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Dogecoin Leads Floki, Shiba Inu, Pepe and Mog Coin in This Metric

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Dogecoin leads in investor profitability among top memecoins, beating rivals such as Shiba Inu (SHIB), Floki (FLOKI), Mog Coin (MOG) and Pepe (PEPE).

This is according to insights from IntoTheBlock. The blockchain analytics platform published the data today in an X post, highlighting the percentage of holders of top memecoins in profit.  

Dogecoin Leads Ranking 

Topping the ranking is Dogecoin, the world’s biggest memecoin by market capitalization. According to IntoTheBlock data, a whopping 72.75% of all DOGE holders are currently making money on their investments. 

This suggests that 72.75% of all DOGE holders acquired the token below the current price of $0.103366. With 72.75% of all DOGE holders currently in profit, the remaining 27.25% are either at a loss or breakeven.

Performance of Other Memecoins 

Meanwhile, Dogecoin is closely followed by Floki, which has 70.42% of its holders in profit. At press time, FLOKI trades at $0.000117, thus suggesting that over 70% of all holders bought the token at a lower price.  

In addition, Mog Coin sits in the third spot, with 61.48% of all MOG holders currently in profit at the current price of $0.00000123. 

Ranked in the fourth position is Pepe. This token boasts a record of 56.06% holders in profit. Per the data, Shiba Inu, the second-biggest memecoin by market cap, sits at the bottom of the ranking. Notably, only 46.3% of all SHIB holders are making money at the current price of $0.00001367.

Memecoin Investors Witness Gains Despite Market Downturn 

The development comes amid a massive collapse in the crypto space. The prices of several crypto assets have plummeted heavily since the beginning of this month. At press time, the global crypto market cap was down 1.8% in the past 24 hours to $2.09 trillion. 

Although the massive collapse witnessed across the broader crypto market, several holders of top memecoins, like DOGE, FLOKI, and PEPE, are still in profit, as reflected in IntoTheBlock’s data. 

This development may seem surprising, given that little is expected from assets with memecoin origins. 

Shiba Inu Biggest Breakout Incoming, Expert Explains How

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Analyst Oscar Ramos predicts Shiba Inu (SHIB) is on the brink of a major price breakout due to key developments and strategic partnerships.

Shiba Inu has lingered around the $0.000013 level for weeks without much effort to surpass and survive beyond the region. The meme coin’s major setback occurred on August 5 when it collapsed to just above $0.00001. 

Although SHIB is trading at 0.00001354, marking an over 24% gain from the two-week low, the asset is down significantly by a similar percentage from its 30-day high. Meanwhile, various analysts have pointed to technical data to suggest a promising path ahead for Shiba Inu. 

However, Shiba Inu community pundit Oscar Ramos sees beyond technical information to argue for a massive SHIB breakout. In a recent update, Ramos shared his insights on why Shiba Inu could be on the verge of its biggest price breakout yet. 

Key Reasons “Biggest” Shiba Inu Breakout is About to Happen

He cited disclosures from Shiba Inu lead developer Shytoshi Kusama on the progress of Shibarium, ShibaSwap, and a new burn portal, all of which are designed to enhance the utility and scarcity of SHIB. 

Kusama presented these details at the 2024 Futurist Conference. Among the key revelations was the birth of the Shib Hub super app.

According to Ramos, the introduction of Shib Hub is set to be a game-changer. “Shib Hub is designed to empower users with a range of new features, from DeFi to social engagement, all within the Shiba Inu ecosystem,” Ramos explained.

Notably, this all-in-one platform could attract a broader user base and increase demand for SHIB.

Furthermore, Ramos cited Shiba Inu’s latest collaboration: the partnership with the International Indian Film Academy Awards (IIFA). This alliance is expected to expose the token to a global audience of 800 million viewers, further boosting its visibility and adoption.

The pundit also emphasized the positive impact of macroeconomic factors, such as the recent drop in U.S. inflation to 2.9%. This is hoped to create a favorable environment for the broader crypto market, including SHIB. 

With these developments in mind, Ramos predicts that SHIB is poised to overcome recent market challenges and potentially trigger a “mega green candle” that could lead to a significant price breakout.

