market indicators such as cumulative volume delta (CVD) and funding rates revealed further insight into the pressure faced by traders. The CVD saw a sharp drop during the price decline, reflecting strong selling pressure.

Simultaneously, funding rates shifted from positive to negative, signaling a shift from bullish to bearish sentiment. 

This shift notably impacted open interest, with around 2,000 BTC contracts valued at over $120 million being liquidated as the price dropped. These liquidations, totaling approximately 224,614 aggregated liquidations, reflect a market heavily reliant on leveraged positions, which proved unsustainable in the face of the sharp downturn.

As of the latest data on the chart, Bitcoin’s Open Interest has been trending upwards, sitting at approximately $31 billion with a 4.9% increase in the last 24 hours. This indicates significant outstanding futures contracts, a clear signal that traders are taking leveraged positions on Bitcoin.

High Leverage at $60k

The chart below illustrates a liquidation heatmap for the BTC/USDT perpetual contracts on Binance over a 12-hour period. The heatmap shows that many traders are using high leverage, particularly around key psychological levels like $60,000.

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Liquidation heatmap / CoinGlass

Several horizontal bands below the $60,000 level indicate additional liquidation pockets extending toward lower price levels (closer to $58,000). The clusters of liquidations indicate that the market was overly leveraged, leading to forced liquidations.

Sell Pressure Continues to Suppress Bitcoin’s Price

As the dust settled, Bitcoin’s market continued to face pressure from an imbalance in buy and sell orders. As of August 21, exchange market depth data revealed a substantial rise in sell orders, with 53,000 BTC on the sell side compared to 47,000 BTC in buy orders. 

This imbalance has kept Bitcoin’s price subdued, with the market showing little sign of a strong recovery. Adding to this pressure are external factors, such as the U.S. government and FTX creditors moving large amounts of BTC into exchanges.

As a result, Bitcoin’s price remains stuck in a narrow consolidation range around the $60,000 mark, reflecting an extended period of uncertainty and volatility.

Hacker Uses McDonald’s Instagram to Steal $700K in Memecoin Rugpull

Mark Brennan
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Hacker Uses McDonald’s Instagram to Steal $700K in Memecoin Rugpull

The hacker took over McDonald’s Instagram and promoted a memecoin themed after the fast-food chain’s marketing mascot, Grimace.

A hacker took over McDonald’s Instagram account on Wednesday and promoted a sham memecoin, Grimace. Multiple pictures seen on X showed the fast-food chain posting a series of updates shilling the Solana-based memecoin.

The token, GRIMACE, was named after McDonald’s famous purple mascot, which the fast-food company uses in advertisements. According to the now-deleted posts, the scammer promoted Grimace as McDonald’s experience on Solana, drawing users’ attention to the sham token.

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On-chain data shows that the memecoin’s market cap spiked to $25 million less than 30 minutes after the hacker promoted Grimace to McDonald’s 5.1 million followers. This was due to the surge in the token’s price, which reached as high as $0.025.

The exploiter then dumped his share of GRIMACE on buyers flocking to buy. Data from Bubblemaps reveals that the hacker owned 75% of the token’s supply, split into 100 different wallets.

The rug pull scam is not new in the crypto space. Earlier this year, The Crypto Basic reported a case where scammers realized $1.7 million, rugpulling multiple memecoins on the Binance Smart Chain (BSC).

Hacker Makes Off with $700k

After the rug pull, the hacker updated McDonald’s Instagram bio to reflect his recent exploit. The exploiter admitted he had scammed users with the Grimace token and had realized $700,000.

The hacker’s bio update showed he claimed to be India_X_Kr3w. He also added an Indian flag at the end of the post and thanked users before removing it, as did every other post about the sham memecoin.

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McDonald’s Instragram Account

McDonald’s acknowledged the Instagram hack in a statement and assured users it had handled the situation. The fast-food giant apologized to its community for the situation and any foul language the hacker used while in control of the account. The account of the marketing director at McDonald’s, Guillaume Huin, was also affected by the hacker.

At press time, GRIMACE had only a market cap of $77,000 and was trading at $0.0003155.