Essentially, the analyst believes Shiba Inu is uniquely positioned to capture attention and drive substantial gains as the altcoin season approaches.

Bitcoin Drops 5% As US Government Moves $593M in BTC to Coinbase

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The U.S. government recently transferred $593.91 million worth of Bitcoin, amounting to 10,000 BTC, to a wallet connected with Coinbase Prime. 

This marks the largest transaction from the government to the exchange this year, as reported by Arkham Intelligence. The funds have raised concerns among market participants due to the impact of previous government-related Bitcoin transfers on the market. 

Notably, Bitcoin’s price has dropped by 4.37% in the past 24 hours, falling to $58,690.

Historical Bitcoin Transfers and Price Drops

This year, as reported by Lookonchain, the U.S. government has transferred 15,940 BTC, worth $966.4 million, to Coinbase Prime in three separate transactions including the recent one. 

Following two of these transactions, Bitcoin’s price saw significant declines of around 5% within three days. The first transfer occurred on April 2, 2024, involving 1,999.999 BTC worth approximately $131.27 million. The Bitcoin price dropped from $69,705.02 to $67,840.57 shortly after the transfer.

Similarly, another significant transfer took place on June 26, 2024, when the government moved 3,940 BTC, valued at $241.22 million, to Coinbase Prime.

After the transaction, Bitcoin’s price fell from $61,789.68 to $60,888.45 within three days before recovering. These patterns have sparked speculation over the possible effect of the most recent transfer, as it remains the largest transaction in this series.

Government Bitcoin Holdings

Per reports, the U.S. remains the largest geopolitical Bitcoin holder, a fact recently underscored by Donald Trump during his presidential campaign. Notably, if elected, he has vowed to retain the government’s Bitcoin holdings, stirring further discussion on the government’s crypto strategies. 

The 10,000 Bitcoin recently transferred were initially seized in the 2022 raid on the Silk Road marketplace, a major event that has had long-lasting effects on the crypto market.

Impact of Other Government Selloffs

While the U.S. continues to manage its seized Bitcoin, other governments have taken similar actions. In July, the German government sold off 1,000 BTC worth $55.8 million across several crypto exchanges as part of a broader campaign that saw it empty its Bitcoin bag.

Interestingly, despite the typically bearish impact of such sales, Bitcoin was recovering in value during this period, trading at around $57,139.12 after the sale. The German government’s sales initially caused fear in the market, but Bitcoin’s price managed to stabilize and even rise afterward, a notable divergence from the usual trend.

Ethereum Price Prediction: Is ETH at Risk of a $2,500 Reversal?

Ethereum price has retraced 6.83% in the last 24-hours after hitting $2,770 on Aug 14, market data shows how bearish headwinds from SHORT traders nullified the dovish US CPI impact. 

ETH Price Tumbled 6.8% in 24 Hours

August began with uncertainty for Ethereum, but the price experienced steady upward momentum in the past week, largely attributed to Grayscale. The US-based investment firm sparked increased market demand after it announced the launch of new cryptocurrency trusts for SUI, TAO, and MKR.

This development, dated August 5, sparked optimism among investors, who saw it as a sign of deepening institutional adoption of crypto. This bullish sentiment extended to ETH, driving the price up by 30% between August 5 and August 14, as reflected in the chart.

Ethereum Price Analysis (ETHUSD) | TradingView
Ethereum Price Analysis (ETHUSD) | TradingView

However, the release of dovish U.S. CPI data on August 14 shifted market dynamics. The initial optimism faded as investors turned their attention to the stock markets, causing a significant decline in cryptocurrency prices. The ETH price fell by 6% within 24 hours, erasing a large portion of its recent gains. The chart above shows how Ethereum stumbled as a result, with concerns mounting over a potential sharp correction in the coming days.

The market’s reaction suggests that Ethereum could now face increased bearish pressure, with derivatives markets hinting at further downside risks.

Short Traders Nullified the Dovish CPI

The initial optimism surrounding the CPI data was short-lived as bearish sentiment began to dominate Ethereum’s derivatives markets. A key indicator of this shift is the Taker Buy/Sell Ratio, which measures the ratio of buy orders to sell orders in the market.

The chart above illustrates how the Ethereum Taker Buy/Sell Ratio dropped significantly, from 1.07 on August 8 to 0.94 by August 14.

Ethereum Price vs. ETH Taker Buy/Sell Ratio | CryptoQuant
Ethereum Price vs. ETH Taker Buy/Sell Ratio | CryptoQuant

This shift signals a growing bearish sentiment among derivatives traders, who are increasingly betting against Ethereum. The decline in the ratio typically indicates that sell orders are outpacing buy orders, which is a bearish signal for the market.

Despite the dovish CPI, traders remain skeptical about Ethereum’s short-term prospects, suggesting that the recent rally might be unsustainable. With bearish sentiment prevailing in the derivatives markets, Ethereum’s price could potentially dip toward $2,500 in the coming days.

Ethereum Price Forecast: Bears Could Force a $2,500 Reversal

Ethereum’s price is currently struggling to maintain its recent gains, with technical indicators pointing to a potential reversal. The Donchian Channel indicator, as seen in the chart, shows that Ethereum’s price is hovering near the lower boundary, indicating strong resistance around $2,770. This level now serves as a key resistance point, with the price struggling to break above it.

Ethereum Price Forecast (ETHUSD) | TradingView
Ethereum Price Forecast (ETHUSD) | TradingView

On the downside, support is visible around $2,500, as the chart suggests. If the bearish momentum continues, Ethereum could break below this support level, leading to a deeper correction. The Average Directional Index (ADR) further supports this bearish outlook, as it indicates a weakening trend. The combination of these factors suggests that Ethereum is at risk of a $2,500 reversal, with bears tightening their grip on the market.

In conclusion, Ethereum’s recent rally appears to be losing steam, with bearish sentiment in the derivatives markets and technical indicators pointing to a potential correction. If the bears maintain control, ETH could face a sharp decline toward $2,500 in the near term.

PEPE Price Analysis: What’s Next for PEPE After 30% Decline in August?

PEPE price steadied around $0.000079 on Aug 14, reflecting a 31% decline in the first half of August 2024. Despite favorable developments like Grayscale launching new cryptocurrency trusts and the release of dovish CPI data, on-chain data shows a significant drop in whale demand for PEPE. 

PEPE Price Tumbles 31% in August 2024

PEPE had a rough start to August, reaching a three-month low on August 5. Although the broader crypto market recovered in the second week of August, buoyed by the approval of Solana ETFs in Brazil and Grayscale’s introduction of new crypto asset offerings to its U.S.-based clients, PEPE’s rally proved short-lived.

Between August 5 and August 9, PEPE experienced a brief uptrend, but recent developments indicate that the rally was merely a fake-out.

PEPE Price Action (PEPEUSD) | TradingView
PEPE Price Action (PEPEUSD) | TradingView

As shown in the chart above, PEPE has registered losses in each of the last three trading days. Zooming out, the monthly timeframe reveals a 30% loss as of August 15.

The dovish U.S. CPI data release failed to lift the crypto markets, as investors initially directed their focus toward the stock markets. Consequently, crypto markets, including PEPE, stumbled following the CPI data release on Wednesday, raising concerns of a sharp correction. PEPE’s price has fluctuated within this context, and with whale investors reducing their demand, the cryptocurrency seems poised for further declines.

Whale Investors Missing in Action

This downward trend is further exacerbated by a significant decline in whale demand for PEPE. The number of large transactions, as depicted in the chart above, has plummeted from 544 transactions on August 5 to just 77 on August 14. This 85% drop in large transactions highlights the bearish sentiment among major investors.

PEPE Whale Transaction Count | TradingView
PEPE Whale Transaction Count | TradingView

The decline in whale activity has severely impacted PEPE’s price and limited its ability to rebound in recent days. If this trend persists, PEPE could face further downward pressure in the coming days.

PEPE Price Forecast: Cracks Emerge Around $0.00008 Support

PEPE’s current price action reveals significant cracks around the $0.00008 support level. The recent bearish momentum, coupled with the decline in whale activity, suggests that this support level is under threat.