Expert Predicts XRP Price if Cardano Hits $1.60

Lele Jima
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Expert Predicts XRP Price if Cardano Hits $1.60

Popular crypto expert STEPH envisions XRP staging a significant rally if the price of Cardano (ADA) soars to $1.6. 

XRP has recorded an impressive performance over the past week, surging 7.38% in the weekly chart. The crypto asset, which slumped to a weekly low of $0.5526 on August 15, is currently trading above the $0.60 level. 

At press time, XRP is trading at $0.6008 per token, up 0.56% over the past 24 hours. 

XRP
XRP

Following XRP’s impressive performance in the past week, several market watchers have issued favorable predictions for the coin. 

XRP to Hit $2.5 If ADA Reaches $1.6

In particular, popular crypto analyst STEPH projected that XRP’s price could increase to $2.5 before the end of the year. The analyst suggested that XRP would reach a target of $2.5 if Cardano hits $1.6 within the same timeframe. 

It is worth mentioning that XRP and Cardano have a close price correlation. For instance, while XRP has surged 7.38% in the past week, Cardano is up 8.28% in the same period. 

Despite this, the performance of both altcoins is determined by premier assets like Bitcoin (BTC) and Ethereum (ETH). Cardano’s potential surge to $1.6 requires the token to surge 337.51%. Meanwhile, XRP will witness a comparable growth rate of 316.11% if its value soars to $2.5 from its current price of $0.6008. 

Experts Set $2.5 Target for XRP 

The $2.5 target has gained prominence within the XRP community. Besides XRP previously surpassing this level in late 2017, several analysts have been projecting that the coin will revisit the $2.5 territory soon. 

Last month, famous chartist Captain Faibik indicated that XRP bulls are making significant efforts to clear a crucial trendline that could potentially take the asset’s price to $2.5. 

Additionally, a group of industry experts forecasted that the Ripple-affiliated token could soar to $2.55 after the SEC lawsuit. Although a New York federal court issued the highly anticipated final judgment, XRP has yet to hit the milestone. 

Nonetheless, the resolution of the SEC v. Ripple lawsuit has bolstered investors’ confidence in XRP, potentially paving the way for a substantial price spike to $2.5. 

Channel Breakout in Curve DAO Puts $0.50 on Bullish Radar

Albert Brown
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Channel Breakout in Curve DAO Puts $0.50 on Bullish Radar

Curve DAO ends the correction phase with a high-momentum bull cycle. The increased demand projects the next target level at $0.50.

As Bitcoin hangs near the $60K mark, the altcoin market finds a boost in the DeFi space. In the last four hours, the crypto market witnesses a surge in short liquidations worth $8.31 million. In comparison, the $1.55 million worth of lost long positions reflects a relatively stronger position.

As the market’s bullish strength increases, DeFi tokens are gaining momentum. So, will the breakout rally in the Curve DAO token hit $0.50 in the recovering market? Let’s find out.

Curve DAO Channel Breakout 

In the daily chart, Curve Dao shows a bullish cycle in a falling channel pattern, resulting in a breakout rally. The downfall in the bearish channel accounted for a 75% drop in Curve Dao’s market value within six months. 

However, the third reversal from the support trendline, making a momentary V-shape pattern, breaks above the overhead trendline. Since the retest of the support trendline at $0.18, the CRV token price has increased by 82% in the last 17 days. 

Currently, the Curve Dao token trades at $0.3281 with an intraday pullback of 2.53%, teasing an evening star pattern.

Curve DAO Price Chart
Curve DAO Price Chart

Based on the Fibonacci levels, the uptrend in Curve Dao has surpassed the 23.60% Fibonacci level at $0.29. A closer look at the price action shows a post-retest rally gaining momentum.

Curve DAO Price Chart
Curve DAO Price Chart

The technical indicators in the Curve Dao price chart show a positive crossover in the 20D and 50D EMA. However, the rest of the crucial EMAs (50, 100, 200) maintain a bearish alignment. Further, the MACD indicator shows a bullish trend in the MACD and signal lines. 