As indicated by the Bollinger Bands, PEPE’s price has been trending toward the lower band, signaling increased selling pressure. The Parabolic SAR dots have also flipped above the price, reinforcing the bearish outlook.

PEPE Price Forecast | PEPEUSD 
PEPE Price Forecast | PEPEUSD

If the $0.00008 support level fails to hold, PEPE could see further declines, with the next key support level around $0.00006. On the upside, resistance is expected around $0.00009, but with the current market sentiment, a significant rally seems unlikely. Traders should be cautious, as the bearish indicators suggest that PEPE’s price could continue to trend lower in the near term.

XRP Community Leaders Urge Caution Amid Ripple RLUSD Excitement: Here’s Why

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Recently, Ripple officially entered the private beta phase for its USD stablecoin, Ripple USD (RLUSD), deploying it on both the Ethereum mainnet and the XRP Ledger (XRPL). 

However, amid the excitement surrounding the RLUSD project, key voices within the XRP community have urged caution. Vet, the co-founder of xrp.cafe, recently issued a warning to the XRP community members that they should remain vigilant as XRPL sees positive developments, such as tokenization and stablecoin projects. 

His caution came as the XRP Ledger continues to undergo significant amendments, raising interest from various actors. Vet stressed the need to approach these changes carefully, noting that bad actors may seek to capitalize on the developments, putting unsuspecting individuals at risk.

This warning builds upon one from another prominent community figure, WrathofKahneman, who clarified several misconceptions regarding RLUSD. He explained that Ripple has not officially issued the stablecoin and highlighted that any account can set up trust lines on the XRPL. 

According to him, merely configuring trustlines does not imply that the stablecoin is available, nor does it confirm any immediate release of RLUSD. WrathofKahneman also addressed misinformation surrounding India’s use of XRP for oil purchases, dismissing these claims as unfounded.

Trustlines and RLUSD on the XRPL

Building on the warnings, Vet elaborated on the technical aspects of trustlines within the XRP Ledger. A trustline, he noted, establishes a connection between an account and a token issuer. This process allows users to specify the maximum amount of a token they wish to hold or receive. 

While some accounts have already set trustlines to the RLUSD issuer, this does not imply that the stablecoin has been distributed or is ready for public use. Vet underscored that anyone could set up such a trustline, even though Ripple itself has not yet issued any RLUSD tokens.

Additionally, the existence of trustlines with high limits does not equate to the distribution of RLUSD. It simply reflects the amount users are willing to hold if the token were to be released. Vet urged users to consult official sources for accurate information, encouraging them to learn more about how the XRP Ledger operates by visiting.

Ripple’s Official Update on RLUSD Testing

It is important to remember Ripple officially confirmed that RLUSD is currently in private beta testing on August 10. According to Ripple, this testing phase involves its enterprise partners conducting rigorous checks to ensure the stablecoin is secure and reliable before any public release. 

The firm emphasized that RLUSD is not yet available for trading or purchase and urged users to be cautious of malicious actors who may claim otherwise.

Crypto Expert Unveils Why Neiro is the Hottest Ethereum Token Right Now

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Neiro Ethereum (NEIRO), a new dog-themed memecoin on the Ethereum network, has captured the attention of crypto enthusiasts after a massive surge of over 1,500% within the past month. 

This rise comes amid a growing buzz on social media platforms. This new addition to the family has sparked a wave of excitement, with a slew of NEIRO-based coins generated on Solana. Notably, one coin reached nearly $100 million in market capitalization. 

One of The Hottest?

Momin Saqib, the co-founder of Web3Pak and Web3Works, contributed to the growing interest in NEIRO through a post on X. Saqib shared his thoughts on why Neiro has become one of the hottest tokens in the Ethereum space. 

He pointed out that, despite being only 16 days old, NEIRO has already garnered significant attention, thanks to its vibrant community and the promising potential for growth. According to Saqib, major centralized exchanges (CEXs) like Bybit and OKX have hinted at potential listings, which could propel NEIRO’s market capitalization even higher. 

He also noted that crypto whales are taking advantage of price dips, leading to increased buying pressure. This wave of enthusiasm led to speculations that NEIRO could be poised for a substantial market surge, especially after Bybit’s potential involvement.

Wintermute and Whales Back Neiro 

Adding to the speculation, according to Whale Insider, crypto market maker Wintermute recently became the largest NEIRO holder, holding 15 million tokens valued at $4 million. Wintermute’s backing has led to speculation that Neiro could follow the success of other memecoins like WIF, which the firm previously supported. 

Additionally, Shiba Inu’s recent decision to follow Neiro on X has bolstered its credibility in the crypto community, with users highlighting this as a potential long-term endorsement of the project.

Vitalik Buterin’s Sale Sparks Market Reaction

Recall that Vitalik Buterin, co-founder of Ethereum, sold a significant portion of Neiro tokens, worth over $112,000, which had been airdropped to him by the original developer. This sale led to an initial dip in NEIRO’s value.

However, Neiro quickly rebounded, with its value rising by 15% shortly after the transaction. In response, the Neiro team clarified that the airdrop was not intended to gain credibility and requested Buterin donate a portion of the proceeds to charity. They also affirmed that the project is now entirely community managed.

Shiba Inu Lead Reacts to Demands for “Big SHIB Burns”

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In a startling development, Shiba Inu ecosystem lead Shytoshi Kusama uses a cryptic remark to respond to the growing demands for hefty SHIB burns.

This comes after Shiba Inu’s marketing lead, Lucie, highlighted SHIB’s roadmap for the next three years. The accompanying image shows exciting components of the roadmap, including WOOFVertise, SHY Mode, Shib.io Metaverse, and other projects. 

Community Demand Hefty Burns 

Despite the hype surrounding the announcement, some community members still expressed frustration with the team’s inability to initiate massive SHIB burns. 

One of the critics accused the team, especially Kusama, of failing the community. The user noted that the community needs a big burn that could potentially drive SHIB’s price. 

Kusama Reacts 

Reacting to the community’s demand for hefty burns, Kusama used a cryptic response. In an X post yesterday, he stated that it is easy to light a candle, implying that burning small amounts of SHIB is relatively simple.

 

The Shiba Inu leader added that it takes much time to light a fire that could keep an entire village warm. This suggests that it might take longer to initiate a significant SHIB burn that could impact SHIB’s price. 

Furthermore, the enigmatic leader of the Shiba Inu ecosystem emphasized that achieving a greater burn, akin to “nuclear fusion,” is more time-consuming. 

Notably, he suggested that the critic demanding hefty burns seems to be thinking about minor incineration that could have a short-term effect on SHIB’s price. 

Team’s Contribution to the SHIB Burn Campaign 

Meanwhile, the issue of burning has been widely discussed in the Shiba Inu community. Many users attribute SHIB’s underperformance to its hefty circulating supply, believing that burning a huge amount of the supply could substantially impact the price. This has led to a combined effort from the ecosystem team and the community. 

In particular, the team has burned SHIB using part of the revenue generated from different projects, like Shibarium. For instance, the ecosystem team has successfully burned over 56 billion SHIB tokens utilizing a portion of Shibarium gas fees. Not relenting, the team recently introduced a SHIB burn mechanism on Shibarium to intensify burns further. 

Notably, the number of SHIBs that could go up in flames through this protocol depends on the adoption of Shibarium. As Shibarium records more transactions, BONE will be increasingly used to pay for fees, with 70% of the network’s base fees converted to burn SHIB. 

In the meantime, combined efforts have led to the incineration of more than 410.72 trillion SHIB tokens, currently leaving Shiba Inu with a supply of589.27 trillion. 

XRP Not to Replace US Dollar, But to Disrupt Banking, Says Top Crypto Executive

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Former Bitfury CEO Brian Brooks asserts that XRP is not attempting to substitute the U.S. dollar but to revolutionize the value transmission system.

Brooks, a senior advisor at Valor Capital Group, expressed this view during a crypto conference hosted by The Aspen Institute. During the session, he clarified the broader purpose of crypto assets.