Tactical Approach by DWF Labs During Market Turmoil

DWF Labs recently moved 2 million $CRVs, worth roughly $683K, to Binance. Last year, during a liquidity crisis, they acquired 12.5 million $CRV ($5 million) in an over-the-counter deal at $0.4 directly from Curve’s founder, Michael Egorov. 

DWF Labs now holds a 10.5 million $CRV, valued at about $3.5 million, ranking as its third-largest holding. However, given the current price of $CRV, it currently faces an estimated loss of $824K, or 16.5%.

Will Curve DAO Token Hit $0.50?

Considering the bullish trend gains momentum, the uptrend puts pressure on the 38.20% Fibonacci glass ceiling at $0.3592. A breakout rally above the ceiling will increase the chances of a rounding bottom reversal with a neckline at $0.50 or the 61.80% Fib level. 

Crypto Philosopher Says ‘There Will Never Be Another XRP’

Abdulkarim Abdulwahab
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Crypto Philosopher Says ‘There Will Never Be Another XRP’

A notable figure in the crypto community, known as the “Crypto Philosopher,” recently expressed that no other cryptocurrency will ever hold the unique position of XRP.

“There will never be another XRP,” he declared. This bold statement comes in light of recently surfaced court documents that reveal Ripple’s extensive web of agreements surrounding the distribution of XRP.

Specifically, the document revealed that Ripple had entered over 1,700 contracts with various financial firms concerning XRP, underscoring its unique position in the crypto asset landscape.

Notably, these contracts were initially highlighted during the discovery phase of the SEC vs. Ripple case. However, the information recently resurfaced in the XRP community, providing enthusiasts with renewed optimism about the asset’s prospects.

XRP Army believes the sheer volume of these agreements reflects Ripple’s strategy to embed XRP deeply within the global financial system. 

Furthermore, the non-disclosure agreements (NDAs) associated with these transactions suggest that many involve sensitive, high-level partnerships, likely with major financial institutions.

Essentially, the Crypto Philosopher’s commentary emphasizes XRP’s unique role in the blockchain space, where its adoption in financial services makes it a distinctive digital asset.

Legal Details Concerning Ripple’s XRP Contracts with Banks

Notably, the court document concerning Ripple’s XRP 1,700 contracts categorized the transactions into four key areas:

  • Direct transfers of XRP to various counterparties.
  • Agreements allowing Ripple’s counterparts to sell XRP on its behalf across trading platforms.
  • Contracts where Ripple compensates counterparties for services rendered using XRP.
  • Miscellaneous agreements that do not fit into the above categories.

This categorization was presented by Alan Schwartz, a law professor at Yale Law School. Ripple endorsed Schwartz’s analysis to bolster its defense against the SEC during the legal battle. 

Schwartz argued that Ripple’s XRP transactions with these financial institutions did not meet the criteria of the Howey test for an investment contract, as these contracts lacked provisions that would obligate Ripple to take post-sale actions that could influence the value of XRP or distribute profits to investors.

While the SEC did not challenge Schwartz’s qualifications, the regulator sought to exclude his testimony on the grounds that his conclusions were supposedly “impermissible legal conclusions” based on a “misinterpretation” of the Howey test. However, the court ultimately rejected the SEC’s attempt to dismiss Schwartz’s observations.

Ethereum ICO Project Golem Sends Fresh 4k ETH to Coinbase and Binance

Mark Brennan
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Ethereum ICO Project Golem Sends Fresh 4k ETH to Coinbase and Binance

Golem Network has sold 8,000 ETH, currently worth $21 million, in the past two weeks. It has 22,834 ETH left in its multi-signature wallet.

Golem Network, a project that received 820,000 ETH from Ethereum’s initial coin offering (ICO) in 2016, seems to have resumed sales this week. On Wednesday, a multi-signature address tied to the platform moved 4,000 ETH ($10.5 million) to Coinbase and Binance deposit addresses.

Data from Arkham shows that the Golem wallet, 0x7d…6CF9, moved 4,000 ETH to address 0x159…53b94 by 17:04 UTC on August 21. The wallet then moved 1,904 ETH ($5 million) to Binance deposit and 2,100 ETH ($5.5 million) to Coinbase deposit.

After the transfer, Golem’s multi-signature address had 22,834 ETH ($60 million) left. Notably, the address holds other assets like 50 million GLM ($15.89 million) and 39,806 XDATA ($1,450).

Golem on a Selling Spree

The network’s Wednesday sale was its second in two weeks. Last week, Golem transferred 4,000 ETH ($10.5 million) to a Coinbase deposit address after transferring 12,000 ETH ($39.76 million) to the same address where it moved the Wednesday funds last month.

The Crypto Basic reported that Golem staked 40,000 ETH ($124.6 million) in July, immediately after the sell-off. The decentralized computer platform noted that the staking was to generate yields to support its future growth.

Golem received 820,000 ETH from the Ethereum ICO when the price was $10.2. If it had never sold any of the Ethereum it received, the project’s wallet would have been up by 25,800%, worth $2.15 billion now.

Ethereum was unaffected by Golem’s recent sell-off, as the asset continued its gains on Thursday. The asset is up 1.46% in the past 24 hours and was trading at $2,637 at the time of writing.

Cardano Founder Reveals ADA Biggest Competitive Advantage 

Lele Jima
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0
Cardano Founder Reveals ADA Biggest Competitive Advantage 

Charles Hoskinson, the CEO of Cardano research and development company Input Output Global (IOG), highlights the importance of consensus building within the network. 

The top crypto entrepreneur and developer characterized consensus building as Cardano’s hidden superpower and major competitive advantage. 

Hoskinson made this known during a fireside chat with IOG Chief of Staff J.J. Siler and Cardano Foundation CTO Giorgio Zinetti at the Rare Evo 2024 convention. The premier blockchain event happened in Las Vegas between August 15 and 17, 2024. 

Cardano’s Hidden Superpower and Competitive Advantage 

During the fireside chat, Hoskinson spoke on several issues, including identifying the factor that distinguishes Cardano from other popular blockchains. 

“This exercise of consensus building is one of the hidden superpowers and the biggest competitive advantage that Cardano has,” Hoskinson remarked. 

Hoskinson’s comment suggests that although many people may not understand the importance of consensus building, it has helped set Cardano apart from its competitors in the blockchain space. 

Cardano’s Consensus Model

Building consensus effectively is an important part of how decentralized networks operate. Consensus refers to the majority of network participants reaching an agreement on the blockchain’s state. 

This includes determining which block to produce and which transactions to bundle into blocks. It also defines how nodes agree to handle block production and resolve conflicts. 

Notably, different blockchains have unique means of achieving consensus. Cardano’s blockchain utilizes a unique consensus mechanism known as Ouroboros. 

This mechanism is a proof-of-stake algorithm designed to achieve security, scalability, and low energy consumption. Through the Ouroboros mechanism, validators are selected based on the number of tokens they hold, incentivizing them to act honestly.  

Decentralized Governance 

Meanwhile, Cardano’s consensus concept is also reflected in its decentralized governance model, which helps to foster a resilient and more adaptable platform. With Cardano’s decentralized governance model, no single entity has absolute control over the ecosystem’s decision-making process. Additionally, the decentralized governance allows ADA holders to create proposal improvements and vote on decisions that could shape Cardano’s future. 

In the meantime, the Cardano community is anticipating the launch of the Chang hard fork, a major upgrade marking the beginning of the Voltaire era- the final stage of the network’s development. 

The hard fork will help Cardano achieve true decentralization, allowing stakeholders to submit and vote on protocol changes. According to reports, the highly anticipated hard fork will occur on August 27, 2024, giving ADA holders more control over the network’s governance. 

New Prophecy Touts XRP As Prime Investment

Abdulkarim Abdulwahab
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0
New Prophecy Touts XRP As Prime Investment

Recently, crypto community members unearthed a “prophecy” suggesting XRP could be a valuable investment opportunity.

The supposed XRP prophecy came from Kim Clement, an acclaimed prophet and songwriter. According to those sharing the video, Clement originally commented in 2011, which predates even XRP’s existence.