XRP Not Trying to Replace USD

In particular, Brooks stressed that cryptocurrencies are not about “currency” in the traditional sense of a medium of exchange. According to him, it is a big misconception that cryptocurrencies must replace traditional currencies to be successful.

Instead, Brooks emphasized that XRP and other digital assets like Ethereum are designed to disrupt the centralized banking system by enabling decentralized networks where users have control rather than bank CEOs.

Crypto Price Volatility Is Irrelevant Like Google’s

He likened the value of cryptocurrencies to internet stocks, explaining that much like betting on Google during the rise of the internet, investing in crypto assets is about anticipating the future of financial networks.

“It’s like betting on Google if you think there will be high internet traffic or shorting Google if you think people will go back to the post office,” Brooks explained, downplaying the relevance of crypto market volatility. He noted that the early volatility in Google’s stock was similar, yet it was irrelevant in the long run.

Essentially, Brooks highlighted the significance of focusing on the underlying technology in crypto and its potential to reshape financial systems rather than fixating on the short-term price movements that often dominate headlines.

Notably, Brooks made these comments during the height of the immediate past bear market, when Bitcoin, XRP, and other assets had lost significant value from their earlier bull run. Although the market has since turned bullish, with Bitcoin hitting a new all-time high, his insights remain relevant.

Blockchain researcher Collin Brown recently called attention to Brooks’ past sentiment, particularly regarding the idea that XRP is not trying to replace the U.S. dollar in financial markets, as some ambitious XRP advocates have suggested.

For instance, analyst Jack Straw has argued that XRP could replace the U.S. dollar in Japan’s currency exchange needs. Straw believes XRP’s mass adoption in Japan will give the country greater flexibility with its currency, the Yen, and potentially reduce its dependence on the U.S. dollar.

Shiba Inu Lead Unveils Shib Hub and Fresh 2024 Roadmap

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Shytoshi Kusama, the lead developer of Shiba Inu, made several announcements at the 2024 Blockchain Futurist Conference that could reshape the crypto’s trajectory.

The most significant reveal was the introduction of ShibHub, an app that aims to centralize the Shiba Inu ecosystem. This decentralized platform offers users tools to manage assets, stake tokens, engage in DeFi opportunities, and even create their decentralized apps (dApps).

Details About Shiba Inu ShibHub

Shib Hub, positioned as the “heart” of Shiba Inu’s ecosystem, seeks to empower users in multiple ways. This super app allows users to control their assets, participate in staking, and explore various DeFi opportunities while taking advantage of blockchain’s inherent transparency and security. 

Importantly, it also incorporates a Shiba-powered NFT marketplace and a gaming platform that integrates play-to-earn mechanisms. Beyond these, ShibHub introduces AI-powered dApp creation tools, allowing users to customize applications.

Expanding the Shiba Economy

Complementing ShibHub, Kusama stressed that the Shib Marketplace provides a space for users to trade NFTs, merchandise, and other digital assets. This marketplace forms a crucial pillar of Shiba Inu’s economy, designed to boost creativity and foster economic activity within the community. 

In addition, Kusama discussed the future of Shiba Inu in gaming, particularly with the expansion of Shiba Games. He highlighted upcoming titles like Agent Shiboshi and Shiboshi Rush, which are designed to strengthen Shiba Inu’s presence in Web3 gaming and further integrate its community into the broader digital economy.

DevCon, Governance Tokens, and Global Partnerships

In an unexpected announcement, Kusama revealed plans for the first Shiba Inu DevCon in Bangkok, Thailand. The event will position it as a global platform to showcase Shiba Inu’s growing ecosystem. It invites developers, entrepreneurs, and enthusiasts to collaborate on the project’s future. 

Additionally, Kusama introduced the upcoming Treat governance token, which promises to give the community a direct role in the project’s future direction. Furthermore, Shiba Inu has entered a partnership with the International Indian Film Academy Awards (IIFA), aiming to introduce SHIB to a global audience via a Shiba-powered ticketing system.

The presentation also underscored Shiba Inu’s deflationary strategy through its Shib Torch mechanism, which burns tokens to reduce the circulating supply, thereby increasing scarcity. This approach is expected to enhance the token’s value over time, aligning with the broader goals of the ecosystem.