Prophecy Says XRP is a Profound and Worthy Investment

In the video, Clement revealed that he had a dream in which he saw a symbol or entity starting with an “X” and containing a “P.” He described this vision as “very profound” and implied that the entity was worth investing in.

Also, Clement mentioned that this revelation was connected to a “new source of energy,” further adding to the mystery. Although he did not expressly mention XRP, Clement hinted that the vision was a prophetic glimpse into a future innovation. He acknowledged that he did not fully comprehend its meaning at the time.

However, the crypto community quickly connected the dots, particularly because Clement described a sequence starting with “X,” followed by a middle element, ending with “P.”

This resurfaced prophecy has reignited interest in XRP, with some enthusiasts viewing it as a sign of the digital asset’s potential to disrupt the financial landscape. Drew Middleton, an X user who brought attention to the video, believes Clement’s statement is a “massive confirmation” of XRP’s potential.

Interestingly, this is not the first time a prophetic claim about XRP has surfaced in the crypto community. While Kim Clement’s vision was more subtle, Pastor Brandon Biggs has made a more explicit claim about XRP. 

Other XRP Prophecy

In a recent video, Biggs shared a revelation in which he claimed to see a significant development unfolding with XRP.

According to Biggs, the vision featured camels and a massive wealth transfer, with XRP at the center of it all. He suggested this could lead to a rapid and unexpected surge in XRP’s value. However, Biggs was careful to note that the timing of this event is uncertain.

In a previous statement, Pastor Brandon Biggs boldly claimed that God had revealed to him that the value of XRP would skyrocket to $10,000. This specific prediction has generated significant attention and excitement within the crypto community, given its magnitude.

To put this claim into perspective, a $10,000 price point would require XRP to experience a staggering 20,000-fold increase in value. Moreover, this would result in an XRP market capitalization of approximately $1 quadrillion. 

Cardano Founder Says ‘Just Bluffs’ After Harris’s Advisor Pledges VP Support for Crypto

Mark Brennan
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Cardano Founder Says ‘Just Bluffs’ After Harris’s Advisor Pledges VP Support for Crypto

Cardano founder Hoskinson expresses skepticism as Kamala Harris’s aide states that she would set clear regulations that support the cryptocurrency industry if elected president.

Brian Nelson, Vice President Kamala Harris’s senior policy advisor, has stated that if she is elected, the Democratic candidate will support policies that aid the growth of cryptocurrencies. The advisor made this claim in a roundtable at Bloomberg’s Democratic National Convention on Wednesday.

Nelson noted that Harris is committed to seeing innovative technologies like digital assets thrive in her administration. He said the vice president would establish certain rules and clear regulatory policies to ensure the well-being of the crypto industry.

The senior policy advisor pointed to Harris’s speech at a North California rally, where she vowed to clamp down on unnecessary regulations and dictatorship if elected. Notably, the vice president didn’t specifically mention cryptocurrencies while making that commitment.

The Harris team is seeking to appease the crypto industry, which at the moment is solidly behind Republican candidate Donald Trump. From the start of his campaign, Trump showed his support for cryptocurrencies and has vowed to do away with regulatory players who have stood in the way of the innovation.

The Biden administration has been burdensome to the crypto sector, as key industry players claim his lesser-fare attitude towards the industry allowed regulators to enforce unclear rules on digital assets. For instance, in a few years, the Securities and Exchange Commission (SEC) sued five major crypto entities, including Binance, Coinbase, and Kraken.

Just Bluffs, Cardano Founder, Reacts

Cardano founder, Charles Hoskinson, has expressed his displeasure with Nelson’s speech, calling them bluffs. Hoskinson tweeted on Wednesday that the affirmation to stand for the crypto industry carried no intentionality or action plan.

Hoskinson stated that Harris didn’t state if she was going to fire SEC boss Gary Gensler or make any policy changes if elected. He further said that he doesn’t trust her since there was no laid-out plan to pursue her claims.

 

Hoskinson has been vocal about his displeasure with Biden’s crypto policies. In a July 1 post, the Cardano founder urged the crypto community to consider the future of digital assets while voting for the next president in the November elections.

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